The future of tech in Canada starts with you.

Investment Thesis

What do we invest in?

We focus on early stage Canadian venture scale technology start-ups. We are industry and business model agnostic with a preference for software companies.  If you are building something based on your team's earned insight we want to know about it. Reach out to us to share your vision and educate us on your market.

What stage do we invest in?

We are happy to write our first check into startups anywhere from an idea and pre-product to the seed round.  We are happy to meet founders early in their journey, so even if you are just starting out feel free to reach out to us.

How much do you invest in new companies?

Our first investment in a portfolio company will range between $250k and $750k. Our overall investment in a company may grow significantly larger over time.

Investment Criteria

What are the criteria that we use in making investment decisions?

Founding team: For us the founding team is the most important part of our decision. We like to understand why you are starting the business, how you like to work, how you work together and why you are the right team for this opportunity.  Key criteria include what is your earned insight, how fast can your team learn and can they figure out how to build and distribute a product the market wants.

Market: We will invest in both blue oceans and red oceans.  What we look at in each case is slightly different.  In blue oceans the key question for us is why now? In red oceans the key question is what is your unique insight and why is it right? We also focus on understanding the market dynamics and trends instead of the current TAM.

Use of proceeds: How will the funds you are raising change your company and will this be enough to get you to the next stage of your business.

What do we look for in a founding team?

Each team we invest in is different and there is not a specific checklist we are trying to tick off. Instead we try to understand the following:

  • Why is your team motivated to start this business?
  • Why are you the right team to start this business?
  • What is your personality? What are your strengths and weaknesses?
  • What skills are youmissing and how do you plan on filling those skills?

What do we look for in a market and idea to serve it?

At a high level we are looking for a unique insight that can create a venture scale business. In more detail we will look at:

  • What is the problem you are trying to solve and why is it worth solving?
  • What is the unique insight that you have to solve this problem?
  • Why do you believe your insight is true? Why now?
  • What don't you know at this point?

Why do you care about use of proceeds?

We believe there is a lot of bad advice on how to fund raise in the Canadian market.  Most companies haven't thought enough about the amount they are going to raise. We want to understand what your plans are for the funds you are raising and how it will change your business. This enables us to better understand how you think.

Our Difference

Why do we talk about community and what does that mean for our companies?

As we raised our fund we focused on building a community of investors who want to help build the Canadian tech ecosystem. These include active founders, exited teams and business executives.  That means any investment we make is supported by a community that want to see our companies succeed.

While the fund's partners, Alex Norman, Doug Penick, and Omar Dhalla, are actively involved with portfolio companies post close, our community of active investors also contribute where they can.

You can see a few of our active investors on our About us page.

What we help companies with post close?

N49P tries to identify how they can help companies prior to closing and we will work closely with companies to find ways to continuously help them.  Nevertheless we find that the most common areas that we help with are:

  • Fundraising: we have helped many of our portfolio companies bring their initial round together and we have helped many companies prepare for and raise their follow on round.
  • Customer introductions: the GPs and our active LPs have an extensive network of relationships that we happy to introduce our companies to.
  • Build awareness through the TechTO platform
  • Ongoing coaching: we are available 24/7 to walk through the unexpected issues that you need support for. We have helped founders get ready for anything from their first big enterprise sales meeting to handling tough personnel issues

Our Process

We are open to looking at any Canadian based start-up or Canadian founder. The first step is to fill out our application form.

Apply now

Review

We will review all new submissions once per week. After we review the form we will email you to ask for a video call or to pass on your deal.

Video Call

These will be approximately 45 minutes and focus on better understanding your team. This is also when we'll start to build an internal investor memo.

Memo and Clarification

When we start building our memo, we also perform additional research into your market and the founding team. We start building a pre-mortem, a backcast and a hypothesis on how we can help the company if we invest. As we write the memo we will reach out to the team with additional questions.

Final Decision

If we decide to invest we will help pull the round together. This may include finalizing the terms of the deal, prepping additional materials for other investors and introductions to other investors.

Our Process

We are open to looking at any Canadian based start-up or Canadian founder. The first step is to fill out our application form.

Review

We will review all new submissions at least once a week. After we review the form we will email you to ask for a video call or to pass on your deal.

Video Call

These will be between 30 and 60 minutes and focus on better understanding the team. We pass on about 50% of the companies that make it to this stage. For the other companies we start to build an internal investor memo.

Memo and Clarification

When we start building our memo, we also perform additional research into your market and the founding team. We start building a pre-mortem, a backcast and a hypothesis on how we can help the company if we invest. As we write the memo we will reach out to the team with additional questions.

In-Person Meeting

When we start building our memo, we also perform additional research into your market and the founding team. We start building a pre-mortem, a backcast and a hypothesis on how we can help the company if we invest. As we write the memo we will reach out to the team with additional questions.

Final Decision

We try to make a final decision within 3 business days of the in-person meeting.

Apply now

Let’s grow Canada’s tech ecosystem, together

We’re happy to meet founders early on in their journey, and would love to hear from you.

Get in touch