InBC Investment Corp commits C$10m to Pender tech fund

• Pender Technology Inflection Fund II earlier this year raised C$50 million in a first close
• Pender Ventures is the venture capital arm of Canadian investment firm PenderFund Capital Management
• It invests in B2B software and healthtech startups at the inflection point between commercialization and scale

Pender Ventures has raised a C$10 million commitment to Pender Technology Inflection Fund II from InBC Investment Corp.

Pender Technology Inflection Fund II, which is targeting C$100 million, earlier this year raised C$50 million in a first close. The investors included Export Development Canada, Vancity, Bank of Montreal Capital Partners, Kinsted Wealth, Canadian Imperial Bank of Commerce and Pender Growth Fund.

Pender Ventures is the venture capital arm of Canadian investment firm PenderFund Capital Management. It invests in B2B software and healthtech startups at the inflection point between commercialization and scale.

“Pender Ventures has strong roots in BC along with a proven track record for nurturing entrepreneurs and scaling innovative healthtech and software companies,” said Leah Nguyen, chief investment officer of InBC, in a statement. “Their commitment to impact and ESG, and focus on healthcare, aligns with our mandate to build a more inclusive, sustainable and prosperous future. Investing in venture capital funds like Pender Ventures allows us to scale our investing capacity to reach more founders and companies and will help drive innovation and build an economic future for the province that is thriving and resilient.”

InBC is a crown corporation that manages and invests a C$500 million fund created by the British Columbia government to support high-growth businesses and venture capital funds for the benefit of the province.

PenderFund Capital Management was founded in 2003 and is an independent, value-based mutual fund manager headquartered in Vancouver.