Ripple Ventures, an early-stage venture fund based in Toronto, today announced the initial close of their $10 million USD Opportunity Fund to continue the support of early-stage companies. Investments from the Opportunity Fund will target companies at the seed and early-stage growth levels that are based in Toronto, Waterloo, Montreal, New York, or Boston, with a focus on B2B software and annual recurring revenue of $500,000 or more.
The Opportunity Fund welcomes new strategic investors, including Round13 Capital, JDF Capital Partners, Bluesky Equities, Coinsquare’s Cole Diamond, and several family offices including the Belz Family Office and the Kimel Family. The fund is expected to grow and welcome additional investors over the coming year.
The Opportunity Fund will provide between $1 – $2 million USD in funding for up to 10 companies over the next 18 months. Ripple’s first investment is in Rose Rocket, a Toronto-based transportation management software platform for the trucking industry.
“We’re excited to announce this next chapter of Ripple Ventures as we continue supporting early-stage founders through investments and operational support,” said Matt Cohen, Founder and Managing Partner, Ripple Ventures. “In today’s environment, we’re seeing new products and services being deployed and managed remotely, as well as tech and infrastructure stacks that are finally changing industries ahead of forecast due to the COVID-19 pandemic. There is a shift in how startups are adjusting to new realities: many seeking capital infusions to strengthen their businesses and industry expertise to help navigate through these challenging times, which is why we chose to launch our fund now.”
In September 2018, Ripple Ventures launched Fund I, a $10M fund that supported pre-seed to seed-stage B2B software companies, some of which have raised subsequent investment rounds from leading global venture funds including True Ventures, Crosslink Capital, and Amazon Alexa.
Founded by Matt Cohen (Managing Partner), and co-managed with Michael Garbe (Partner) Ripple Ventures continues to employ an Operators First approach to their investments and to working with their founders every day.