TORONTO, Canada
GreenSky Ventures is excited to announce the final close of its sixth fund and largest fund of CDN$23.5 million. GreenSky has been investing in early-stage Canadian technology companies for over a decade, with a focus on deep tech and enterprise software startups.
Each GreenSky Fund invests in a concentrated portfolio of 12 to 15 early-stage Canadian B2B startups. The fund targets Seed and Series A investment rounds, typically leading with initial investments of between $1 to $2 million. While a generalist in mandate, GreenSky has developed a strong track record in deep tech, backing IP-rich, technically complex, and science-based ventures. The firm also invests across a broader range of B2B models, including SaaS, hardware-enabled platforms, and applied AI.
According to research from the Business Development Bank of Canada, less than 20% of venture funds in Canada have raised more than four funds, and GreenSky is therefore proud that the firm has been able to raise six funds during its 10-year history, particularly more recently, when venture fund raising has become increasingly challenging in Canada. This latest fund includes over 100 investors, and 57% of the fund has been raised through reinvestments from returning LPs, which underscores the conviction from our existing investor base. GreenSky’s investors include a mix of high-net-worth individuals, family offices, and wealth management firms. GreenSky is particularly pleased to welcome the New Brunswick Innovation Foundation (NBIF) as a new institutional investor in the fund. Finally, GreenSky remains deeply aligned with our investors, and the Greensky team and their families are collectively the largest investor in the fund.
Earlier this year, GreenSky welcomed Jeff Brunet as a Managing Partner. A five-time founder and seasoned start-up investor, Jeff most recently led Wysdom.AI through a successful exit. He brings deep expertise in artificial intelligence, product development, intellectual property, and scaling technology companies. Over his career, Jeff has founded five technology companies and, as an investor/founder, achieved successful exits to Google, Apple, HP, Calabrio (Thoma Bravo), Bifone, and Opera Software.
“GreenSky’s clarity of purpose and founder-first discipline immediately stood out to me,” said Brunet. “We’re entering a new era of Canadian innovation, and I believe this team is uniquely positioned to help the next generation of category-defining companies emerge.”
Fund VI has already backed six Canadian companies across a diverse mix of deep tech, hardware, and software-enabled platforms. These early investments reflect GreenSky’s continued focus on backing technically ambitious founders solving real-world industrial and infrastructure challenges. Toronto- and Calgary-based Edgecom Energy is one of GreenSky’s recent Fund VI investments. Edgecom Energy is a hardware/software platform that optimizes energy usage and enables industrial energy demand response. Quebec-based BioAlert Solutions is another new investment in Fund VI, which GreenSky co-led with Cycle H2O. BioAlert is a hardware-based system for real-time, on-site detection of waterborne pathogens.
With a portfolio of 32 early-stage Canadian tech companies built across six funds, GreenSky has consistently delivered strong results for its investors. GreenSky’s aggregated Distributed to Paid-In Capital (DPI) – or its record of returning capital to its investors – across its first three funds (2015, 2017 and 2019 vintages, respectively) puts GreenSky in the top decile of early-stage North American venture funds. This success is rooted in a clear and disciplined investment thesis, as well as a cohesive and experienced team.
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Betakit published the original coverage of this announcement.
You can access the full article here.
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About GreenSky Ventures:
GreenSky Ventures is a Toronto-based venture capital firm investing in early-stage Canadian technology startups. Through its affiliated GreenSky Accelerator Funds I–VI, the firm provides capital and strategic guidance to high-growth potential companies. Learn more at greensky.vc.
