In 2024, Techcouver reported on local investment firm Top Down Ventures closing US$25 million for its Founders Fund.
Founders Fund launched as the first institutional venture fund dedicated exclusively to early-stage managed serviced provider companies.
Today, Top Down announced the final close of its Founders Fund I at US$28 million.
The Fund, which has attracted over 100 limited partners, includes contributions from Pax8, Upward Trajectory Fund, and private family offices across Canada and the United States.
“We’re proud to have built a fund that reflects the strength and alignment of the MSP ecosystem,” says Joel Abramson, Managing Partner of Top Down Ventures.
Since beginning to invest in 2024, the fund has deployed capital into 12 portfolio companies.
In fact, the fund’s first exit has already been realized: zofiQ, a portfolio company focused on agentic AI for MSPs, was acquired by ConnectWise, returning 5X to the fund just six months after the initial investment.
According to Top Down’s 2025 State of MSP Capital in the Age of AI report, 2026 marks a historic shift.
AI-native companies are doing to the MSP stack what cloud once did to on-premise software: not rebuilding foundational workflows from the ground up and redefining what it means to deliver managed services.
“We’re seeing a fundamentally different caliber of company,” says Chris Day, Founder of Top Down Ventures. “These are AI-native businesses built from day one with new tooling, new cost structures, and new expectations around speed and scale.”
Top Down combines capital with a hands-on platform approach, providing operational guidance, go-to-market support, and access to an embedded industry network.
“We believe there has never been a more important time to invest at the early stage, especially in a category like MSP that remains under-appreciated but critical to the global SMB market for managed IT, security and AI,” stated Mark Scott, General Partner, Top Down Ventures.
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