500 Startups Canada L.P. has held an initial close raising $2.75 million from 2 Quebec LPs ($2.25 million), 1 Ontario and 1 BC LP ($250,000 each).
Davies Ward Phillips & Vineberg LLP acts as legal counsel to 500 Startup Canada.
General Partners (GPs) of the fund include Sanjay Singhal of Toronto, Mike Cegelski of Montreal, Patrick Lor of Calgary, and 500 Startups founders and managing partners, David McClure and Christine Tsai.
500 Startups Canada was lunched in 2016 as a $30 million fund and the company has previously announced an initial close of $15 million in January 2017.
“500 Canada plans to make 150+ investments into early-stage startups in the region over the next few years. 500 Canada will focus investments on capital-efficient businesses that can achieve profitability with less than $1M in total investment. The fund will be truly national in scope, with partners or associates in each major innovation centre, including Vancouver, Waterloo, Toronto, Montreal, and Fredericton.”
photo credit: 500 Startups Canada