Georgian Partners has reportedly closed one of the largest venture capital funds in Canadian history.
Per the Globe and Mail, Georgian topped out Fund IV at its hard target of $550 million USD, or $714 million CAD.
Georgian was last seen leading Ritual’s $90 million CAD Series C round in June.
“This fund has given us added resources to help accelerate great software companies around disruptive trends, such as artificial intelligence, in a really significant way,” Georgian co-founder and managing partner, John Berton, told the Globe.
LP investors for Georgian’s Fund IV have not been disclosed. Previous funds have received support from VCAP’s Fund-of-Funds, but VCCI backing in this instance is unlikely as money has yet to be deployed. Georgian did not disclose partners in its last fund, which closed at $485 million CAD in 2016. Past backers, however, include BMO, Cisco Systems, Kensington Capital Partners, Northleaf Capital Partners and Teralys Capital.
In terms of deploying capital, Georgian was last seen leading Ritual’s $90 million CAD Series C round in June.
Georgian has also been busy growing its investing team, recently adding Tyson Baber, Steve Leightell, and Madalin Mihailescu as general partners, per PE Hub. Alex Manea joined last month as Georgian’s new chief security and privacy officer (disclosure: the author and Manea previously worked together at BlackBerry), and Amit Thakar joined in May as director of product. Emily Walsh was also promoted internally to principal.