Failup Ventures

In the past 15 years, Canada’s innovation ecosystem has taken off. Startups, accelerators, incubators, investors, and forward-thinking policies have created a true hotbed of entrepreneurship. Bold ideas are flourishing, transformative ventures are thriving, and Canadian technology is reshaping industries, driving growth at home and societal impact worldwide. We could look back and self-applause our progress, but let’s be radically transparent: major challenges remain and there is still a lot left to be done. A majority of our technology companies are not achieving the global scale they legitimately could attain. They do not achieve their full potential; frequently selling prematurely instead of being the market consolidator and building for the long term. ​ A central cause of this problem is the lack of early-stage venture leadership and risk-taking at the true “inflection point” - when startups have early revenue, signs of product-market fit, and are ready to scale. Canada has no shortage of funds willing to follow on, but far too few are prepared to lead Seed and Series A rounds: to structure financings, set valuations, negotiate terms, and define the conditions for success. The “Death Valley” is real. Canadian venture capital lacks leadership, and needs to contribute more expertise. The “Death Valley” is the critical scaling stage that most companies fail to overcome. It happens as a company attempts to bridge the gap between early commercial success and achieving significant revenue scale. In 2024, roughly six in ten Canadian seed rounds included foreign investors, a dynamic that intensifies by Series A and beyond. Half of that was led by US Too often, the most promising Canadian startups saw their early rounds led by U.S. VCs. While we welcome foreign investors, global connections strengthen our ecosystem, Canada simply lacks enough lead investors to keep ownership at home. For early-stage and scale-up companies, the shortage of funding alternatives is a major barrier. Many of our best founders head south in search of stronger capital partners. The gap is readily filled by international investors, and who can blame them? Canadian founders are known to outperform and to be more capital efficient than their U.S. peers. The best founders will always attract global capital and seek out the strongest partners. But this comes at a cost. Every time leadership is ceded abroad, Canada loses ownership of its most successful businesses. An ecosystem of “follower investors” produces an economy of subsidiaries, when what we need are global leaders. The problem is twofold: not enough Canadian capital to lead at the inflection point, and not enough seasoned expertise to scale our champions. If you believe, as we do, that local technology champions will be the cornerstone of our future economic prosperity, then our ecosystem must level up. We need more early-stage capital that doesn’t just follow, but leads. Equity financing must evolve to deliver not only dollars, but expertise, resources, and technology to nurture local champions. Understandably so, when they lead funding rounds, most Canadian VC firms will either focus on the pre-seed stage, where the power-law is magnified and placing many small bets is more important than bringing expertise, or the growth stages (Series B+) where significant risk is already behind and larger checks drive the outcomes. A paradigm shift is required. New organizations must emerge that add real value and aren’t afraid to take the lead at the Seed stage. This is why we are launching Amiral Ventures. Amiral Ventures is a new venture capital firm on a mission to empower Canada’s most ambitious founders with dynamic capital and scaling expertise, building the next generation of technology flagships with lasting societal impact. Vaisseau Amiral (French for Flagship): A ship or building that is recognized for its size and strength, making it the pride of a fleet or an organization As entrepreneurs ourselves, we have utmost respect for the founder journey. We don’t just invest, we aim to deserve the right to partner with them along the way. Amiral creates the ecosystem where visionary founders thrive, with capital, expertise, global networks, and technology to fuel their growth. We’ve built scale-ups, felt the entrepreneurial highs and lows, and now channel that experience into backing the founders solving the world’s toughest problems. Prosperity Decoded Backing Canadian founders at seed to series-a to drive enterprise productivity, sustainability & resilience The challenges we face, low productivity, climate urgency, and fragile infrastructure, are systemic. But they also represent one of the greatest investment junctures of our time. New enterprise technologies, powered by AI and software, can equip leaders with transformative, mission-critical solutions. Productivity. Canada’s productivity gap is real—our workers produce only ~70% of what their U.S. peers achieve. The answer isn’t more talk, it’s action: applied AI, automation, robotics, and digital platforms. We back Canadian founders building these solutions at home and scaling them worldwide. Sustainability. Profitability and environmental impact can no longer be at odds. The transition to renewables and the optimization of energy use are urgent. Software and AI will be the linchpins of this shift, from clean energy production to efficient consumption. Resilience. Supply chains, industries, and critical infrastructure are under strain. Building resilience means more autonomy, security, and sovereignty, enabled by smart industry, robotics, digital twins, cybersecurity and intelligent manufacturing. More than just capital. Founders-led and founders-backed. Amiral Ventures will focus on leading early-stage rounds between theSeed and Series A and will actively support companies to achieve a strong global position. Capital is a commodity, expertise is not. An integral part of our investment thesis is having a dedicated impact team that will create value post-investment. Our initial focus is helping portfolio companies