Canada-based venture capital firm Portag3 Ventures has harnessed contributions from several corporate backers to close its second fund at C$427m ($321m), Betakit reported today.
Portag3 was formed in 2016 as a VC vehicle for Sagard Holdings, an asset management firm launched by diversified investment management and holding company Power Corporation.
Fund II was anchored by three subsidiaries of Power Corporation: financial services provider Power Financial, the insurance-focused Great-West Lifeco and wealth and asset manager IGM Financial.
Insurance providers CNP Assurances, The Co-operators, IA Financial Group, Intact Financial Corporation, La Capitale Insurance and Financial Group, SSQ Insurance, Aviva France and Harel Insurance & Finance were among the LPs, as were benefits manager Green Shield Canada, credit union Alterna Savings.
The list was filled out by financial services firms Laurentian Bank, National Bank of Canada, Equitable Bank and Western & Southern Financial Group, DC Capital, Caisse de dépôt et placement du Québec, Eldridge Industries, NSV Wolf Capital, BDC Capital, Guardian Capital and Canada’s Public Sector Pension Investment Board.
Portag3 targets financial technology developers and has a worldwide investment remit, though it is prioritising Canada, the US, Europe and some Asia-Pacific markets. Its portfolio includes digital bank Koho, customer loyalty platform developer Drop and insurance analytics platform Kin.
Adam Felesky, chief executive of Portag3, told TechCrunch: “We are on a mission to build global champions from a Canadian base. 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.”
