Canada-based venture capital firm McRock Capital’s second fund has reached a C$80m ($60.9m) initial close backed by limited partners (LPs) including networking technology provider Cisco and oil and gas provider Shell.
McRock Fund II is targeting a C$100m final close and its LPs also include Business Development Bank of Canada’s BDC Capital vehicle, Alberta Enterprise Corporation, Export Development Canada and HarbourVest, while Cisco participated through its Cisco Investments unit.
McRock Capital backs developers of industrial internet-of-things (IoT) technology based in North America and Europe. Its portfolio companies include smart city-focused IoT technology provider Worldsensing, in which it co-invested with Cisco Investments in 2017.
Cisco Investments, BDC Capital, Alberta Enterprise Corporation, Export Development Canada and HarbourVest had all already committed to McRock’s first vehicle, InFund, in 2015, along with energy utility EDF, Kensington Venture Fund and Teralys Capital Innovation.
Scott MacDonald, McRock Capital’s co-founder and managing partner, said: “We are at the beginning of the digital transformation in every industrial sector and urban environment around the globe.
“McRock Fund II provides us with significant investment capital and strategic corporate relationships to help build the next generation of high-growth tech companies.”
Amit Chaturvedy, head of IoT and enterprise networking at Cisco Investments, added: “In addition to offering a dedicated IoT and digital transformation solutions portfolio, Cisco actively deploys capital and collaborates with organisations to drive IoT innovation globally.
“We have been working closely with McRock since 2014 and are thrilled to continue this strategic relationship.”
