Toronto · Pre-Seed–Series A · 6 people tracked
Investment thesis
Mistral Venture Partners invests in early-stage Enterprise AI companies across Canada and the US, concentrating on the pre-seed and seed stages. The firm positions itself as founder-first, emphasizing that its whole team has founded multiple startups and understands the founder journey. Rather than dictating strategy, the firm aims to amplify what founders have already built and help them get to product-market fit, distinguishing real, durable growth from vanity metrics. It also produces The Product Market Fit Show, a podcast featuring detailed founder stories about reaching PMF.
Source: firm website, verified Aug 3, 2026.
Team · 6 people
from the firm's websiteWhat they invest in
from 44 of 68 portfolio companiesSaaS ×29AI & Machine Learning ×26Fintech ×12Enterprise Software ×11Data & Infrastructure ×7Developer Tools ×7Cloud Computing ×6IoT ×4
HQs:Canada×14United States×12United Kingdom×1Sweden×1
Who they back
founder profiles across 24 portfolio companiesFounding team size:solo founder×152 founders×43 founders×5
Investments · 68 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 42019 · 42015 · 111 dated
Armilla AI is a managing general agent offering liability coverage, performance warranties, and risk assessments for AI systems.
AI & Machine LearningData & InfrastructureEnterprise SoftwareFintechInsurTechToronto, CA
Dan Adamson(Founder)inKarthik Ramakrishnan(Founder)inBaiju Hasmukhrai Devani(Executive Officer, Director)
Board seatRaif Barbaros· per SEC Form D
Co-investorsBeresford VenturesBetaworksCreative Destruction Lab (CDL)Differential VenturesMS&AD VenturesRebel Fund+5 more
Cloud Storage Security (CSS) provides in-tenant, multi-engine malware scanning for Amazon S3 and DataDefender, a data security posture management (DSPM) tool offering inventory, classification, activity monitoring, threat detection, and configuration checks.
Cloud ComputingCybersecurityEnterprise SoftwareSaaSReno, US
Aaron Newman(Director)Ed Casmer(Founder and Chief Technology Officer)Steven Hess(Chief Executive Officer)Rich Vorwaller(Chief Product Officer)Mike Henderson(Chief Revenue Officer)Kevin Hunt(Chief Technology Officer)
Board seatCode Cubitt· per SEC Form D
Co-investorsReno Seed FundUpVentures Capital
Seattle, US
Jonathan Wu(Executive Officer, Director)
BoardSteven Ou(Director)
Board seatPablo Srugo· per SEC Form D · $2.5M raise · filed Aug 2025
AI-powered talent acquisition automation platform providing recruiting and workforce management software
Rochester, US
Sameer Penakalapati(Executive Officer, Director)
Board seatCode Cubitt· per SEC Form D
Co-investorsCamden Partners
Sandy, US
Aaron Newman(Executive Officer, Director)Joshua Klein(Executive Officer)
BoardTimothy Albrecht(Director)Aaron Klein(Director)
Board seatCode Cubitt· per SEC Form D
Edly is a private student loan platform offering income-based repayment (IBR) loans, including a no-cosigner option for students within a year of graduation.
EdTechFintechBriarcliff Manor, US
Christopher Ricciardi(Executive Officer, Director)inCharles Trafton(Executive Officer, Director)Daniel Gilbert(Director)
Board seatCode CubittPablo Srugo· per SEC Form D
Co-investorsAllied Venture PartnersAzure Ventures GroupSocial Starts
Agilicus provides a cloud-native Zero Trust Network Access platform that gives users secure, client-less and VPN-free connectivity to resources such as web applications, remote desktops, databases, and industrial control systems (PLCs, SCADA, HMIs, building management systems).
Cloud ComputingCybersecurityIoT
Co-investorsBDC Fund Investments (Fund-of-Funds)BDC Venture Capital
Axle builds AI agents for financial institutions that automate compliance work, including resolving sanctions, PEP, and adverse media alerts, generating Suspicious Activity Reports, dispositioning transaction monitoring alerts, and running customer due diligence.
AI & Machine LearningFintechSaaS
Co-investorsDiagram
Backboard provides infrastructure for deploying and operating advanced AI across cloud, private cloud, on-premise, and on-device environments, with model routing, optimization/quantization, persistent memory, and orchestration.
AI & Machine LearningData & InfrastructureEnterprise SoftwareSummit, US
Jonathan Flax(CEO)
Co-investorsGarage CapitalN49P
Loop provides multi-currency business banking, including CAD, USD, EUR, and GBP accounts, FX-free multi-currency corporate credit cards, international transfers, and working capital, with CDIC- and FDIC-insured deposits.
