One month after announcing their fund LOI Venture has unveiled their first close of LOI Venture Fund I.
LOI Venture was launched by Hootsuite co-founder Ryan Holmes and New Avenue Capital founder Manny Padda. LOI Venture invests solely in the brightest entrepreneurs in Canada under 30, with a high percentage of them coming out of League of Innovators.
Holmes confirmed with BetaKit that over one-third of their $20 million target has been was reached after attracting a list of heavy hitter investors ranging from unicorn founders to former League of Innovator alumni.
Among the list of limited partners are Dapper Labs co-founders Roham and Sam Gharegozlou, Clearco founder Michele Romanow, Smartsweets founder Tara Bosch, Vega founder Charles Chang, Craft Ventures’ Bill Lee, Trainerize founder Sharad Mohan, and Tiny’s Andrew Wilkinson.
LOI Venture’s first cheque went to WFHomie, an employee engagement and distributed team culture platform. LOI Venture led their USD $1.5 million seed round.
“WFHomie was the perfect opportunity to be the first recipient of funding from our new LOI Venture fund. They encapsulate everything our fund sets out to be, providing more capital and greater mentorship to young Canadian entrepreneurs,” said Holmes.
Along with the update on the first close of LOI Venture Fund I, the LOI Venture team announced that they would be bringing on additional venture partners and advisors to accelerate the awareness of their programming.