# N49P

N49P is a Private Equity based in Toronto, Canada.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** Toronto, Canada
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** www.n49p.com
- **LinkedIn:** https://linkedin.com/company/n49p-ventures

## Regulatory record

- **CRD number:** 322307
- **SEC file number:** 802-135894
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/322307

## About

N49P is a venture capital firm focused on powering Canada’s top founders with hands-on support. They invest in early-stage, high-potential Canadian tech startups and aim to secure exclusive deals and invest in the next wave of Canadian innovation. They offer founder-led community support, network access, and typically invest $500K–$750K USD at inception, pre-seed, and early seed stages.

## Sectors

- AI/ML
- Enterprise Software
- Digital Health
- PropTech
- Robotics & Automation
- FinTech

## People

- Alex Norman — Partner
- Doug Penick — Partner
- Omar Dhalla — Partner

## Questions

### How does N49P source proprietary deal flow?

The firm’s sourcing engine runs through the TechTO network (60,000-plus subscribers) and the AngelList Canada syndicate that Alex Norman established, plus an active founder WhatsApp group, Zoom calls and in-person events. When portfolio founders like Rian Gauvreau of Aeon cite ‘first-class investors who roll up their sleeves,’ they also tend to refer the next wave of Canadian pre-seed teams, creating a loop that feeds N49P’s pipeline.

### What investment stages does N49P target?

The firm brands itself as ‘Canada’s Pre-Seed Investment Leader’ and concentrates on pre-seed and seed rounds, occasionally participating in later follow-ons such as the doubling-down on Dessn. Portfolio companies like EvenUp, Synex and Appetronix entered the roster at the earliest institutional stage before raising larger rounds from other investors.

### Which regions does N49P cover?

N49P invests primarily across Canadian tech hubs — Toronto, Montreal, Vancouver and Waterloo — and selectively backs U.S.-domiciled startups such as EvenUp and Caribou (exited to Move Health). The community model is Canada-first but does not impose a hard geographic restriction on the portfolio.

### Which sectors does N49P explicitly focus on?

The firm’s portfolio spans AI-driven litigation (EvenUp), automated insurance (Safekeep), non-invasive health monitoring (Synex), restaurant robotics (Appetronix), real-estate software (Altrio) and medical-supply intelligence (AssistIQ). The website does not list any sector it explicitly avoids, but the visible pattern is B2B and deep-tech enterprise software heavy on automation and AI.

### What is the scale of N49P’s operations?

AUM is not publicly disclosed. The most concrete deployment figure comes from partner Omar Dhalla, who personally deployed more than $100 million and raised $300 million for companies over his career. The partnership totals three named partners; no additional professional staff count has been published. The office footprint is Toronto-only, with no additional locations listed.

## Related profiles

- [N29 Capital Partners](https://altss.com/profile/n29-capital-partners)
- [N4 Partners](https://altss.com/profile/n4-partners)

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Last updated: 2026-08-11T15:07:34.613Z

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