Toronto-based Northleaf Venture Catalyst Fund on Tuesday announced that it has committed a total of $30 million to two venture capital funds, iNovia Investment Fund 2015 and Information Venture Partners II.
NVCF is a venture capital fund-of-funds that was formed under the federal government’s $400 million plan to rejuvenate venture investing in Canada.
See: VC fund created under federal program reaches maximum size
Montreal-based iNovia invests in early stage tech companies, while Toronto’s Information Venture Partners (which began as RBC Venture Partners and was spun out from the bank in 2014) focuses on North American financial and enterprise technology companies (fintechs).
With these latest investments, NVCF has now allocated more than 75% of its capital, which includes both investments in other VC funds and several direct co-investments into venture companies, the fund says in its announcement.
“We are very pleased to be a lead investor in two of Canada’s best-in-class venture capital funds,” says Ian Carew, director of Northleaf Capital Partners, which manages NVCF, in a statement. “These investments further reflect NVCF’s long-term strategy of constructing a portfolio of high-potential Canada-based venture capital and growth equity funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns.”