Portag3 Ventures Announces $427 Million Close of Second Fintech Fund

Portag3 Ventures today announced the final closing of Portag3 Ventures II LP, its second venture fund focused on early stage investments in the global financial technology sector, with commitments totalling $427 million.

New institutional and strategic investors committing funds to this round include Alterna Savings and Credit Union, BDC Capital, CNP Assurances, The Co-operators, Green Shield Canada, iA Financial Group, and Laurentian Bank.

These LPs join National Bank of Canada, Intact Financial Corporation, Guardian Capital Group, Equitable Bank, La Capitale Insurance and Financial Services and SSQ Insurance, all of whom invested at the time of the $198 million first close in October 2018.

Power Financial Corporation, IGM Financial Inc. and Great-West Lifeco Inc. remain anchor investors following their investment in Portag3 Ventures’ first fund, launched in 2016.

Together, this investor group represents a unique combination of Canadian and global financial institutions, institutional allocators and other major investors, whose partnership will help to drive the Portag3 Ventures ecosystem through the life of the fund and beyond.

To date, Fund II has made investments in 17 companies – among them KOHO, Clark, Integrate.ai and Diagram Ventures, the venture-builder that co-founds companies in the financial and insurance sectors, which Portag3 has backed from inception.

Portag3 invests in fintech companies globally, with an emphasis on Canada, the U.S., Europe and key markets in Asia-Pacific. Key verticals include digital wealth management, insurance, personal and small business finance as well as applications of enabling technologies such as Artificial Intelligence in a financial services context.

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