expand globally and seize international opportunities to scale. Over time, Amiral’s impact team will operate like a service organization, combining internal expertise, external networks, and proprietary technology to empower founders. Our goal is clear: every dollar invested by Amiral should deliver a measurable impact on a founder’s trajectory. Beyond the Amiral team’s expertise, we are surrounding ourselves by an unprecedented group of investors who are themselves founders, CEOs, CTOs, CROs, and not only share our vision but are eager to roll up their sleeves to help our flagship companies. ​Building an enduring franchise We are proudly Québécois but our market is much wider. We believe that for Québec & Canada to succeed, we must expand beyond our borders just like the Admiral butterfly. Papillon Amiral (French for Admiral Butterfly): Emblem of Québec, it is known for its rapid flight, its impressive migration, resilience and its noble appearance. Building a dynamic, resilient, and cleaner economy means securing local ownership while scaling globally. Amiral is an investment firm with an entrepreneurial mindset, built to create value for the next generation of innovators. We stand on the shoulders of the Canadian venture pioneers who came before us. History will mark the early 2020s as an inflection point. Technologies once magical are now everyday tools. The means to create prosperity are in our hands. But good is no longer good enough. High-paying jobs, economic development, and new technologies are necessary but we must also increase Canadian ownership in our champion companies, deploy smarter capital, and elevate our ecosystem. The “Death Valley” for Canadian startups must be crossed. Ambitious founders are ready to take flight on the global stage. Let’s build the next generation of Canadian flagships.

Japan, which once dominated the world with its capital and technological prowess, has gradually begun to lag behind the rest of the world without realizing it. And the old structure and systems are causing further delays and widening the gap with the rest of the world. Our mission at One Capital is to update Japanese companies and managers so that Japan will not be left behind by the world and the times. Investing in the future of work By leveraging cutting-edge technologies like AI and cloud computing, we aim to enhance the productivity of business professionals and transform the business structure of Japan. With technology at the core, we are exploring new possibilities in work styles and aim to establish Japan as a leader in the digital era, showcasing this to the world. Furthermore, One Capital itself is overturning traditional working methods, utilizing technology to realize a work style that prioritizes flexibility and efficiency. Accelerate InnovationSTRATEGIC INSIGHTS. Accelerate innovation through bold strategic insights that defy common sense, the past, and convention. CONNECTED PARTNERSHIP. Accelerate innovation by ensuring that entrepreneurs, business professionals, and internal teams are deeply connected at all times. DATA DRIVEN APPROACH. Accelerate innovation by using data to show/measure objectives, plans, progress, and challenges.

At Exhort Ventures, we believe that the foundation of groundbreaking innovation lies in the hands of extraordinary people. Our focus is on identifying and empowering relentless founders - those with the vision, expertise, and tenacity to build and execute on their promises. Our mission is to be the catalyst for early-stage success, leveraging our extensive community and experienced networks to connect founders with the resources they need. Our promise is to back only companies in which we truly believe, and we are committed to doing everything within our power to support them – during both the good times and the bad. Our Approach Deal Flow Generation: We engage with an extensive network of established investors from leading venture capital firms, with whom we have built trust and relationships over the years. Venture firms partner with us to provide the additional capital required to close a funding round, understanding that while we may contribute a smaller cheque, we offer an extensive network that founders can tap into. We also engage with startups at their earliest stages, helping them find strategic investors when they reach the right scale. Lastly, we offer a share of the deal-specific profits (carry) to those who facilitate introductions to founders. Strategic Co-Investments: We do not lead investment rounds; instead, we invest alongside top-tier VCs that have a strong track record and with whom we identify strong alignments. The nimble structure of our syndicate allows us to make decisions more quickly, bypassing institutional red tape. This approach helps founders close deals quickly, enabling them to focus on building their businesses. Community at the Core: Our long-term vision is to foster a community of LPs who are as invested in the success of our startups as we are. We are building a community of LPs comprising CEOs of established companies, founders, industry operators, lawyers, and seasoned investors. The cumulative insights and reach of our community unlock tremendous value for founders who want us on their cap table, not just as a provider of capital. Sector-Agnostic: We are not bound by investment constraints, which allows us to identify and capitalise on the best opportunities across all sectors. However, we prefer to invest in software and in non-capital intensive businesses where technology is at their core. Therefore, we tend to avoid areas like BioTech, MedTech and ClimateTech with large hardware components. Secular Themes We Favour Each theme below represents not only a significant market opportunity but also mirrors broader societal and technological trends, which we expect to persist and evolve over the next decade. Cloud-Native Software Disruption: The shift towards cloud-native software is disrupting incumbents entrenched in outdated legacy tech stacks. New ventures are demonstrating superior scalability and efficiency at exceptionally