News Summary

Kensington Capital Partners, a Toronto-based asset manager, has acquired the venture capital business of Ottawa-based One9 to establish a defence technology VC platform. This acquisition includes the One9 team, excluding general partner Daniel Weinand, the One9 brand, and all future investment activities. Kensington has also acquired a minority stake in One9 Capability Labs with an option for full ownership. The acquisition aims to capitalize on increasing interest in the defence tech sector due to rising international tensions. Kensington and One9 have been investing in defence tech since 2020 and plan to continue investing in more startups and funds in Canada and abroad. The collaboration between One9 founder Glenn Cowan and Kensington senior managing director Rick Nathan seeks to leverage Cowan’s military expertise and Kensington’s VC experience to build a national security technology platform. The acquisition reflects a strategic move to bolster Canada’s defence tech capabilities, focusing on areas like AI, robotics, and cybersecurity. This deal marks a significant development in Canadian VC acquisitions, with plans to deploy substantial capital in the defence tech sector.