Boreal Ventures is a Montreal-based seed-stage venture capital firm founded in 2021 by David Charbonneau. The firm backs capital-efficient B2B technology companies founded in Canada and built to compete globally, with particular emphasis on Quebec and underserved regional markets. Boreal focuses on companies that have reached early product-market fit and need to turn founder-led sales into repeatable, scalable growth engines.
Boreal invests in B2B technology companies operating across vertical SaaS and AI, industrial tech, fintech, digital health, and manufacturing. The firm deliberately targets overlooked sectors and Canadian regions rather than chasing high-profile trends, prioritizing deep founder relationships and operational fit over deal volume.
Boreal Ventures II is a $60 million seed-stage fund that reached a first close of $43 million, with a final close targeted in 2026. The fund backs Canadian B2B companies with early product-market fit that are ready to scale their go-to-market motion.
Institutional LPs include Investissement Quebec, BDC Capital, Fonds québécois d'amorçage de Teralys (financed by La Caisse), and Capital régional et coopératif Desjardins. Fund II brings Boreal's total assets under management to over $80 million across two funds.
Canada
