Montreal-based Real Ventures announced today the first closing at $50 million of its newest web, mobile, and internet focused investment fund.
The fund is expected to reach $100 million by the time of its final closing, according to Real Ventures, a venture capital firm.
The lead investors in the new fund are Québec based Teralys Capital, FIER Partenaires L.P., and the Business Development Bank of Canada for Government of Canada via its Venture Capital Action Plan. Participating alongside are “a select number of family offices and individuals” as well as Real Ventures’ General Partners.
Since 2008 Real Ventures has invested in over 60 startups, including Beyond the Rack, Frank & Oak, and Unbounce. According to data from Thomson Reuters, Real Ventures was the number one private VC investor in Canada in terms of seed-stage investments in 2013.
“Real III,” as the fund is now called, is receiving a portion of the $50 million earmarked for high performing funds through VCAP, as part of its strategy to stimulate Canada’s venture capital sector.
“In contributing to this investment through Canada’s Venture Capital Action Plan, the Government of Canada recognizes that our innovative firms are important drivers in creating economic growth, high quality jobs and long-term prosperity,” said Canada’s Finance Minister Joe Oliver. “We believe that Canada’s entrepreneurs represent superior opportunities for investors, and understand that private-sector led investments and decision-making are essential to their long-term success.”
Real Ventures was started in 2007 by John Stokes, Daniel Drouet, JS Cournoyer, Alan MacIntosh and Austin Hill, who in 2008 launched a $5 million seed fund with the mission to partner with driven entrepreneurs seeking to build great technology companies in Montreal. The next fund, launched in 2010, was a whopping $50 million and the company changed its name from Montreal Start Up to Real Ventures.