This morning Brightspark Capital announced the third close of its new Brightspark Canadian Opportunities Fund, with $60 million in place of an eventual $75 million the firm is seeking for BCOF. In tandem with its SPV investment model, Brightspark anticipates it will invest an estimated $125 million in early-stage companies over the next few years.
Investors in the new fund include the Venture Capital Catalyst Initiative (VCCI) managed by BDC Capital, BMO Capital Partners, Fondaction, Investissement Québec, RBC, Teralys Capital Fonds Amorçage Québec (managed by Teralys Capital), along with a number of individual investors and family offices.
“Over the past 21 years, we have seen some of the industry’s best companies emerge from the most challenging times,” says Mark Skapinker, Managing Partner at Brightspark. “As a result of
COVID-19, we are seeing changes in habits being entrenched into society – with technology at the forefront of it all. There is enormous growth in the tech industry, and we expect some major
winners to emerge in Canada. Our focus right now is to connect with the companies that are driving this new wave of innovation.”
Across its funds, Brightspark’s investment strategy has been focused on early and Series A investments in entrepreneur-driven technology companies across Canada, with a particular
emphasis on those that have the potential to become a category leader. The firm has also lead investment rounds when is sees an opportunity is particularly likes. Since BCOF’s first closing in January, Brightspark has invested in six companies out of this fund: Potloc, BuyBack Booth, Prevu3D, Elevate Farms, Classcraft and Potential Motors.
“Canadians are entrepreneurial and resilient. Our government is committed to helping innovative venture capital firms like Brightspark grow and succeed—amid the COVID-19 pandemic and on
the road to recovery. Through our government’s Venture Capital Catalyst Initiative, we are supporting diverse industries and entrepreneurs in the technology sector and creating good jobs
for Canadians as together we rebuild a strong and inclusive economy.” added the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade.