Montréal-based startup Vessel has raised $10.3 million CAD ($7.5 million USD) in seed funding to bring automation to venture capital fund management.
The round was co-led by Inovia Capital and Afore Capital, with additional backing from BY Venture Partners, FJ Labs, Golden Ventures, Telegraph Hill Capital, and Four Cities Capital.
A new tool for a new era of VC
Founded by former LPs Thomas Terrats and Thierry Ajaltouni, Vessel offers an AI-powered platform that simplifies investor relations, fund reporting, and compliance tasks. It includes features for managing LP onboarding, tracking fund performance, and automating the preparation for investor meetings—all areas Terrats says have been bogged down by manual work and legacy software.
“Canadian GPs need to be equipped to raise globally,” Terrats noted. “Vessel is helping automate the back-end so they can focus on building relationships.”
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Supporting emerging and established managers alike
With over 30 client firms already onboard, Vessel caters to both seasoned fund managers and emerging GPs, helping them appear more professional and efficient in the eyes of LPs. Terrats sees the platform as a crucial advantage for Canadian VCs struggling in a tight capital market.
While the company faces competition from players like Brio and Allvue, the founders argue their product is purpose-built for the AI age—unlike incumbents. The company plans to use the funding to expand its automation features and modestly grow its sales and marketing team.
As venture firms navigate a changing fundraising landscape, Vessel aims to become the essential infrastructure for a new generation of fund managers.
