The investment vehicle, which exceeded its initial target of $10m, received support from BDC Venture Capital.
Led by Boris Wertz, the fund focuses on backing early stage consumer Internet, e-commerce, SaaS and mobile startups in Canada and the U.S.
The typical investments will be in the $250k to $500k range for seed and Series A financings.
Version One plans to invest in at least 25 new startups over the next 4 to 5 years. Since beginning operations last year, the firm has made 11 investments totalling more than $2.5m. Backed in companies Frank & Oak, Julep, Instacanvas, Jobber, Top Hat Monocle, and tindie, GroupTalent, and Clarity.