Canadian VC firm Pender Ventures has received commitments up to $50M for its Fund II, half of the targeted $100M.
The fund has a 10-year investment horizon and expects to invest half in the first five years, with the rest to be kept in reserve. Fund II will primarily target health tech and vertical SaaS companies.
- Pender has backed three startups, namely DistillerSR, Traction Rec, and Traction Complete, with the fresh funds.
- The firm intends to back 10 to 14 companies from the entire fund.
- Limited partners in the fund include Export Development Canada, Canadian Imperial Bank of Commerce, Bank of Montreal Capital Partners, Vancity, and Kinsted Wealth.
- Pender's Fund I closed at $25M in 2018, which the firm used to back nine companies.
- Two of the investments — Copperleaf Technology and Jane Software — helped the fund net returns above its initial annual target of 25% to 30%.