Boreal Ventures Fund II

About Boreal Ventures Fund II

C$43M first close on C$60M target. Montreal-based seed fund targeting capital-efficient B2B tech founders across Canada with a commercialization-first thesis. Former Lightspeed Commerce president JD Saint-Martin joins as co-managing partner. Anchored by BDC Capital and Teralys.

Investment Focus

Location / RegionCanada

Funding StageSeed

Industry Focus

Deep Tech

Developer Tools

Enterprise Software

Saas

Investor Signals Profile

active

Sweet Spot

Canadian B2B founder post-PMF, outside Toronto corridor, needing first repeatable revenue engine

B2B SaaS

commercialization-gap

Canada-regional

capital-efficient

go-to-market

Bullish Signals

$43M first close secured during worst Canadian VC fundraising year since 2016blog

BDC Capital, Teralys, and Dax Dasilva personally backing signals strong convictionblog

JD Saint-Martin brings rare operator-investor credibility at seed stageblog

Contrarian Signals

Exit risk: scarce Canadian IPO windows and US follow-on capital flight remain unresolvedblog

Fund rejects pre-PMF bets — deliberately avoids earliest stage crowdingblog

Brand collision confirmed: outdoor gear retailer dominates 'Boreal Ventures' web searchwebsite

Name confusion worsened: retailer now suspended US shipping — more noisewebsite

Founder Do's

Come with paying customers and early retention data — product-market fit is table stakes

Highlight your go-to-market roadmap; show you understand the leap from founder-led sales

Leverage Montreal or regional Canadian roots as a differentiator, not a liability

Target verticals: vertical SaaS, AI, fintech, digital health, or industrial tech

Engage JD Saint-Martin's network for warm intro via Lightspeed alumni ecosystem

Founder Don'ts

Don't pitch pre-product or pre-revenue — Boreal invests post early PMF

Don't assume Toronto presence is required — regional founders are a feature here

Don't ignore commercialization planning — it is the fund's core thesis and filter

Key GPs & Partners

David Charbonneau

Founding Managing Partner

thesis-drivenpatient-capitalcommunity-builder

JD Saint-Martin

Co-Managing Partner

ex-founderhands-onmetrics-driven

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Fund Overview

Fund SizeC$60M

Saves0

Website

Key People

Frédéric Bhérer, JD Saint-Martin

David CharbonneauFounding Managing Partner

JD Saint-MartinCo-Managing Partner