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Version One Ventures Fund V

Canada
Pre Seed
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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

Mission-driven founders building generational physical AI, robotics, deep tech globally

AI infrastructure
robotics
physical AI
deep tech
biology
emerging markets
generational founders
AI agents
category-defining
mission-driven

Bullish Signals

$25M+ 2025 distributions from Coinbase, Wattpad, Clio exitsblog
Fund V closed at $78M, Opportunities Fund III at $30Mblog
8 of 9 2025 investments had hardware — physical AI convictionblog
India, Africa expansion with lower entry valuations underwayblog
Recent Mowito investment: $3M pre-seed physical AI robot armsblog
Sophisticated LP base: Northleaf, HarbourVest, Vintage Partnersblog
Pilot Protocol $4.5M seed: AI agents infrastructure lead investmentblog
Q2 2026 portfolio momentum: major milestones, launches, fundraising winsblog
Legacy exits: Ada, Coinbase, Headout, Jobber, Shippo, Uniswapwebsite
Publish free founder playbooks: Startup Handbook, Marketplaces Guidewebsite

Contrarian Signals

India/Africa needs local GP presence not yet maturedblog
Two-GP core stretched across globally distributed deep techblog
Canada footprint reduced to ~10% of deal flowblog

Founder Do's

Pitch AI infra, robotics, physical AI, deep tech, biology
Bold, mission-driven, category-defining ideas encouraged
Geographic location irrelevant — global deployment mindset required
Hardware-component businesses get extra interest
Support from pre-seed through series rounds expected
AI agents transforming computing are hot right now
Obsess over vision: how world should be

Founder Don'ts

Pure SaaS without hardware/deep-tech angle not fit
Consumer or horizontal software not aligned
Do not assume Canadian geographic focus anymore

Key GPs & Partners

BW
Boris Wertz
Founding Partner
ex-founderglobal-thinkerdeep-tech
AT
Angela Tran
General Partner
deep-techroboticsenterprise
JN
Josh Nussbaum
Venture Partner
operatorcommunityfounder

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Fund Overview

Fund Size$78M
Saves0
Website
LinkedIn

Key People

Boris Wertz, Angela Tran

Boris WertzFounding Partner
Angela TranGeneral Partner
Josh NussbaumVenture Partner

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