White Star Capital, the startup funder co-founded by ex-technology deals banker Eric Martineau-Fortin, has raised a second, US$180 million fund that was significantly oversubscribed.
The fund, which had originally aimed to raise US$140 million, will look to invest between US$1 million and US$6 million in around 20 new companies and has already invested in eight, it said.
Among the companies to receive backing are Canadian financial technology firm Borrowell, German insurance technology company Clark and British digital health company Echo, it said in a statement.
White Star, co-founded by Jean-Francois Marcoux, the co-founder of mobile game publisher Ludia, and former Facebook executive Christian Hernandez Gallardo, launched its first fund in 2015 with US$70 million.
Since 2014 it has backed 26 companies and said it would continue to focus on companies that use data as a competitive advantage and which it can help grow internationally.
Among investors to back the second fund were large institutions including Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ, as well as funds including Swen Capital Partners and companies including Veolia.
Update: Other Canadian limited partners include Business Development Bank of Canada (BDC), Investissement Quebec, Power Financial‘s Portag3 Ventures and Walter Financial.
White Star, which prior to the fund’s close had offices in London, Montréal and New York, said it is creating an additional presence in Paris and Tokyo.
Earlier this year, White Star led the $12 million Series A financing of Dialogue, a Montréal virtual health and telemedicine service provider.
(Reporting by Simon Jessop and Eric Auchard; Editing by Alexander Smith)
(This story has been edited by Kirk Falconer, editor of PE HUB Canada)