Boreal Ventures Launches $60M Fund II to Scale Commercial Ambitions of Canadian Technology Companies

Boreal Ventures announced today the launch of Boreal Ventures II, a $60M early-stage fund focused on capital-efficient B2B technology companies founded in Quebec and in Canada and built to compete globally. The fund has secured a $43M first close and welcomes JD Saint-Martin, former President & CRO of Lightspeed Commerce and co-founder of Chronogolf, as Co-Managing Partner.

MONTRÉAL, March 16, 2026 /PRNewswire/ - Boreal Ventures today announced the launch of Boreal Ventures II, a $60 million early-stage fund focused on capital-efficient B2B technology companies founded in Canada and built to compete globally.

Boreal Ventures II will invest at the seed stage across Canada, with a particular focus on Québec and underserved markets. The fund targets overlooked sectors, including vertical SaaS & AI, industrial tech, fintech, digital health, and manufacturing. The fund is built around a specific moment: when a company has found early product-market fit and must transform early traction into a repeatable and scalable go-to-market engine.

Boreal's investment model reflects the reality most founders face. Rather than chasing binary outcomes, the firm backs founders building durable businesses capable of delivering strong returns through disciplined growth, capital efficiency, and sustainable economics.

Boreal takes a hands-on, operator-led approach to building scalable go-to-market and revenue systems. The firm works closely with founders on pipeline generation, pricing, compensation, and hiring high-performing revenue teams to transition companies from founder-led sales to repeatable growth. This model is supported by the Guild, a network of 30+ experienced operators, founders, and revenue leaders who invest, advise, and help the next generation of Canadian startups scale globally.

Boreal Ventures II is backed by returning institutional investors committed to strengthening Canada's innovation economy, including returning LPs  Government of Quebec through Investissement Quebec, BDC Capital, Fonds québécois d'amorçage de Teralys (financed by La Caisse, formerly CDPQ) and Capital régional et coopératif Desjardins. The firm operates from Montréal, with active coverage of the Canadian market and direct connectivity to US venture and strategic buyers for portfolio positioning and downstream fundraising.

QUOTES 

"Canada builds exceptional products, but commercialization remains a key challenge and can limit the growth potential of many promising companies. Fund II is designed to help address this gap, and JD Saint-Martin will play an important role in that effort. He brings valuable experience scaling revenue at Lightspeed, along with a strong network and a deep understanding of the ecosystem. We believe there is a disciplined path to building enduring technology companies from Canada, one that reflects the realities of our market."

- David Charbonneau, Co-Managing Partner and Founder of Boreal Ventures

"Turning product-market fit into a predictable growth engine is one of the hardest challenges founders face. At that point, theory is not enough. What they need is pattern recognition and hands-on support from people who have done high-level scaling before."

- JD Saint-Martin, Co-Managing Partner at Boreal Ventures

"Québec is home to a dynamic ecosystem of innovative technology companies, many emerging from small and medium-sized businesses developing high-quality solutions. Too often, the real challenge is getting those innovations to market. By supporting this fund, our government is helping entrepreneurs turn bold ideas into commercial success and shine a spotlight on Québec expertise around the world."

- Jean Boulet, Minister of Economy, Innovation and Energy, Minister of Labour, Minister Responsible for Maritime Strategy, Minister Responsible for the Mauricie Region

"I wish I had Boreal as an investor and advisor in the early days of building Lightspeed."

- Dax Dasilva, Founder & CEO of Lightspeed Commerce and Limited Partner in Fund II.

About Boreal Ventures

Boreal Ventures is a Montréal-based early-stage venture capital firm. Founded in 2021 in partnership with Centech, the firm invests at the seed stage in capital-efficient B2B technology companies built in Canada and scaling globally across often-overlooked sectors, including vertical SaaS & AI, industrial & blue-collar tech, fintech, digital health, and other essential sectors. Boreal operates as an operator-led, GTM-driven partner, helping portfolio companies move from product-market fit to a predictable growth engine through hands-on RevOps support, the Guild operator network, strategic hiring, and downstream fundraising guidance. Boreal Ventures manages over $80M across two funds.

SOURCE Boreal Ventures