# Canadian Business Growth Fund

> Canadian Business Growth Fund is a VC fund backing Software. See 53 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Toronto, Canada
- Total investments: 53
- Last investment: Feb 2026
- Lead investor: 57%
- Last fund: Jun 2018
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/cbgf/?originalSubdomain=in
- X (Twitter): https://twitter.com/cbgfinvestments
- Website: https://cbgf.com/

Canadian Business Growth Fund is a VC fund in Toronto focused on Software and Information Technology. CBGF helps privately-owned Canadian businesses with the capital, talent, and expertise they need to drive growth and realize their potential. Supported by Canada’s leading banks and insurance companies, they have a national mandate to provide long-term, patient, minority capital to entrepreneurs pursuing growth and expansion strategies. CBGF’svision is to become Canada’s leading growth capital investor and partner of choice for ambitious mid-market entrepreneurs, supporting them to reach their full potential.With initial capital commitments of $545 million and projected to increase to $1 billion over time, CBGF is an independent, values-driven partner for teams committed to taking their business to the next level.

## Contacts

5 contacts available for Canadian Business Growth Fund. Shizune tracks 1 team members at Canadian Business Growth Fund. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/canadian-business-growth-fund?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Private Equity | $35M–$55M |
| Venture - Series Unknown | $3.9M–$37M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 9 | 17% |
| Information Technology | 7 | 13% |
| SaaS | 4 | 8% |
| Health Care | 4 | 8% |
| FinTech | 3 | 6% |

78 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Venture - Series Unknown | 14 | 26% |
| Funding Round | 9 | 17% |
| Private Equity | 6 | 11% |
| Series B | 5 | 9% |
| Series A | 4 | 8% |

9 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Canada | 31 | 58% |
| United States | 1 | 2% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Karoline Elkind | VP Finance | 0 | https://shizune.co/investors/profile/karoline-elkind |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Appficiency | Appficiency is an information technology enterprise resource planning (ERP) company located in Mississauga. |  | Private Equity | Feb 10, 2026 |  |
| Felix Health | Whether it's Sex, Skin, Hair or just plain Life, our mission is to reinvent Canadian healthcare for the modern human. It’s seamless, it’s simple, and it’s for you. | $53M | Series C | Oct 23, 2025 |  |
| Minus Waste Solutions | Minus Waste Solutions is a distributed food waste solutions company. Led by a team of recognized international waste industry entrepreneurs, mínus is dedicated to investing in the intersection between traditional waste services and distributed technology, to reduce the cost and environmental impact of food waste measurably. mínus operates in 14countries, transforming conventional food waste services through our hyperlocal technology – ORCA. |  | Venture - Series Unknown | Jul 09, 2025 |  |
| Litco LSO | Litco LSO is a legal support organization that provides back-end operational services to law firms, enabling them to focus on practicing law at the highest level. LSO’s model is inspired by growth strategies commonly used in other professional fields such as accounting, dentistry, and veterinary medicine, but is relatively new to the legal sector. |  | Private Equity | Jun 05, 2025 |  |
| Amilia | Amilia is an online registration and client membership management solution for activities and recreation industries. The company's platform helps organizations automate registrations, manage memberships, and streamline payments. Amilia's end-to-end solutions support small businesses, YMCAs, JCCs, community centers, and Parks &Recreation agencies in their aim to engage and uplift their local communities. | $35M | Private Equity | May 08, 2025 |  |
| FundThrough | FundThrough offers loans to small companies that sell to bigger businesses. Our technology allows us to approve new clients in minutes, and get you the cash you need quickly, with no obligations or long-term commitments. |  | Venture - Series Unknown | Jun 15, 2023 |  |
| Felix Health | Whether it's Sex, Skin, Hair or just plain Life, our mission is to reinvent Canadian healthcare for the modern human. It’s seamless, it’s simple, and it’s for you. | $13.4M | Series B | Apr 05, 2023 |  |
| Specialty Medical Partners | Specialty Medical Partners is a grouping company for independent cardiac, respiratory, and internal medicine hospitals. |  | Venture - Series Unknown | Feb 22, 2023 |  |
| Believeco Partners | Believeco Partners is an owner, operator and builder of the foremost marketing, communications and engagement agencies. |  | Venture - Series Unknown | Nov 03, 2022 |  |
| ProcedureFlow | ProcedureFlow is a subscription based SaaS software that provides employees with a visual map of complex operating procedures and information. It presents easy to follow step-by- step instructions structured into small, hyperlinked flowcharts. ProcedureFlow makes your employees experts faster by combining information with the knowledge andexperience of your most senior resources, ensuring your employees have access to the information they need exactly when they need it. | $11.8M | Venture - Series Unknown | Jul 26, 2022 |  |

10 of 53 investments shown.

## Co-investors
- [Export Development Canada](https://shizune.co/investors/profile/export-development-canada) — VC Fund, 10 deals together
- [Business Development Bank of Canada](https://shizune.co/investors/profile/business-development-bank-of-canada) — VC Fund, 9 deals together
- [Business Development Bank of Canada](https://shizune.co/investors/profile/bdc-capital) — VC Fund, 4 deals together
- [Business Growth Fund](https://shizune.co/investors/profile/business-growth-fund) — VC Fund, 4 deals together
- [K3 Ventures](https://shizune.co/investors/profile/k3-ventures) — VC Fund, 4 deals together
- [TPG Growth](https://shizune.co/investors/profile/tpg-growth) — VC Fund, 4 deals together

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## FAQ

### What does Canadian Business Growth Fund invest in?

Canadian Business Growth Fund invests primarily in Software, Information Technology and SaaS startups, most often at Venture - Series Unknown and Funding Round stage. Most of the 53 investments tracked by Shizune back companies in Canada. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Canadian Business Growth Fund's check size?

Canadian Business Growth Fund typically joins rounds of $35M–$55M at Private Equity and $3.9M–$37M at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Canadian Business Growth Fund participates in.

### How do I contact Canadian Business Growth Fund?

Public channels for Canadian Business Growth Fund include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Canadian Business Growth Fund?

The team at Canadian Business Growth Fund includes Karoline Elkind (VP Finance). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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