Canadian fintech firm Portag3 Ventures announced Tuesday, Dec 3, the closing of its second venture fund, which secured a total of CAD$427 million (US$321 million) from institutional and strategic investors.
In a press release, the Canadian outfit said that the latest venture fund was aimed at early-stage investments in the fintech sector, with special emphasis on the Canadian, U.S., European, and Asia-Pacific markets.
“Portag3 Ventures has become the largest fintech-focused VC fund in Canada and one of the leading Series A/B fintech-focused funds globally,” said Portag3 Ventures Executive Chairman Paul Desmarais III. “Portag3 has a distinctive investment focus and the investment and operational capabilities to deliver both strong financial and strategic returns to our LPs to drive continued change and disruption in financial services. Portag3 has become a key pillar in the larger Sagard Holdings ecosystem, evolving from an internally funded venture platform into a multi-investor fund with a broad array of strategic LPs from around the globe. We are very excited to welcome our new investors and look forward to collaborating.”
The venture fund was joined by Portag3 Venture’s previous anchor investors, which include the National Bank of Canada, Equitable Bank, SSQ Insurance, Power Financial Corporation, IGM Financial, and Great-West Lifeco. A new host of investors have also joined the round, including Alterna Savings and Credit Union, Aviva France, BDC Capital, Caisse de dépôt et placement du Québec, CNP Assurances, The Co-operators, Eldridge Industries, Green Shield Canada, and more.
“We will continue working hard to build a portfolio of investments in highly attractive fintech companies on a global basis,” ensured Adam Felesky, CEO of Portag3 Ventures. “Our commitment goes far beyond simply capital. We provide access to vertical experts, senior advisors, a broad ecosystem at Sagard Holdings as well as opportunities for partnerships with our diverse international investor base.”
To date, the fund has made investments in 17 companies, including KOHO, Clark, Integrate.ai and Diagram Ventures.