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Vistara Growth
Randy Garg founded Vistara Growth in 2015, providing $10M–$50M flexible growth debt and equity to mid-to-late-stage tech companies in North America.
Vistara Growth
Garg launched Vancouver-based Vistara Growth in 2015, explicitly targeting a gap between traditional venture equity and restrictive senior bank debt for North American technology companies. The firm does not disclose its underlying wealth origin or operate as a family office, instead functioning as a specialized growth-capital provider. From its first offices in Vancouver and later Toronto, Vistara built a team of roughly 14 professionals to deliver hybrid capital solutions. Vistara deploys capital across growth debt and minority growth equity, often in a single combined facility. Its core product is a non-amortizing, payment-in-kind term loan of up to five years, designed to minimize equity dilution while funding organic expansion, M&A, or shareholder liquidity. Confirmed portfolio companies span cybersecurity, enterprise AI, and digital health, including ThreatX, Kore.ai, Sama, meQuilibrium, and D3 Security. The firm invested $15 million in Illusive Networks ahead of its acquisition by Proofpoint and led a $25 million capital raise for health tech company VALD alongside Queensland Investment Corporation (QIC). Vistara primarily operates across Canada and the United States. Vistara has deployed hundreds of millions of dollars since inception, with a typical transaction size between $10 million and $50 million. The firm maintains offices in Vancouver and Toronto. In a distinctive program, it runs the Vistara Elevate Awards, which provide financial support to individual recipients, and also partners with Peerscale, an executive network for technology CEOs. In personnel news, Randy Garg was inducted into the BC Innovators Hall of Fame in 2025. Vistara's structural differentiator is its hybrid debt-and-equity mandate. Unlike dedicated venture lenders, Vistara can lead or participate in equity rounds and convert prior debt, while also arranging lower-cost senior bank facilities for portfolio companies — acting as both capital provider and capital-structure advisor. This dual posture allows it to serve bootstrapped firms, such as former portfolio company InvestEdge, which took growth debt as its first external funding, as well as venture-backed companies like Getaround ahead of a Series C.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Vancouver
Corporate office
Suite 200 – 1622 West 7th Ave, Vancouver, BC, Canada, V6J 1S5
Additional offices
Toronto, ON, Canada
Principals
Randy Garg
Founder
Noah Shipman
Team Member
John O'Donoghue
Team Member
Sector focus
Frequently asked questions
How does Vistara Growth structure its financing?
Vistara provides a combination of growth debt and minority growth equity, often within a single facility. Its growth debt typically takes the form of a long-term, non-amortizing term loan with a payment-in-kind (PIK) interest structure, lasting up to five years. The firm can also participate in or lead equity rounds, including converting prior debt investments.
What investment stages does Vistara Growth typically target?
Vistara focuses on mid-to-late-stage growth technology companies. It seeks firms that have established product-market fit and require capital to scale organic growth, finance acquisitions, or provide shareholder liquidity. The firm is willing to work with both founder-owned, bootstrapped companies and venture-backed businesses.
Who runs investment decisions at Vistara Growth?
Founder Randy Garg leads the firm and was inducted into the BC Innovators Hall of Fame in 2025. Key team members include Noah Shipman, John O'Donoghue, Neil Kenley, and Kevin Barber. The firm operates with a lean team of roughly 14 professionals based in Vancouver and Toronto.
What is Vistara Growth's typical check size?
Vistara Growth's typical investment size ranges from $10 million to $50 million per company. The firm has deployed hundreds of millions of dollars in total capital since its founding in 2015, targeting leading technology companies across North America.
Does Vistara Growth participate in fund commitments or only direct deals?
Vistara Growth invests directly into companies, using a hybrid structure of debt and equity. It does not operate as a fund-of-funds and there is no public evidence of it participating in third-party private equity or venture capital fund commitments. Its focus remains on direct, tailored capital solutions for individual portfolio companies.
Which sectors does Vistara Growth explicitly avoid?
Vistara Growth does not publish an explicit sector exclusion list. However, its disclosed portfolio is concentrated in enterprise software, AI/ML, cybersecurity, and digital health, with no public positions in sectors such as hard infrastructure, energy transition, or life sciences. The firm consistently positions itself as a technology-focused investor.
How is Vistara Growth different from a standard venture lender?
Beyond lending, Vistara structures minority equity investments and can convert its debt positions into equity. The firm also acts as a capital-structure advisor, demonstrated when it helped portfolio company Mobify source a separate low-cost operating facility from a traditional bank. This places Vistara between a pure-play venture bank and a growth equity firm.
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