Whitecap Venture Partners Closes Early-Stage Venture Capital Fund, at CAN$140M

Whitecap Venture Partners, a Toronto, Canada-based early stage venture capital firm, closed its new fund, Whitecap V, at C$140m.

Returning investors included Kensington Capital Partners, BMO Capital Partners (BMOCP), Inuvialuit Investment Corporation, and several other institutional investors and high-net-worth family offices. Ontario Capital Growth Corporation is one of several new LPs in Whitecap V.

Whitecap V will continue the firm’s long-standing thesis of leading or co-leading (7 – 10) Series A financings in high growth technology companies. The fund’s geographical focus has been expanded to cover all of Canada and, in addition to a core focus on Series A investments, the team is allocating more capital to seed and pre-seed funding rounds.

The vehicle has already completed its first investment from Whitecap V in InvestNext, a real estate investment management platform.

Whitecap Venture Partners is a diversified early-stage venture capital firm investing in high growth B2B software and MedTech companies across Canada. The new fund brings its total assets under management to C$365m.

The launch of Whitecap’s latest fund follows on Whitecap III and IV, which invested in 18 companies. Fund III, a 2015 vintage fund, has had notable exits from Real Matters (TSX IPO in 2017) and Clearwater Clinical (acquired by Sivantos/EQT). Whitecap IV portfolio companies include Bolt Logistics – an e-commerce fulfillment and last mile logistics company that recently raised a $115MM Series B financing round from leading investors including Ingka Investments (IKEA’s corporate venture arm); and Silofit – which leverages industry leading software and private micro-gyms to empower fitness trainers. Earlier this year, Silofit raised US$10.25MM in Series A financing and signed a commercial agreement with TechnoGym.

The team includes:

  • Carey Diamond, MP
  • Blaine Hobson, Chair of Investment Committe
  • Russell Samuels, Partner
  • Shayn Diamond, Partner
  • Melissa Belbeck, Senior Associate
  • Sarah Hartkorn, Associate
  • Natalie Smith, Senior Analyst
  • Kim Coote, VP Finance