FintechSaaS
Co-investorsGood News VenturesGraphite VenturesWedbush Ventures
BHuman is an AI video platform that lets users record one video (or generate one from a text prompt with an AI presenter) and automatically produce personalized versions for thousands of recipients, customizing names, companies, images, links, and spoken details from a CSV, API, or CRM.
AI & Machine LearningMarketing TechSaaS
Bidaya is an AI platform for AEC (architecture, engineering, and construction) firms that monitors bid portals to surface relevant RFPs, qualifies opportunities, and drafts compliant proposals based on a firm's own past work.
AI & Machine LearningConstruction TechSaaS
Co-investorsLOI Venture
Bloks is an AI-based operating system for wealth and insurance advisors that automatically captures meetings, calls, and emails to build client profiles, generate compliant notes and KYP/compliance documents, and track follow-ups.
AI & Machine LearningFintechSaaS
Co-investorsStorytime Capital
Blue J is an AI-powered platform providing tax research and analysis tools for tax professionals and accountants across North America and the UK.
AI & Machine LearningLegalTechSaaSToronto, CA
Benjamin Alarie(CEO)inAlbert Yoon(Co-founder)Anthony Niblett(Co-founder)
Co-investorsOak HC/FTSapphire VenturesCreative Destruction Lab (CDL)Intrepid Growth PartnersToronto Innovation Acceleration PartnersRelay Ventures
Buckzy operates a cross-border, real-time payment network and offers embedded finance, banking-as-a-service, and fintech-as-a-service tools including multi-currency accounts, card issuing/acquiring, account verification, and open banking APIs.
Enterprise SoftwareFintechSaaS
Co-investorsblue 9 capitalLuge CapitalUncorrelated Ventures
Cavalry provides AI agents that analyze customer support tickets, resolve them in a brand-matched voice, and generate weekly reports highlighting urgent issues such as product defects, shipping trends, and billing problems.
AI & Machine LearningConsumerSaaS
Co-investorsRed Bike Capital
Kista, SE
Co-investorsCross Creek AdvisorsKleiner PerkinsNorwest Venture PartnersVantagePoint Capital PartnersVerizon Ventures
Cohere builds foundational AI models and enterprise solutions that help businesses automate tasks, accelerate workflows, and enhance decision-making.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaSToronto, CA
Aidan Gomez(Co-founder & CEO)Ivan Zhang(Co-founder)Nick Frosst(Co-founder)in
Co-investorsAdvaita CapitalAju IB Invesment CorporationAlumni VenturesBasecamp FundIndex VenturesInovia Capital+15 more
Movable Ink offers AI-driven personalization software, including its Studio and Da Vinci products, that automatically generates and curates content, send times, and frequency to personalize customer messages such as email at the moment of engagement.
AI & Machine LearningMarketing TechSaaSWaltham, US
Gregory Leibon(Executive Officer, Director)Ken MacAskill(Executive Officer)James Glover(Executive Officer, Director)
Co-investorsCeltic House Venture PartnersContour Venture PartnersEscalate Capital Partnersm]x[v CapitalMI VenturesRunway Venture Partners+4 more
Signature meals from award-winning chefs, delivered to your door.
ConsumerDirect to ConsumerFoodTechBrooklyn, US
Mateo Marietti(Executive Officer, Director)Clara Quiroga(Executive Officer)Chris Asmis(Executive Officer)
BoardRoberto Aitkenhead(Director)David Kamenetzky(Director)Henry McGovern(Director)
Co-investorsAngelPadEvolution VC PartnersFuel Venture CapitalInvariantes FundJazzya InvestmentsMcWin Capital Partners+7 more
Enso Connect is a guest experience platform for hospitality businesses, using AI, smart home integrations, and data analytics to personalize and manage guest interactions across the customer journey.
AI & Machine LearningPropTechSaaSTravel & Hospitality
Francois Gouelo(Co-Founder)
Co-investorsMantella Venture Partners
Expeto provides a mobile networking software platform that lets mobile network operators turn existing 4G/5G infrastructure into hybrid public-private enterprise connectivity services.
Enterprise SoftwareIoTSaaSVancouver, CA
Ryley(Founder)Terje(Founder)Terje Strand(Founder)Brian(Head of Product)
Co-investorsIronGate Capital AdvisorsMomenta VenturesLavrock Ventures
Flexera provides Flexera One, a technology management platform that gives enterprises visibility and control over AI, SaaS, cloud, software, and hardware spend and assets.
