Portag3 Ventures has closed its CAD427m ($321m) Portag3 Ventures II, which will focus on making early-stage investments across the financial technology sector.
Canadian venture capital firm said that Portag3 Ventures II is its second venture fund that has received funding from new institutional and strategic investors.
The new investors include 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, Harel Insurance & Finance, iA Financial, Laurentian Bank, NSV Wolf Capital, Public Sector Pension Investment Board, and Western & Southern Financial.
Power Financial, IGM Financial, and Great-West Lifeco are the anchor investors following their investment in Portag3 Ventures’ first fund, launched in 2016.
Also, the investor group reflects a combination of Canadian and global financial institutions, institutional allocators and other major investors.
Portag3 Ventures co-founder and CEO Adam Felesky said: “We will continue working hard to build a portfolio of investments in highly attractive fintech companies on a global basis.
“Our commitment goes far beyond simply capital. We provide access to vertical experts, senior advisors, a broad ecosystem at Sagard Holdings as well as opportunities for partnerships with our diverse international investor base.”
Portag3 is a part of the venture capital strategy of Sagard Holdings
Portag3 is an early-stage investor focused on fintech companies in Canada, Europe, the US and significant markets in Asia-Pacific.
The company primarily invests in digital wealth management, insurance, personal and small business finance, along with technological applications including Artificial Intelligence for financial services.
Portag3 said that till date, its Fund II has made investments in 17 companies including KOHO, Clark, Integrate.ai and Diagram Ventures, and other companies in the financial and insurance sectors.
Along with Diagram Ventures, a fintech venture builder, Portag3 is a part of the venture capital strategy of Sagard Holdings, an alternative investment platform.
Sagard Holdings chairman and chief executive officer Paul Desmarais III said: “Portag3 Ventures has become the largest fintech-focused VC fund in Canada and one of the leading Series A/B fintech-focused funds globally.
“Portag3 has a distinctive investment focus and the investment and operational capabilities to deliver both strong financial and strategic returns to our LPs to drive continued change and disruption in financial services.”
