Relentless Venture Fund
Email: [email protected]
Website: http://www.relentlesspursuitpartners.com/
Office Headquarters Address:
1600-925 West Georgia St., Vancouver, BC, V6C 3L2
Background
Year Founded: 2018
Mission & Mandate:
To invest in enabling health technologies. We are committed to the development of technologies, products and services that both enhance and promote an individual’s ability to maintain physical and mental well-being over an entire lifetime. Even if facing a chronic illness, The Relentless team believes in the possibility of being vibrant and active at every age.
Description:
Relentless Venture Fund is dedicated to investing in preventative health and proactive technology solutions that optimize health, activity, and longevity.
We target investment at the start-up phase. As early-stage investors, we influence product and market development, while tapping into the experience of our seasoned advisors and unique North American network to create additional value. Opportunistically, we will invest in Series B rounds of investment for portfolio balance.
Aligned with the United Nations’ Health and Well-Being Sustainable Development Goal, the Relentless team will deliver sustainable social impact on the health and activity of individuals as well as communities through prevention and proactive care.
Fund Characteristics
Relentless Venture Fund
AUM: NA
Closing year: 2018
Fund term: 10 years
Asset class: Private equity
Investor eligibility: Institutional, Accredited
Minimum investment: $100,000
Geographic scope: Pan-Canadian, Opportunistically North America
Committed capital: NA
Average investment size: $250,000
Investee type: Privately-owned incorporated businesses
Investment stage: Seed, Series A, opportunistically Series B
Financial Impact
Number of investments made: 6
Other highlights:
– RVF and its co-investing Limited Partners played a critical role in maintaining CPC status for Canary Medical preserving millions of dollars in research tax credits.
– Vancity is the institutional LP that has formalized our inaugural fund. As a VC, having Vancity committed provides qualified access to Canadian Venture Capital fund programs not otherwise available (e.g. BDC COVID-19 bridge funding initiative).
– Relentless has 40% of their portfolio founded by women.
Success Story
Canary Medical
Vancouver, BC | May 2018
Financing: RVF and RVF co-investing Limited Partners both participated in the US$32M 2018 financing as well as the 2020 US$15M financing.
Description: If medical devices could talk, what would they say? The first smart orthopedic product (embedded sensors) to launch globally.
Canary is focused on advancing the market of “smart” technology in medicine. The company has partnered with global medical device leader Zimmer Biomet to launch the first ‘smart’ orthopedic product, Canturio™TE – the first embedded sensor integrated into a Total Knee Replacement (TKR).
Canary received FDA fast track status in 2019 and filed their De Novo 510k with the FDA in October 2020. The first Canturio™TE is expected to be on the market by summer 2021.
The CanturioTE will immediately enable remote patient monitoring and facilitate both acute and chronic management of the TKR improving mobility, return to work and overall wellbeing. The Smart Knee will fundamentally change how orthopedic surgeons interact with their patients and develop new telehealth options for continuity of care and reduce hospital readmission rates following surgery as well as over the lifetime of the product (~ 10 years).
Canary Medical won Life Sciences BC Digital Health Company of the Year in 2020 and was named to the “Fierce 15” in 2021 listing the company as one of the world’s top private medical technology companies.
