Today we are thrilled to announce Relay Ventures III, a new US$150MM (C$200MM) venture capital fund focused on early-stage investments in mobile software, services, content, and technology. Limited Partners in the new fund include: Northleaf Capital Partners, Kensington Capital Partners, Generation Capital, La Caisse de dépôt et placement du Québec, EDC, AEC, and Royal Bank of Canada.
Throughout the process, we have concurrently invested in several startups across the US and Canada. Among the portfolio companies that have received investments from our new fund are: Kelowna-based FreshGrade, which provides classroom communication and assessments for K-12 education; 7shifts, a Saskatoon-based startup that provides workforce scheduling solutions for the restaurant industry; Artificial Intelligence (AI) messaging and bot company Automat.ai based in Montreal; wellness rewards and loyalty startup Carrot Insights in Toronto; Kwik Commerce, the Sunnyvale and Tel-Aviv based one-touch commerce company; and UJet, a next generation mobile-first customer service technology company based in San Francisco.
Since our inception in 2008, we have invested C$355MM into 76 companies (24 of which have exited) that have collectively raised over C$1.3B and employ 3,400 people. Today, we have C$670MM under management and are the largest private early-stage fund manager in Canada with an exclusive focus on mobile software, services, content, and technology. We are also the most active Canadian software investor in the U.S.j
Over the last eight years, we have maintained an exclusive focus on mobile and today 1 in 2 smartphones in the world run software from our portfolio companies. We are excited to continue this momentum as we partner with remarkable entrepreneurs making a significant impact in their markets.