#WHITECAP ONTARIO SERIES#
Series A has been where we’ve invested for a long time now, we’ve had a lot of success, we join the board of nearly every company we’ve invested in, and so we like that zone.” “And the earlier you get involved, there tends to be more opportunity to do it. “We like to get involved early … focusing on that relationship with the founder and the CEO is critical,” said Samuels. “We reserve a lot of capital for follow-on investments,” said Diamond. The firm writes first cheques of $3 million to $10 million, towards a goal of investing a total of between $15 million and $20 million in each of its portfolio companies. Whitecap typically targets seven to 10 core Series A deals per fund, investing as lead or co-lead investor. Samuels added that the firm sees a lot of value in building close and collaborative relationships with the startups and founders it backs. “Our core investment thesis is that we invest in fewer companies, but we put more capital, more time and attention, and more conviction into those companies,” Samuels told BetaKit. RELATED: Ikea’s investment arm buys into Bolt Logistics as part of Series B round Whitecap has also secured the support of The Ontario Capital Growth Corporation, one of several new LPs to join Whitecap V alongside a group of other undisclosed individuals and family offices.įounded in 1993, Whitecap invests across Canada and the Northeastern United States, specializing in early-stage information and communication technologies (ICT) and medtech companies.Īmid an increasingly competitive VC landscape, Whitecap Partner Russell Samuels argues that what differentiates Whitecap is its focus on quality over quantity. Return investors in Whitecap’s fifth fund include Kensington Capital Partners, BMO Capital Partners, Inuvialuit Investment Corporation, and several other institutional investors and high-net-worth family offices. “When we hit $140, we said, let’s spend our time focusing on companies and less time focusing on bringing in net-new investors,” Whitecap Partner Shayn Diamond told BetaKit. The new capital brings Whitecap’s total assets under management to $365 million CAD. Whitecap initially had a $125 million target for Fund V, but ended up raising $15 million more after seeing strong support from existing investors.
With its new fund, Whitecap plans to bring its Series A-focused approach to the rest of the country, and allocate more capital towards seed-stage rounds as the firm looks to capture more potential investment opportunities.
With Fund V, Whitecap plans to start making early-stage tech investments across Canada at the seed and Series A stages. Whitecap Venture Partners has secured $140 million CAD for its fifth fund, which will invest in early-stage B2B SaaS and medtech startups.įor Whitecap’s previous two funds, the Toronto-based venture capital (VC) firm focused on backing early-stage companies within a short flight of Toronto, like Toronto-based Bolt Logistics and Montréal-based Silofit. Share on: Twitter LinkedIn Facebook Email
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