Salesforce Ventures, the corporate venturing arm of US-based enterprise software producer Salesforce, launched a $100m vehicle called Canada Trailblazer Fund yesterday that will focus on cloud services startups.
The news follows a February 2018 commitment by Salesforce, which has more than 1,300 employees in Canada, to invest $2bn in the country over the next five years.
The fund’s first four portfolio companies include Tier1CRM, which provides cloud-based customer relationship management products built on Salesforce’s platform to target the capital markets industry.
Traction Guest has created cloud-based visitor management systems using Salesforce technology to leverage visitor data and strengthen security in the workplace.
Tulip has developed a Salesforce-integrated app that enables retail staff to look up products, manage customer data and personalise their experience, while OSF Commerce builds and implements bespoke e-commerce stores using Salesforce’s platform.
Canada Trailblazer Fund follows seven previous Salesforce Ventures vehicles including the $50m SI Trailblazer Fund, which was launched in July 2017 to focus on cloud consulting businesses.
Salesforce Ventures will also host the first Canada-based version of its startup competition, Dreampitch, in Toronto as part of a global World Tour roadshow. Three startups will compete for a $100,000 investment from Salesforce Ventures.
John Somorjai, Salesforce’s executive vice-president of corporate development and Salesforce Ventures, said: “There is incredible innovation happening in Canada today and we want to encourage and empower the next generation of enterprise cloud startups in the region.
“Salesforce Ventures’ Canada Trailblazer Fund is a commitment to our mission to help startups grow and enable our customers to reach new levels of success.”