Portag3 Ventures, the financial technology investment firm formed by diversified Canada-based conglomerate Power Corporation, has achieved a C$198m ($150m) first close for a fund backed by a range of corporates.
The fund’s limited partners include insurance providers Intact Financial Corporation, La Capitale Insurance and Financial Group, SSQ Insurance and Great-West Lifeco, as well as financial services firms National Bank of Canada and Equitable Bank.
Power Financial, the investment management arm of Power Corporation, also contributed capital, as did asset management firms Guardian Capital and IGM Financial.
Portag3 Ventures II is expected to raise at least C$300m but has a target size substantially larger, the firm said. The fund will make early-stage investments in the fintech sector internationally, seeking to take stakes of 10% to 20% in portfolio companies.
The fund has already begun investing, leading a $30m series A round for Integrate.ai, a Canada-based consumer intelligence platform that relies on artificial intelligence, in September this year. The round also featured Georgian Partners and Real Ventures.
Portag3 Ventures closed a first fund of undisclosed size in 2016 that was backed by Power Financial, IGM Financial and Great-West Lifeco, all three of which are owned by Power Corporation.
The first fund has grown its portfolio to more than 30 companies including Canada-based wealth management platform Wealthsimple, which raised $51m in funding from Power Financial in February this year.
