Toronto-based GreenSky Ventures has completed a $15 million CAD first close for its sixth fund, positioning the firm among an elite group of Canadian venture capital firms. According to recent research, only 1% of Canadian VCs have launched a sixth fund in the past decade.
This funding round saw participation from family offices and high-net-worth individuals, many of whom are returning investors.
GreenSky aims to raise between $20 million and $25 million by the end of 2024 for Fund VI, which will be its largest fund to date, surpassing its $21 million Fund V. The firm continues to focus on Canadian business-to-business deep tech and enterprise software startups at the seed and Series A stages. GreenSky plans to build a concentrated portfolio of eight to 12 companies.
Advertisement
Building on a Strong Track Record
Founded in 2010, GreenSky Ventures originally invested its own capital and transitioned to raising external funds in 2015. Over the years, the firm has raised a total of $70 million and backed 31 Canadian tech startups, including Captain AI, Direct-C, and Symboticware. GreenSky’s performance has steadily improved across its five funds, with impressive returns and multiple exits, including the sale of Cyclica for $53 million.
The firm’s latest fund will continue its strategy of targeting deep tech companies with strong scientific and engineering innovations. Despite a challenging fundraising environment, GreenSky’s consistent track record and strong investor relationships position it for further success in the Canadian venture capital landscape.
