McRock Capital, which invests exclusively in the Internet of Things (IoT) companies, has held the final close for its McRock Fund II LP, reaching $112 million. With the close, the venture fund surpassed its target of $100 million.
“Now more than ever, accelerating automation and digital transformation…is critical.”
Fund II received new commitments from Aspen Technology, a provider of software and services for process industries, and the Fonds de solidarité FTQ, the development capital fund based on Quebec. McRock added $32 million in new capital for the final close, after raising $80 million last year.
McRock held the initial close of its second venture capital fund in September. LPs included return investor Cisco Investments, Shell, and other corporate and institutional investors that have previously backed McRock including BDC Capital, Export Development Canada, Alberta Enterprise Corporation, and HarbourVest. According to McRock, Fund II also saw participation from Caterpillar Ventures, Mitsubishi Corporation, Teralys Capital, Kensington Capital Partners, and a large, undisclosed pension fund.
Toronto-based McRock was co-founded by Whitney Rockley and Scott MacDonald in 2012. It invests exclusively in IoT companies in Canada, the US, and Europe. In 2015, McRock closed its first fund, with more than $65 million, after an initial close of $50 million in 2013. “We have entered an era of profound transformation with the Industrial Internet. McRock is well positioned to unlock tremendous value in these billion dollar markets,” Rockley stated at the time.
“Now more than ever, accelerating automation and digital transformation in industrial sectors is critical to maintaining and optimizing production,” said Rockley of the recent final close. “By adding a world leader in asset optimization through AspenTech and a highly reputable financial institution through the Fonds de solidarité FTQ, we continue to enhance our powerhouse of toptier investors in McRock.”
The thesis for Fund II will continue to see investments made in high-growth companies that “are combining next generation data analytics through artificial intelligence (AI) with the growing data from field devices, machines, and equipment in industrial and urban environments.”