Adam Felesky and Paul Desmarais III today announced the closing of a new fund, Portag3 Ventures ("Portag3"), focused on the financial technology sector.
Felesky, a co-founder and former CEO of Horizons ETFs, has been named President and will run day-to-day operations at the fund. Paul Desmarais III, a Vice President of Power Corporation of Canada and of Power Financial Corporation, will serve as Executive Chairman of Portag3 and will work closely with Felesky.
Portag3 is committed to finding creative, ambitious entrepreneurs who will help reshape the Canadian FinTech sector to benefit all consumers. Portag3 makes early stage investments in promising companies that have the potential for innovative change and global impact.
"Our goal with Portag3 is to find the next generation of Canadian financial technology entrepreneurs and help them build global companies," said Felesky. "We are looking for creative ideas that have great potential. Our vision is to be long-term partners in the businesses we invest in. We will support each of them with our time, mentorship and expertise."
Portag3 is exclusively backed by a corporate partnership between Power Financial Corporation (PWF.TO), IGM Financial Inc. (IGM.TO) and Great-West Lifeco Inc. (GWO.TO). Members of the group have already made a number of promising investments, including taking stakes in one or more of Wealthsimple, Borrowell, Clearbanc, Koho and League.
"I am excited to be working with Adam Felesky, a proven Canadian business builder, to help create the next great FinTech companies," said Paul Desmarais III. "Through this new vehicle, we will continue the Power family of companies' tradition of building sustainable businesses. We believe strongly that entrepreneurship is part of Canada's social fabric and we want to give our entrepreneurs the proper tools to succeed here at home and confidence to expand globally."