- Fund IV is reportedly targeting C$40m
- Portfolio companies include Sportlogiq, Wrnch, Soundskrit and Mirametrix
TandemLaunch, a Canadian start-up incubator and seed investor, has held a first close on C$27 million ($19.8 million; €18.2 million) for its fourth venture fund.
TandemLaunch Ventures Fund IV’s backers include BDC Capital and Fonds de solidarité FTQ, as well as more than 30 family offices and domestic and international angel investors.
The firm did not disclose the target amount for Fund IV or when it expects to hold a final close, but Canadian start-up news site Betakit reported that TandemLaunch hopes to raise up to C$40 million by September.
TandemLaunch raised $30 million for its Fund III in November 2019 with a commitment from Fonds de Solidarité FTQ, among others, according to fundraising data from affiliate Buyouts (registration required).
“We are grateful for the trust and support of our investors and partners, who have been instrumental in the success of TLV I to III,” managing partner Émilie Boutros said in a statement. “Their unwavering support will allow us to foster the creation of more innovative Canadian companies backed by diverse entrepreneurs. Over the years, we have demonstrated that sustaining a more inclusive and multicultural ecosystem of talented entrepreneurs and technologists is not only rewarding, but a key success factor.”
TandemLaunch focuses on creating early-stage technology companies in the fields of AI, computer vision, IoT and advanced sensors and materials. It “works closely with cutting-edge research from the world’s best universities and with driven entrepreneurs to launch exceptional technology companies with a sizeable market opportunity,” it said.
“Since its inception, TandemLaunch has been a champion in promoting diversity within its organization, as well as within the highly technical companies it creates, and has made a long-lasting positive impact on the start-up ecosystem,” said Kristina D’Amico, director of fund investments for BDC Capital. “A renewed commitment to Tandemlaunch aligns perfectly with our mission to support the country’s most innovative firms right from their earliest stages and help them build sustainable fund franchises.”
Based in Montreal, TandemLaunch said it has helped create more than 30 “successful ventures valued at over $700 million” since its founding in 2010. Its portfolio companies include Sportlogiq, Wrnch, Soundskrit, Mirametrix and HaiLa.