Briefing

Three recipients of Ottawa’s venture capital program hit halfway mark on funds

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Kensington Capital Partners raised $85 million and Northleaf Capital Partners raised over $150 million. An unidentified third firm of the first five fund-of-fund managers—who are collectively set to receive $350 million through the federal government’s Venture Capital Catalyst Initiative —has also hit the halfway point. (Globe and Mail)

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Talking point: The five funds needed to raise half their money by March 31, so the three firms have hit the goal early. It’s the latest example of a VC raising significant funds to invest in Canada. Also today, San-Francisco based Versant Ventures announced it has raised US$100 million for a Canadian fund that will invest in between five and eight Canadian focused startups. All these new funds could help reverse the slight decrease in Canadian VC investments this year. Canadian companies raised a combined $652 million in venture capital deals in the third quarter of 2018. That’s 12 per cent lower than Q3 2017.