Cloud ComputingEnterprise SoftwareSaaSItasca, US
CHRIS ANDERSEN(Executive Officer)JAMES RYAN(Executive Officer, Director)Mike Jerich(President & CEO)El Lages(Chief People and Culture Officer)Chris Andersen(Chief Financial Officer)Becky Trevino(Chief Product Officer)
Co-investorsArrowroot CapitalKaiser Permanente VenturesNumeta CapitalTA AssociatesThoma Bravo
Frugal is an AI-native tool that analyzes application code, observability, and billing data to find and fix inefficiencies that drive usage-based cloud costs across AWS, GCP, Azure, and third-party platforms.
AI & Machine LearningCloud ComputingDeveloper ToolsOttawa, CA
Michael Weider(Executive Officer, Director)Craig Conboy(Founder)Rob Calendino(Founder)
BoardRussell Samuels(Director)
Co-investorsWhitecap Venture Partners
Giatec Scientific develops concrete sensors and software for the construction industry, including wireless sensors (SmartRock) that monitor concrete temperature, strength, slump, and volume, plus AI-powered platforms (SmartMix, MixPilot) for concrete mix data and real-time quality control.
AI & Machine LearningConstruction TechIoT
Klipfolio provides business intelligence and analytics tools that help organizations make data-driven decisions.
Data & InfrastructureEnterprise SoftwareSaaS
Allan Wille(CEO and Co-Founder)in
Co-investorsOMERS Ventures
Lemurian Labs develops Tachyon, a software stack that runs AI workloads on any hardware and cloud while matching or exceeding the performance of hand-tuned kernels.
AI & Machine LearningDeep TechDeveloper Tools
Jay Dawani(Founder & CEO)in
Co-investors1Flourish CapitalBlackhorn Venturesfutureland venturesGood Growth CapitalOrigin VenturesOval Park Capital+11 more
Serves 700+ major brands; Contour led the seed round.
Co-investorsContour Venture Partners
Hexoskin manufactures smart clothing with built-in textile sensors that monitor physiological data such as heart rate and sleep patterns; the system serves individuals tracking their health and fitness through wearable garments paired with mobile apps and cloud-based dashboards.
HardwareHealthtechIoTMontreal
Stephane Marceau(Executive Officer, Director)Maxime Julien(Executive Officer)Frederic Chanay-Savoyen(Executive Officer, Director)
BoardOri Sasson(Director)Rob Stavis(Director)inAlan MacIntosh(Director)
Co-investorsBessemer Venture Partners
PainWorth offers an AI-powered app that helps people with bodily injury and personal injury claims estimate the value of their case and negotiate settlements.
AI & Machine LearningInsurTechLegalTech
Mike Z(Co-founder)
Co-investorsChicago Early Growth Ventures (CEGV)Edmonton UnlimitedPanache Ventures
PayTic provides an AI-powered platform for automating payment back-office operations, including reconciliation, dispute and chargeback handling, network fee optimization, anomaly detection, and payment systems modernization.
AI & Machine LearningFintechSaaS
Co-investorsConcrete VenturesIsland CapitalAfricInvestBuild VenturesCDG InvestIsland Capital Partners+2 more
Q2 provides digital banking software for financial institutions, offering platforms for consumer, small-business, and commercial banking along with AI-driven tools for fraud detection, onboarding, and account holder experiences.
AI & Machine LearningFintechSaaSAustin, US
Co-investorsCohen CircleCota CapitalTTV Capital
Revaly is an AI-powered payment performance management platform that uses machine learning and issuer and ecosystem data to optimize transactions across the payment lifecycle.
AI & Machine LearningFintechSaaS
Rewind provides backup, restore, and copy functionality for critical data across SaaS and cloud applications, serving over 25,000 organizations globally across eCommerce, accounting, productivity, and development use cases.
Cloud ComputingData & InfrastructureEnterprise SoftwareSaaS
Mike Potter(Co-founder & CEO)inJamesin
Co-investorsAtlassian VenturesBessemer Venture PartnersH.I.G. CapitalInovia CapitalInsight PartnersRidge Ventures+6 more
Ritual provides online ordering and discovery technology for local restaurants to compete with large chains in the digital marketplace.
E-commerceFoodTechMarketplacesSaaSToronto, CA
Ray Reddy(Founder)inLarry Stinson(Founder)
Co-investorsForerunner VenturesGarage CapitalLeft Lane CapitalMantella Venture PartnersNorwest Venture PartnersBrandProject Capital+1 more
Roam is a Canadian car subscription and long-term rental company offering flexible weekly and monthly vehicle plans, with cars delivered to customers' doors.
