Canadian venture capital firm Portag3 Ventures has bagged the largest fintech fund in Canada, closing a second funding round with a massive three hundred and twenty million US dollars ($320 million) investment.
A first stage investment company with offices in Toronto and Montreal, Portag3 is on the lookout for entrepreneurs and ideas that boast of next-generation fintech services. While its emphasis remains on Canada, its key markets also include North America, Europe and the Asia Pacific. So far, this renowned private equity firm has raised fintech fund for around seventeen companies, including Diagram Ventures, Clark, Koho and Integrate.ai.
Portag3 fintech fund receives backing from big industry names
On 3rd December 2019, Techcrunch reported that the Canadian outfit received a commitment from a number of institutional investors that include prominent names in banking and insurance industry, such as Laurentian Bank, Aviva France, Alterna Savings and Credit Union, and BDC Capital. Last October, Portag3 closed the first round with close to two hundred million US dollars ($198 million) investments from National Bank of Canada, SSQ Insurance, and Equitable Bank.
Portag3 CEO, Adam Felesky, explained the firm’s strategic investment and base operation goals to Techcrunch. According to him, the firm dreams of Canada becoming a cradle of fintech innovations. It has the talent and expertise alongside access to one of the biggest markets to the south. The only thing missing, he adds, is the right kind of support to the right type of team and we exist precisely for that reason, Felesky remarked.
Felesky also highlights the importance of having relevant regulatory reforms and policies that make business establishments much more straightforward. Per him, this is precisely the reason why most fintech startups kick start their operations in Europe, due to relaxed foreign investment regulations. He is hopeful that the Canadian government takes a leaf out of their book and puts forth the right laws for a vibrant fintech ecosystem.
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