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.
Leadership
David Charbonneau is the founder and Co-Managing Partner of Boreal Ventures. Prior to starting the firm, he spent several years at BDC Capital helping manage a $135 million early-stage venture fund and before that worked in management consulting and strategy at KPMG-SECOR. JD Saint-Martin joined as Co-Managing Partner in March 2026, bringing 15+ years of experience across VC, entrepreneurship, and global go-to-market leadership. His background spans early roles at GE Equity and Teralys Capital, co-founding Chronogolf, and serving as President and CRO at Lightspeed Commerce, where he helped scale revenue past $1.1 billion.
Investment Strategy
Boreal invests at the seed stage in Canadian B2B technology companies with early product-market fit. The firm leads or co-leads rounds and provides hands-on support through the Boreal Guild, a network of 30+ experienced operators, founders, and revenue leaders who offer advisory support, strategic introductions, and go-to-market guidance. The firm's philosophy centers on backing companies before they are widely discovered and building relationships well ahead of capital deployment.
Notable Investments
The firm's portfolio includes companies across B2B SaaS, digital health, fintech, agtech, and deep tech:
Other
Boreal's Guild network gives portfolio companies access to seasoned operators who have scaled revenue at large Canadian and global technology companies. Founders based outside of major hubs like Toronto and Vancouver are particularly encouraged to apply. The firm takes a long-term relationship-first approach and often engages with founders well before a formal investment process.
Canada
