Pender Ventures

Their thesis, in full

Vancouver-headquartered fund with offices in Calgary, Toronto and Montreal, investing in health tech and B2B technology companies at the inflection point between commercialization and scale. Pender backs strong leadership teams with differentiated products attacking large markets, with a concentrated Fund II portfolio of 12 to 14 companies for high-conviction support. Pender Technology Inflection Fund II closed with over $100M CAD in commitments, announced in November 2024. Pender prefers to lead priced rounds but will also join syndicates, and is open to providing primary or secondary capital. The team works closely with founders on operational discipline, GTM acceleration and Series B+ fundraising. A focused partner for capital-efficient founders who have validated product-market fit and need a Canadian lead at the inflection stage.

Questions they usually ask

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

1. What inflection point are you at, and what specifically does our capital unlock in the next 12 months?
2. Show us your top 10 customer logos, ARR per logo, and renewal status.
3. Which go-to-market channel is proven and repeatable today, and what are the unit economics behind it?

Follow-on

Pender has allocated half of Fund II to follow-on support, so each name in a 12 to 14 company portfolio carries meaningful reserves. The firm also deploys secondary capital, including cap table realignment for companies that took longer to reach the inflection stage. Follow-on conviction tracks quality of revenue, unit economics and a viable path to long-term profitability rather than growth at any cost.