Diagram, a Montreal-based venture builder, has raised over $100 million in commitments from investors for its latest fund, Diagram Ventures III.
The successful raise exceeded the firm’s initial target and shows the strength of Diagram’s model and ecosystem.
Diagram cofounder Paul Desmarais III expressed his gratitude for the support of investors and their trust in the company’s vision, adding that this raise demonstrates value for stakeholders.
“We are thrilled to announce the successful raise of over $100 million for our latest fund, DVLP III,” stated Desmarais, Chairman. “We are grateful for the support and trust from our investors, which is a testament to the strength of our model and the value we have generated for all stakeholders.”
DVLP III will primarily focus on the fintech and web3 sectors, Desmarais says, partnering with entrepreneurs to validate, launch, and scale technology companies.
The fund will leverage Diagram’s expertise and ecosystem to create ventures from scratch alongside investments in externally created early-stage companies, according to Diagram cofounder Francois Lafortune (pictured).
“Our vision has always been to focus on fewer concentrated ideas that we foster, de-risk, and co-create with exceptional founders,” said Lafortune, CEO. “While our core focus will remain building ventures from scratch, we are excited to broaden our strategy and help more innovative entrepreneurs reach their full potential.”
In addition to the successful raise, Diagram has expanded its leadership team by adding two new partners, Steve Schultz and Ken Nguyen.
Schultz brings experience in fintech, having held leadership roles at Amazon Web Services F-Prime Capital, and Check, a mobile payments service acquired by Intuit.
Nguyen, on the other hand, is experienced in web3 and previously worked at. Blackstone, where he led more than a dozen restructuring and M&A transactions.
Diagram was founded in 2016 and is a venture builder that conceives and launches technology companies in the fintech, web3, and climate tech industries.
Since its inception, Diagram has launched and invested in 18 companies across three funds, including leading technology companies such as Dialogue, nesto, Novisto, and Synctera.
These 18 companies have raised $550 million from investors, generated equity value in excess of $1.5 billion, and created 1,350 full-time jobs, according to Diagram.
With the raise of DVLP III, Diagram is poised to continue its momentum in the venture builder space, creating impactful companies that solve problems across fintech, web3, and climate tech.