Boreal Ventures' $60M Fund II Taps Lightspeed Vet to Fix a Canadian Problem

MONTRÉAL, QC – March 16, 2026 – Boreal Ventures, a Montréal-based venture capital firm, today announced the launch of a new $60 million fund aimed squarely at one of the most persistent challenges in the Canadian technology sector: turning great products into globally competitive businesses. The new fund, Boreal Ventures II, has already secured a $43 million first close and brings a significant new force to its leadership team: former Lightspeed Commerce President and CRO, JD Saint-Martin, who joins as Co-Managing Partner.

The fund will target seed-stage, business-to-business (B2B) technology companies across Canada, with a pronounced focus on its home province of Québec and other underserved markets. It represents a strategic doubling-down on the firm's core belief that Canada's innovation ecosystem needs more than just capital; it needs seasoned operational expertise to bridge the gap between product-market fit and scalable revenue.

A Diagnosis of the Commercialization Gap

For years, industry observers have noted a recurring pattern: Canadian startups excel at engineering and product development but often falter when it comes to building a repeatable, world-class sales and marketing engine. This commercialization gap can limit the growth of otherwise promising companies, leaving them vulnerable to better-funded U.S. competitors.

"Canada builds exceptional products, but commercialization remains a key challenge and can limit the growth potential of many promising companies," said David Charbonneau, Co-Managing Partner and Founder of Boreal Ventures. "Fund II is designed to help address this gap."

This new fund refines the strategy Boreal developed with its first fund. While Fund I explored deep tech, the firm found its hands-on, go-to-market (GTM) support was most impactful for B2B software companies that had already found early customer traction. Boreal Ventures II is built around this specific, critical moment in a startup's life. It will not be taking on pure R&D risk, but rather partnering with founders who have a working product and need to build a predictable growth engine.

Boreal's investment thesis champions capital efficiency and disciplined growth, a philosophy that resonates in a market where venture capital can be volatile. Rather than pushing founders toward binary, high-burn outcomes, the firm backs the construction of durable businesses with sustainable economics—a model that reflects the market realities for most Canadian founders.

The Operator Advantage

The appointment of JD Saint-Martin is the most concrete embodiment of this operator-led strategy. Saint-Martin is not a career financier but an experienced builder. After co-founding the SaaS company Chronogolf and seeing it through to a successful acquisition by Lightspeed Commerce in 2019, he embarked on a rapid ascent within the global tech giant. He rose from a senior director to become President and Chief Revenue Officer, where he was instrumental in scaling the company's B2B sales and strategic direction globally.

His transition from operator to investor is a deliberate move to apply that hard-won experience to the next generation of Canadian tech companies. "Turning product-market fit into a predictable growth engine is one of the hardest challenges founders face," stated Saint-Martin. "At that point, theory is not enough. What they need is pattern recognition and hands-on support from people who have done high-level scaling before."

This sentiment is powerfully echoed by his former boss and now a limited partner in Fund II, Lightspeed Founder & CEO Dax Dasilva, who remarked, "I wish I had Boreal as an investor and advisor in the early days of building Lightspeed."

Building a Go-to-Market Machine

Boreal's promise of hands-on support is formalized through its unique 'Guild'—a network of over 30 experienced founders, operators, and revenue leaders who co-invest and provide direct mentorship to portfolio companies. This network moves beyond simple advisory roles, getting involved in the tactical work of building a commercial engine.

The firm works closely with founders on the nuts and bolts of scaling: establishing effective pipeline generation, refining pricing and packaging, designing sales compensation plans that drive behavior, and, crucially, hiring high-performing revenue teams. The goal is to systematically transition companies from the chaos of founder-led sales to a structured, repeatable growth model.

Boreal will focus its investments on often-overlooked but essential sectors, including vertical SaaS & AI, industrial and blue-collar tech, fintech, digital health, and advanced manufacturing. By concentrating on these areas, the firm can apply deep sectoral knowledge and its GTM playbook to businesses that form the backbone of the economy.

Strengthening a National Innovation Economy

The launch of Boreal Ventures II is also a significant event for the regional and national innovation ecosystem. The fund is backed by a powerful coalition of returning institutional investors committed to Canadian economic growth, including the Government of Quebec through Investissement Quebec, BDC Capital, Fonds québécois d'amorçage de Teralys, and Capital régional et coopératif Desjardins.

This backing underscores a shared strategic objective. As U.S. investor participation in Canadian venture deals has seen declines, particularly in later stages, the role of domestic capital and support systems becomes even more critical. These institutions see Boreal's model as a key tool for building sovereign tech champions.

Jean Boulet, Québec's Minister of Economy, Innovation and Energy, highlighted this strategic importance. "Too often, the real challenge is getting those innovations to market. By supporting this fund, our government is helping entrepreneurs turn bold ideas into commercial success and shine a spotlight on Québec expertise around the world."

With its headquarters in Montréal and a mandate to invest across the country, Boreal Ventures is positioning itself as a central pillar in the Canadian tech landscape. By combining strategic capital with the invaluable, hard-earned wisdom of experienced operators, the firm is not just funding companies—it is actively building them for the global stage.