Intrepid Growth Partners is a Toronto- and London-based venture capital firm founded in 2026, focused on growth-stage AI companies with the potential to redesign how entire industries operate. The firm was co-founded by Mark Machin, former President and CEO of the Canada Pension Plan Investment Board, alongside Mark Shulgan and Ajay Agrawal, founder of the Creative Destruction Lab at the University of Toronto's Rotman School of Management.
Intrepid Growth Partners invests in growth-stage, post product-market fit AI companies, writing checks of up to $50 million per company.
The firm emphasizes AI applications built for the physical economy, rather than single-task productivity tools, backing companies capable of redesigning how entire industries operate.
Its primary markets are Canada and the United Kingdom, with active investing in the United States and continental Europe.
Intrepid Growth Partners announced the final close of its debut fund at $525 million in September 2026.
The fund drew capital from more than 80 limited partners globally, including Temasek, the Abu Dhabi Investment Council, the British Business Bank, Export Development Canada, the Business Development Bank of Canada, CIBC, Scotiabank, HarbourVest Canada Growth Fund, Northleaf Capital Partners, and Telus. LP capital was split roughly 45% Canada, 30% Asia and the Middle East, 15% Europe including the UK, and 10% United States.
The firm writes checks of up to $50 million per company and has backed nine companies to date.
Leadership
Investment Strategy
Intrepid Growth Partners targets growth-stage AI companies that are past product-market fit, taking positions with checks of up to $50 million. The firm focuses on AI applied to the physical economy and industry-redesigning use cases over narrow productivity tools, with primary sourcing in Canada and the UK and secondary activity in the US and continental Europe.
Notable Investments
Mark Machin — Co-Founder & Managing Partner
markm@intrepidgp.com
Mark Shulgan — Co-Founder & Partner
mas@intrepidgp.com
Ajay Agrawal — Co-Founder & Partner
Jessica Galli — Principal
jag@intrepidgp.com
Canada
