Venture capital firm Maple Bridge Ventures has closed $10.2 million CAD in the first round of its debut fund dedicated to supporting immigrant founders in Canada. The fund is now almost close to hitting its $20 million target.
Founded and led by Ghanaian entrepreneur and investor Eric Agyemang, Maple Bridge Ventures invests in immigrant founders creating solutions in agriculture, health, food, and enterprise technology. Launched in late 2023, Maple Bridge Ventures is Canada’s first institutional-grade venture fund dedicated to backing immigrant founders.
“Immigrants are critical to Canada’s population and innovation economy,” said Agyemang, Managing Partner at Maple Bridge Ventures. “We want to leverage the immense potential within this community to tackle some of the country’s biggest challenges.”
Agyemang, who is originally from Ghana, built Maple Bridge Ventures to bridge the gaps immigrant founders face by providing the capital, mentorship, resources, connections, and community they need to turn ambition into impact, he says on the company’s website.
A first-generation immigrant to Canada, Agyemang said in an interview that he “fell in love with Canada through volunteering,” while he was a teenager. His first trip to Canada came as part of the Canada World Youth (CWY) volunteer program. CWY promotes youth leadership and international educational programs for ages 15-35, focusing on community development projects.
Agyemang, through CWY, left Ghana for Souris, a small town of 1,000 people on Prince Edward Island. Eight other Ghanaian high school graduates were there with him, alongside nine Canadian colleagues. Even though what he observed in the small town was not what he had expected to experience in Canada, he was attracted to the country.
When he went back to Ghana, he began working on ways to find new means to bring change globally. After working and volunteering abroad in Dublin, Ireland, for several years, Agyemang returned to Canada in 2009 to finally stay.
Today, he has over 15 years of experience as an entrepreneur, trade finance executive, early-stage investor, and ecosystem builder with a strong operational focus, his website says.
Before founding Maple Bridge, he spent nearly 10 years at Export Development Canada (EDC), where he supported various Canadian companies in expanding globally. He also led strategic cross-border financing deals and built partnerships with Canada’s leading innovation hubs and startup accelerators.
Set on building a business from the ground up dedicated to bridging the investment gaps faced by Canadian immigrant entrepreneurs while empowering Canadian innovation, Agyemang left EDC to start Maple Bridge Ventures.
All over the world, immigrant founders are reshaping industries and changing the face of innovation while bringing unique perspectives and global connections needed to find solutions to world challenges.
In Canada, immigration accounts for almost 100% of the country’s labour force growth and roughly 75% of Canada’s population growth comes from immigration, mostly in the economic category. In terms of entrepreneurship, immigrant founders account for about one-third of all entrepreneurs or founders, with that number expected to rise to 42 percent by 2034.
Yet, access to early-stage funding remains a challenge. Agyemang founded his venture capital firm to close that gap.
Its latest fundraise was backed by anchor investors Farm Credit Canada (FCC) and Realize Capital Partners.
“FCC is proud to invest in Maple Bridge Ventures because it backs an underserved population that is a vital source of innovation and entrepreneurship in Canadian agriculture and food,” said Adam Smalley, Managing Director, FCC Capital. “By supporting this fund, we’re unlocking new ideas and opportunities that strengthen producers’ ability to succeed and help ensure a secure, sustainable food supply for Canadian families—now and for generations to come.”
Realize Capital Partners has that same objective. “At Realize Capital Partners, we are focused on building a robust portfolio while accelerating social equity. Aligned to our fund goals, we decided to invest in Maple Bridge Ventures as a way to drive targeted support for immigrant entrepreneurs leading impactful businesses, reflecting our commitment to help grow and diversify the impact investing market. We celebrate Maple Bridge’s first close and look forward to its success,” said Lars Boggild, Portfolio Manager, Realize Fund.
Maple Bridge Ventures will make initial investments from $250,000 to $1 million, reserving additional capital for follow-on rounds.
The fund is also backed by mission-aligned Canadian foundations, including Vancouver Foundation and Fairmount Foundation, along with strategic investors and industry leaders such as Mark Zekulin (former CEO of Canopy Growth), Maple said in a release.
Two venture professionals have also joined Maple’s leadership team to support the company’s mission. Billy Lai, former Principal at iGan Partners, joined as CFO and Venture Partner, and Shelley Li, previously with CIBC Innovation Banking and Silicon Valley Bank, joined as Principal.
Agyemang’s mission is to invest in 100 game-changing immigrant founders in Canada in the next 10 years.
Already, he has held leadership and governance roles with mission-driven organizations, having served as President of the Board at the Ottawa Community Immigrant Services Organization (OCISO) and as a Governor on the Board of Algonquin College, his profile on Maple’s website says.
His work in helping others has earned him several honors, including the Young Achiever’s Award, the Forty Under 40 Award, and the Alumni Excellence Award for Community Service from the University of Ottawa.
The Ghanaian-born investor holds a Diploma in Business Administration from Algonquin College, a Certificate in Sustainable Finance from the University of Cambridge, an MBA with a Certificate in Social Impact from Queen’s University, and an Honours Bachelor of Commerce from the University of Ottawa.
