TandemLaunch, a Montreal, Canada-based seed fund focused on creating, incubating and accelerating early-stage tech startups, held the first closing of its third fund, at $12m.
The final closing of TandemLaunch Ventures II is expected to occur at the end of the summer of 2016.
Investors include BDC Capital, which contributed $4m and over 30 private investors such as Lune Rouge Innovation, and Speed of Trust Ventures, members of YUL Ventures, Nathalie Marcoux and Jean-François Grenon.
Led by Helge Seetzen, General Partner, TandemLaunch is a seed investor and incubator focused on creating early-stage technology startups. It will use these funds to initiate dozen new ventures by identifying technologies with promising market opportunities, bringing people from around the world and contributing seed capital.
Portfolio companies are also provided access to in-house staff, facilities, mentors and industry partners.
Since its foundation in 2010, the fund has supported 13 ventures valued at over $60m and employing more than 250 tech people.
Portfolio companies include LandR, SPORTLOGiQ and wrnch.