Fund profile / Canada

Version One Ventures Fund V

Geography: Canada
Stage: Pre-Seed
Fund size: $78M
Focus: AI/ML, Biotech, Deep Tech and Robotics & Automation
Signals: Published

N°01 / About

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.

N°02 / Thesis

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

Bold founders building generational tech with insane ideas encouragedwebsite

Mission-driven vision obsession: how world should be corewebsite

Decade+ investing track record; 3 free founder ebooks availablewebsite

Ada: 4B+ automated customer interactions; enterprise-scale tractionwebsite

Headout: 20M+ guests, 196 countries; marketplace scale achievedwebsite

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

31 signals on Version One Ventures Fund V

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Facts

Fund Overview

Fund Size$78M

Saves0

Website

People

Key People

Boris Wertz, Angela Tran

Boris WertzFounding Partner

Angela TranGeneral Partner

Josh NussbaumVenture Partner

Backers

Known LPs

Northleaf Capital PartnersFund-of-Funds

HarbourVest PartnersFund-of-Funds

Vintage Investment PartnersFund-of-Funds

N°04 / See also

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