Canadian Venture Capital Firm Secured $320 Million to Invest in Fintech Startups
Canadian venture capital firm secured $320 million to make investments in promising fintech startups around the world, with a particular focus on Canada.
Portag3 Ventures, a Canadian venture capital (VC) firm, has closed a second fund with around $320 million to invest in fintech startup companies globally.
On Dec. 3, TechCrunch reported that the VC company received final commitments from institutional and strategic investors totaling $320 million. The funds will allow the company to make early-stage investments in promising fintech startups around the world, with a particular focus on regions like Canada, the United States, Europe and certain markets in the Asia-Pacific region.
“Build global champions”
Portag3 Ventures CEO Adam Felesky reportedly said that the company is on a mission “to build global champions from a Canadian base.” He explained:
“Canada has the talent, the expertise and one of the biggest markets in the world directly to our south. All the ingredients are there, we just need more success stories — and we are on our way to getting them. Success will breed more success. In order to understand what it takes to succeed globally, you need to invest and work with the best of the best from around the world. Many of the early fintech unicorns are based in Europe on the back of substantive, helpful policy changes. Canada needs to learn from these examples so we get the right ingredients for building a leading, vibrant ecosystem — and we slowly but surely are.”
The funding round attracted world-leading financial firms including Alterna Savings and Credit Union, Aviva France, BDC Capital, Caisse de dépôt et placement du Québec, CNP Assurances, The Co-operators, Eldridge Industries, and Green Shield Canada, among others.
Bitcoin on major Canadian stock exchange
In November, Canadian investment fund manager 3iQ announced that it had filed a preliminary prospectus with the Ontario Securities Commission for its close-end Bitcoin (BTC) fund, which is expected to be available on the Toronto Stock Exchange later this year. 3iQ chief executive Fred Pye told Cointelegraph at the time:
December 04, 2019 at 05:57AM Posted by cointelegraph“We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fintech space, will join the syndicate group.”
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