Brio, a Montréal- and Toronto-based fintech startup spun out of Brightspark Ventures, has raised $3 million CAD in seed funding to help venture capital firms and alternative asset managers automate and streamline how they manage their limited partners (LPs).
The round was co-led by Walter Global Asset Management and Canso Innovations, both investors in Brightspark, with participation from Brightspark itself via a dedicated special purpose vehicle (SPV).
A “Secret Sauce” Goes Public
Brio was initially built eight years ago as an internal tool for Brightspark to manage the complex operational demands of handling LPs across multiple VC funds and SPVs. After years of use—and growing interest from external firms—Brightspark spun out Brio as an independent company in January 2025.
“We think we are in a strong position to lead because we already have mature technology,” said Audrey Ostiguy, Brio’s co-founder and CEO.
The platform has been used internally to support four funds, 50 SPVs, and more than 1,000 LPs, reducing Brightspark’s operational burden to the equivalent of less than one full-time employee.
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Built by VC Operators, for VC Operators
The startup’s founding team includes Brightspark veterans:
- Audrey Ostiguy, former Chief Compliance Officer and Head of Operations at Brightspark (now CEO of Brio)
- Ab Fadel, former CTO (now Brio’s CTO)
- Émilie Parker Jones, former Head of Growth (now leading product and marketing)
Their collective experience led to a platform that automates key workflows: deal marketing, subscriptions, onboarding, compliance, reporting, capital calls, and distributions. Unlike legacy solutions, Brio is built specifically for alternative asset managers, including VC, private equity, real estate funds, and multi-family offices.
Growing Demand for Scalable LP Solutions
The spinout comes at a time when fund structures are becoming more complex. With VCs and asset managers running multiple funds, side vehicles, and an increasingly diverse LP base, operational efficiency is now mission-critical.
“I can’t count the number of GPs who came to us asking, ‘Can we put our fund on your platform?’” said Sophie Forest, Partner at Brightspark Ventures.
The company is already securing multi-year contracts across a range of fund managers. Its target customers typically have $100 million+ in assets under administration, although a lighter version of the platform is available for smaller managers.
Future Plans: Expanding the Platform
With the new funding, the firm plans to:
- Grow its product, sales, and customer success teams
- Invest in AI features and platform integrations
- Strengthen its position as the operational backbone for alternative asset managers
“Brio’s platform is exactly what the industry has been waiting for,” said Julie Lalonde, Managing Partner at Walter Global Asset Management.
With fresh funding, seasoned leadership, and a proven product, the startup is now aiming to become the default infrastructure for how modern fund managers run their back offices—saving time, cutting costs, and letting them scale without the growing pains.
