Tech-active · Ottawa, ON

Mistral Venture Partners

Pre-seed and seed VC backing AI for the enterprise across Canada and the US

← Investors in Ontario
Cheque
Up to $2M
Role
Can lead a round
Pace
Deploying heavily
Kind
Tech-active
Based in
Ottawa, ON
Vehicle size
$75M
Founded
2012
Works in
EN
Last deal seen
January 2026
Stages
Pre-seed, Seed
Sectors
AI and machine learning, Developer tools and infrastructure, SaaS

Their thesis, in full

Mistral Venture Partners is an Ottawa-based seed fund founded in 2012, specialized in AI for the enterprise and enterprise software, from infrastructure through applications, across Canada and the US. Its latest fund ($75M CAD, closed 2025) is actively deploying, with notable $7.5M commitments from Fonds FTQ in November 2024 and Alberta Enterprise Corporation in April 2026. Cheques of $500K to $2M CAD at pre-seed and seed, with a lead posture. The team (Code Cubitt, Bernie Zeisig, Mike Scanlin, Pablo Srugo, Raif Barbaros and others) operates from a pragmatic thesis: solid unit economics from seed onward, capital efficiency, and close operational support through Series A.

What they bring past the cheque

  • Capital-efficient seed
  • B2B SaaS playbook
  • Series A introductions
  • Founder peer network
  • Pricing & sales coaching

Questions they usually ask

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

  1. Are you building B2B SaaS or vertical software with early paying customers and capital-efficient growth?
  2. Are you raising $1-2M seed and looking for a Canadian lead with deep operator experience?
  3. Do you have a credible 18-month plan to a Series A with US or Canadian institutional investors?

Follow-on

Mistral reserves a meaningful share of each fund for follow-on and is known to bridge strong portfolio companies between rounds. Pro-rata is exercised selectively at Series A.

Who to talk to

Portfolio

Names they back, most notable first.

  • BackboardPre-seed · 2026
  • FrugalSeed · 2025
  • CohereSeed
  • Blue J LegalSeed
  • RewindSeed

Often in the same rounds

Investors seen alongside them in past rounds.

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 Mistral Venture Partners 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 ↗