Mistral Venture Partners
Fund · Ottawa · mistral.vc
An Ottawa venture capital firm that writes first cheques of US$750K to $1.5M at pre-seed and seed to founders building AI for businesses in Canada and the US.
Mistral Venture Partners is an Ottawa venture capital firm that has invested since 2013. It backs founders building AI for businesses at pre-seed and seed, across Canada and the US, and says it has backed 124+ companies. Its Managing Director is Code Cubitt, its Managing Partner is Bernie Zeisig, and its partners are Pablo Srugo and Raif Barbaros.
In Waterloo Region, it led the $1.6 million CAD pre-seed round of runQL, a Kitchener-Waterloo data tools startup, announced in November 2024. Its portfolio also lists Agilicus, a Kitchener zero-trust security company it backed at seed from Fund III.
Most first meetings come through introductions from founders it has backed or investors it works with. Before a meeting, it asks founders to send what they are building, who it is for, what is true so far, and a deck or demo. It says that when the answer is no, it usually gives it within days, almost always under a week.
What it invests in
Pre-seed and seed, before product-market fit
First cheques of US$750K to $1.5M from Fund IV, its $75M fund
Founders building AI for businesses, plus some exceptional founders outside it
No consumer products from Fund IV
Startups across Canada and the US, with no need to be near one of its offices
Links
Waterloo Region startups backed by Mistral Venture Partners (2)
RunQL
runql.comRunQL is a free, open-source SQL IDE or extension for VS Code. Run queries, auto-document schemas, generate ERDs and charts, and save everything as Git-ready files.
Agilicus
agilicus.comZero-Trust for Critical Infrastructure and Industrial Control Systems. Give any user, on any device, secure access to any resource they need—without a client or VPN.
From the fund's own portfolio page and public announcements of its rounds. Only Waterloo Region companies in the directory are shown.
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