CLOSING ITS $95 MILLION FUND, ROUND 13’S BRUCE CROXON SAYS IT’S THE PERFECT TIME TO INVEST IN CANADA
Round 13 Capital has officially closed its $95 million fund to invest in Canadian growth-stage companies.
In July 2016, BetaKit reported that Round 13 had raised $35 million for its fund. Lavalife co-founder and Round 13 managing partner Bruce Croxon announced that the company had raised $85 million by BetaKit 150 in June, saying that it was a “tough haul, but we’re ready to rock.”
The fund, led by Croxon and tech investor John Eckert, is dedicated to supporting companies that are focused on scaling sales and marketing operations.
“They have a product, they have customers, they developed a good understanding of where those customers come from and how much it costs them to get them,” said Croxon. “We want to know that 80 percent of our cheque will go into getting a whole pile more of those customers — ideally through the same channels on roughly the same economics they’ve proven out already.
Round 13’s board includes Axonify founder Carol Leaman, Shopify co-founder Scott Lake, and Clearnet Communications founder Bob Simmonds.
“We’re set up to back teams, not control companies. If you get to a stage where you can take a $3 million cheque and not have to give up control, it generally implies that you’re far enough along to be able to demonstrate enough value to be able to do so.”
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