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True North Fund is a growth secondary venture capital fund based in Waterloo, Ontario, Canada. Founded in 2023, the fund is dedicated to supporting Canadian founders in building world-leading technology companies. True North Fund aims to enhance Canada's innovation economy by investing in growth-stage technology firms, ensuring that the best tech companies remain Canadian.
The fund has a target size of approximately $200 million and focuses on providing strategic growth capital and growth secondaries. This approach allows founders to concentrate on scaling their businesses rather than fundraising. True North Fund is closely linked to Communitech, a prominent tech accelerator in Waterloo, which further strengthens its commitment to the local tech ecosystem.
True North Fund's mission is to help Canadian tech companies achieve significant milestones, including reaching $1 billion in annual recurring revenue (ARR). The fund explicitly positions itself as being "by founders for founders," emphasizing its dedication to the success of its portfolio companies.
True North Fund I specifically targets growth-stage technology companies across various sectors, including artificial intelligence, healthcare, cybersecurity, software as a service (SaaS), and consumer products. The fund seeks to support capital-efficient growth and scalable opportunities within the Canadian tech ecosystem. True North Fund aims to empower its portfolio companies to focus on their core business operations while providing the necessary capital to fuel their growth.
The fund's investment strategy includes providing growth secondaries, which allow founders to access liquidity without diluting their ownership. True North Fund looks for companies that demonstrate global leadership potential and are on a trajectory to achieve $1 billion in ARR. This focus on scalable opportunities ensures that the fund invests in high-potential companies that can make a significant impact in their respective industries.
True North Fund's portfolio includes five notable companies:
These companies exemplify True North Fund's commitment to investing in high-growth potential firms that are positioned to lead in their sectors.
Chris Albinson: Managing Partner. Chris previously served as the CEO of Communitech, a prominent tech hub in Waterloo. He transitioned to True North Fund full-time in December 2024, bringing extensive experience in supporting tech startups.
Sean Brownlee: Managing Partner. Sean has a strong background in venture capital and technology investments, contributing to the fund's strategic direction.
J. Kim Fennell: Venture Partner. J. Kim has a wealth of experience in the tech industry, focusing on identifying high-potential investment opportunities.
Nicholas Harrison: Senior Associate. Nicholas plays a key role in evaluating potential investments and supporting portfolio companies.
Merrill Joy: Director, Investor Relations & Community Manager. Merrill is responsible for managing relationships with investors and the broader tech community, ensuring effective communication and engagement.
To pitch True North Fund, founders should visit the fund's website at truenorthfund.ca. It is recommended to include a detailed pitch deck that outlines the business model, market opportunity, and growth strategy. While specific application forms are not mentioned, a well-structured presentation is crucial.
Response times may vary, but founders can expect to hear back regarding their pitch within a few weeks. Warm introductions are preferred, as they can enhance the likelihood of a favorable review.
On October 29, 2024, True North Fund completed its second close, solidifying its target fund size of approximately $200 million. This milestone was accompanied by the announcement of Chris Albinson transitioning to a full-time role as Managing Partner.
On March 5, 2025, True North Fund announced its fourth investment in PurposeMed, a telehealth company recognized as Canada's second fastest-growing tech firm. This investment aligns with the fund's focus on supporting high-growth technology companies in Canada.
What are True North Fund's investment criteria?
True North Fund focuses on growth-stage technology companies in sectors such as AI, healthcare, cybersecurity, SaaS, and consumer products. The fund seeks capital-efficient growth and scalable opportunities, targeting companies with the potential to reach $1 billion in annual recurring revenue.
How can I pitch to True North Fund?
Founders can pitch their companies through the True North Fund website at truenorthfund.ca. It is advisable to include a clear business model, growth strategy, and how the company aligns with the fund's investment focus.
What makes True North Fund different from other venture capital firms?
True North Fund emphasizes a founder-centric approach, providing growth secondaries that allow founders to focus on scaling their businesses rather than fundraising. This strategic support is designed to enhance the growth potential of portfolio companies.
What is the typical check size for investments?
While specific check sizes are not publicly disclosed, True North Fund targets growth-stage investments, which typically involve significant capital to support scaling efforts.
What is the geographic focus of True North Fund?
The fund primarily invests in Canadian technology companies, reinforcing its commitment to enhancing Canada's innovation economy.
What kind of post-investment support does True North Fund provide?
True North Fund provides strategic guidance and resources to its portfolio companies, helping them navigate growth challenges and achieve their milestones.
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