N49P is a Toronto-based pre-seed venture capital firm founded in 2018, focused exclusively on backing exceptional technology founders at the earliest stages with Canadian ties. The firm has invested in more than 90 companies across four funds, all at the pre-seed stage, and combines capital with hands-on operational support and a strong founder community built around active peer networks, a 50+ advisor network, and 24/7 direct access to the partnership. Beyond investing, N49P helped bring AngelList to Canada and built TechTO, now Canada's largest technology community.
N49P invests in early-stage technology companies with Canadian ties, with a generalist sector approach and a stated preference for non-consensus founders,m those with unique insight, a proven ability to learn fast, and the courage to tackle markets others won't. Fund IV introduces a new thematic focus on technology for the physical world and reindustrialization, led by incoming Venture Partner Prem Kalevar. The firm targets companies at or before product-market fit, typically as the first outside investor.
Fund IV completed its first close at $25 million in May 2026, against a target of $70 million. The fund is already deploying capital and expects to reach a final close in summer 2026. LPs include Northleaf Capital Partners (Toronto-based global private markets firm), ultra-high-net-worth individuals, family offices, and prominent Canadian technology founders, with a significant portion of capital sourced from outside Canada. Fund IV is more than double the size of Fund III.
Prior funds include three earlier vehicles since 2018, with breakout portfolio companies including EvenUp, Spellbook, Maneva, Cobrand, and Quandri. Notable exits include SafeKeep and ZofIQ.
Leadership
Alex Norman is Partner and a co-founder of TechTO and the person who launched AngelList Ventures in Canada. He brings 20+ years of experience in startup operations and investing, two exits as an operator, and holds a B.Comm from McGill and an MBA from Wharton.
Doug Penick is Partner, leading investor relations; he spent nearly 20 years at Goldman Sachs as Managing Director in Credit Derivative Sales and holds a B.Comm from McGill. Omar Dhalla is Partner, with over a decade of venture and corporate venture capital experience, having directly deployed more than $100 million and raised $300 million for portfolio companies; he holds a B.Comm from UBC and an MBA from Ivey Business School. Prem Kalevar is returning as Venture Partner, previously Entrepreneur in Residence at N49P (2021–2022) and most recently VP of the Discovery Program at Inovia Capital.
Investment Strategy
N49P leads pre-seed rounds, typically as the first outside investor, and takes a concentrated portfolio approach to maximize time and engagement with each founder. The firm's platform includes a founder WhatsApp community, regular peer Zooms and events, a 50+ advisor network, and direct operational support. International scaling, particularly into the United States, is a consistent focus area for portfolio companies.
Notable Investments
Notable Exits
Canada
