Toronto-based pre-seed venture firm N49P raised a $25M first close for its fourth fund and is aiming to raise $70M total by the end of 2026, dwarfing its predecessor fund which closed at $27.7M, with backing from Northleaf Capital Partners along with family offices and tech founders. The firm plans to back roughly the same number of startups as its previous fund (around 30) but will write bigger checks and reserve more capital for follow-on investments, as later-stage investors now demand stronger revenue and traction before leading seed or Series A rounds. N49P continues its thesis of backing “non-consensus founders” overlooked by investors prioritizing entrepreneurs with previous exits, with portfolio companies including Spellbook, EvenUp, Cobrand, and Quandri.
