Boreal Ventures Fund II

Boreal Ventures

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Status

ACTIVE

Global HQ

Montréal, Canada

Countries of investment

Canada

Investment stages

Seed
Series A

Industries

Vertical SaaS
Artificial Intelligence
Industrial Tech
Fintech
Digital Health
Manufacturing

About
Boreal Ventures is a Montréal-based seed-stage venture capital firm focused on overlooked, capital-efficient Canadian startups. The firm invests across vertical SaaS and AI, industrial tech, fintech, digital health, and manufacturing sectors. Boreal is backed by institutional LPs including the Government of Québec through Investissement Québec, BDC Capital, Teralys Capital, and Desjardins Capital, recently launching its $60M Fund II.

Min check size: $500K
Max check size: $5M
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Investment Thesis

Boreal Ventures focuses on capital-efficient B2B technology companies founded in Canada and built to compete globally. Their thesis centers on helping founders transform early product-market fit into a repeatable and scalable go-to-market engine.

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Manager's Experience

The team at Boreal Ventures is led by Founder and Managing Partner David Charbonneau, an engineer-turned-investor who previously helped manage a $135M early-stage venture fund at BDC Capital. Before BDC, David spent four years in management consulting at KPMG-SECOR supporting executives on investment decisions and strategic planning, following earlier roles at Bombardier, Kraft, and Toyota. He is joined by Partner & CFO Samuel Larivière (ex-KPMG, HEC Montreal, CPA) and a team combining operator backgrounds with deep Quebec ecosystem networks.