Mark Bluvshtein

Proud to share that North Exit Ventures participated in Slate’s $1.3M pre-seed. Slate is building embedded lending infrastructure for Canadian platforms. So marketplaces, vertical SaaS, and AP/AR tools can offer SMB financing inside the product their customers already use, without having to build (or manage) a lending stack. Why this model is so compelling: - Distribution is built-in (no “go find borrowers” problem) - Underwriting gets smarter (platform data, not just bank statements) - Repayment improves (you can sit in the flow of funds) If you’ve seen Shopify Capital, you get the idea - but built for far more platforms in Canada. Huge congrats to founders Scott Elliot (CEO) and Devin Picciolini (CTO) - excited to be in your corner as you bring this infrastructure to market. BetaKit's full article below 👇 https://lnkd.in/eDbpZxZg

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Rarely do LP-GP conversations happen outside of a fundraising context - and that's a shame, because that's often where the most honest exchanges occur.    In fact, some of the best decisions we've made at Hg have come from feedback from our clients.   Enjoyed sitting down with Yangge Seaman, CFA and Chris Witkowsky for the first ever episode of Private Equity International's Commitment Issues podcast.   We covered a lot of ground, from overcoming personal biases on exits to DPI discipline and the role of secondaries - and I came away with plenty to think about.   https://lnkd.in/eqt95pPD

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I am thrilled to announce the close of Staircase Ventures Fund II. We would not be where we are without our outstanding portfolio companies and their incredible founders, who we are fortunate enough to work with every day: Fillip (Alice Reimer, Ted O'Grady, Brian Reimer); Biossil (Anthony Mouchantaf, Alexander I. Mosa); Rhenti (Tomas Ronis, Erin Chan); Sibli (Alik Sokolov, PhD, CFA, Vova Golubin); Galatea Technologies (Chad Hayden); Banting AI (Madison Wright); Eventric Master Tour (Paul Bradley, Branden Harper); Tengiva (Annie Cyr, Carlos Agudelo, PhD); Una Software (Don Mal, Clayton Ramnarine); DBGorilla (Chris Lalonde, Stephen Nolan); Mave (Raz Zohar); Ultimarii Ltd. (Doug Schweitzer, Josh Malate); MedEssist | Transforming Pharmacy through Tech and AI (Joella A., Michael Do, RPh.) We are excited for the future and look forward to meeting the founders we will be backing over the next three years!

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Pressure is a privilege. Today we're announcing Boreal Ventures II - a $60M seed fund built to close the one gap that kills too many great Canadian companies: commercialization. This moment started a few years ago. VC is a trade. Not a title. And like any trade, you learn it by doing it beside people who've done it longer. BDC gave me that. Mentors who let me sit in rooms I had no business being in. Who invested years of their time so that one day I could invest capital in others. But while they were teaching me the craft, I started noticing something most people walked past. Companies growing in places venture capital doesn't reach. Scaling on venture debt, organic revenue, and discipline. Founders in overlooked sectors that quietly sustain the backbone of our economy. Real businesses with real unit economics scaling at venture pace, but without venture capital. Invisible to the hype machine. Their bottleneck was always the same. Founder-led sales maxed out, and they do what everyone told them to do: raise $5M and hire a VP Sales. Two years later, the only thing that VP had sold successfully was their own resume (outch) I knew there was an opportunity. But who was I? A senior analyst with no track record and limited means to act on the conviction. Fast forward to 2021. Centech Mtl gave me a platform whose magnitude I hadn't fully grasped at the time. Richard Chenier and team had built trust and showcased the funding gap in early-stage Québec. I inherited that trust and made sure to honor it best I could. Then Samuel Larivière made a bet on me. I had no structure, no track record, and no safety net. His job was to turn an idea into an institution. The Boreal that LPs trust today is built on foundations Sam laid when nobody was watching. Years went on. Learnings piled up. Trust with founders and partners slowly grew. And then JD Saint-Martin joined. He sold his business and scaled Lightspeed to over $1B (!). He could have done anything next. Instead, he chose seed-stage VC. The messy, unsexy work of building revenue engines from scratch. I stopped trying to explain our thesis. JD joining BV spoke louder. Samuel Jobin-Morissette completed our team with operational discipline that only a true builder can bring. The Guild members signed on. Our institutional backers returned - Investissement Québec, BDC Capital, Teralys Capital, Desjardins. They gave us their trust early. And for that, we'll be forever grateful. They came back because they see what we see: Quebec & Canada don't need more capital chasing trends. It needs to turn its best-kept secrets into global contenders. That's the mission of Boreal Ventures II. And now we have to deliver. Pressure is on. We're in the same position as every founder the day after they close their round. The celebrating is done. The trust has been extended. And the only thing that matters is proving it was deserved. Merci de la confiance! Let's get to work. #venturecapital #startups #bootstrap

