The Montreal-based firm announced it had raised the fund’s first $60 million in May 2023. The fund, Brightspark’s fourth in its 25-year history, will invest in seed and Series A tech deals across Canada. (BetaKit)
Talking point: Brightspark’s raise comes at a challenging time for venture capital firms trying to close their next funds. Slim investment returns in recent years have left the limited partners that back VC funds with little money to reinvest. Although it’s taken more than a year to close the fund, Brightspark hasn’t sat idle. It’s made two investments through the vehicle so far—carbon-capture startup Deep Sky and robotics firm Forcen—with plans to back 12 to 18 companies total. The firm brought on Vancouver-based partner Andrew Lugsdin earlier this year to help manage the fund and boost its business on the West Coast.
