Amplify Capital Closes $60 Million Fund III for Climate and Work Tech
AI-generated image · Bay Street Wire
The Toronto-based firm is shifting toward larger checks and scalable deployment across Canadian early-stage startups.
Toronto-based Amplify Capital has closed its third impact-focused venture capital fund with $60 million CAD in total commitments, according to reporting from BetaKit. The fund, which reached its final close in April, focuses on early-stage startups within the climate, health, and work technology sectors.
Managing partner Kathryn Wortsman and partner Craig Hunter told BetaKit that Fund III is two-thirds larger than the firm's 2020 second fund, which totaled $36 million. This increased scale allows Amplify to lead rounds and write larger checks, ranging from $750,000 to $3 million per investment. The firm aims to build a portfolio of 25 to 30 companies, with Wortsman expecting half of the capital to be allocated to climate tech.
Amplify has already deployed capital to 14 companies in Fund III, including Calgary-based Cura, Vancouver-based Reusables, Halifax-based Planetary Technologies, and Montréal-based Lyteflo. The firm's total assets under management now exceed $110 million.
Funding for the third vehicle was anchored by repeat limited partners including the Royal Bank of Canada and Québec’s Fondaction. The Business Development Bank of Canada and the Government of Canada also joined as new supporters, with the latter's contribution delivered via Toronto-based Social Finance Fund distributor Realize Capital Partners and the Venture Capital Catalyst Initiative's inclusive growth stream. Several high-net-worth individuals and undisclosed family offices also contributed.
Wortsman, who noted that the firm has fully returned its nearly $6-million first fund launched 10 years ago via MaRS Discovery District, stated that the current market environment is the most attractive for investing since 2016.