The Toronto-based venture capital firm raised US$100 million for its fourth seed-stage fund and another US$20 million for a new opportunities fund to make follow-on investments in top-performing firms in its portfolio. Golden is targeting 20 to 25 investments for the seed fund, with cheque sizes of about US$1.5 million. (The Globe and Mail)

Talking point: The new fund follows a windfall for Golden with the sale of Wattpad, an early portfolio firm, to South Korean internet conglomerate Naver for US$600 million earlier this year. Several other of its portfolio firms have also raised large later-stage rounds, including Xanadu and Clearco. While Golden’s fourth fund is a milestone that signals a maturing VC ecosystem in Canada, many of the fund’s backers are supported by government funding. Its limited partners include government-backed funds-of-funds BDC Capital, HarbourVest Partners, Kensington Capital Partners, Northleaf Capital Partners and Teralys Capital—all of which are existing investors in Golden. New backers include ECMC Group, RBC, the University of Chicago and Vintage Investment Partners.