Amplify Capital, a Toronto-based impact venture firm spun out of MaRS Discovery District, has closed its third fund with $60 million CAD in total commitments. The final close took place in April and marks the firm's tenth year of operation and its largest vehicle to date. With Fund III, Amplify will continue backing early-stage Canadian companies in climate, health, and work technology while targeting both meaningful social outcomes and strong financial returns.
A Decade of Growth and Independence
Amplify Capital was founded in 2016 as the MaRS Catalyst Fund before rebranding and spinning out of MaRS in 2019 as an independent firm. Managing partner Kathryn Wortsman has led the organization from the start, and last year Craig Hunter joined as partner to strengthen its founder-focused investment team. The firm has grown from an initial $6 million fund into a multi-fund manager with a decade-long track record in sectors that were once overlooked but are central to venture capital.
Fund III Scale and Investor Base
Fund III is roughly two-thirds larger than Amplify's $36 million second fund from 2020, a size that allows the firm to lead rounds and write larger cheques. The vehicle is anchored by repeat limited partners Fondaction and the Royal Bank of Canada, with new support from the Business Development Bank of Canada and the Government of Canada through Realize Capital Partners and the Venture Capital Catalyst Initiative. Additional undisclosed family offices and high-net-worth individuals also participated in the close.
Portfolio Construction and Investment Approach
Amplify plans to build a portfolio of between 25 and 30 companies and has already made 14 investments from Fund III. Recent commitments include Calgary-based Cura, Vancouver-based Reusables, Halifax-based Planetary Technologies, Montréal-based Lyteflo, Airloom Energy, Lumina, Endor Health, Kento Health, Inference Health, and Kinship. The firm typically invests between $750,000 and $3 million per company at the pre-seed and seed stages, with select Series A participation, and it has led or co-led the majority of Fund III's core positions.
Track Record and Expanding Focus
Wortsman noted that Amplify's first two funds have delivered top-decile distributed to paid-in capital among their peer groups, with the first vehicle fully returned to investors. The firm's previous winners include Carbon Upcycling Technologies, Hydrostor, Inkblot, ThinkLabs, Pathway Medical, and Valence Discovery. Hunter said the team's experience in deep tech, energy, and artificial intelligence for healthcare predates the current wave of market enthusiasm, giving Amplify an edge when evaluating difficult technical and regulated sectors.
Positioning for the Current Market
Wortsman described the current technology vintage as one of the strongest since 2016 because of renewed interest and disallocation across artificial intelligence, climate, and deep tech. She said she prefers investing in markets with some chaos or confusion because experienced investors who know what to look for can benefit. The firm expects roughly half of its Fund III capital to go to climate technology, with the majority of investments remaining in Canada.
With its third and largest fund, Amplify Capital is moving into its second decade with a larger war chest, a broader investor base, and a clear focus on sectors where complex problems can generate both impact and returns. The firm has already deployed close to half of its targeted portfolio and continues to seek early-stage founders across Canada. As climate, health, and workforce productivity attract more venture attention, Amplify's decade of specialization positions it as a notable Canadian impact investor.
Source: BetaKit