Whitecap Venture Partners Launches $140M Fund to Help B2B Software and MedTech Startups Get off the Ground

Whitecap Venture Partners, a Canadian-based Venture Capital firm, has announced the launch of its Whitecap V fund to help early-stage Canadian B2B software and MedTech startups.

The fund counts with support from returning investors like Kensington Capital Partners, BMO Capital Partners (BMOCP), and Inuvialuit Investment Corporation, as well as several other institutional investors and high-net-worth family offices. Carey Diamond, Partner at Whitecap Venture Partners, referred to the launch of the fund by stating:

“Strong support from existing and new investors resulted in a three-month fundraising process and we quickly surpassed our $125MM target for Whitecap’s fifth fund.”

Whitecap V is following on the success of its two previous funds: Whitecap III and IV. These 2 funds were invested in 18 companies, bringing the total assets under the firm’s management to $365 million. With the fund, Whitecap is looking to continue its mission of leading between 7 and 10 Series A financing in technology startups. Shayn Diamond, Partner at Whitecap Venture Partners, said in this regard:

“The investments we’ve made over the last six years across two funds have been in fast-growing startups led by exceptional founders with tremendous potential, including several that have already exited. This has led to continued support from our existing investors and has also spurred greater interest from institutional investors. With the launch of Whitecap V, we will continue to invest in the North American tech ecosystem with great LPs, founders, and co-investors.”

Whitecap V has already invested in its first startup via a $4.3 million seed funding round in which Hyde Park Venture Partners and Detroit Venture Partners. Russell Samuels, Partner at Whitecap Venture Partner, said about this investment:

“The early-stage venture capital market continues to be strong in Canada and we are proud of the work done by our investment team and the CEOs of our portfolio companies. We look forward to continuing to work with existing and new CEOs and founders to build leading businesses in high growth and disruptive markets.”

Some of the startups in which Whitecap Venture Partners invested via its last fund include Bolt Logistics, Silofit, PartnerStack, Vetster, Nicoya, and more. These startups have experienced rapid growth over the past months, with some of them becoming major players in their industries.