TORONTO, October 23rd 2024 - Brightspark Ventures, a leading Canadian early-stage venture
capital firm, today announced the final close of its $100 million fund, the Brightspark
Canadian Opportunities Fund II (BCOF II). This milestone marks a significant expansion of
the firm's coast-to-coast investment capacity, and its commitment to supporting
groundbreaking Canadian tech companies.
Founded in 1999, Brightspark has been at the forefront of identifying and nurturing innovative startups that have become some of Canada's most successful tech stories. With BCOF II, the firm is strategically expanding its investment team and geographical presence to better serve ambitious founders nationwide.
BCOF II has already made two investments that embody this philosophy:
-
Deep Sky: A climate tech company developing large-scale carbon removal facilities to help combat climate change.
-
Forcen: An advanced manufacturing startup revolutionizing robotic automation with cutting-edge force-sensing technology.
Expanding Team and National Presence
As part of this new fund, Brightspark has appointed Andrew Lugsdin as a new Partner. A seasoned venture capitalist with a strong track record investing in tech companies in Canada and more specifically in BC. Andrew is based in Vancouver, cementing Brightspark's coast-to-coast presence.
"Joining Brightspark at this pivotal moment is incredibly exciting," said Andrew. "The firm's legacy of success, combined with our ambition to invest in swing-for-the-fences entrepreneurs, positions us uniquely to support founders building world-changing companies across Canada."
As previously announced, BCOF II's investor base includes leading Canadian financial institutions, such as Desjardins Capital via their Funds under management, Investissement Québec, Fonds de solidarité FTQ, Fondaction, Teralys via their Fonds québécois d'amorçage Teralys financed by CDPQ as well as their Capital Innovation Fund, Royal Bank of Canada (RBC as investor, with banking support by RBCx). The fund also welcomed BDC Capital and Venture Ontario as Limited Partners. Additionally, several private groups and individual investors have become LPs.
“BDC Capital is pleased to support Brightspark in achieving this significant milestone, ‘’ added Paula Cruickshank, Senior Vice President, Fund investments, BDC Capital. ‘’Over the past two decades, the team has demonstrated its ability to establish a robust Canadian VC franchise. Its dedication to entrepreneurs, commitment to innovation and steadfast efforts to foster an inclusive and equitable culture are perfectly aligned with our mission and core values.’’
"We've been incredibly impressed by the caliber of entrepreneurial talent in Ontario's tech
ecosystem. Brightspark's hands-on approach to supporting these founders and helping them
scale is exactly what's needed to take our homegrown innovators to the global stage," said
Steve Romanyshyn, President and CEO of Venture Ontario. "We're excited to partner with
Brightspark to back Ontario's most promising startups and continue to show the world what
our province has to offer."
The Brightspark Way: There at the spark, here for the long run
In a competitive venture capital landscape, Brightspark Ventures differentiates itself through its unwavering commitment to visionary founders. As a firm that prides itself on investing in transformative businesses, Brightspark is often the first VC cheque and often leads investment rounds. Brightspark's investment team uniquely includes significant entrepreneurial and operational experience, alongside financial expertise and CEO partnering.
Fred Lalonde, founder of Hopper and Deep Sky (both Brightspark portfolio companies), has experienced this firsthand. "When we were launching Deep Sky — a 'change-the-world' sized idea — Brightspark was our first call. They have a track record of backing audacious ventures and being a genuinely helpful partner to founders doing so."
By merging its extensive experience with a genuine commitment to founder success, Brightspark has become the preferred partner for ambitious entrepreneurs. The firm doesn't just seek good ideas; it hunts for the extraordinary, providing visionary founders with the capital, connections, and strategic guidance needed to succeed from the start.
"If you're an entrepreneur with a game-changing technology, a proven track record of execution, and the ambition to scale globally, we want to hear from you. Together, we can shape the future of Canadian tech and make a lasting impact on the world stage," said Jacques Perreault, Partner at Brightspark.
About Brightspark
Brightspark is a top-performing Canadian early-stage venture firm, actively investing in exceptional entrepreneurs since 1999. Known for partnering early with founders across verticals and providing long-term capital and support, Brightspark manages over $500M across traditional VC funds and SPVs.
More from Behind the Scenes
