Boreal Ventures announced the launch of Boreal Ventures II, a $60 million early-stage venture capital fund designed to help Canadian technology companies scale globally. The Montréal-based firm said the fund has already secured a $43 million first close and will focus on capital-efficient B2B technology companies founded across Canada, with a particular emphasis on Québec and underserved markets.
The new fund will invest at the seed stage in startups that have reached early product-market fit and are ready to build repeatable and scalable go-to-market strategies. Boreal Ventures plans to target sectors including vertical SaaS and artificial intelligence, industrial technology, fintech, digital health, and manufacturing.
According to the company, the investment strategy is centered on helping startups convert early traction into durable and sustainable growth. Boreal’s operator-led model emphasizes building structured revenue systems, including support for pipeline generation, pricing strategy, compensation design, and the hiring of high-performing revenue teams. The goal is to help startups transition from founder-led sales toward scalable commercial operations.
Boreal Ventures II also introduces JD Saint-Martin as co-managing partner. Saint-Martin previously served as president and chief revenue officer of Lightspeed Commerce and co-founded Chronogolf. The firm said his experience scaling revenue operations and building global technology companies will help portfolio startups accelerate commercialization.
The fund is supported by returning institutional investors that aim to strengthen Canada’s innovation ecosystem. Backers include the Government of Québec through Investissement Québec, BDC Capital, Fonds québécois d’amorçage de Teralys financed by La Caisse, formerly CDPQ, and Capital régional et coopératif Desjardins.
Boreal Ventures operates from Montréal and focuses on supporting Canadian startups as they prepare for global expansion, including connecting them with U.S. venture capital investors and strategic buyers to support downstream fundraising and exit opportunities.
Founded in 2021 in partnership with Centech, Boreal Ventures invests in capital-efficient B2B technology companies across sectors such as vertical SaaS and AI, industrial and blue-collar technology, fintech, digital health, and other essential industries. The firm said it provides hands-on support through its Guild network of more than 30 experienced operators, founders, and revenue leaders who advise and help scale portfolio companies.
The firm now manages more than $80 million across two funds.
KEY QUOTES
“Canada builds exceptional products, but commercialization remains a key challenge and can limit the growth potential of many promising companies. Fund II is designed to help address this gap, and JD Saint-Martin will play an important role in that effort. He brings valuable experience scaling revenue at Lightspeed, along with a strong network and a deep understanding of the ecosystem. We believe there is a disciplined path to building enduring technology companies from Canada, one that reflects the realities of our market.”
David Charbonneau, Co-Managing Partner And Founder Of Boreal Ventures
“Turning product-market fit into a predictable growth engine is one of the hardest challenges founders face. At that point, theory is not enough. What they need is pattern recognition and hands-on support from people who have done high-level scaling before.”
JD Saint-Martin, Co-Managing Partner At Boreal Ventures
“Québec is home to a dynamic ecosystem of innovative technology companies, many emerging from small and medium-sized businesses developing high-quality solutions. Too often, the real challenge is getting those innovations to market. By supporting this fund, our government is helping entrepreneurs turn bold ideas into commercial success and shine a spotlight on Québec expertise around the world.”
Jean Boulet, Minister Of Economy, Innovation And Energy; Minister Of Labour; Minister Responsible For Maritime Strategy; Minister Responsible For The Mauricie Region
“I wish I had Boreal as an investor and advisor in the early days of building Lightspeed.”
Dax Dasilva, Founder And CEO Of Lightspeed Commerce And Limited Partner In Fund II
