Pender Ventures closes first half of $100 million target for second venture fund

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Pender Ventures has secured $50 cardinal CAD successful the archetypal adjacent of its 2nd task fund, bringing the Vancouver-based task steadfast halfway to its $100 cardinal CAD target.

The constricted partners (LPs) that took portion successful this adjacent see the Export Development Bank of Canada (EDC), Vancity, Bank of Montreal (BMO) Capital Partners, CIBC, Western Canada wealthiness absorption steadfast Kinsted Wealth, and undisclosed idiosyncratic investors.

As the task superior limb for the broader PenderFund Capital Management organization, Pender Ventures besides saw information from the group’s maturation fund.

“We wanted to physique retired that seat spot crossed the country, successful Ontario [and] Québec successful particular.”

While the steadfast did not disclose each the LPs successful its archetypal fund, galore of those disclosed are returning investors, including Vancity and Export Development Canada done its Women successful Trade program, which focuses connected women-led businesses.

Managing Partner Maria Pacella leads Pender Ventures, which was launched successful 2019 arsenic the task superior radical for nationalist and backstage plus manager PenderFund Capital Management.

Its first fund was $25 cardinal successful size and focused connected B2B endeavor and healthtech startups astir the Series A level. Pender Ventures’ portfolio includes Edmonton-based cause information supplier DrugBank, Toronto coiled attraction absorption startup Swift Medical, Vancouver-based session absorption bundle institution Jane Software, Winnipeg collaboration bundle steadfast Librestream, and Vancouver’s Copperleaf, which went nationalist connected the Toronto Stock Exchange successful 2021.

After focusing chiefly connected British Columbia and Western Canada with Fund I – with a tiny fig of investments extracurricular the portion – Pender Ventures plans to grow its beingness successful different parts of Canada for its 2nd fund.

RELATED: Isaac Souweine leaves Real Ventures, joins Pender Ventures to enactment Vancouver firm’s enlargement crossed Canada

Alongside Pacella, the Pender Ventures squad includes Isaac Souweine who joined arsenic spouse past twelvemonth aft departing Real Ventures. The squad besides consists of 1 expert and 2 principals, including Meryeme Lahmami, who joined Pender Ventures past twelvemonth from BDC Capital’s Women In Tech Venture.

Pender Ventures’ Isaac Souweine and Meryeme Lahmami.

Having some joined Pender Ventures past year, and some based successful Montréal, Souweine and Lahmami are definite to assistance with the Vancouver-based fund’s nationalist enlargement plans.

“We wanted to physique retired that seat spot crossed the country, successful Ontario [and] Québec successful particular,” Pacella told BetaKit past year.

Currently focused connected its caller fund, Pender Ventures has finished making caller investments retired of its archetypal fund. The radical told BetaKit past twelvemonth that it had expected to clasp the archetypal adjacent for its 2nd money successful the fall.

Pender is not the lone task steadfast that has faced trouble securing superior during the existent economical climate. Framework Venture Partners, which closed its ain $100 cardinal fund past year, noted that diligence from LPs had accrued “50x” from years past. Last fall, Real Ventures paused fundraising for its caller money arsenic portion of a managing partners swap.

Recent BetaKit reporting has besides revealed that Canadian VCs are besides struggling to person already committed funds from their LPs, with capital calls not being honoured.

In the existent market, LPs person been deed by equity marketplace volatility that’s lowered their liquidity and devalued their portfolios. The effect is an overexposure to task capital, which is considered higher hazard and tends to marque up a tiny sliver of capitalist portfolios.

“You person present VC funds, whose insubstantial worthy successful their money has dropped possibly adjacent successful fractional oregon more—we get a database of each the late-stage companies and what they’re worthy present compared to earlier and the drops are crazy,” Hustle Fund wide spouse Elizabeth Yin told BetaKit. “They’re each implicit 50 percent cuts successful valuation. And truthful late-stage investors’ portfolios are present … chopped successful fractional oregon more.”

The station Pender Ventures closes archetypal fractional of $100 cardinal people for 2nd task fund archetypal appeared connected BetaKit.

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