Vancouver-based GTMfund has successfully closed $54 million USD for its second fund, exceeding its original $50 million target.
The operator-led VC firm, which focuses on early-stage B2B SaaS companies, plans to expand its investments in Canada and the U.S. while growing its presence in the Canadian market.
Doubling Down on Canada’s Startup Ecosystem
GTMfund has already deployed twice as much capital in Canada through Fund II as it did in Fund I, signaling a stronger commitment to the country’s growing B2B SaaS sector. The firm is also expanding its Canadian team, recently hiring Casey Van Maanen (formerly of LOI Venture) as an associate.
Scott Barker, Founding Partner at GTMfund, emphasized Canada’s attractiveness as an investment destination:
“The country has a strong pipeline of successful tech companies, deep technical talent from top-tier universities, and cost advantages that make it a great place for startups to scale.”
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GTMfund’s Unique Operator-Led Model
Unlike traditional VC firms, GTMfund is backed by 300+ operators, including executives from top software companies. This network provides hands-on go-to-market (GTM) expertise to portfolio companies, helping them scale faster and acquire customers more effectively.
“Founders don’t just need capital—they need go-to-market support,” said Barker. “With AI making technical moats obsolete, GTM is now the most important competitive advantage for startups.”
Portfolio and Investment Strategy
The company plans to back 40 startups through Fund II, primarily focusing on pre-seed and seed-stage investments, with some Series A deals. Typical investments range from $500,000 to $1.5 million.
The firm has already invested in six Canadian startups, including:
- Gaiia (Québec City) – SaaS for internet service providers
- GrowerIQ (Toronto) – Cannabis enterprise resource planning (ERP) software
- Noibu (Ottawa) – E-commerce error monitoring platform
Beyond Canada, GTMfund has invested in high-growth U.S. startups, including Writer (AI-powered enterprise tools) and Vanta (security compliance automation)—both of which have achieved unicorn status.
Long-Term Commitment Despite Market Volatility
While macroeconomic conditions and a weaker Canadian dollar could impact short-term investment decisions, GTMfund remains focused on long-term opportunities.
“Near-term volatility may influence immediate deals, but we’re focused on long-term outsized returns,” Barker stated.
Looking Ahead
With $54 million in fresh capital, a strong operator network, and a growing focus on Canada, GTMfund is positioning itself as a key player in early-stage B2B SaaS investing, helping startups navigate scaling challenges and GTM execution in an increasingly competitive landscape.ractors, suppliers, and developers.
