Fund II: The next phase of Pender Ventures
Last week we announced that we have closed Pender Technology Inflection Fund II (PTIF II), our second venture fund, with over $100 million in commitments. As with Fund I, we will continue to invest in mission critical B2B technology and healthtech companies.
We are grateful for the support of all of our investors, including Export Development Bank (EDC), InBC, Bank of Montreal (BMO) Capital Partners, Co-operators Group, Business Development Bank (BDC), Venture Capital Catalyst Initiative (VCCI), Alberta Enterprise Corporation (AEC), Canadian Imperial Bank of Commerce (CIBC), Kinsted Wealth, Pender Growth Fund, VanCity and several private investors.
Three hallmarks underpin our approach: resiliency, scalability, and diversity. Looking back to the founding of Pender Ventures and the launch of Fund I in 2018, we realized that building a venture fund and firm is, in many ways, like building a startup. It requires a clear vision, relentless perseverance, and the ability to navigate uncertainty while assembling a strong team and cultivating a supportive network. Just as founders work tirelessly to bring their ideas to life, we at Pender Ventures are dedicated to building an enduring platform that not only supports innovation but also grows and adapts alongside our portfolio companies and investors. All of this requires putting the mission and team before the individual, being driven by purpose and simply doing the work.
At Pender Ventures, we recognize that resilient founders and companies are the ones best positioned to weather challenges and seize opportunities. We prioritize investments in founders who exhibit not only adaptability but also a steadfast commitment to overcoming obstacles with integrity and vision. Resilience is essential, and we seek to partner with teams who embody this value as they navigate today’s rapidly evolving markets. Building a venture platform requires the same level of resilience—weathering economic cycles (from venture market boom to COVID to venture market downturn), adapting to industry changes, and continuously strengthening our foundation to support our partners and portfolio companies effectively. This means always sticking to investing in long-term fundamentals regardless of shorter-term cycles and fads.
Scalability is central to our mission. We believe that the most impactful solutions are those that can scale and evolve alongside the industries they serve. Our investments target companies with robust business models designed for growth, ensuring they can reach and serve broader markets while creating long-term value for both customers and stakeholders. This focus allows us to support businesses that not only address current demands but can pivot and expand as new opportunities arise. Similarly, a scalable venture firm is essential to maximize impact. We scaled up Fund II by 4x to invest more into each opportunity. We aim to continually build processes, relationships, and expertise that allow us to expand our reach and support more entrepreneurs across different markets and stages. We launched an annual HealthTech Ignite conference to bring together global thought leaders with early-stage founders to share key industry insights and we share many of these insights and trends in an annual HealthTech report. We host an annual CEO conference for our portfolio company leaders to foster collaboration and exchange of best practices.
Lastly, diversity remains foundational to our strategy. We firmly believe that diversity—in leadership, in thought, and in approach—enriches the companies we work with and strengthens our ecosystem as a whole. By championing diverse teams, we are not only fostering innovation but also driving inclusive economic growth that reflects the broad spectrum of perspectives and experiences across our communities.
In addition to the Pender Venture team, we added three venture partners, Toufic Boubez, Lexi Kaplan and Judi Hess to our roster of experts. They bring specialized knowledge of specific industries, markets and/or technologies and their support includes mentoring founders, guiding growth initiatives, assisting with key hires, and providing advice on product development, market entry, and expansion.
In today’s volatile economic landscape, raising a fund is no small feat. Market uncertainty and shifting investor sentiment have tested the resilience of funds worldwide, and we are humbled and grateful for the trust our investors have placed in us. The Fund’s completion stands as a testament to our belief in the innovation potential of Canada’s tech ecosystem and our dedication to supporting visionary founders building the future.
Whether you are a founder, investor, or ecosystem champion, we would love to connect and explore collaboration. Please reach out!
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