Toronto · Pre-Seed–Seed · 7 people tracked
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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 · 7 people
from the firm's website & curatedFounder mafia
2 people who came through Mistral Venture Partners went on to found or lead other companies.
What they invest in
from 51 of 72 portfolio companiesSaaS ×37AI & Machine Learning ×30Enterprise Software ×18Fintech ×15Developer Tools ×8Cloud Computing ×7Data & Infrastructure ×7Consumer ×5
HQs:Canada×21United States×15United Kingdom×1Sweden×1
Who they back
founder profiles across 28 portfolio companiesFounding team size:solo founder×162 founders×63 founders×34+ founders×3
Where their founders studiedfrom 30 founders with education data
University of Waterloo ×7McGill University ×3Duke University ×2University of Ottawa ×2University of Toronto ×2
What their founders studiedfrom 31 founders with field-of-study data
Computer Science ×12Business & Management ×7Engineering ×7Finance & Accounting ×4Economics ×2Mathematics & Statistics ×2Physics ×2
Where their founders worked beforefrom 33 founders with career history
IBM ×4Google ×3Akamai Technologies ×2Ramp ×2Snyk ×2Watchfire ×2
Accelerator rootsportfolio companies that came through a program
7 hold an MBA (of 32 with degree data)
Investments · 72 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 52023 · 12022 · 32021 · 22019 · 42018 · 32015 · 121 dated
Atomic8 is a holding company that acquires early-stage companies shaping the future of work and builds them toward scale, bringing operating experience, expertise and a network; it occasionally invests in or advises founders.
Future of WorkHR Tech
Tim(Founder)
Co-investorsAlumni Ventures
Buckzy Payments enables real-time cross-border payment networks and banking-as-a-service through an embedded finance platform with over 200 APIs, serving financial institutions and fintechs globally.
Enterprise SoftwareFintechSaaS
Abdul K Naushad(President and CEO)inCarlos Garcia(Chief Operating Officer)in
Co-investorsUncorrelated VenturesRevel Partnersblue 9 capitalLuge Capital
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)Baiju Devani(Founder)Rahm Hafiz
Board seatRaif Barbaros· per SEC Form D
Co-investorsBeresford VenturesBetaworksCreative Destruction Lab (CDL)Differential VenturesMS&AD VenturesRebel Fund+8 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)inEd Casmer(Founder and Chief Technology Officer)inSteven Hess(Chief Executive Officer)inRich 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
AI-powered talent acquisition automation platform providing recruiting and workforce management software
Rochester, US
Sameer Penakalapati(Executive Officer, Director)in
Board seatCode Cubitt· per SEC Form D
Co-investorsCamden PartnersTopmark PartnersEvergreen Mountain Equity Partners
Sandy, US
Aaron Newman(Executive Officer, Director)inJoshua Klein(Executive Officer)in
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 cybersecurity solutions for operational technology and critical infrastructure, enabling secure remote access to systems like SCADA and industrial control systems through zero-trust principles and identity-based segmentation.
Cloud ComputingCybersecurityEnterprise SoftwareIoTSaaSKitchener, CA
Don Bowman(Founder and CEO)Nicolas St-Pierre(CTO)in
Co-investorsBDC Fund Investments (Fund-of-Funds)BDC Venture Capital
Autohost provides security and verification technologies for hospitality platforms to prevent fraud and verify guests.
AI & Machine LearningCybersecurityFintechPropTechSaaSTravel & Hospitality
Roy Firestein(CEO & CTO)inEla Mezhiborsky(Co-Founder)in
Axle provides an AI-powered solution for compliance teams to manage sanctions, PEP, and adverse media screening alerts at scale, reducing false positives and automating low-risk alert reviews.
AI & Machine LearningEnterprise SoftwareFintechSaaS
Co-investorsDiagramUpHonest CapitalBase10 PartnersGradient VenturesStage 2 CapitalY Combinator
Backboard builds a workflow system that connects AI models, planning tools, and project context into a unified platform for software teams to collaborate and ship production-grade code.
AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsEnterprise SoftwareSaaSSummit, US
Jonathan Flax(CEO)
Co-investorsGarage CapitalN49P
Loop is a cross-border banking platform that enables businesses to manage finances, pay suppliers, and receive customer payments across multiple countries with international business accounts in the US, UK, and EU.
FintechSaaSCanada, CA
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
Co-investorsDholakia VenturesGetVantageMumbai AngelsNB VenturesTitan CapitalVenture Catalyst
Bidaya.ai provides software that streamlines the RFP (Request for Proposal) process for architecture, engineering, and construction (AEC) firms, reducing administrative overhead and enabling teams to focus on project-winning work.
AI & Machine LearningConstruction TechEnterprise SoftwareSaaSCalgary, CA
Co-investorsLOI VentureMetiquity Ventures
Bloks is an AI-powered relationship management tool positioned as an "Un-CRM" that automatically captures meetings, calls, and emails and updates contact profiles and follow-ups without manual input.
