McRock launches $100M IIoT VC fund

Toronto-based investment firm, McRock Capital, announced it has held an initial closing on its second Industrial Internet of Things (IIoT)venture capital fund, McRock Fund II LP, which has reached over 80% of its targeted $100 million.

According to McRock, the fund will invest in high-growth companies across Canada, the US, and Europe that are combining AI-driven data analytics with the growing data from field devices, machines and equipment in industrial and urban environments.

Fund investors include Cisco Investments and Shell, as well as BDC Capital, Export Development Canada, Alberta Enterprise Corporation (AEC), and HarbourVest.

“We are at the beginning of the digital transformation in every industrial sector and urban environment around the globe,” said Scott MacDonald, Co-founder and Managing Partner of McRock Capital. “McRock Fund II provides us with significant investment capital and strategic corporate relationships to help build the next generation of high-growth tech companies.”

Since the firm’s launch, it has invested in eight IIoT-related companies including Markham’s Invixium, Kitchener-based Miovision, mnubo in Montreal, Moncton’s RtTech Software and most recently Kitchener-based Praemo.

“McRock Fund II is building off the success of McRock’s inaugural fund, which is highly differentiated and supports an emerging cluster of technology strength in Canada,” stated Alison Nankivell, VP of Funds and Global Scaling at BDC Capital. “We are proud to be a returning institutional investor given their impressive leadership position not only in their sector but in backing equally diverse and inclusive companies. We look forward to finding more opportunities to coinvest with the McRock team in diversity focused Canadian Industrial IoT businesses”.
www.mcrockcapital.com