Boreal Ventures

Boreal Ventures is a Montréal-based early-stage venture capital firm founded in 2021 in partnership with deep tech incubator Centech. Its first fund (C$26M, later reported as C$38M+) targeted Quebec deep tech startups across AI, medtech, industry 4.0, photonics, and advanced materials. Fund II, launched in March 2026 with a C$43M first close toward a C$60M target, pivots to capital-efficient B2B Canadian technology companies with product-market fit ($1M–$5M ARR, 100%+ YoY growth, under C$4M raised to date) across industrial innovation, digital health, fintech, and B2B SaaS. The firm positions itself as typically the first institutional partner and provides hands-on go-to-market support through its 30+ member 'Boreal Guild' of seasoned executives. LPs across both funds include Investissement Québec, BDC Capital, Teralys Capital, and Desjardins Capital. The portfolio spans roughly 19 companies including Femtum, SmartD, Kento, Haleo, Trustii, and FLiiP.