AI & Machine LearningEnterprise SoftwareFintechSaaSSales Tech
Marc Gingras(Founder)in
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(Founder)inAlbert Yoon(Co-Founder and Senior Academic Advisor)Anthony Niblett(Founder)inBrett Janssen(Founder)inAlbert Hyun Yoon(Founder)
Co-investorsOak HC/FTSapphire VenturesCreative Destruction Lab (CDL)Intrepid Growth PartnersToronto Innovation Acceleration PartnersRelay 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-investorsBling CapitalRed Bike Capital
Cohere builds foundational AI models and enterprise solutions that help businesses automate tasks, accelerate workflows, and enhance decision-making.
AI & Machine LearningDeep TechDeveloper ToolsEnterprise SoftwareSaaSToronto, CA
Aidan Gomez(Co-founder & CEO)Ivan Zhang(Founder)inNick Frosst(Founder)inAidan N. Gomez(Founder)Rahul Sengottuvelu(Founder)inYunyu Lin(Founder)in
Co-investors1802 VenturesAccess Ventures (New York)Advaita CapitalAju IB InvestmentAlumni VenturesBasecamp Fund+36 more
Signature meals from award-winning chefs, delivered to your door.
ConsumerDirect to ConsumerFoodTechBrooklyn, US
Mateo Marietti(Executive Officer, Director)inClara Quiroga(Executive Officer)Chris Asmis(Executive Officer)in
BoardRoberto Aitkenhead(Director)David Kamenetzky(Director)Henry McGovern(Director)
Co-investorsAngelPadCollaborative FundEvolution VC PartnersFuel Venture CapitalGeneral CatalystInvariantes Fund+8 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)in
Co-investorsMantella Venture PartnersCreator Fund
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 Strand(Founder)Brian(Head of Product)
Co-investorsIn-Q-TelIronGate Capital AdvisorsMomenta VenturesBDC Capital CorporationEvok InnovationsLavrock 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
JAMES RYAN(Executive Officer, Director)Mike Jerich(President & CEO)El Lages(Chief People and Culture Officer)Chris Andersen(Chief Financial Officer)inBecky Trevino(Chief Product Officer)inBob McCarter(Chief Technology Officer)
Co-investorsArrowroot CapitalKaiser Permanente VenturesNumeta CapitalTA AssociatesWI Harper GroupThoma Bravo
Frugal Code connects source, cloud, and observability data to attribute cloud and AI spend to the specific code responsible, identify inefficient usage, and generate merge-ready pull requests that reduce costs.
AI & Machine LearningCloud ComputingDeveloper ToolsSaaSOttawa, CA
Michael Weider(Executive Officer, Director)Craig Conboy(Founder)inRob Calendino(Founder)in
BoardRussell Samuels(Director)in
Co-investorsWhitecap Venture Partners
Giatec develops smart concrete testing technologies and IoT-enabled hardware systems for non-destructive testing and monitoring of concrete materials in infrastructure applications.
AI & Machine LearningConstruction TechDeep TechHardwareIoTOttawa, CA
Pouria Ghods(Co-founder)Aali R. Alizadeh(Co-founder)Pouria Ghods, PhD, P.Eng.(Co-Founder and CEO)Aali R. Alizadeh, PhD, P.Eng.(Co-Founder, President and CTO)
Co-investorsBDC Capital Corporation
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.
Advanced ManufacturingAI & Machine LearningDeep TechDeveloper ToolsOakland, US
Jay Dawani(Founder & CEO)inRobert Ferguson(Chief Financial Officer)Ron Gershoni(Chief Executive Officer)Sanjay Tolia(Director)
Co-investors1Flourish CapitalAlumni VenturesBlackhorn VenturesBlueLake.vcfutureland venturesGood Growth Capital+13 more
Movable Ink provides AI-driven content curation and real-time creative generation to deliver personalized marketing content for retail and e-commerce brands, using each brand's own data.
AI & Machine LearningMarketing TechRetail TechSaaSNew York City, US
Michael Nutt(Founder)inVivek Sharma(Founder)in
BoardThilo Semmelbauer(Director)Matthew Gorin(Director)
Co-investorsAdams Street PartnersContour Venture PartnersFf Venture CapitalKima VenturesOctopus VenturesStg+4 more
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-investorsBacchus Venture CapitalBeresford VenturesConvergent VenturesInnovative Solutions Canada
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
OutPoint provides automated media mix modeling (MMM) software that uses machine learning to help advertisers decide how to allocate ad spend across online and offline channels.
AI & Machine LearningMarketing TechSaaS
Co-investorsFjor FoundersMGV.VCEntrepreneur FirstMGVTuesday Capital
PainWorth offers an online tool that helps personal injury and accident victims in Canada navigate the insurance claim process, including applying for accident benefits and calculating settlement values.
