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Scale Up Ventures
Toronto-based Scale Up Ventures was founded in 2016 by General Partners Kent Thexton and Kevin Kimsa, closing $106 million in committed capital for its...
Scale Up Ventures
Toronto-based Scale Up Ventures was founded in 2016 by General Partners Kent Thexton and Kevin Kimsa, closing $106 million in committed capital for its debut fund. The raise included a $25 million anchor commitment from the Government of Ontario and substantive participation from a network of Canadian corporations, creating a capital base that connects portfolio companies directly to enterprise customer channels. The structure was designed to bridge the gap between institutional venture capital and the commercial needs of early-stage startups, particularly those building enterprise software. Scale Up deploys capital across seed and Series A rounds, concentrating on Canadian enterprise technology with a specific focus on SaaS, AI-driven workflow tools, and API infrastructure. The firm led the seed round for Vancouver-based Dooly.ai in May 2018 and has since participated in subsequent financings that attracted marquee US venture investors — Dooly's $80 million Series B was led by Spark Capital with Tiger Global, Greenspring, and Addition; Rewind closed a $65 million Series B led by Insight Partners in September 2021; and Nylas raised $120 million in Series C led by Tiger Global in June 2021. The portfolio spans multiple Canadian hubs, including Toronto and Vancouver, demonstrating a nationwide sourcing capability. The firm operates a single $106 million fund from its headquarters at 59 Hayden Street in Toronto. Scale Up expanded into Western Canada as of 2017, reflecting a deliberate geographic widening of its pipeline beyond Ontario. In October 2021, portfolio company Coconut Software closed a C$28 million Series B led by Klass Capital with participation from Scale Up's Fund I and a newer, unnamed Scale Up vehicle — signaling the firm's capacity to recycle capital or launch follow-on vehicles as its portfolio matures. Scale Up's structural differentiator is the composition of its limited partner base: a public-private hybrid where provincial government capital sits alongside corporate strategic investors. This creates a built-in customer-acquisition channel for portfolio companies, giving founders inside the fund access to large-scale distribution partnerships that most independent early-stage managers cannot replicate. The government's $25 million commitment also imposes a policy-layer mandate — to back startups that scale within Ontario and Canada — making the fund an instrument of industrial policy as much as a commercial venture vehicle.
General information
Firm type
Private Equity
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
59 Hayden Street, Suite 320, Toronto, Ontario M4Y 0E7 Canada
Principals
Kent Thexton
General Partner
Kevin Kimsa
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Scale Up Ventures?
General Partners Kent Thexton and Kevin Kimsa run the firm. Thexton was announced as General Partner in May 2016 — the same month the fund increased its target to $75 million — and the two have led the firm since its founding, originating and managing its core early-stage enterprise investments.
How is Scale Up Ventures structured — as a typical venture firm or something different?
Scale Up is an early-stage venture firm structured around a single fund, but its limited partner base sets it apart: the Government of Ontario anchors the fund with a $25 million commitment, sitting alongside a consortium of Canadian corporations. The LP mix gives portfolio companies direct corporate distribution and commercial validation paths that a conventional financial-only fund lacks.
Does Scale Up Ventures participate in fund commitments or only direct deals?
Scale Up invests directly into startups, primarily leading or co-leading seed rounds and participating in subsequent Series A and B rounds. The firm led Dooly's $2 million seed in 2018 and has maintained positions into later rounds, but there is no public evidence that it commits to other venture funds as a limited partner.
What investment stages does Scale Up Ventures typically target?
The firm focuses on seed and Series A rounds in Canadian enterprise technology companies. It often leads the earliest institutional round — as it did with Dooly.ai — and then follows its portfolio companies into later-stage financings led by larger US and global funds, such as Insight Partners' and Tiger Global's rounds for Rewind and Nylas.
How is the Government of Ontario involved in Scale Up Ventures?
The Government of Ontario committed up to $25 million to Scale Up's first fund in April 2015, a year before the fund formally launched under General Partners. The investment was part of a broader provincial policy to leverage private-sector capital and networks to help Canadian startups scale domestically rather than relocate.
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