Whitecap Venture Partners, a Toronto, Canada-based venture capital firm, secured commitments of CDN $110M in the first close of Whitecap IV, its new fund.
LPs include returning investors Kensington Capital Partners and Bank of Montreal, as well as Inuvialuit Investment Corporation and other new institutional investors and high-net-worth family offices.
The fund, which has a final target of CDN $125MM will continue the firm’s focus on ICT, Med Tech, and Food/Food Tech. It will primarily invest in Series A funding rounds but the firm has also established a small seed investment program within Whitecap IV.
Whitecap also announced that Steve Lau has joined the team as Partner. He was most recently co-CEO of field service management software provider FieldEdge, which was sold to Advent International.
In addition, Shayn Diamond and Russell Samuels were both recently promoted to Partner (they joined Whitecap in January 2015).
The firm also announced that Andrew Macdonald, Vice President for Uber Americas Operations and Global Business Development, has joined its Advisory Board.
Led by Carey Diamond, Managing Partner, Whitecap Venture Partners deployed its first venture funds in the early 1990s. Whitecap III, which launched in April 2015, invested in eight companies, including Real Matters, Qvella, Affinio, Reunion Foods, Clearwater Clinical, ClassCraft, and Irystec.