Portag3 Ventures, a Canada-based venture capital firm focused on financial technology, has launched with sponsorship from financial services companies Power Financial Corporation, IGM Financial and Great West-Lifeco.
Portag3 will target Canadian fintech startups developing offerings that have “the potential for innovative change and global impact”. Its initial portfolio includes Power Financial-backed online investment manager WealthSimple.
Paul Desmarais III, vice-president of Power Financial and its parent company Power Corporation of Canada, has taken the executive chairman position at Portag3. Adam Felesky, co-founder and ex-CEO of exchange-traded fund Horizons ETFs, is president of the fund.