low costs, delivering value to customers. We view the rapid advancement of artificial intelligence applications as complementary to software companies rather than disruptive. Generative AI Integration into Human Workforces: We are at the infancy of the development of generative AI, but its integration into human workforces is set to redefine productivity, creativity, and efficiency. By automating routine tasks and improving decision-making, generative AI can augment human skills and significantly boost productivity. There are numerous ventures in this space, and it is essential to navigate carefully, as the lasting impact of these innovations over the next decade is still to be determined. Digitalisation of Payments: With economies becoming more digital, the demand for secure, efficient, and adaptable payment solutions is soaring. This trend is especially relevant in emerging markets transitioning from cash to digital and in developed economies focusing on digital efficiency. The evolution of fintech, along with the adoption of blockchain and other technologies, promises to further revolutionise how transactions are conducted. HealthTech and Aging Demographics: Advancements in medicine have considerably extended average lifespans, leading to an aging population. This demographic shift presents unique challenges and opportunities. While we don't invest in Medtech (or medical hardware), we favor HealthTech solutions that aim to address critical aging-related issues, such as remote patient monitoring and personalised medicine. By leveraging AI and other technologies to deliver health-related services, HealthTech can offer more proactive and predictive care models, thereby reducing healthcare costs and enhancing the quality of life. Evolving Cybersecurity Industry: Cybersecurity is an ever-evolving field, with new threats and challenges emerging as technology advances. With the increasing digitisation of assets, the proliferation of connected devices, and the sophistication of threats, there will continue to be a growing need for advanced security solutions to protect our data and privacy. E-Commerce Solutions: The rise of e-commerce is reshaping consumer behavior, with a shift towards the convenience of online shopping. We are particularly interested in businesses that are changing consumer behavior and spending patterns. The ongoing evolution of e-commerce platforms, including the creator economy and integrations with social media, is creating new opportunities for brands to engage with consumers and enhance their experience. Our Investment Process Having a rigorous investment process can help filter through the noise, but it can also hinder your ability to identify non-obvious opportunities. We assess each deal on its own merit, acknowledging the following considerations: Founders: We invest in people – relentless, domain-expert leaders obsessed with solving real problems. We prefer founders that are deeply rooted into the problem they are solving and offer a unique perspective. Markets: We favour large and rapidly growing addressable markets. Though we also like niche, inefficient, and fragmented markets if they have much lesser competition and if we identify opportunities to expand into adjacent markets. Business Models: We favour capital-efficient businesses that leverage technology for rapid scaling. Our support extends to innovative business models, as well as proven models from other industries that can be effectively replicated across various geographies and verticals. We love enterprise solutions, embedded into workflows, that have short sales cycles and high contract values. Traction: We generally don't invest in ideas, we actively seek evidence of market validation. This means we look for clear indicators that the product not only solves a problem but also that it has garnered genuine customer enthusiasm and approval. Deal Terms: We play the long game, ensuring every term aligns with the potential for stellar returns. In early-stage deals, we focus on company ownership and pro-rata rights, which are the two single contributors to enhanced returns. When a company does really well, you want to own as much of it as you can. Why Now is the Time From a macroeconomic perspective, the era of cheap money is over... or at least for now. The balance between capital supply and demand has shifted back to investors, allowing us to benefit from lower valuations, less competitive deals and better terms. The following points are also structural tailwinds benefitting Australian investors. Aussie Ecosystem Boom: The Australian tech scene has exploded over the past decade, fuelled by record VC funding, government support, and a wave of experienced founders stemming from some Australia’s most successful startups – think of Canva, Airwallex, Safety Culture and many others. Global Solutions: The Australian market is small but is fertile ground for experimentation before going global. Global markets are now more interconnected than ever and we champion startups that think beyond borders, building products that can grow into enormous global markets. Undervalued Gems: Australian startups are often priced attractively compared to global peers, presenting a unique chance for higher return multiples. Early Mover Advantage: The Australian ecosystem is still young but at an inflection point, offering exponential return opportunities for early investors. The market is not as crowded and competitive, allowing you to handpick some of the highest quality deals.

RockawayQ is the newest investment division of Rockaway Capital, focused on leveraging AI to transform established B2B companies into leaders. Our unique mix of company-building DNA and proactive approach has led to a decade of proven success in technology investments. We believe in partnering closely with our companies, guiding them to become global leaders through state-of-the-art technology innovation. We are more than just investors; we are partners and company builders committed to fostering value creation through direct involvement and technological expertise.

