Pender Ventures collects C$50m for sophomore fund in first close

Pender Ventures is led by managing partner Maria Pacella, who joined in 2018 as its founding partner.

  • Pender Technology inflection Fund II’s initial close was backed by new and existing LPs
  • They included EDC, Vancity, BMO Capital Partners, Kinsted Wealth, CIBC and Pender Growth Fund
  • Fund II has already completed three investments: DistillerSR, Traction Rec and Traction Complete

Pender Ventures, the venture capital fund of Canadian investment firm PenderFund Capital Management, has raised C$50 million in the first close of its second fund.

Pender Technology inflection Fund II’s initial close was backed by new and existing limited partners. They included Export Development Canada, Vancity, Bank of Montreal Capital Partners, Kinsted Wealth, Canadian Imperial Bank of Commerce and Pender Growth Fund.

Fund II is targeting C$100 million, according to a report by the Globe and Mail.

Fund II has already completed three investments: DistillerSR (formerly Evidence Partners), Traction Rec and Traction Complete.

Pender Ventures, launched in 2018 with its inaugural fund, Pender Technology inflection Fund I, is focused on investing in B2B software and health technology startups at the inflection point between commercialization and scale. With offices in Vancouver and Montreal, it invests across North America.

Pender Ventures is led by managing partner Maria Pacella, who joined in 2018 as its founding partner.