Two Canadian funds have closed rounds that will be dedicating to injecting Canadian in strong Canadian companies in the future. Here’s the latest on who raised how much, and from whom.
Information Venture Partners surpasses $100 million fundraising target
After hitting a $96 million milestone for Fund II, Information Venture Partners announced that it’s raised $106 million.
Fund II is dedicated to investing in early-stage financial technology and enterprise software companies based in North America. According to a report from The Globe and Mail, the firm surpassed its target thanks to an investment from Manulife. Other backers include RBC, Power Financial Corp., DH Corp., Export Development Canada, Business Development Bank of Canada, Northleaf Venture Catalyst Fund and Boston-based HarbourVest Partners and Permal Capital Management.
To date, IVP has invested just over $10 million in three Canadian companies, including eSentire, PostBeyond, and, Q4 Inc.
IVP is looking to invest in startups with at least $1 million in annual recurring revenue; it plans to initially invest $2 million to $5 million as part of a startup’s first financing round drawing from institutional investors.
TandemLaunch closes $15 million fund
TandemLaunch, a seed investor and incubator, announced that it officially closed Venture II fund at $15 million.
The fund announced an initial closing of $12 million in May. This final closing includes an additional investment from BDC Capital, which increases their participation to $4.9 million, and contributions from new international investors from China Singapore, the UK and the US.
“We are very pleased by the ongoing support of BDC Capital and are excited to welcome a growing number of investors from Canada and abroad,” said Helge Seetzen, General Partner of TandemLaunch. “Our unique model allows us to bring our investor’s capital, network and depth of experience to entrepreneurs and technologists early in the start-up process. With their contribution and support, TandemLaunch Ventures Fund II is well positioned to nurture a whole new crop of innovative Canadian start-ups.”
The new capital allows TandemLaunch to initiate at least another dozen new ventures by identifying technologies from global universities with promising market opportunities and contributing seed capital. Portfolio companies are also provided access to TandemLaunch’s in-house staff, facilities, mentors, and industry partners.