Northside launches $30M fund for Canadian pre-seed founders
What's the deal? Toronto-based Northside VenturesDealroom has a profile for this one. Try Dealroom → has launched its second fund, targeting $30 million to back Canadian technology founders at the earliest stages of company formation. The firm has secured $17 million in commitments to date across two closes, already exceeding its inaugural $11 million fund and more than halfway to its target.
Who's backing it? CIBC Innovation BankingDealroom has a profile for this one. Try Dealroom →, a first-time limited partner, and returning investor Intact Private CapitalDealroom has a profile for this one. Try Dealroom → are co-anchoring the fund. New LP TD Innovation PartnersDealroom has a profile for this one. Try Dealroom → and existing backer Bain Capital Ventures have also contributed, alongside family offices, high-net-worth individuals, and Canadian tech founders. Northside aims to complete fundraising by early 2027.
What's the endgame? Northside plans to back roughly 40 companies over three years, writing average initial cheques of $500,000 — more than double Fund I's $225,000. It will also double its follow-on reserves to 20%. The firm has already made 12 investments this year, including PolargridDealroom has a profile for this one. Try Dealroom →, Space, and Aron AIDealroom has a profile for this one. Try Dealroom →.
The approach: Solo general partner Alex McIsaac, former Canadian partner at Germany's Global Founders Capital, describes the model as an "institutional angel investor" — combining a large firm's reach with an angel's speed. The fund focuses on AI applications, AI infrastructure, and frontier technologies including robotics, space, and defence, often investing before founders have built products.
"We're taking the approach of being an institutional angel investor in the Canadian ecosystem," McIsaac said.
Fund I track record: Of 30 companies in the first fund, 10 have raised priced rounds at higher valuations. Early wins include Datacurve, which raised a $15 million Series A led by Chemistry Ventures, and Solcoa IndustriesDealroom has a profile for this one. Try Dealroom →, which recently closed a $75 million seed round led by Bain Capital Ventures.
The signal: Northside stands out against a fundraising squeeze for smaller Canadian managers — RBCxDealroom has a profile for this one. Try Dealroom → reported that five funds captured nearly 80% of Canadian VC fundraising in 2025. With pre-seed investment up 18% to US$78.5M through Q3 2026, Northside's expanded fund offers a meaningful new source of first-cheque capital, even as it remains modest next to the market's largest players.
Read more: northsideventures.medium.com
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