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Mistral Venture Partners

Venture capitaloperating company · company profile

Toronto · Pre-Seed–Series A · 6 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.

Stage
Pre-Seed–Series A
HQ
Toronto, ON, CA
Leads rounds
Follows
Instruments
Equity
Last 12 months
3 investments
Tracked investments
68

Team · 6 people

from the firm's website

What they invest in

from 44 of 68 portfolio companies

SaaS ×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 companies
63%
solo founders
15 of 24 mapped founding teams
58%
repeat founders
of 12 founders with career history
~1.5 yrs
old at investment
median across 8 dated deals

Founding team size:solo founder×152 founders×43 founders×5

Investments · 68 tracked

founders shown can be your intro path

By year:2026 · 22025 · 42019 · 42015 · 111 dated

Armilla AIarmilla.aiinJun 2025 · $4.5M

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

blocwatchcloudstoragesecurity.comin𝕏Aug 2019

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

Cavalry IntelligenceJul 2025SEC filingmedium confidence

Seattle, US

Jonathan Wu(Executive Officer, Director)

BoardSteven Ou(Director)

Board seatPablo Srugo· per SEC Form D · $2.5M raise · filed Aug 2025

Ceipalceipal.comin𝕏Apr 2019

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

Cloud Storage SecurityinMar 2026

Sandy, US

Aaron Newman(Executive Officer, Director)Joshua Klein(Executive Officer)

BoardTimothy Albrecht(Director)Aaron Klein(Director)

Board seatCode Cubitt· per SEC Form D

Edlyedly.coAug 2019

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 Incorporatedagilicus.com

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

Armilla
Autohostautohost.aiin𝕏

Autohost provides a guest identity verification and fraud detection platform for the hospitality and short-term rental industry, offering ID verification, background checks, screening AI, watchlist screening, and payment verification.

CybersecuritySaaSTravel & Hospitality

Axleaxleruns.comin

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

Backboardbackboard.ioin𝕏Jan 2026

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

Bankonloopbankonloop.comin

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

Banter
Better Sw
Bhumanbhuman.ai

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

Bidayabidaya.ai

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

Bidaya Ai
Bloksbloks.app

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 Jbluej.comin𝕏

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

Blue J Legal
Buckzybuckzy.netin𝕏

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

Cavalrycavalry.ai

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

Cavalry Ai
CloudCheckr

Rochester, US

Aaron Newman(Executive Officer, Director)

Co-investorsLevel Equity

Coherecohere.comin𝕏

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

Coherent PathinJun 2019

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

CookUnitycookunity.comin𝕏

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

Databiomesdatabiomes.com
Ebscoebsco.comin𝕏

EBSCO provides curated, peer-reviewed research databases and full-text journals, primary sources, and evidence-based resources across academic and professional disciplines.

Data & InfrastructureEdTechSaaS

Enso Connectensoconnect.comin𝕏

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

Private LTE & 5G for industrial operations

Co-investorsMomenta Ventures

Expeto Wirelessexpeto.io

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

Flexeraflexera.comin𝕏

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

Flexpay
Foko
Frugalfrugal.coin𝕏Nov 2025

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
Giatecscientificgiatecscientific.comin𝕏

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

Klipfolioklipfolio.comin𝕏

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 Labslemurianlabs.com

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

Loop Financial
Metacommerce
Movable Ink

Serves 700+ major brands; Contour led the seed round.

Co-investorsContour Venture Partners

Om Signalomsignal.com𝕏Aug 2015

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

Painworthpainworth.comin𝕏

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

PayTicpayticconnect.com

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

Q2q2.comin𝕏

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

Rallyrally.fan
Revalyrevaly.coin

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

Rewindrewind.comin𝕏

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

Ritualritual.co

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

ROAMroam.autoin

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

Runqlrunql.com

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

Salesasksalesask.comin

SalesAsk is an AI sales coaching and conversation-intelligence platform that records field and in-person sales meetings, transcribes them, scores reps against a playbook, and auto-updates CRM records with notes and follow-ups.

AI & Machine LearningSaaSSales Tech

Saluspro
Salussafetysalussafety.ioin

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

Co-investorsOutsidersPrudence

Sensibill
SnapTradesnaptrade.comin

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

Soundpayssoundpays.comin𝕏

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.

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 companies

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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Mistral Venture Partners photo

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