Major Fundraising Achievements
Portag3 Ventures, a notable venture capital firm based in Canada, has successfully finalized a second fund, amassing a whopping $320 million. This capital is earmarked for backing early-stage fintech startups on a global scale, allowing the firm to expand its reach across various regions, including North America, Europe, and selected Asia-Pacific markets.
Building Global Champions
In the words of CEO Adam Felesky, Portag3 Ventures is on a mission to “build global champions from a Canadian base.” This wasn’t just a casual remark; it’s a battle cry for entrepreneurial excellence. Felesky emphasizes the rich pool of talent and expertise Canada possesses, perfectly situated neighbor to one of the largest markets. “Success breeds success,” he insists, advocating for a cooperative global investment approach to cultivate a thriving ecosystem.
Learning from Others
Felesky points out the example of early fintech unicorns in Europe, asserting that Canada’s path to fintech success involves understanding and leveraging policy changes that have proven effective elsewhere. With this insight, the intention is to create a vibrant local environment that nurtures fintech innovation.
Who’s Involved?
This impressive funding round caught the attention of heavyweights in the financial sector, attracting a lineup of distinguished firms. Among the contributors are:
- Alterna Savings and Credit Union
- Aviva France
- BDC Capital
- Caisse de dépôt et placement du Québec
- CNP Assurances
- The Co-operators
- Eldridge Industries
- Green Shield Canada
Further Developments in the Crypto Space
In another exciting development, Canadian investment fund 3iQ is also stepping into the limelight. The firm recently filed a preliminary prospectus with the Ontario Securities Commission for a close-end Bitcoin (BTC) fund. This is expected to hit the Toronto Stock Exchange soon, with CEO Fred Pye aiming for a late December launch. His hope? To onboard some of Canada’s largest banks to lead in the fintech sector.
The Future of Fintech in Canada
With funds flowing and innovative strategies in progress, the future looks bright for fintech in Canada. As Portag3 Ventures and other players navigate the global financing landscape, they aim to not only make an impact but also transform Canada into a fintech powerhouse. The world is watching, and with every success story, Canada inches closer to its global champion status.
