IoT-focused venture firm McRock Capital has raised $100m for the final close of its second flagship fund.
Fund II secured commitments from investors such as Teralys Capital, Kensington Capital Partners, Caterpillar Ventures.
Cisco Investments, Shell, Mitsubishi Corporation, BDC Capital, Export Development Canada, Alberta Enterprise Corporation, and HarbourVest also participated in the fundraise when it launched in August last year.
The Toronto-based firm will use the fund to invest in Industrial IoT companies across Canada, the US, and Europe.
AltAssets previously reported the McRock had held an $80m first close for the fund in September 2019.
Teralys Capital managing partner Eric Legault said, “The founding partners of McRock have backed some very successful entrepreneurs and early disruptors over their careers and will use their experience to support the next generation of high growth companies in that sector.
“The continuation of such a specialized venture capital franchise is great for the venture capital ecosystem in Canada.”
The VC picked up $65m for the close of its first fund, McRock iNFund, in August 2015.
McRock’s portfolio investments have included startups such as Praemo, Miovision, Worldsensing and Invixium.
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