The Toronto-based venture capital firm raised money from a slate of returning investors, including Export Development Canada, BDC Capital, Alberta Enterprise Corporation and Caterpillar, and new backers Bell Ventures, CIBC Innovation Banking, Venture Ontario and Autodesk, among others. (The Logic)

Talking point: The fund is McRock’s largest since launching in 2012, bringing its total assets under management to $300 million. The raise was short, however, of the $200 million co-founders Whitney Rockley (who was appointed last week to the Order of Canada) and Scott MacDonald were reportedly targeting. In a press release, the firm said its thesis—investing in companies building software for the industrial sector—helped attract investors, despite the difficult fundraising environment. The firm has also returned money to investors through exits from its first two funds, with large corporations acquiring portfolio firms Mnubo, Decisive Farming, ThoughtTrace and Poka.