ScaleUP Ventures Inc. has held a second close with $32.25 in addition commitments million, bringing the fund’s total capital commitment to $70.25 million.
The second close includes the $25 million previously committed by the Province of Ontario.
ScaleUP was announced in May 2016 with a target to raise $75 million as an early-stage technology fund. ScaleUP held a first close in August 2016 with $38 million, including commitments from over a dozen of Canada’s largest companies.
ScaleUP plans a third and final close in the coming months and expects to over-achieve on the original funding target of $75 million.
ScaleUP has made seven investments to-date, five of which are based in Ontario: Fusebill, FundThrough, Naborly, Neuranet, and Crowdcare.
photo credit: ScaleUP Ventures