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Whitecap Venture Partners is a Toronto-based venture capital firm founded in the early 1990s as the venture capital arm of the Diamond family office. The firm has over 30 years of experience in the venture capital space, focusing on B2B software and healthcare sectors. In 2015, Whitecap transitioned to a third-party fund model, allowing it to raise capital from institutional investors and family offices. Since then, Whitecap has successfully raised five funds, with a total of over $400 million in assets under management.
Whitecap's mission is to support founders from the concept stage through to success, providing not just capital but also operational support and strategic guidance. The firm has established a strong reputation for its patient and collaborative approach, emphasizing trust and communication with its portfolio companies. Whitecap's office is located at 22 St. Clair Avenue East, Suite 1010, Toronto, Ontario, and it primarily invests in Canadian startups, although it also considers opportunities across North America.
Whitecap Venture Partners primarily invests in the B2B software and healthcare sectors, targeting verticals where it can make a significant impact. The firm focuses on early-stage investments, specifically pre-seed, seed, and Series A rounds. Whitecap typically leads or co-leads Series A financings while also allocating capital to seed and pre-seed rounds. The firm seeks high-growth technology companies across Canada, particularly those that demonstrate innovative solutions in their respective fields.
Investment checks generally range from $2 million to $5 million, allowing Whitecap to provide substantial support to its portfolio companies. The firm emphasizes operational involvement, aiming to be an engaged partner in the scaling process. Whitecap's investment thesis revolves around backing early-stage Canadian founders in B2B software and healthcare/MedTech markets, where the firm can offer both capital and operational expertise.
Whitecap Venture Partners has a diverse portfolio of companies, primarily in the B2B software and healthcare sectors. Notable portfolio companies include:
Carey Diamond: Partner. Carey co-founded Whitecap in the early 1990s and has over three decades of experience in venture capital. He has a strong track record of leading investments and supporting portfolio companies.
Blaine Hobson: Chair of Investment Committee. Blaine is also a co-founder of Whitecap and has extensive experience across various sectors, including automotive and healthcare. He has been instrumental in guiding portfolio companies for over 30 years.
Shayn Diamond: Partner. Shayn joined Whitecap in 2015 after working as a corporate lawyer. He focuses on venture investments and portfolio support, bringing valuable legal expertise to the firm.
Russell Samuels: Partner. Russell joined Whitecap in 2015, bringing experience from corporate development roles at FreshBooks and venture capital at Mantella Venture Partners. He has been involved in several key deals, including Frugal's financing.
Damien Steel: Venture Partner. Damien joined Whitecap in 2026 after serving as CEO of Deep Sky and previously as Managing Partner of OMERS Ventures. His operational experience enhances Whitecap's support capabilities.
Melissa Belbeck: Principal. Melissa joined Whitecap in 2020, bringing experience in business operations and product management from her previous roles at Ritual and BMO.
Sarah Hartkorn: Vice President. Sarah co-founded Primped and worked in investment banking at TD Securities before joining Whitecap in 2021.
To pitch Whitecap Venture Partners, founders should reach out via email at info@whitecapvp.com. A well-structured pitch deck is essential, and it should include key information such as the business model, market opportunity, competitive landscape, and team background. Whitecap prefers to see a clear articulation of how the startup plans to achieve growth and scale.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial, but not strictly necessary. The firm is open to reviewing pitches from founders who demonstrate a strong understanding of their market and a compelling vision for their business.
In November 2025, Whitecap led a US$5 million seed round for Frugal, an AI/cloud application-cost engineering platform. This investment highlights Whitecap's commitment to supporting innovative technology companies.
In October 2025, Whitecap participated in a C$53 million growth financing for Felix Health, a Canadian digital healthcare and telehealth platform. This deal underscores Whitecap's focus on healthcare innovation.
In April 2026, Whitecap's portfolio company PartnerStack was acquired by AppDirect, marking a significant exit for the firm and demonstrating its successful investment strategy.
What are Whitecap's investment criteria?
Whitecap focuses on early-stage investments in B2B software and healthcare sectors, particularly in Canada. The firm typically invests in pre-seed, seed, and Series A rounds, with initial check sizes ranging from $2 million to $5 million.
How can I pitch to Whitecap Venture Partners?
Founders can pitch Whitecap by visiting their website and using the contact email info@whitecapvp.com. A well-prepared pitch deck should include details about the business model, market opportunity, and team background.
What makes Whitecap different from other venture capital firms?
Whitecap emphasizes operational support and strategic guidance alongside capital investment. The firm aims to be an engaged partner, focusing on building trust and communication with portfolio companies.
What is Whitecap's geographic focus?
Whitecap primarily invests in Canadian startups but is open to opportunities across North America. The firm seeks to support high-growth technology companies in its target sectors.
What is the typical post-investment involvement of Whitecap?
Whitecap provides operational support and strategic guidance to its portfolio companies, leveraging its team's extensive experience in building successful ventures. The firm is committed to being an engaged partner throughout the scaling process.
What is the size of Whitecap's funds?
Whitecap has raised five funds, with a total of over $400 million in assets under management. The most recent fund, Whitecap V, closed at C$140 million in December 2021.
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