Canadian seed venture capital firm Real Ventures has hit the halfway point for its third fund by holding a $50m first close.
The new fund will focus on web, mobile and internet businesses in Canada, specifically in French-speaking eastern province Quebec.
Lead investors in the new fund are Quebec based Teralys Capital, FIER Partenaires and the Business Development Bank of Canada for Government of Canada, through its Venture Capital Action Plan.
Real Ventures has invested in more than 60 startups since 2008 and was the initial investor in high profile Canadian companies such as Beyond the Rack, Frank & Oak, Cinemagram, OM Signal, Uniiverse and Unbounce.
Teralys managing partner Éric Legault said, “This new investment is consistent with Teralys Capital’s strategy aimed at building a strong venture capital ecosystem that propels high‐potential innovative companies in Quebec.
FIER Partenaires chairwoman Sylvie Pinsonnault said, “As an investor in their prior fund Real Ventures I, FIER Partenaires is pleased to be amongst the investors for their new fund Real Ventures III.
“Their innovative approach to investing and strong focus on Quebec companies make of this fund not only an attractive investment opportunity but also reinforces support for the venture capital ecosystem in Quebec.”
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