BetaKit – June 11, 2018 – Luge Capital, a VC firm with offices in Montreal and Toronto, has closed $75 million to begin operations for its fund.

The firm last announced that it had raised $50 million in October 2017 from the Caisse de dépôt et placement du Québec (CDPQ) and Desjardins Group, with participation from Sun Life Financial, the Fonds de Solidarité FTQ, and La Capitale. Luge Capital said that it may expand its fund to hit $100 million over the next few months.

The fund was co-founded by Montreal’s David Nault, who joined iNovia Capital in 2012 as an entrepreneur-in-residence and acted as a principal at the fund until January 2018. During his time at iNovia, he invested in companies like Unsplash, which recently raised a $6.25 million Series A, and Busbud, which raised a $14 million Series B in January.

“We are looking for young mission-driven companies that challenge how the world interacts with financial services. We invest in bold teams that demonstrate passion, manage risk, and optimize for performance.”

“Having the opportunity to be part of the founding team of a new (FinTech) fund does not happen often in one’s career and the stars aligned with great LPs, team members, and iNovia’s partnership,” said Nault. “The move was a win-win for all and I can continue to tap into the experience and network of iNovia to help the founders we invest in.”

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