This page lists the venture capital funds that have received commitments from the funds-of-funds under the Venture Capital Action Plan (VCAP).
VCAP fund-of-fund Canadian commitment requirements
The VCAP funds-of-funds were designed to invest predominantly in Canadian venture capital funds; however, recognizing technology industries are international, and some degree of cross-border investment is important to allow for international relationships that can help Canadian companies to be connected globally. In this context, the funds-of-funds are also allowed to invest a minority of their capital outside of Canada. Rules governing international investments are as follows:
- Each fund-of-funds must make at least 55 percent of its fund commitments to funds with their primary offices in Canada, and a majority of their professionals resident in Canada; and
- Each fund-of-funds must make at least 80 percent of its fund commitments to funds with no less than one investment professional resident in Canada.
- Overall, at least one third of the capital managed by the funds-of-funds must be invested in Canadian-based companies.
As of December 31, 2021, approximately 84 percent of financial commitments by funds-of-funds were made to Canadian fundsFootnote 1, and 16 percent to non-Canadian funds. While the list below shows there have been a number of commitments made in non-Canadian funds, the commitments that have been made to the Canadian funds under VCAP are much larger than those made in funds headquartered outside Canada, on average.
Fund name | Vintage year | Sector focus | Location | Stage focus |
---|---|---|---|---|
32 Degrees Diversified Energy Fund III | 2015 | Energy and clean technologies | Alberta | Growth stage |
Battery Ventures XI | 2016 | Information and communications technologies | Massachusetts | Early stage |
Battery Ventures XI Side Fund | 2016 | Information and communications technologies | Massachusetts | Late stage |
Battery Ventures XII | 2018 | Information and communications technologies | Massachusetts | Early stage |
Battery Ventures XII Side Fund | 2018 | Information and communications technologies | Massachusetts | Early stage |
Canaan XI LP | 2017 | Information and communications technologies | California | Early stage |
Clarus Lifesciences III | 2014 | Life sciences | New York | Early stage |
First Ascent Ventures I | 2015 | Information and communications technologies | Ontario | Early stage |
Genesys Ventures III | 2016 | Life sciences | Ontario | Early stage |
Georgian Partners Growth Fund II | 2013 | Information and communications technologies | Ontario | Growth stage |
Georgian Partners Growth Fund III | 2016 | Information and communications technologies | Ontario | Growth stage |
Georgian Partners Growth Fund IV | 2018 | Information and communications technologies | Ontario | Growth stage |
Golden Venture Partners Fund II | 2014 | Information and communications technologies | Ontario | Seed |
Golden Venture Partners Fund III | 2018 | Information and communications technologies | Ontario | Seed |
Idinvest Digital Fund III | 2018 | Information and communications technologies | France | Early stage |
Index Ventures VIII | 2016 | Information and communications technologies | Europe | Early stage |
Information Venture Partners II | 2016 | Information and communications technologies | Ontario | Early stage |
iNovia Growth Fund | 2018 | Information and communications technologies | Quebec | Growth stage |
iNovia Investment Fund 2015 | 2016 | Information and communications technologies | Quebec | Early stage |
Insight Venture Partners IX | 2015 | Information and communications technologies | New York | Growth stage |
Lightspeed Venture Partners II | 2016 | Information and communications technologies | California | Growth stage |
Lightspeed Venture Partners XI | 2016 | Information and communications technologies | California | Early stage |
Lumira Capital III | 2016 | Life sciences | Ontario | Late stage |
McRock iNFund | 2015 | Energy and clean technologies | Ontario | Early stage |
New Acres Capital Ag & Food (formerly Avrio Ventures III) | 2014 | Energy and clean technologies | Alberta | Late stage |
Novacap TMT IV | 2014 | Information and communications technologies | Quebec | Growth stage |
Novacap TMT V | 2017 | Information and communications technologies | Quebec | Growth stage |
Persistence Capital Partners II | 2014 | Life sciences | Quebec | Growth stage |
Real Investment Fund 17 | 2017 | Information and communications technologies | Quebec | Early stage |
Relay Ventures III | 2015 | Information and communications technologies | Ontario | Early stage |
Sierra Ventures XI | 2014 | Information and communications technologies | California | Early stage |
Silversmith Capital Partners | 2015 | Information and communications technologies | Massachusetts | Growth stage |
Sofinnova Capital VIII | 2015 | Life sciences | France | Early stage |
Trident Capital Cybersecurity I | 2016 | Information and communications technologies | California | Early stage |
Vanedge Capital II | 2017 | Information and communications technologies | British Columbia | Early stage |
Versant Ventures V | 2014 | Life sciences | British ColumbiaFootnote 2 | Early stage |
Versant Ventures VI | 2016 | Life sciences | British ColumbiaFootnote 2 | Early stage |
Versant Voyageurs I | 2018 | Life sciences | British ColumbiaFootnote 2 | Early stage |
Version One Ventures I | 2012 | Information and communications technologies | British Columbia | Seed |
Version One Ventures II | 2014 | Information and communications technologies | British Columbia | Seed |
Walden Venture Capital VIII | 2014 | Information and communications technologies | California | Early stage |
White Star Capital | 2014 | Information and communications technologies | New York | Early stage |
Whitecap Venture Partners III | 2015 | Information and communications technologies | Ontario | Early stage |
Whitecap Venture Partners IV | 2018 | Information and communications technologies | Ontario | Early stage |
XPV Water Fund II | 2014 | Energy and clean technologies | Ontario | Late stage |
Yaletown Innovation Growth Fund | 2017 | Energy and clean technologies | British Columbia | Early stage |
Note: Seven venture capital funds based in the United States and Canada that received commitments under VCAP are excluded from this list for confidentiality reasons. |