Our passion is to help entrepreneurs grow, win and stay in the game to achieve their own dreams. FOUNDERS BACKING FOUNDERS Swift Ventures is the fund that we wish existed when we were starting out -- a low-ego, sincerely helpful firm led by former founders who get it. With decades of company-building experience, Swift provides relevant and practical “garage-to-IPO” building and scaling expertise. While our firm is new, our team has been having fun going for it together as co-founders since 2006. We have “in the trenches” experience at building companies through every stage including IPO and acquisitions. We know what it’s like to be on top of the world one day and dealing with an existential crisis the next. We have rung the bell and know that getting there can be absolutely brutal on our bodies and relationships. Our mission and passion are to help entrepreneurs grow, win and stay in the game to achieve their own dreams. We are guided by the belief that there is no higher calling than creating something of value to the world from scratch. But overcoming the haters, incumbents and the status quo isn’t for everyone. The name “Swift” comes from our shared experience that while there are many paths to build great companies – the best entrepreneurs have the ability to build, learn and iterate faster than others think is possible. INVESTMENT FOCUS We invest in AI and Automation companies with B2B business models. Typically, we are looking for companies that have an early compelling product with positive revenue and retention signals. More than any focus or pedigree we value Founders that are bold and that have a high Do:Say ratio (and expect the same of ourselves)

F2 Venture Capital is a Tel Aviv-based VC firm that invests in early-stage technology companies on the cutting edge. Our team members have been investors, operators, and engineers in startups and multinational giants that changed the game over the last twenty years. With $500 million assets under management, F2 powers visionary founders on their bold missions with personalized support. F2 also operates The Junction, Israel's most active pre-seed investment platform, to back founders with guidance, network, and capital from day zero. What does F2 stand for? F2 stands for “Power to Founders”. Our team is here to augment and support your team with the guidance, network and capital to hit your milestones and realize your vision. What are our core values? Our core values are trust, boldness and efficiency. All of our team members share these values that are inspired by the values that Israel’s special forces use to accomplish daring missions against all odds. When was F2 established? We launched our first fund in 2017. Our founders spun out of Genesis Partners, one of Israel’s most established and respected VC funds over the last 25 years. We are currently investing out of our second fund raised in 2019. Which notable companies have we backed? Our partners have previously backed Bizzabo, Click Software (Acquired by Salesforce), Crossrider (FTSE IPO), eToro, FundTech (NASDAQ IPO), Innovid, Kidaro (Acquired by Microsoft), Monday.com, Neebula (Acquired by ServiceNow), ObserveIT (Acquired by Proofpoint), Optimove, PrimeSense (Acquired by Apple), R2Net (Acquired by Signet) and Simplex, among many others from seed stage to exit. Who backs F2? We are backed by institutions and family offices on every continent except Antarctica. Many of our investors are successful founders themselves and routinely help our portfolio companies with advice and support on the ground. F2 is also supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments. Where do we focus? We back deep technology companies at the junction of Big Data, Artificial Intelligence and Connectivity. These are B2B or B2B2C enterprise software companies with R&D in Israel. Do we focus on particular industries? We believe technology will disrupt every market, so our approach is industry agnostic. We back companies in cyber security, digital health, financial services, HR, insurance, media, real estate, retail and software infrastructure, among other areas. We do not invest in hardware or biotech. At which stage do we invest? It is never too early to get in touch with our team. We love sharing ideas and tailor our approach to support founders at the concept, pre-seed and seed stages. How much do we invest? F2 typically leads seed rounds with checks of up to $4M. We reserve additional funds for follow on rounds in high growth companies. What do we look for in a startup? In order to take our investment decisions, we evaluate the team, market, value proposition, technology and commercial validation. The team is by far the most important factor for us. What do we look for in the team? We are looking for authentic entrepreneurs – women and men who could not imagine doing anything except their venture and have a large vision for their company. Founders should also complement each other in terms of technical and commercial skills. We also love to back “first timers”. What do we look for in the market? We are interested in game changing startups targeting large, existing markets like financial services and healthcare, or small but rapidly growing markets like artificial intelligence. What do we mean by value proposition? We are looking for compelling concepts with a clear business model and a unique approach to solving big problems. Timing is also critical; we ask, “why now?" What do we mean by technology? We look for startups whose technology can provide a moat or barrier to entry for competition and support a great product and user experience. What do we mean by commercial traction? We look for evidence of product-market fit. At the early stage, this usually comes in the form a small but passionate set of customers who view your service as “mission critical”. What is our investment process? Our investment process generally follows five steps: First meeting with our team. In advance of our first meeting, we will review any materials you want to share. This will help us ask the right