N49P Holds US$25 Million First Close of Fund IV
N49P today announced a US$25 million first close of its fourth fund, N49P Fund IV. This marks a significant milestone for the Canadian pre-seed venture firm as it accelerates its mission to back the next generation of globally competitive technology companies with Canadian ties. In addition to the new fund, N49P is strengthening its platform and deepening its presence across the Toronto-Waterloo corridor with the return of Prem Kalevar as a Venture Partner.
N49P Fund IV, which has a target size of US$70 million, has backing from returning and new limited partners from across Canada, the United States, and internationally. This includes Toronto-based global private markets investment firm Northleaf Capital Partners (“Northleaf”), ultra-high-net-worth individuals, family offices, and prominent Canadian technology founders. With a significant portion of capital coming from outside Canada, N49P Fund IV is introducing new international capital into Canada’s early-stage technology ecosystem.
“N49P has a consistent track record and differentiated position within the early-stage ecosystem,” said Ian Carew, Managing Director and Venture Partner at Northleaf. “They have built a reputation for identifying and backing high-potential founders, while providing the hands-on support startups need to scale. These attributes, in addition to the depth of the team’s network, support our conviction in the manager and fund.”
The first close comes at a time when venture fundraising remains highly constrained, signalling strong conviction from both existing and new institutional investors in N49P’s strategy and performance.
Fund IV is more than double the size of the firm’s previous fund. The firm has already begun deploying capital from Fund IV and expects to complete the final close of the new fund this summer.
Early-stage investing in non-consensus founders with high potential
“Canada has no shortage of world-class talent and technology innovation. But what’s often missing is someone willing to provide the capital and support needed to launch and scale those early-stage ventures into global companies,” said Alex Norman, Partner at N49P. “Our focus is on backing founders at the very beginning – often as the first outside investor – and working alongside them as they grow. By providing founders with the capital, connections, and guidance they need from day one, we help them scale into global markets.”
N49P’s model combines concentrated early-stage investing with hands-on support and a strong founder community. The first close highlights continued progress for the firm and builds on a track record of identifying and backing high-potential companies early, often ahead of broader market recognition.
This first close reflects continued progress for the firm and supports its ongoing engagement with institutional investors and founders. “Our ambition is simple – back exceptional founders early, particularly those with unique insight, a proven ability to learn fast, and the courage to tackle markets that others won’t,” added Norman. “Many of our breakout investments were non-consensus from day one. Where others may pass, we invest with conviction, and work side by side with founders to help them win globally.”
N49P’s differentiated approach continues to attract both founders and investors. Since launching its first fund in 2018, the firm has invested in more than 90 companies, all at the pre-seed stage, including breakout successes such as EvenUp, Spellbook, Maneva, Cobrand, and Quandri. Several of these companies are scaling rapidly across the United States and internationally. The firm has also had several meaningful exits, including SafeKeep and ZofIQ.
“We are deliberately concentrated and early,” said Doug Penick, Partner at N49P. “That allows us to spend real time with founders and build alongside them. And it’s why LPs such as family offices and ultra-high-net-worth individuals continue to re-up – they see both the outcomes and the opportunity to double down as companies scale.”
Beyond investing, N49P has played a catalytic role in shaping Canada’s early-stage ecosystem, including helping bring AngelList to Canada and building TechTO, now the country’s largest technology community.
Prem Kalevar returns to N49P in the role of Venture Partner
Prem Kalevar first joined N49P in 2021-2022 as an Entrepreneur in Residence, and is now returning to the firm as Venture Partner, where his investments will focus on technology for the physical world and reindustrialization. He brings a unique perspective to N49P, having previously led Waterloo Alumni Angels and, most recently, served as Vice President of the Discovery Program at Inovia Capital, where he led a strategy focused on emerging fund managers and early-stage companies across North America. During Kalevar’s tenure at Inovia, N49P became one of Inovia Discovery Fund I’s key commitments, not only as a top-performing investment but also as one of the most active investors in early-stage Canadian startups.
“Having seen the full landscape of early-stage venture, both as an operator and especially as an investor, I have a clear view of what differentiates firms,” said Kalevar. “N49P stands out for their willingness to back less obvious founders, and then roll up their sleeves, lean in, and help them become breakout successes. It’s been a privilege to work with N49P on companies such as Spellbook and Maneva, and I believe our ultimate impact is still to come – that’s what brought me back.”
About N49P N49P is a Canadian pre-seed venture capital firm focused on backing exceptional technology founders at the earliest stages. With more than 90 investments to date, N49P combines capital, community, and hands-on support to help founders launch and scale globally competitive businesses. Visit n49p.com for more information.
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