Vancouver’s Top Down Ventures has announced the first closing of its Founders Fund.
Top Down’s new Fund, which closed at US$25 million, is designed to fuel early-stage software-as-a-service companies within the Managed Service Provider sub-sector.
Building on its venture studio model, Top Down empowers MSP software startups with both capital and “unparalleled operational expertise and a proven scaling playbook,” according to a statement from the firm.
“We are thrilled with this milestone, which reflects the confidence of MSP founders and executives who make up the majority of our Limited Partners,” said Joel Abramson, Managing Partner at Top Down.
Abramson, alongside Top Down founder Chris Day and fellow partner Mark Scott, all boast experience in the space.
“Our deep sector focus and hands-on approach are already driving momentum as we anticipate closing three new SaaS investments in Q4,” said Abramson.
Top Down’s Founders Fund is set to target “high-potential SaaS companies generating $1M+ in annual recurring revenue, with Seed or Series A investments up to $3M,” according to the company.
Top Down’s flagship venture studio model includes expert guidance in product development, go-to-market strategies, and team building, ensuring that founders receive both strategic and tactical support, says Scott.
It’s designed to take startups from an incubation-level stage, and accelerate scale toward a strategic exit or off-ramp.
“We’ve been at the forefront of several firsts in the MSP industry, and this fund is the next one,” stated Scott. “Our capital, SaaS playbook, and venture studio combined with our global network, provide an unparalleled force multiplier for SaaS startups in an industry that’s on track to reach $1 trillion by 2030.”
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