Toronto-based McRock Capital has announced the close of McRock iNFund LP, focused on the Industrial Internet of Things (IIot) sector, at over $65 million. The raise came via Harbourvest Canada Growth Fund, as well as a number of existing investors, such as Alberta Enterprise Corporation, BDC Capital, Cisco Investments, Export Development Canada, Électricité de France (EDF), Kensington Venture Fund, L.P., and Teralys Capital Innovation LP.
“McRock is a great example of an emerging breed of Canadian venture managers who are thought leaders in their domain of expertise, in this case in the Industrial Internet of Things, not only in Canada but at a global level,” said Senia Rapisarda, Principal of the HarbourVest fund. “This domain expertise and global network is vital for connecting early stage companies with large, global industrial players.”
Whitney Rockley, Co-founder and Managing Partner of McRock Capital, said that “we are incredibly excited to have attracted and partnered with HarbourVest Partners, which is hands down the global leader in the VC asset class. Being part of the HarbourVest family of VC funds, will bring significant value and co-investment opportunities to McRock’s portfolio companies and adds yet another leading global investor to our fund.”
McRock recently invested in Montreal startup Mnubo and Moncton-based RtTech Software. The fund is currently seeking to invest in IIoT companies between the $2 million and 4 million range.