- White Star Capital has closed Fund IV with $250 million in capital, roughly $100 million wanting its authentic objective.
- Although Fund IV fell quick, the agency has nonetheless raised greater than $350 million since late 2025 via a number of funding autos.
- Thus far, the fund has invested in six firms, comparable to Sequen in New York and Veesion in Paris.
White Star Capital closed Fund IV at about $100 million under its authentic goal and is way smaller than the $360 million raised for Fund III in 2021.
Based in 2014 by Eric Martineau-Fortin and Jean-Francois Marcoux, the agency began with simply 5 folks in New York, Montreal, and London, however now has greater than 50 staff in eight places of work. The corporate is headquartered within the UK and New York, with different hubs in Paris, Toronto, Milan, Berlin, the Center East, and Asia.
The agency normally leads Sequence A and B rounds, investing between $5 million and $15 million; about half of Fund IV is allotted to follow-on investments. With a brand new North American Seed Fund and a number of other particular objective autos, White Star Capital has raised greater than $350 million in new capital since late 2025.
Institutional restricted companions and a concentrate on AI investments
Fund IV’s buyers embody Canadian pension and public funds comparable to Fonds de solidarité FTQ, Investissement Québec, Desjardins, and Teralys Capital, in addition to European establishments comparable to CDP Fairness, Swen Capital Companions, Groupe ADP, and the States of Guernsey pension fund.
The fund has invested in Sequen, Veesion, OatFi, AMI Labs, Tetrix, and Trayd. It’s investing capital in AI-focused startups throughout its hubs, together with basis mannequin growth in Paris, vertical AI functions in New York, and bodily AI in Montreal.
White Star Capital has had 22 exits from a portfolio of greater than 100 firms. Some examples embody TheGuarantors being acquired by Warburg Pincus, Solar Life shopping for Dialogue Well being Applied sciences, and Nestlé buying Freshly.
Present portfolio firms embody Butternut Box, FINN, and Vention.
Regardless of an evolving market, our thesis stays the identical. We wish to companion with founders who’ve the ambition, expertise, and product to scale internationally, and, in return, we offer the worldwide community and operational experience they want to take action, co-founders of White Star Capital write in a Medium post asserting the fund.
A fund decreased by selection or by necessity
It’s not at all times clear from the surface whether or not a agency is altering by selection or as a result of fundraising has grow to be more durable. White Star Capital’s use of a number of funding autos might imply both.
Many multi-stage enterprise companies in Europe and North America now favor a number of smaller, targeted funds relatively than one massive flagship, as restricted companions have grow to be extra selective since 2021.
The $250 million shut exhibits what White Star Capital has raised to date, however solely future exits will present if this technique works.
