Amplify Capital closes $43M third impact fund to back up to 30 startups
What's the deal? Toronto-based Amplify CapitalDealroom has a profile for this one. Try Dealroom → has closed Fund III, a US$44-million ($43-million) impact vehicle backing early-stage climate, health, and work tech startups. The MaRS spinout held the final close in April, managing partner Kathryn Wortsman and partner Craig Hunter told BetaKit.
Why now? The close coincides with Amplify's 10th anniversary and its latest deal, an investment in Calgary cleantech company Cura. "It's so great to have built the foundation," Wortsman said. "My goal is to build an enduring fund franchise."
Who's backing it? Fund III is anchored by repeat limited partners Québec's FondactionDealroom has a profile for this one. Try Dealroom → and the Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom →. Newcomers include the Business Development Bank of Canada and the Government of CanadaDealroom has a profile for this one. Try Dealroom →, via Realize Capital PartnersDealroom has a profile for this one. Try Dealroom → and the Venture Capital Catalyst InitiativeDealroom has a profile for this one. Try Dealroom →, plus several family offices and high-net-worth individuals.
What's the endgame? The fund is two-thirds larger than Amplify's US$26.4-million second fund from 2020, letting it write bigger cheques and lead rounds. Hunter said the size supports "significantly more bets," with a target portfolio of 25 to 30 companies.
Amplify is already past the halfway mark, with 14 Fund III investments to date. Beyond Cura, its bets include Vancouver's ReusablesDealroom has a profile for this one. Try Dealroom →, Halifax's Planetary Technologies, and Montréal's LytefloDealroom has a profile for this one. Try Dealroom →.
The track record: Wortsman said Amplify raised Fund III at a strong multiple of Fund II, citing "top-decile" distributions across its first two funds. Its nearly US$4.4-million debut fund, launched under MaRS Discovery DistrictDealroom has a profile for this one. Try Dealroom →, has been fully returned. Past winners include Carbon Upcycling TechnologiesDealroom has a profile for this one. Try Dealroom →, Hydrostor, and Valence DiscoveryDealroom has a profile for this one. Try Dealroom →.
The signal: Amid what the partners called a "tough" fundraising market, Amplify landed "close to" its target by leaning on a decade in deep tech before it was hot. "We've been investing in these sectors that are now gaining a lot of interest and popularity for a decade," Wortsman said.
Read more: betakit.com
Image credit: Generated with Gemini