AI & Machine LearningConsumerInsurTechLegalTech
Mike Z(Co-founder)Mike Zouhri(Co-founder)
Co-investorsChicago Early Growth Ventures (CEGV)Edmonton UnlimitedPanache Ventures2048 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 is a financial technology platform providing digital banking solutions to financial institutions, alternative lenders, and fintechs through an open ecosystem for integration and distribution.
AI & Machine LearningEnterprise SoftwareFintechSaaSAustin, US
Hank Seale(Founder)in
Co-investorsCohen CircleCota CapitalGV (Google Ventures)Battery VenturesTTV Capital
Revaly optimizes payment processing for digital transactions by analyzing decline reasons and implementing recovery strategies using AI.
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+3 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+2 more
Ritual sells traceable dietary supplements direct to consumers, including a magnesium bisglycinate chelate product marketed for sleep, calm, and muscle recovery.
ConsumerDirect to ConsumerWellness & Fitness
Akilesh Potti(Founder)Katerina Schneider(Founder)Larry Stinson(Founder)Niraj Pant(Founder)Ray Reddy(Founder)
Co-investorsNorwest Venture PartnersRivet VenturesUpfront VenturesArchetypeBrandProject CapitalForerunner Ventures+10 more
Building the AI Coprocessor for blockchains to enable the integration of AI models on chain.
Co-investorsHack VCForerunner VenturesFounders FundGolden Venture PartnersGreylock PartnersNorwest Venture Partners
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
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
Rob Darling(Founder)in
SALUS is a safety management software designed for construction field crews that connects compliance processes directly to work operations rather than treating safety as disconnected paperwork.
AI & Machine LearningConstruction TechSaaSVancouver, CA
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)inAlessio Galdy(Principal Engineer)Julie Ducloux(COO)
Co-investorsEast Valley VenturesUncorrelated VenturesY CombinatorCiti VenturesCresset CapitalMistral Venture Partner+1 more
Soundpays develops an ultrasonic-based mobile commerce platform designed to enable instant transactions and engagement without friction at the point of intent.
AdTechDeep TechFintechMarketing TechSaaS
Peter(Founder & CEO)Doug Sutherland(CTO)inMarie-Christine(Legal & Regulatory Leader)Paul Eastwood(Director of Marketing & Business Development)in
Co-investorsYork Angel Investors Inc.
Spocket is a dropshipping platform that connects entrepreneurs with suppliers globally and provides inventory management, logistics integration, and fulfillment services.
AI & Machine LearningB2B MarketplacesE-commerceRetail TechSaaSVancouver, CA
Saba Mohebpour(CEO & Founder)in
Co-investors7 Gate VenturesTechstars7 Gate VenturesHex CapitalPanache VenturesPlug and Play Ventures
Stockpile offers gift cards and a related refund request process; the specific nature of its broader business is not described on this page.
Fintech
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(Founder)inDarrick Horton(Founder)inJeff Tatarchuk(Founder)inKathleen Simon(Chief Financial Officer)Cassandra Mack(Chief Information Security Officer)
Co-investorsAngel Collective Opportunity FundEssence Venture CapitalJavelin Venture PartnersProsperity7 VenturesStartupNVTransLink Capital+5 more
Thri5 offers an AI-powered "System of Action" that detects issues, prioritizes opportunities, coordinates workflows across teams and AI agents, and measures impact to improve retail execution across stores, distribution centers, and HQ.
AI & Machine LearningRetail TechSaaSToronto, CA
Co-investorsJ17 Capital
Trusty offers a guided process for financial advisors and professionals to help clients document their accounts, property, investments, key people, and personal wishes, compiling them into a personalized Estate Binder for their families.
FintechSaaS
Co-investorsGraphite VenturesRelay Ventures
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(Founder)inEryk Warren(Founder)inGregoire BoisinMarie-Rose Rioux(CFO)in
Co-investorsBessemer Venture Partners500 GlobalIT-Farm CorporationRainfall 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
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Cavalry IntelligenceBanterBetter SwBlue J LegalCenxCloudCheckrCoherent PathDatabiomesExpetoFlexpayFokoGiatecLoop FinancialMetacommercePassivRallySalusproSensibillZepheira
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.
Exits · 2
2 acquisitions · showing 1Coherent Pathacq. by Movable Ink
Portfolio news
latest coverage across their companiesLemurian Labs · lemurianlabs.com · Apr 1, 2026
Backboard · betakit.com · Feb 11, 2026
Armilla AI · fintech.global · Jan 23, 2026
CookUnity · finance.yahoo.com · Nov 24, 2025
Frugal · finsmes.com · Nov 13, 2025
Trusty · thesaasnews.com · Jul 17, 2025
Frequently asked questions
- How many investments has Mistral Venture Partners made?
- Mistral Venture Partners has 72 tracked investments, 2 of which have exited, including 7 dated in the last 24 months.
- What stage does Mistral Venture Partners invest at?
- Mistral Venture Partners invests at the Pre-Seed, Seed 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 Uncorrelated Ventures, Bessemer Venture Partners, Inovia Capital, among 128 tracked co-investors.
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