White Star Capital completes first close of new $50m North American Seed Fund

Global investment firm strengthens early-stage presence across the US and Canada to back the next generation of international champions with a first close of $25m

MONTREAL and TORONTO , Sept. 4, 2025 /PRNewswire/ -- White Star Capital, the global multi-stage technology investment firm, has announced a first close of $25m for its new North American Seed Fund anchored by the Fonds de solidarité FTQ. The strategy is designed to back high-potential startups from pre-seed through seed stages across the region.

The fund will support early-stage founders building globally scalable solutions across the US and Canada. At a time when the world is being revolutionised by AI and new technologies, White Star Capital is stepping forward with fresh capital, operational support, and a long-term commitment to founders with a bold vision from day one.

"As a Series A and B investor deeply embedded in the New York, Toronto, and Montreal tech ecosystems for the past decade, my colleagues and I have always dreaded having to pass on exceptional founders that were "too early" for us," said Sanjay Zimmermann, General Partner. "With the strategic support of Fonds de solidarité FTQ, we are thrilled to be in a position to provide North American entrepreneurs with an unfair advantage, even earlier in their journey."

"Over the past ten years, the Fonds de solidarité FTQ has made direct and indirect venture capital investments totalling $2.7 billion. With this new seed fund from White Star Capital, we are continuing our commitment to emerging companies shaping the economy of the future - an effort reflected as well in our support for Ax.c, the new initiative for Quebec's tech startups and innovative entrepreneurs," said Dany Pelletier, Executive Vice-President of Private Equity and Impact Investing at the Fonds de solidarité FTQ.

Other Limited Partners joining the first close include Capital régional et coopératif Desjardins (CRCD), Fonds québécois d'amorçage Teralys financed by La Caisse, and TD Innovation Partners (TDIP), a division of The Toronto-Dominion Bank.

The North American Seed Fund expands on White Star Capital's decade-long track record of early-stage investing, having already backed more than 100 companies worldwide and generated top-quartile returns across multiple vintages. The new initiative will be co-managed by Sanjay Zimmermann, a long-time investor at the firm, based in Toronto, and Catherine Ouellet-Dupuis, based in Montreal, a veteran operator with experience as Chief Strategy and Corporate Development at Workleap, an IT and HR tech company that scaled to $100m+ in ARR.

"I'm excited to be joining White Star Capital to build a Seed Fund that gives local early-stage companies the backing they need to grow into global champions," said Catherine Ouellet-Dupuis, General Partner. "Having been through the challenges of scaling a business internationally, I know how valuable it is to have the right people in your corner. With White Star Capital's global platform, network, and deep market insights, I'm looking forward to working side-by-side with founders and joining a team that's known for rolling up its sleeves to help them succeed."

White Star Capital's seed-stage strategy combines local conviction with global connectivity. Founders in the portfolio gain access to a network of experienced venture partners, advisors, and go-to-market experts across the firm's hubs in New York, Toronto, Montreal, Austin, Miami, London, Paris, Zurich, the UAE, and Singapore. The fund will write lead investments of $0.5m to $2m, with follow-on capital reserved to support breakout companies through Series A and beyond.

As part of the final close, White Star Capital plans to announce a new General Partner for its new North America Seed Fund based in New York. With the first close now completed, White Star Capital is actively seeking founders across North America building recurring revenue businesses aligned with its macro themes, and encourages bold, ambitious teams to get in touch.

About White Star Capital

White Star Capital is a global technology investment firm partnering with exceptional entrepreneurs building international businesses at scale. Operating across North America, Europe, and Asia, the firm combines deep local relationships with a global platform to help portfolio companies expand internationally and become category leaders.

The firm currently has three active funds in operation: an Early Growth Fund that invests globally in Series A/B companies, a Digital Asset Fund focused on crypto and blockchain-enabled startups, and now a North American Seed Fund.

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of over 808,000 shareholders.

With net assets of $21.9 billion as of May 31, 2025, the Fonds supports directly and indirectly thousands of companies through venture and development capital investments based on the belief that the impact of its investments is created as much by financial as societal returns. For more information, visit fondsftq.com or our company page on LinkedIn.

SOURCE White Star Capital