ConsumerMarketplacesMobility & TransportationEtobicoke, CA
Apoorv Gupta
Co-investorsMantella Venture Partners
RunQL is an open-source, VSCode-based SQL editor that lets developers connect to databases, write and run SQL, auto-generate schema documentation, ERDs, and charts, and store all artifacts as version-controllable JSON and Markdown files.
AI & Machine LearningData & InfrastructureDeveloper Tools
SALUS is an operational safety and intelligence platform for trade contractors, giving field crews a mobile app to capture signed, timestamped records of safety, operations, and jobsite events.
AI & Machine LearningConstruction TechSaaS
SnapTrade provides a brokerage API that enables developers and founders to build investing tools and trading platforms.
Developer ToolsFintechSaaSFredericton, CA
Brendan Lee Young(Founder)inBrendan Wood(Founder)inTerry Ma(CTO and Co-Founder)
Co-investorsEast Valley VenturesY CombinatorCiti Ventures
Soundpays offers TAP (Thought-to-Action Protocol), a technology that connects user intent to instant actions across in-person and on-screen surfaces, aiming to let people complete actions without leaving the moment.
Deep TechFintechMarketing Tech
Co-investorsYork Angel Investors Inc.
Noze develops a breath-analysis platform that uses nano-sensor "smell on silicon" chips and AI neural models to detect trace molecular patterns in exhaled breath and translate them into diagnostic signals.
AI & Machine LearningHealthtechMedical Devices
Co-investorsBeresford VenturesInnovative Solutions Canada
Symend offers an AI and behavioral science engagement platform that automates enterprise debt collections by scoring customers, assigning delinquency archetypes, and delivering personalized outreach across email, text, IVR, and letters.
AI & Machine LearningEnterprise SoftwareFintechSaaS
Hanif Joshaghani(Founder)in
Co-investorsAngels of ManyFUSEInovia CapitalPlaza VenturesThin Air LabsBoxOne Ventures+1 more
TensorWave provides a cloud platform for training and running AI workloads, built on AMD Instinct GPUs and the ROCm software stack.
AI & Machine LearningCloud ComputingData & InfrastructureLas Vegas, US
Jeff Tatarchuck(Executive Officer, Director)Piotr Tomasik(President & Chief Operating Officer)inDarrick Horton(Chief Executive Officer)Jeff Tatarchuk(Chief Growth Officer)Kathleen Simon(Chief Financial Officer)Cassandra Mack(Chief Information Security Officer)
Co-investorsAngel Collective Opportunity FundJavelin Venture PartnersProsperity7 VenturesStartupNVCadenzaNexus Venture Partners
Unito builds a two-way sync integration platform that connects work management and enterprise SaaS tools such as Asana, Wrike, Salesforce, and ServiceNow, creating live bi-directional data connections across systems.
Developer ToolsEnterprise SoftwareFuture of WorkSaaSMontreal, CA
Marc Boscher(Co-founder)inEryk Warren(Co-founder)inGregoire BoisMarie-Rose Rioux(CFO)
Co-investorsBessemer Venture Partners500 GlobalRainfall Ventures
Visualping is a website change monitoring tool that alerts users with highlighted before-and-after screenshots when a webpage changes, using AI to flag whether a change is important.
AI & Machine LearningDeveloper ToolsSaaS
Co-investorsAngel ForumFUSEWUTIF Capital
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Portfolio news
latest coverage across their companiesQ2 · au.investing.com · Aug 24, 2026
Edly · flywithlegacyaviation.com · Jun 1, 2026
Cohere · tsginvest.com · Mar 29, 2026
Backboard · betakit.com · Feb 11, 2026
Flexera · calcalistech.com · Jan 22, 2026
Lemurian Labs · finsmes.com · Dec 4, 2025
CookUnity · inforcapital.com · Nov 29, 2025
Frequently asked questions
- How many investments has Mistral Venture Partners made?
- Mistral Venture Partners has 53 tracked investments, including 4 dated in the last 24 months.
- What stage does Mistral Venture Partners invest at?
- Mistral Venture Partners invests at the Pre-Seed, Seed, Series A stages.
- What sectors does Mistral Venture Partners focus on?
- Mistral Venture Partners focuses on AI & Machine Learning, Crypto & Web3, Enterprise Software, Marketplaces, SaaS.
- Where is Mistral Venture Partners located?
- Mistral Venture Partners is headquartered in Toronto, CA.
- Does Mistral Venture Partners lead rounds?
- Mistral Venture Partners typically participates in rounds rather than leading them.
- Who does Mistral Venture Partners co-invest with?
- Mistral Venture Partners most often shares deals with Bessemer Venture Partners, Inovia Capital, Mantella Venture Partners, among 84 tracked co-investors.
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