Version One Ventures Fund V

About Version One Ventures Fund V

Version One Fund V is a $78M pre-seed and seed fund from Vancouver/San Francisco-based Version One Ventures, part of a $108M combined raise with Opportunities Fund III. Founded by Boris Wertz (ex-AbeBooks/Amazon) in 2012, the firm has sharpened its thesis around AI infrastructure, robotics, physical AI, deep tech and biology. Canada dropped to ~10% of deals as the firm pushes deeper into India and Africa. Track record includes early positions in Coinbase, Wattpad and Clio, with $25M+ in 2025 distributions.

Investment Focus

Location / RegionCanada

Funding StagePre Seed

Industry Focus

Ai Ml

Biotech

Deep Tech

Robotics Automation

Investor Signals Profile

active

Sweet Spot

Pre-seed/seed founders in AI infra, robotics, physical AI, deep tech or biology — globally distributed

AI infrastructure

robotics

physical AI

deep tech

biology

India

Africa

emerging markets

Bullish Signals

$25M+ in 2025 distributions — real DPI from Coinbase, Wattpad, Clio exitsblog

Same team, same size discipline — $78M flagship only 11% up from Fund IVblog

8 of 9 2025 investments had hardware component — conviction call on physical AIblog

Pushing into India and Africa — lower entry valuations, improving exitsblog

Northleaf, HarbourVest, new Vintage Investment Partners — sophisticated LP baseblog

Contrarian Signals

India/Africa expansion needs local GP presence not yet builtblog

Two-GP partnership stretched across globally distributed deep techblog

Canada reduced to ~10% — geographic identity shiftblog

Founder Do's

Pitch AI infrastructure, robotics, physical AI, deep tech, or biology

Geographic location increasingly irrelevant — active in North America, India, Africa

Hardware-component businesses get extra interest

Expect lead or co-lead checks at pre-seed/seed

Founder Don'ts

Not optimized for pure SaaS without hardware/deep-tech angle

Do not pitch consumer or horizontal software

Do not assume Canadian focus — that is now ~10% of deals

Key GPs & Partners

Boris Wertz

Founding Partner

ex-founderglobal-thinkerdeep-tech

Angela Tran

General Partner

deep-techroboticsenterprise

Josh Nussbaum

Venture Partner

operatorcommunity

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Fund Overview

Fund Size$78M

Saves0

Website

Key People

Boris Wertz, Angela Tran

Boris WertzFounding Partner

Angela TranGeneral Partner

Josh NussbaumVenture Partner