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BRK Capital Raises $14.5M (So Far) To Invest In Black Founders BKR Capital's Fund II hits $14.5M, targeting Black-led tech startups in Canada and beyond. Here's why investors are paying close attention. DETAILS: https://lnkd.in/dZDRqRYj

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We've published 3 Reports at Ecosystem 17 this year. The Cleantech Export Summit by EDC offers a perfect timing to share what's next. 1️⃣ 🇨🇦 Canada Cleantech Innovation 2020–2025 Ecosystem Map: analyzes 90 emerging startups founded in recent 5 years, and the 65 local funding resources shaping their growth. (Jan) 2️⃣ 🇯🇵 Canada’s Cleantech Opportunities in Japan: identifies 23 Japanese CVCs investing in or adopting Canadian cleantech via 30 recent deals, unpacks their investment behaviour and engagement pathways. (May) 3️⃣ 🇸🇬 🇮🇩 Canada’s Cleantech Opportunities in Singapore and Indonesia: examines why now is the right time to engage in SEA, 16 partners identified through 32 past deals, and 2 priority sectors for Canadian cleantech. (Oct) ▶️ 🇨🇳 Next up: China Supply Chain This goes against the geopolitical wave, however, we’ve received requests. Rather than demonize the unknown, let’s get to know it. I’ll be collecting requests, and spending 2 months in China reconnecting with the manufacturing supplier network from my hardware recruiting days, mapping relevant suppliers and understanding how they operate. (Feb 2026) These research form the foundation for our partnerships and capital work with clients in 2026. And for me it’s about constant learning - I need to know what I am talking about to be genuinely helpful to the cleantech ecosystem. 👉 Access the reports at our website ecosystem17.com or via our client Reaction (RXN) HUB’s ecosystem page www.rxnhub.org/ecosystem #cleantech #export Export Development Canada | Exportation et développement Canada #funding

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Pleased to support Staircase Ventures with our commitment to Fund II. This investment reflects how we think about strengthening BC’s early‑stage ecosystem: partnering with proven venture managers and extending their active engagement in the province. Staircase brings deep early‑stage judgment, an operator‑led model, and a track record of working closely with founders at the moments that matter most. That experience helps improve company selection, early governance, and ultimately the odds that strong BC companies can scale successfully. For InBC Investment Corp., the objective is simple: improve outcomes for founders building in British Columbia by partnering with leading, actively engaged GPs and increasing access to high‑quality early capital and expertise. Looking forward to working with the Staircase team and the broader syndicate as this next cohort of companies takes shape.

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Our Canadian VC landscape report - 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗨𝗻𝗱𝗲𝗿 𝗣𝗿𝗲𝘀𝘀𝘂𝗿𝗲 - is out! If you spend any time around Canadian founders, GPs, or LPs, the headline won’t surprise you… but the data still lands hard. A few numbers I can’t stop thinking about:   • 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻 𝗩𝗖 𝗳𝗶𝗿𝗺𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 just over $2B in 2025 (𝘄𝗲𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝘁𝗵𝗲 𝗹𝗼𝗻𝗴-𝗿𝘂𝗻 𝗮𝘃𝗲𝗿𝗮𝗴𝗲).   • 𝗢𝗻𝗹𝘆 𝟮𝟱% 𝗼𝗳 𝘁𝗵𝗲 𝟮𝟬𝟮𝟭 𝗰𝗼𝗵𝗼𝗿𝘁 𝗳𝘂𝗻𝗱𝘀 𝗵𝗮𝘃𝗲 𝗿𝗮𝗶𝘀𝗲𝗱 𝗮 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗼𝗿 𝗳𝘂𝗻𝗱 within 5 years.   • 𝗘𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 𝗮 𝗿𝗲𝗰𝗼𝗿𝗱-𝗹𝗼𝘄 $249M in 2025.   • 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗰𝗼𝗻𝗰𝗲𝗻𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗮𝘁 𝗮𝗻 𝗮𝗹𝗹-𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵: the top 5 funds captured ~83% of total capital. What this means in practice (IMO):   • 𝗙𝗼𝗿 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀: fundraising dynamics are shifting — “𝘨𝘰𝘰𝘥” rounds still happen, but the path and bar look different.   • 𝗙𝗼𝗿 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀: it’s a tougher environment to build durable franchises, especially for newer firms.   • 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺: concentration has second-order effects (portfolio construction, follow-on availability, who gets access, and where talent/networks compound). If you’re navigating fundraising in 2026—whether you’re raising a fund or raising a round—this is worth a read. The link to download the report is in the comments 👇 If you want to compare notes on what this means for your company/fund, feel free to DM. #VentureCapital #Canada #Startups #Fundraising #EmergingManagers #RBCx

