Version One Ventures closes $108M across two new funds
Vancouver-based Version One Ventures has closed two new funds totalling $108M: Fund V at $78M and Opportunities Fund III at $30M. The firm, co-led by founding partner Boris Wertz in Vancouver and general partner Angela Tran in the San Francisco area, will continue investing globally at the pre-seed and seed stages, typically leading or co-leading rounds.
Version One's investment focus spans AI infrastructure and applications, robotics and physical AI, deep tech, biology, and emerging ecosystems including India and Africa.
The firm says several of the largest platform shifts of a generation are happening simultaneously — across AI, robotics, biology, and decentralised systems. Version One wants to be positioned early in these categories, often before they become crowded or obvious.
The new capital also reflects the firm's evolving geographic appetite. It has expanded its lens beyond North America to include emerging startup ecosystems in India and, more recently, Africa. LPs in the latest funds include long-time backers Northleaf Capital Partners and HarbourVest Partners, plus newcomer Vintage Investment Partners and a U.S. endowment fund.
Version One is betting that differentiation in venture matters more than ever in an era of abundant capital. That thesis cuts both ways: if the firm's non-consensus bets prove too early or too unconventional, returns could lag behind more mainstream strategies. Investing across multiple frontier categories — from AI to biology to African startups — also spreads attention thin for what remains a relatively small fund platform.
Version One's fundraise underscores a broader trend: experienced seed-stage firms are doubling down on conviction-driven investing while the market floods with generalist capital. The firm explicitly argues that the next decade of venture returns will favour those willing to develop conviction ahead of the market, not those who pile into consensus deals.
The addition of an opportunities fund alongside the core seed vehicle also reflects a common pattern among top-performing seed firms — maintaining ownership in breakout winners by reserving follow-on capital for later rounds.
Read more: Version One Ventures · The Globe and Mail
