The Canadian financial technology (fintech) sector has a powerful new backer with the launch of a venture fund that brings together industry heavyweights Power Financial Corp., IGM Financial Inc. and Great-West Lifeco Inc.
The new Toronto-based fund, known as Portag3 Ventures, is being positioned as an early-stage investor in consumer-focused fintech firms.
Portag3 is headed by Adam Felesky, the co-founder and former CEO of Horizon ETFs. He will run its day-to-day operations as president and managing partner.
“Our goal with Portag3 is to find the next generation of Canadian financial technology entrepreneurs and help them build global companies,” says Felesky, in a news release. “We are looking for creative ideas that have great potential. Our vision is to be long-term partners in the businesses we invest in. We will support each of them with our time, mentorship and expertise.”
Participants in the fund are already backing some of the leaders in Canadian fintech, including: robo-advisor Wealthsimple; mobile banking startup Koho; and online lender Borrowell; among others.
Paul Desmarais III, Power Financial vice president, will serve as executive chairman of Portag3 and work closely with Felesky.
Portag3’s other managing partners include: Samuel Robinson, who serves as COO of the fund; Ron Close, former CEO of Pelmorex Media Inc., who also functions as leadership & strategy coach at Portag3; François Lafortune, the founder and CEO of Diagram Foundry; and Vladimir Novakovski, head of engineering talent, who has a background in quantitative research, engineering management, and high frequency trading.
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