CIBC Innovation Banking is pleased to announce it has provided financing solutions, including a capital call line of credit, to Graphite Ventures (Graphite), a $100-million fund focused on seed-stage investments and extensions, through to the rights for Series A rounds. The capital call facility provides Graphite with the flexibility to make investments in portfolio companies prior to calling capital from the fund’s limited partners.
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Building on the team’s record using a disciplined and proven investment model, Graphite will further support capital investments in early-stage companies across Canada. This enables start-ups to compete and scale globally. The fund’s focus is on B2B SaaS, digital health, proptech, fintech, and capital-efficient hardware businesses. Graphite has closed eight investments and raised $77 million of capital to date. The fund is targeting a $100-million close in 2022.
“The team behind Graphite has demonstrated an effective investment strategy over the years and CIBC is proud to support them with their future portfolio investments,” said Rob Rosen, Managing Director at CIBC Innovation Banking’s Toronto office. “They have consistently supported early-stage companies to help them get to Series A and beyond, and we’re excited to see how they continue to help fuel Ontario’s thriving innovation ecosystem of start-ups.”
“CIBC Innovation Banking is a valued ecosystem partner and they have supported many of our portfolio companies by providing competitive banking solutions. Our CIBC capital call facility will help us deploy capital efficiently in our investments, which is integral to the operations of our fund. We look forward to continuing to work with CIBC as we scale Graphite Ventures, and the portfolio companies we support,” said Aaron Bast, General Partner at Graphite Ventures.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
About Graphite Ventures
Graphite Ventures is an early-stage seeding for scale venture capital firm. Founded in 2021 as an evolution of MaRS IAF, we are one of Canada’s most active and consistent venture capital funds, having invested in 175 companies over the past decade. Graphite Ventures invests in early-stage B2B SaaS, fintech, proptech, digital health and capital-efficient hardware businesses.