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2025 was the worst year for Canadian VC funding since 2016. At the same time, 80% of our founders burn through early-stage capital rebuilding broken MVPs. Scope creep still kills half of all software projects. Non-tech founders get quoted $50k to $400k for the same application with no way to validate what's real. And when they do build? Half of the IP generated here gets assigned to foreign companies. We don't have an innovation problem. We have a translation problem. Brilliant ideas die in the gap between vision and technical execution because founders can't speak developer, and developers can't read minds. The concept-to-PRD process still costs $50k to $400k in senior engineering time. Most early-stage companies can't afford that, so they hire junior talent, get locked into vendors, or burn runway on throwaway code. The Vision-to-Execution gap isn't capital. It's the $400k scoping barrier that keeps ideas trapped inside founders' heads. Until we fix the process, more funding won't solve anything.

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This International Women’s Day I’d like to recognize the 36 women who have invested with me in OKGN WMAN Angel Funds 3. We’re tackling the radical gender imbalance for women led ventures raising capital. Women founders/CEOs in Canada receive only 4% of venture capital and only 1% in the US. Yet companies with at least one female founder performed 63% better than all-male founding teams, according to a First Round Capital study of their first 10 years of investments. Boston Consulting Group (BCG) found female-founded startups generated 78 cents in revenue for every dollar invested, compared to 31 cents for male-founded startups. Couldn’t keep the wheels on the bus without my fellow GPs Sherri Faloon and Carollynn Schafer! Thank you investors Jen C., Amy Bell, CIM, Anne Marie Kirby, Stacey MacAulay, Angela Nagy, Martine Boucher Karen Christiansen, Rose-Ann Normandeau, Saskia Battersby, Barbara Marcolin, Joanne Viau, Erin Athene, Lauren Macaulay, Mimi "Lisa" Hurt, Joy Playford, Buffy Mills, Viviana A., Jacklyn Gidda, Kelly Davidson, CFP®, FCSI®, CIM®, CIWM, Lindsay Sill, ICD.D, Angela Grandy, Sue Ramsay-McKitrick, Angie Garg, Jenna Marttila, Anjali Coyle JD, MBA, Kaleen Olansky, CPA, CA, Alexis MacMillan, CTDP, Lasha Orzechowski, Karen von Zitzewitz, Dr Jennifer Boger, Franca M., Cynthia Enns, and Lise Lachance!

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YC stopped investing in companies incorporated in Canada. I believe this is not bad news. We can turn this to our advantage. Canadian startups did not go to YC because of a lack of talent. They went because building and scaling here is harder than it should be. Early capital is cautious. Feedback takes longer. Founders are asked to prove too much, too early. This feels like a good moment to pause and ask ourselves how we can better support local teams so they feel confident building, innovating, and scaling globally from Canada. That means investors leaning in earlier and backing ambition, not just perfect traction. Public programs and regulators need to prioritize speed and reduce friction. Startup communities need to show up more consistently and intentionally, not just at the idea stage but through real execution and growth. This decision does not hold us back. If we respond the right way, it can push the Canadian startup ecosystem forward.

