News Summary

Montréal-based startup Vessel has raised $10.3 million CAD in seed financing to develop an AI-powered platform aimed at streamlining fund and investor management for venture capitalists. Co-founded by Thomas Terrats and Thierry Ajaltouni, Vessel’s platform seeks to automate the ‘grunt work,’ allowing general partners (GPs) and limited partners (LPs) to focus on building relationships. The investment round was co-led by Inovia Capital and Afore Capital, with participation from several other investors. The platform offers tools for every stage of fund management, including LP scouting, onboarding, and reporting returns, and features a portal for LPs to manage co-investment opportunities. Vessel aims to address challenges faced by Canadian VCs, such as limited data access and manual workflows, particularly amid a tough fundraising environment. The startup plans to use the new capital to enhance its automation tools and expand its team slightly. Vessel operates on a subscription model and is targeting global investors, with hopes of aiding Canadian VCs in international fundraising efforts.