White Star Capital, a global multi-stage venture capital firm with strong Canadian roots, has launched a new $50M North American Seed Fund to address the early-stage funding gap in Canada.
The firm has secured a first close of $25M USD, anchored by Fonds de solidarité FTQ, with backing from Capital régional et coopératif Desjardins, Fonds québécois d’amorçage Teralys, and TD Innovation Partners.
The fund will lead and co-lead pre-seed and seed rounds, writing initial cheques between $500K–$2M and reserving capital for follow-ons. White Star plans to build a portfolio of around 30 companies, focusing on software startups in automation, cybersecurity, healthtech, and the sustainable economy.
“The missing piece in Canada is often the lack of a strong lead at seed. With this fund, we want to fill that role,” said Sanjay Zimmermann, General Partner at White Star Capital.
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A “golden triangle” strategy
The fund will be co-led by Zimmermann (Toronto) and Catherine Ouellet-Dupuis (Montréal), with plans to add a third GP in New York. The strategy is to focus on what Ouellet-Dupuis calls the “golden triangle” of Montréal, Toronto, and New York, offering startups both local and global pathways to scale.
White Star Capital, founded in 2014, has over $1B in assets under management and has backed more than 100 companies worldwide, including Canadian startups like Borrowell, Carbon6, and Dialogue. The firm has invested in 14 Canadian startups to date, exiting six.
With this new fund, White Star aims to double down on Canada’s underserved seed market, while leveraging its global platform to support founders in scaling internationally.