questions to ensure there is a fit. Our first meeting (or call) will be 45 minutes to cover the basics and feedback. Follow up meetings with our team. Most of our “passes” happen after the first meeting. Follow up meetings mean we are genuinely interested in your startup and want to learn more. You will meet additional team members to address questions and concerns. It’s also our chance to share more about F2 and how we can help. Meetings with outside experts. Over the last 25 years, we have had the privilege to work with founders across every sector. We will match you with domain experts from our network who help us to build conviction and respond efficiently. Meeting with our Investment Committee. Our general partners comprise the investment committee of the fund. We meet every Monday and will invite you back to share the entire story and address the questions that arise in our process. Final Decision. We take all investment decisions as a team by unanimous vote of the general partners. Our goal is to give you a final decision within 24 hours following the meeting with our Investment Committee. How long does our process take? While we follow the same steps for every company, the timing of our process varies based on the investment criteria and our level of conviction. It can range from two weeks to two months but generally we strive to complete a thorough process as fast as possible. Is there a fast track? The Junction is our fast track to investment. The program is designed for strong founding teams that are still developing one of or more parts of their business plan. We can move as fast as one week to provide pre-seed funding in these situations. Does F2 only back companies from The Junction? No. F2 invests in the seed stage in companies from The Junction as well as directly into companies that do not start at The Junction. We harness the network of founders and partners around The Junction to support all of our companies. What is The Junction? Established in 2011 at Genesis Partners, The Junction is our pre-seed investment program to help founders achieve technological, product and business targets in an accelerated time frame. What are some notable companies from The Junction? The Junction has launched more than 200 companies including AppsFlyer, HoneyBook, Simplee, ClarityRay, HouseParty, CyberX, Mobilize and many others that have raised close to $1 billion from top VC funds and realized multiple exits to tech giants. What value does The Junction provide? Over a 6 month period, startups in the program receive tailor made support in strategy development, positioning, sales & marketing and recruitment, among other critical areas. The Junction provides 5 layers of support to founders: Guidance. Expert guidance from investors, alumni and industry experts. Network. Access to multinational partners for commercial pilots and investment. Capital. Pre-seed funding from F2 on founder-friendly terms. Operations. Support in positioning, business development and HR from industry experts. Perks. Free workspace, credits and discounts for cloud hosting and additional services. What are the terms of the program? The terms of the program are simple. F2 invests on a SAFE (Simple Agreement for Future Equity) that converts into your seed round at a discount with no cap on the valuation. In addition, F2 has the right to participate in your seed round, on the terms of the round. How do you apply to The Junction? Contact us with your background and vision and we will follow up with you within 48 hours. If your focus fits our areas of focus, we will invite you for a meeting and give you a decision within 7 to 14 days. Does F2 continue to invest in companies from The Junction? Yes. We can lead or join the seed investment round in companies from The Junction. In fact, this is why we run the program – to get to know you, add value and give you the opportunity to get to know us – to build a strong and successful partnership with you for the long term. How much do we invest in a company? F2 typically leads seed rounds with checks of up to $4M. We reserve additional funds for follow on rounds in high growth companies. Will F2 join a round with another VC? Yes. We often partner with other top funds, multinationals and strategic angels from our network and yours to build the best possible team and support your growth. What makes F2 different? F2 is a specialized fund with a clear mandate to back seed stage, deep technology companies in Israel. We are totally aligned to help you reach your milestones and bring additional top global funds for your round. In addition to our team of investment and HR professionals and portfolio companies, The Junction community with hundreds of founders and partners pay it forward to support you with collective wisdom and partnership. How do you support your companies? The companies we have previously backed have raised billions of dollars in follow-on capital. We leverage our experience and relationships – built over decades – to help you build the right pitch and connect with your ideal partner. As market conditions shift and Series A pools shrink, this kind of resource becomes a serious advantage to our founders. Will F2 support you in future rounds? On day one we set milestones together and help you achieve them. We want to be your first call when you hit an obstacle so there are no surprises, and we continue to invest in your Series A round and beyond as you execute on plan or pivot with the market. How does F2 help you with HR? Our Head of People is dedicated to help you connect and screen top talent to build your team. As a trained psychologist, she also coaches our founders through inevitable tensions and challenges in order to perform at your best, as individuals and as a team. Does F2 take board seats? F2 takes a board seat in companies when we invest at the seed stage and are most active helping you build your company in the first years. Outside of the board, we prefer to meet one-on-one to help you navigate challenges and opportunities on your growth trajectory.