News Release

Written By Sarah Murphy

Photo by Erik Mclean on Unsplash‍ ‍

Pelorus VC Launches Venture NL III and Releases Economic Impact Report on Fund’s Contribution to the Provincial Economy

(St. John’s, NL) - Following two back-to-back years with Newfoundland and Labrador leading the way in venture capital investment in Atlantic Canada, Pelorus VC launched its third fund today, Venture NL III.

VNL III continues the work of VNL I and II that began in early 2015.  Today marks the launch of fundraising for the latest Pelorus private venture capital fund.

The Government of Newfoundland and Labrador continues a long-term commitment to the fund with a $15,000,000 (CDN) investment.

Today Pelorus VC also released its economic impact report that illustrates the short and long-term benefits that the VNL I and II funds have had on the province of Newfoundland and Labrador. (Link here: https://pelorusvc.vessel.co/invite/8iL-impact2026)

“Managing Partner Chris Moyer, says that, “When we started Pelorus VC in 2015 we truly saw unique potential in Newfoundland and Labrador. VNL I was a $14M fund, and at the 10-year progress point we’re proud to say we have returned $21 million to our investors that include the Government of Newfoundland and Labrador, private angels and the BDC. The Pelorus VC fund is one of the most successful in the country and is a true demonstration of NL ingenuity and collaboration where innovators, investors and governments work together for the benefit of building the nation and the world’s most impactful companies.  Our founders and the talent and skills growing here are world class innovators. ”

“For more than a decade, Pelorus has shown how early investment can help local companies grow, create good jobs, and attract new investment to our province,” said the Honourable Lin Paddock, Minister of Jobs, Growth and Rural Development. "Highly skilled jobs have been created in communities such as Appleton, Bay Roberts, Cape Broyle, Labrador City, Pasadena and Port Rexton. The launch of Venture Newfoundland and Labrador III marks an important step forward for our technology sector."


Quick Facts about Pelorus VC and VNL:

  • The Pelorus VC portfolio includes CoLab (raised $72M USD in 2025), Spellbook (raised $50M USD in 2025) and Sequence Bio, Sparrow, BreatheSuite, Mantle, Verlo, Mysa, HeyOrca, SiftMed and Swiftsure.

  • Clockwork Fox was successfully acquired in 2021. 

  • $30.3M CAD has been invested in NL-based companies through VNL I, VNL II, and SPVs.

  • 16 companies backed

  • 11 remain active portfolio companies

  • Collective valuation of active companies $1.59B

 
About Pelorus VC and Venture NL:

Venture Newfoundland and Labrador LP I, II and III are private venture capital funds created by Pelorus VC and the province of Newfoundland and Labrador, along with other private investors to invest directly in Newfoundland and Labrador technology startups.

We invest in founders commercializing innovative technologies and building global companies while providing best in class venture returns for our investors.

Founders build great technology – Pelorus helps them build the company around it.

Pelorus VC has backed companies like CoLab, Spellbook, BreatheSuite, Mantle, SiftMed, Sparrow BioAcoustics and more.

Sarah Murphy