The Canadian venture firm’s first new fund, the Round13 Fund II, is being led by the Labourers’ Pension Fund of Central and Eastern Canada and two Canadian charter banks. The second new fund, Round13 Growth, aims to support five to 10 deals in the $20-million range. (BetaKit)

Talking point: The Fund II has closed $128 million to date, and has a final target of $150 million to $175 million. Some 40 percent of Round 13’s first fund, created in 2017, is still to be invested, the firm has backed companies like TouchBistro, Bold Commerce and Hubdoc. The creation of this fund follows a decision by iNovia to create two of its own last year. The trend is indicative of Canada’s burgeoning tech ecosystem, according to Round13 managing partner Bruce Croxon, who said these new funds will help cut larger cheques to keep Canadian firms in Canada.