The world is evolving; we are evolving. Industries today have adapted to fast-paced technological advancements. The implementation of tech upgrades allows industries to widen their spectrum and procure profits at a faster rate. Currently, new players in the market, such as science-based start-ups, are creating more opportunities for better innovations. David Charbonneau’s funding venture, Boreal Ventures, assists these start-ups to gain a firm position in the industry for further growth.

We at PerceptivX admire such leaders and appreciate their contribution to the evolution of the industry. Below are the highlights of the conversation between PerceptivX and David:

Could you tell us a bit about your organization and how it works?

Boreal Ventures! We launched the fund in 2021 and raised just under CAD$40 million for our first fund. We are located in Montreal, Canada, and currently only have one office. We are an early-stage venture fund backed by an ever-expanding network of really interesting people. As such, we bridge the gap between exceptional founders, investors, and partners for greater impact through technology and innovation. We support the most promising science-based startups across Canada, from their early stages to their growth stage, bridging the gap between exceptional founders, international investors, and corporate partners to create a more significant impact through technology and innovation. In addition to that, Canada is one of the most promising ecosystems to create early-stage tech-oriented ventures. Our strong talent pool (thanks to our academic institutions), paralleled with a venture market environment where collaboration (or cooperation) is the de facto way of working, enables us to have access to unparalleled investment opportunities. Our USP really is our ability to connect a complex network of stakeholders across different industries. We use this network to source deals, vet and attract key team players, review investment opportunities, leverage capital for our portfolio companies, and often de-risk our investment by making introductions to first customers. Moreover, our investment fund has the unique advantage of helping fund socially responsible companies and advance engineering and science in the fields of medical devices and digital therapeutics, clean technologies, automation, artificial intelligence, and the future of work. In a nutshell, it truly is a privilege to allocate capital to potentially world-changing innovation. Risk/return aside, venture capital is humanity’s insurance policy to create a future that solves meaningful societal problems with technology. This privilege calls for accountability and the need to act accordingly. As such, we invest with impact and meaning in mind (Puzzle Medical Devices, Ditch Labs, Haleo Sleep Clinic, Kento Health). These are all examples of businesses working actively to improve the lives of millions.

How would you describe your team and the work culture at Boreal Ventures?

Though our team is small, I’m very proud of what we have been able to accomplish by creating a respected brand that attracts some of the most respected repeat founders and key industry stakeholders. It is then essential to create value upfront with as many people as possible to foster real, interested, deep relationships that can be nurtured into a network. Based on our key values of transparency and courage, this is how we established ourselves as emerging leaders in our niche. As such, our values are the following: Transparent: embrace authenticity; Courageous: Own your voice and your opinions; Constantly learning: Listen intently and seek wisdom from all places; Ambitious: Ignite change from within; People-first: Nurturing relationships drives our success; Responsible: Privileges demand accountability. We act accordingly. Our industry is also predominantly led by stereotypical white male investors. Being conscious of our privileges, we strive to be an ally by fostering mentorship with up-and-coming talents from diverse backgrounds, tracking DEI metrics within our portfolio, and being a voice, whenever it is called for, for a more inclusive and people-oriented venture ecosystem. As such, we are in the process of adapting our politics and internal workings to adhere to high ESG and DEI standards. Being one of the youngest venture teams in Canada, those values of inclusiveness and equality come naturally to us, and we wish to make the most of what we have been given while generating financial returns for our stakeholders.

What would you say were the biggest challenges of your career? How did you overcome them?

We launched our fund at the height of what seemed like an investment bubble. We had pressure to deploy capital as we had just raised our fund in Q1 2021. We stayed true to our “value investor” roots and decided not to write any checks into businesses that we judged were overvalued by our internal standards. As such, we barely deployed for the better part of 18 months. However, when the market did correct, we found ourselves in a privileged position to invest in companies that fit our risk appetite and thesis. As such, this pressure from our own investors eventually transformed into respect for our beliefs. We invest in a broader scope of businesses than just pure ‘deep tech’. We don’t back what we would call “science projects,” but, to the contrary, tend to invest in real money-generating businesses that leverage their technical edge to create something novel for which incumbents will eventually pay a premium to acquire. We have a knack for anything technical, but at the end of the day, we invest in incredibly ambitious founders who share similar values and want to leave a dent in their market and in the world. We built a flat hierarchal structure where opinions are heard and put into action. This level of transparency creates a natural alignment with our mission and helps us get the best answers possible in a collective manner. We trust each other, have an ever-learning culture that thrives on listening and improving, and build the future of our franchise as a team.

How did you make it to the top? People often talk about how lonely it is at the top. Do you ever feel this way, and if so, how do you handle it?

Different key elements make great leaders. Ambition is a given, but beyond that, modern founders need to be adaptable, have key selling skills, and have a knack for building incredibly efficient teams. Those soft skills that can’t really be taught in school separate good founders from exceptional ones. This ability to sell a vision and empower teams is rather unique and always serves as a good litmus test for our investment decisions. I like learning new things and developing new skills. Learning really is my lifeblood.

We have the chance to spend our days with incredibly passionate founders, who themselves may feel lonely at times. As such, we feel a bit less lonely just by being able to listen to and learn from such exceptional and resilient people. That being said, my family is my rock. I make sure to be a present father and a good husband to my wife, who always reminds me what matters. Without her support, I would feel far lonelier, for sure! We are learning so many new things as we scale our fund that it opens a world of possibilities for how to evolve our franchise over time. The need to remain focused on building a strong foundation and not lose sight of day-to-day operations is always a challenge. We’re lucky to have a team culture where we remain grounded in the present and what is actionable today to better our franchise over time.

What does the future of your company look like?

We wish to build Boreal Ventures into a franchise of funds that showcase exceptional engineering and amazing and human-focused founders, surrounded by a network of people willing to collectively work together to build market-defining ventures. I truly believe in the power of Canada as a place to create billion-dollar ventures, and we wish to be a catalyst for showcasing the best of our ecosystem.