Seattle VC firm raises $130m, drawing support from BC Tech Fund

Members of the Voyager Capital team | submitted

What happened: Voyager Capital has raised $130 million, with plans to invest in the Cascadia region

Why it matters: The taxpayer-backed BC Tech Fund is among the participants in this latest fund

A Seattle-based venture capital firm with designs on supporting startups in B.C. and the broader Cascadia region has closed its fifth fund to the tune of $130 million.

Voyager Capital also revealed Tuesday (October 7) that the taxpayer-backed BC Tech Fund is among the new participants in its latest fund.

In a prepared statement, Voyager Capital founder and managing director Bill McAleer said the Cascadia region remains underserved by venture capital.

“This region is leading the major trends in computing, creating significant investment opportunities with exceptional outcomes at sub-unicorn valuations,” he said, using an industry term used to describe startups valued at more than $1 billion.

No representatives from Voyager Capital were available for a phone interview, according to the firm’s Vancouver-based venture partner, Meredith Powell.

The $100-million BC Tech Fund is a fund of funds, ushered in by the previous BC Liberal government in late 2015 with a mandate of building more local startups in the province.

Toronto-based Kensington Capital has managed the BC Tech Fund since 2016, having opened a Vancouver office that same year.

As a fund of funds, it has also backed venture capital funds including Toronto’s Lumira Capital, which has opened a Vancouver office, and Vanedge Capital.

Voyager Capital maintains offices in Seattle, Portland and Vancouver, and has an advisory board member in Alberta.

It has so far tallied 14 exits over the past four years.

The firm said it will be investing in startups tackling cloud infrastructure, financial technology, medical technology and agricultural technology, among others.