Boreal Ventures

Profile

Boreal Ventures is a venture capital firm based in Montréal, founded by David Charbonneau. The firm focuses on addressing Canada's commercialisation gap by investing in capital-efficient B2B technology startups. The recent addition of JD Saint-Martin as co-managing partner reflects a strategic pivot toward supporting go-to-market strategies, leveraging his experience from Lightspeed Commerce. The firm is uniquely positioned to support Quebec and underserved Canadian regional markets, capitalising on its Montreal base for local expertise and access to a wide network. Boreal Ventures invests in capital-efficient B2B technology companies specifically at the early product-market fit stage. The sector focus includes vertical SaaS, AI, industrial technology, fintech, digital health, and manufacturing software. The investment size typically ranges from $1-5 million USD. Boreal's second fund, Boreal Ventures II, targets a $60 million CAD raise, anchored by notable LPs such as BDC Capital, Investissement Quebec, and Teralys. The firm aims to capture the opportunity present in Canada's chronic commercialization deficit. Their portfolio includes companies like FLiiP, a gym management software platform; Trustii, focused on employee verification; Ditch Labs, a nicotine treatment platform; and Femtum, known for its semiconductor laser technologies. These investments indicate the firm's willingness to explore diverse sectors but with a consistent focus on capital efficiency and strategic value, mainly within the Canadian B2B ecosystem.