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We’ve spent decades perfecting how to work inside—inside agendas, inside org charts, inside the four walls of a boardroom, behind layers of slides, spreadsheets, and screens. 𝐁𝐮𝐭 𝐚𝐭 𝐰𝐡𝐚𝐭 𝐜𝐨𝐬𝐭? A few weeks ago in Moab, at the GroundForce Capital Leaders’ Summit, we stepped outside—literally and figuratively. Strategy sessions happened on balconies under open skies. Big questions were explored around campfires. Trust was built through shared hikes, breathwork, and cold exposure in the middle of the desert. There were no breakout rooms or brainstorm templates—just people showing up as humans first. That’s the ethos behind BusinessOutside, and it’s one we deeply believe in at GroundForce Capital: that leadership doesn’t have to look like long meetings and longer email chains. It can—and should—look like connection, clarity, and courage in wide open spaces. But “BusinessOutside” doesn’t just mean being physically outside. It’s about operating outside the norms—rethinking how we show up as leaders and decision-makers. It means taking a more holistic approach to business, where relationships built on trust and a real understanding of people become the foundation for better outcomes. Because when you understand someone deeply, you don’t just manage better—you lead better. When you strip away the trappings of “business as usual,” something shifts.  → People speak more honestly  → Ideas move more freely  → Relationships get real, fast It’s not just about fresh air. It’s about a fresh mindset. We’re not suggesting every meeting needs to happen on a mountain trail—but what if one did? What if your next 1:1 was a walk outside? What if your team started Fridays with five minutes of stillness in nature instead of five more Slack messages? Leaders set the tone. If we want cultures of trust, creativity, and resilience, we have to model it—and sometimes, that means stepping away from the desk and into the dirt. As Bart Foster says: move the picnic table. Take the meeting outside. Because the best work isn’t always done in the office. Sometimes it’s done in hiking boots, on a bench, or under a tree—with the wind in your face and a notebook in your lap. Let’s build companies that thrive by helping humans do the same. 

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Community Capital is Changing the Game for Canadian Startups Last quarter, FrontFundr saw incredible momentum: 𝗻𝗲𝗮𝗿𝗹𝘆 𝟮,𝟱𝟬𝟬 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻𝘀 𝗶𝗻𝘃𝗲𝘀𝘁𝗲𝗱 𝗶𝗻 𝗚𝗮𝗻𝗱𝗲𝗿 𝗦𝗼𝗰𝗶𝗮𝗹, and 𝗘𝗱𝗶𝘀𝗼𝗻 𝗠𝗼𝘁𝗼𝗿𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 𝗮𝗻𝗼𝘁𝗵𝗲𝗿 $𝟭.𝟯𝗠 𝘁𝗼𝘄𝗮𝗿𝗱 𝘁𝗵𝗲𝗶𝗿 $𝟭𝟮𝗠 𝗿𝗼𝘂𝗻𝗱—all through community-driven capital. These numbers aren’t just financial metrics—they signal something bigger: 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗮𝗿𝗲 𝗲𝗮𝗴𝗲𝗿 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀, and the appetite is real. News broke this week that Y Combinator will no longer invest in Canadian-incorporated companies. Historically, many Canadian startups have sought U.S. capital as they grow—and in some cases, relocated their headquarters to reach global markets. 𝗧𝗵𝗶𝘀 𝘁𝗿𝗲𝗻𝗱 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗮 𝗽𝗲𝗿𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗴𝗮𝗽 𝗶𝗻 𝗖𝗮𝗻𝗮𝗱𝗮’𝘀 𝗱𝗼𝗺𝗲𝘀𝘁𝗶𝗰 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺. 𝗘𝗾𝘂𝗶𝘁𝘆 𝗰𝗿𝗼𝘄𝗱𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗽𝗹𝗮𝘆𝘀 𝗮 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘁 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴𝗹𝘆 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗿𝗼𝗹𝗲 in helping fill that gap—enabling multi-million-dollar raises, democratizing access, and keeping capital closer to home. We’re seeing this shift in real time. Last quarter, 𝘄𝗲 𝗴𝗿𝗲𝘄 𝗼𝘂𝗿 𝘂𝘀𝗲𝗿 𝗯𝗮𝘀𝗲 𝗯𝘆 𝟭𝟬% to just under 70,000 investors. We also 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗲𝗱 𝟯,𝟰𝟬𝟬 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀, representing 60% of our FY2025 numbers within just one quarter. 𝗧𝗵𝗲 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗶𝗻 𝗖𝗮𝗻𝗮𝗱𝗮 𝗶𝘀 𝗻𝗼𝘄. Founders are connecting with engaged communities, investors are participating meaningfully, and campaigns are scaling without relying solely on foreign capital. 💡𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗻𝗲𝘁𝘄𝗼𝗿𝗸: What’s the single most important thing Canada could do to build a thriving domestic funding ecosystem? Share your thoughts below! Want to see how Canadians are backing local startups? Check out our full Q1 FY2026 results and discover the opportunities available on FrontFundr: https://lnkd.in/gZxfEFE2 #EquityCrowdfunding #PrivateMarkets #FounderJourney #InvestorEducation #CanadianInnovation

