Tech-active · Toronto, ON

First Ascent Ventures

Enterprise software, patient capital.

← Investors in Ontario
Cheque
$5M to $10M
Role
Can lead a round
Pace
Selective right now
Kind
Tech-active
Based in
Toronto, ON
Vehicle size
$125M
Founded
2015
Works in
EN
Last deal seen
November 2025
Stages
Series A, Series B and later
Sectors
SaaS, AI and machine learning, Fintech and insurtech, Cybersecurity, Developer tools and infrastructure

Their thesis, in full

Toronto-based fund specializing in enterprise software at early and growth stages. First Ascent invests in cloud, AI, machine learning, big data and cybersecurity companies. Fund II at $125M (2021) follows Fund I of $100M. Marquee 2025 exit with Assent, which returned 45% of Fund I and won the CVCA Regional Impact Award. The team brings disciplined enterprise software experience and a track record of supporting founders through Series A, B and beyond. Built for B2B founders selling into mid-market and enterprise buyers.

What they bring past the cheque

  • Enterprise software depth
  • Patient capital posture
  • Series A to growth bridge
  • Cybersecurity GTM
  • Toronto-San Francisco reach

Questions they usually ask

Have an answer ready for each one before the first call.

  1. What does your net dollar retention look like across your top 20 enterprise accounts?
  2. How long is the procurement cycle with your buyer, and what is your champion-to-close playbook?
  3. What is the realistic Series B syndicate you want to build, and what milestones unlock it?

Follow-on

First Ascent reserves meaningful follow-on capital from its $125M Fund II and supports portfolio companies from Series A through growth, with the Assent exit (45% of Fund I returned) as proof of long-cycle conviction.

Who to talk to

Portfolio

Names they back, most notable first.

  • BuraiGrowth · 2025
  • ThentiaSeries B · 2024
  • OsanoSeries B · 2023
  • ShinydocsGrowth · 2023
  • Darwin CXGrowth · 2022
  • AndgoSeries A · 2022
  • AssentExit · 2025
  • DialogueExit · 2023
  • PotlocSeries B · 2021
  • DailyPayGrowth · 2021
  • LinkSquaresSeries C · 2021

Often in the same rounds

Investors seen alongside them in past rounds.

  • CIBC Innovation Banking
  • Sun Life Financial
  • BDC Capital
  • Generation Ventures

Similar investors

Overlapping sectors and stages. Useful to build a list of 10 to 20 names for one round.

See how they fit your round

Set your stage, sector and amount once. Fractal App tells you if First Ascent Ventures can lead it, tracks every follow-up, and counts the days of silence. Free, no card.

Open in the app →

Checked September 2026 from public sources. source ↗ · Website ↗ · LinkedIn ↗