Former Dragons’ Den investor Bruce Croxon has raised a new fund for Canadian startups worth $40 million. By the end of Spring 2017 the Round 13 Capital founder wants the fund to reach $75 million.
Matthieu Charest of Les Affaires reported the story. Croxon told the newspaper that Round 13 will be looking to invest in companies within Quebec, “probably one of the most exciting places in the country.”
Interestingly, Charest asked Croxon about a certain “inferiority complex” among Quebec entrepreneurs. Croxon had none of it.
“If there are Quebecers who don’t believe in their own abilities to succeed in business, it’s in their head and it doesn’t fit at all with reality.”
What’s more exciting is the greater implications for Canada. With Croxon all but declaring that his fund is only interesting in funding Canadian talent – “There are more than enough good companies at home worthy of being funded,” he told Charest – Canadian startups have reason to celebrate.
According to the newspaper, the new fund will invest between $1 million and $5 million per investment in several different industries within technology. Round13 is expected to be announce its first two investments by the end of August.
Along with his Dragons’ Den fame on television, Croxon is most known for cofounding Lavalife in 1988. Under his direction, the then startup grew into a marquee brand in online dating with over 2,000,000 users. At Round 13 Capital, Croxon added a broad range of companies to his portfolio including Balzac’s Coffee and EnRICHed Academy.
During his three years as the mostly “mellow” Dragon, Croxon was often asked by the other four wealthy dream-granters whether a given tech pitch was worth their money or not. He left the show in 2014.