Vancouver venture capital firm Top Down Ventures has a launched a new fund geared towards funding startups in the niche market of Managed Service Provider (MSP) software.
Top Down, founded by BIV Forty Under 40 winner Chris Day, has closed on a new $35 million (US$25 million) Founders Fund, earmarked for early-stage Software as a Service (Saas) companies that specialize in managed services.
A managed service provider is a third party that provides IT services like network management, cybersecurity and help desk support for other companies.
"We've been at the forefront of several firsts in the MSP industry, and this fund is the next one," Top Down managing partner Mark Scott said in a press release.
"Our capital, SaaS playbook, and venture studio combined with our global network, provide an unparalleled force multiplier for SaaS startups in an industry that's on track to reach $1 trillion by 2030."
Top Down notes that the companies it funds receive more than just startup financing.
“The firm's venture studio model includes expert guidance in product development, go-to-market strategies, and team building, ensuring that founders receive both strategic and tactical support," the company said in its press release.
Other companies in the MSP space that Top Down has funded include Fully Managed, which was acquired by TELUS (TSX:T) in 2022 for $137 million.
