Omers Ventures Fund IV closes on $750m

Omers is the multi-stage venture capital investment arm of Ontario Municipal Employees Retirement System (Omers), one of Canada's largest pension funds with more than $100bn in net assets.

The VC house targets growth-orientated, disruptive technology companies in North America and Europe. It opened a Silicon Valley office led by managing partner Michael Yang in January 2019 and a London office led by managing partner Harry Briggs in March last year. The firm also appointed as partners in London Tara Reeves from LocalGlobe and Henry Gladwyn from DeepMind.

In addition to its fourth fund, the firm is also managing a €300m Europe-dedicated vehicle, launched in March 2019. The fund invests in series-A and -B rounds and deploys initial tickets of €5-10m, typically followed by additional injections. Targeted sectors include health and financial technology, among others.

Omers' recent investments in Europe include a $110m round for German digital insurance provider WeFox; a $5.2m series-A for UK-based business-optimisation software specialist Quorso; a $20.6m series-B for Swedish veterinary consultation app FirstVet; and a $33.5m series-D for Berlin-based content platform Contentful.

Investors
The vehicle is being solely funded by the parent's pension fund. Omers' global connections are expected to help the vehicle  give European and North American companies a significant advantage in scaling internationally.

The pension fund invests in a diverse range of assets in public and private markets, infrastructure and real estate globally. It has teams operating from Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe.

Investments
Omers Ventures Fund IV intends to back entrepreneurs building early-stage, disruptive technology companies. Its primary focus is on insurance, financial, health, property and workplace technologies, with the addition of logistics technology in Europe. The fund does not exclude other sectors, but the majority will be directed towards these areas.

The vehicle targets companies based in the US, Canada, the UK and continental Europe, raising series-A to -C financing. It plans to build a portfolio of long-term, sustainable businesses that are disrupting some of the biggest industries. Initial investments will typically be $5-25m, with the opportunity for follow-on rounds as a company grows.

In addition to financial support, the fund plans to help businesses expand internationally, develop a deep understanding of their market fit, and be able to access a network of partners to navigate the operational challenges that come with growth and expansion, like real estate, procurement, recruitment and technology.

Around 30% of the fund will be invested in Canada, 40% in Europe and 30% in the US. The vehicle expects to close eight deals within the next one or two months.

People
Omers Ventures – Michael Yang, Harry Briggs (managing partners).

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