Diagram brings in more than $100m for Fund III, exceeding target

• Diagram has also hired two new partners Steve Schultz and Ken Nguyen, both based in California
• Schultz previously held leadership roles at Amazon Web Services, while Nguyen previously launched and managed Insight Capital
• Since its inception in 2016, Montreal-based Diagram has launched and invested in 18 companies across three funds

Canadian venture capital firm Diagram has raised more than $100 million for its latest technology fund, exceeding its initial target.

Diagram Ventures III will focus on partnering with entrepreneurs to quickly validate, launch, and scale technology companies in the fintech and web3 sectors. As part of Fund III, the firm also grew its strategy to invest in externally-created early-stage companies.

“We are thrilled to announce the successful raise of over $100 million for our latest fund, DVLP III,” said Paul Desmarais III, co-founder and chairman of Diagram, in a statement. “We are grateful for the support and trust from our investors, which is a testament to the strength of our model and the value we have generated for all stakeholders.”

Diagram also announced the hire of two new partners: Steve Schultz and Ken Nguyen. Based in California, they will help expand the firm’s presence in the US market.

Schultz previously held leadership roles at Amazon Web Services where he led the company’s partnership with Y Combinator and was a venture partner at F-Prime Capital on its fintech investment team. He also served as chief operating officer of Check.

Nguyen previously launched and managed Insight Capital. In addition, he was a managing director at McCourt Global.

Since its inception in 2016, Montreal-based Diagram has launched and invested in 18 companies across three funds, including technology companies like Dialogue, nesto, Novisto and Synctera.