Toronto-based Portag3 Ventures announced that it has raised C$427 million (around $320 million USD), which it will use to make early-stage investments in FinTechs, with a focus on its home country of Canada, the United States, Europe and select markets in the Asia-Pacific region.
“We’re on a mission to build global champions from a Canadian base,” Portag3 CEO Adam Felesky states.
New institutional and strategic investors participating in this round 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 Group, Laurentian Bank, NSV Wolf Capital, Public Sector Pension Investment Board, and Western & Southern Financial Group.
Portag3, which is the venture capital arm of Sagard Holdings, previously raised $198 million in October 2018 from the National Bank of Canada, Intact Financial Corporation, Guardian Capital Group, Equitable Bank, La Capitale Insurance and Financial Services and SSQ Insurance.
The company has also been busy making its own investments, specifically in key markets such as digital wealth management, insurance, personal and small business finance, as well as applications focused on technologies including Artificial Intelligence.
It most recently led a $42 million fundraising round in Canadian FinTech KOHO in May.
"Portag3 Ventures has become the largest fintech-focused VC fund in Canada and one of the leading Series A/B fintech-focused funds globally,” said Paul Desmarais III, Co-Founder and Executive Chairman of Portag3 Ventures and Chairman and Chief Executive Officer of Sagard Holdings.
In addition, Portag3 revealed that it has created a group of senior advisors who will work with its portfolio companies, providing expertise and supporting the investment team's deal sourcing activities. Members include the President and CEO of Rockefeller Capital Management, Gregory J. Fleming; Implementation Trustee for the Open Banking Implementation Entity in the United Kingdom Imran Gulamhuseinwala; Peter Hancock, the former President and CEO of AIG; and SzeJack Tan, Head of Growth Marketing for Google Assistant at Google.
"The quality of the individuals we have been able to attract as senior advisors speaks for itself," said Felesky.