Amplify Capital, formerly MaRS Catalyst Fund, has closed its second impact venture capital fund at C$30.7 million. Fund II’s investors included Royal Bank of Canada, Fondation Lucie et André Chagnon, Fondaction, VanCity, Jona Capital and several family offices and foundations. Toronto-based Amplify backs early-stage technology companies that can provide a measurable impact alongside market rate returns.
TORONTO, Feb. 3, 2022 /CNW/ – Amplify Capital, a leading Canadian impact venture fund, closed its oversubscribed Fund II on January 31, 2022, at $30.7 million. Amplify Capital was rebranded from the MaRS Catalyst Fund after spinning out of the MaRS Discovery District in 2019. Led by veteran private equity executive Kathryn Wortsman, Amplify invests exclusively in early-stage startups that apply innovative technologies addressing the world’s most complex and urgent problems.
Amplify proudly partners with notable investors that align with its mission to generate double bottom-line returns. Fund II boasts a diverse investor base, with Limited Partners Royal Bank of Canada; Fondation Lucie et André Chagnon; Fondaction; VanCity; Jona Capital; and numerous Foundations and family offices.
After the success of Fund I, Fund II will continue to grow Amplify’s mission to catalyze the democratization of global health, education, and a sustainable environment (aligned with U.N. Sustainable Development Goals #3, 4, and 13, respectively). Targeting quantitative impact outcomes, Amplify will invest $500,000 – $1,000,000 Seed and Series A funding, plus reserve for follow-on funding. Amplify seeks to lead, co-lead and participate in funding companies ready to scale in these sectors. According to the Business and Sustainable Development Commission, achieving the SDGs represents more than a $12 trillion annual market opportunity.
Proof of Concept
Amplify Capital actively supports its portfolio with strategic guidance grounded in impact goals. Several of its portfolio companies recently reached exciting milestones, including:
Hydrostor Inc., a utility-scale energy storage facility developer, raised US$250M from Goldman Sachs Asset Management;
Valence Discovery, an AI-enabled drug design technology, closed a $10.9M seed round co-led by Silicon Valley-based Fifty Years and UK-based Air Street Capital;
EarlyBird Education, a game-based early literacy assessment developer, closed US$3.5M, led by Silicon Valley-based Lobby Capital.
Launched in 2020 with a first close, Fund II has already funded seven investments and has a target portfolio of 20-22 companies. Fund II investments include Alt Tex; Ditch Labs; Pathway; Sylvatex Inc; Uvaro; and Verto Health.
Expansion and Growth
Amplify welcomed two Analysts, Jotham Chow and Andrew Newton (not pictured). Amplify will further expand its team this year as it looks to hire an additional Partner. Learn more about Amplify at amplifycapital.ca.