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2025 was the worst year for Canadian VC fundraising since 2016, and founders should treat that as a planning signal, not just a headline. If you are building in Canada right now, the funding environment is telling you something very clear: fewer funds are being raised, and the capital that does exist is concentrating at the top. According to RBCx, only about $2.1B was raised across 21 Canadian VC funds in 2025, with the fewest new funds launched since 2018. As BetaKit put it: “This drop in Canadian VC fundraising means there is less investment capital available today for domestic tech startups from fewer local firms.” Capital is still moving, but mostly through a small number of large funds. Emerging managers are raising far less, which means fewer doors are open for early stage founders. At the same time, fewer exits mean less capital is flowing back to investors. Without liquidity from IPOs and acquisitions, funds move more cautiously. That slows decisions and stretches fundraising timelines. This is why more founders are now: • Planning runway around longer fundraising cycles • Treating capital timing as part of their strategy • Using non dilutive funding to extend runway without giving up equity • Combining equity, government incentives, and SR&ED into a smarter funding stack At Bonsai Growth Solutions, we help Canadian founders turn SR&ED credits and government reimbursements into upfront capital so they can keep building even when traditional funding takes longer. In a market where money moves slower, the founders who win will be the ones who plan for timing, not hope for it. #CanadianStartups #VC #Funding #NonDilutiveFunding #SRED #Runway #StartupStrategy #BonsaiGrowthSolutions

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❗ Canada is losing its next generation of scaleups❗ Our new study proves that Canada's startup pipeline is shrinking.  In fact, last year, the US produced 45x more startups that raised $1M+.  Nearly half of Canadian founders who raised that amount were based in the US. And they raise twice the capital, at a faster pace. This mirrors our experience at Leaders Fund as well as conversations with fellow Canadian venture investors over the past few years. The path forward is clear: - Eliminate capital gains on startups. - Redesign government initiatives with founders at the table. - Build a "Buy Red" culture to support early customers at home. - Invest in the next generation of leaders. Download  The Future at Risk: Canada's Shrinking Startup Pipeline for a deep dive into the study: https://lnkd.in/gtsi57y2 Kudos to Gideon Hayden for leading this study!

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A year ago, leverage.it went all-in on AI. I didn't know we'd end up building an ambient chatbot, a data science bot that sits on top of databases, agents that scrape, predict, action and analyze, and dozen's of automations running on Make and N8N. But here's what I've learned: anyone can vibe code now. The real question is knowing when to vibe code vs when to bring in your dev team. Or when to spin up something in Make or N8N vs when to start there and pivot to direct APIs later. That's the part most people get wrong. Audrey Graham gets it. She's built her own startup and already built working prototypes and apps using AI. Not demos. Real tools solving real problems. Watch as she cranks out apps and software in a weekend. With her joining as Director of AI Solutions and Product Strategy, we're officially an AI-first shop now. Follow her if you want to see how this actually works—not just the theory.

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1️⃣ $6.6B for Canadian defence tech. 2️⃣ LLMs are eating vertical SaaS. 3️⃣ TELUS leadership shakeup On this week's episode of Tank Talks, John Ruffolo and I break down three seismic shifts that will shape how founders and investors navigate 2026 and beyond. What we get into: ✅ Canada's first-ever defence industrial strategy — and what it means for startups in AI, quantum, and photonics looking to win government contracts ✅ The challenge of defining a "Canadian" company and whether domestic procurement will actually help small businesses scale globally ✅ How LLMs are disrupting vertical SaaS moats — threat or opportunity for your portfolio? ✅ Evaluating SaaS companies when growth metrics alone don't tell the full story ✅ Victor Dodig taking over Telus from Darren Entwistle — what it signals for Canada's telecom and tech ecosystem John's take on dual-use technologies and the investment opportunities in defence-adjacent sectors was particularly sharp. And the SaaS discussion? Essential listening if you're trying to separate real opportunities from false positives in this market. Whether you're a founder building in regulated industries or an investor rethinking your thesis — this one's worth your time. Watch & Listen Now [link in comments] 🎙️🚀 #TankTalks #CanadianTech #DefenceTech #SaaS #AI

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Canada’s early-stage capital pipeline is at an inflection point. For almost 15 years at TandemLaunch, I’ve seen firsthand how difficult it can be for Canadian founders to raise their first rounds of financing, especially in deep tech innovation, where companies often need capital before revenue, traction, or even a finished product. That’s why I’m looking forward to participating in the NACO national roundtable tomorrow (February 19, 11:00 AM ET) to discuss the early-stage funding gap in Canada and how we can strengthen the capital pipeline that supports innovation from the very beginning. After working alongside so many founders taking their first leap, this conversation feels especially important to me. Almost 1000 people have already registered. Clearly this is a conversation the ecosystem is ready to have.

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