Whitecap Venture Partners has secured $140 million CAD for its fifth fund, which will invest in early-stage B2B SaaS and medtech startups.

For Whitecap’s previous two funds, the Toronto-based venture capital (VC) firm focused on backing early-stage companies within a short flight of Toronto, like Toronto-based Bolt Logistics and Montréal-based Silofit.

With its new fund, Whitecap plans to bring its Series A-focused approach to the rest of the country, and allocate more capital towards seed-stage rounds as the firm looks to capture more potential investment opportunities.

Like previous vintages, the fund will invest in seven to 10 companies at seed and Series A stages—bucking the trend to go after larger deals—while sharpening its focus on the prop-tech space.

Whitecap Venture Partners is an OBIO® member.