# Mistral: portfolio, investments and team

> Mistral is a vc firm based in Canada. 59 investments on record, 8 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/mistral (Millionrounds; every figure on the page links to its filing or article)

Canada · [Investor](https://millionrounds.com/investors)

# Mistral

Last cheque observed Sep 2026; 59 cheques on record.

Email

Deploying now VC firm

Pre-seed Seed Enterprise AI

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Deploying now

**73%** of best year **8** **cheques in 12 months**, 59 on record

Since the last cheque **38** days **00** hrs **00** min **00** sec

Median round **$4.0M** Rounds led **2 of 59** Sole investor **11 rounds** Mostly in **Canada, 70%**

Pitch Mistral

## Mistral highlights

- 01 8 cheques in the last 12 months
- 02 Mostly Seed and Venture: 67% of its rounds
- 03 Sole investor in 11 rounds, median $1.5M

## What they do

> Mistral Venture Partners - The leading seed stage venture capital firm in Canada From their own website

- **Type:** VC firm
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed
- **Sectors:** Enterprise AI
- **Based in:** Ottawa, Canada
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **59 appearances**

- **2026** 5 rounds
- **Sept** **[Clastix](https://millionrounds.com/company/clastix)** Seed · IT · EU-Startups **$3.3M** With 2 others
- **Sept** **[Thri5](https://millionrounds.com/company/thri5)** Seed · CA · BetaKit **$5.4M** With 6 others
- **Sept** **[Ultimarii](https://millionrounds.com/company/ultimarii)** Series A · CA · BetaKit **$9.4M** *Led*
- **Feb** **[FutureMoney](https://millionrounds.com/company/futuremoney)** Seed · US **$2.1M** With 2 others
- **Jan** **[Armilla AI](https://millionrounds.com/company/armilla-ai)** Venture · CA **$25M** With 4 others
- **2025** 9 rounds
- **Nov** **[Partage Club](https://millionrounds.com/company/partage-club)** Seed · CA **$1.5M** Sole investor
- **Nov** **[Frugal](https://millionrounds.com/company/frugal)** Seed · CA **$5.0M** Sole investor
- **Nov** **[Chatforce](https://millionrounds.com/company/chatforce)** Pre-seed · CA **$1.5M** With 2 others
- **Oct** **[Ready Plan Go](https://millionrounds.com/company/ready-plan-go)** Pre-seed · CA **$535K** Sole investor
- **Aug** **[Blue J](https://millionrounds.com/company/blue-j)** Series D · CA **$122M** With 8 others
- **Aug** **[Databiomes](https://millionrounds.com/company/databiomes)** Pre-seed · CA **$725K** With 1 other
- **Jul** **[Trusty Estate](https://millionrounds.com/company/trusty-estate)** Pre-seed · CA **$729K** With 1 other
- **Jun** **[Giatec Scientific](https://millionrounds.com/company/giatec-scientific)** Venture · CA **Undisclosed** With 2 others
- **Apr** **[PayTic](https://millionrounds.com/company/paytic)** Seed · MA · Disrupt Africa **$4.0M** With 10 others
- **2024** 7 rounds
- **Nov** **[runQL](https://millionrounds.com/company/runql)** Pre-seed · CA **$1.1M** With 2 others
- **Nov** **[Soundpays Inc.](https://millionrounds.com/company/soundpays-inc)** Venture · CA **Undisclosed** With 1 other
- **Sept** **[Bloks, Inc.](https://millionrounds.com/company/bloks-inc)** Seed · CA **$1.5M** With 1 other
- **Sept** **[Loop](https://millionrounds.com/company/loop)** Seed · US **$4.7M** Sole investor
- **Jul** **[Axle Automation](https://millionrounds.com/company/axle-automation)** Seed · US **$2.5M** With 1 other
- **Jul** **[Noze](https://millionrounds.com/company/noze)** Venture · CA **$5.0M** With 3 others
- **Feb** **[Edly](https://millionrounds.com/company/edly)** Venture · US **$1.0M** With 2 others
- **2023** 4 rounds
- **Aug** **[Gamercraft](https://millionrounds.com/company/gamercraft)** Venture · US **Undisclosed** Sole investor
- **Jun** **[Expeto](https://millionrounds.com/company/expeto)** Grant · US **$785K** With 4 others
- **Feb** **[Peggy](https://millionrounds.com/company/peggy)** Seed · CA **$8.1M** With 4 others
- **Feb** **[Cookin](https://millionrounds.com/company/cookin)** Seed · CA **$13M** With 2 others
- **2022** 8 rounds
- **Dec** **[Buckzy Payments](https://millionrounds.com/company/buckzy-payments)** Series A · CA **$15M** With 1 other
- **Nov** **[Symend](https://millionrounds.com/company/symend)** Venture · CA **$42M** With 4 others
- **Oct** **[Unito](https://millionrounds.com/company/unito)** Series B · CA **$20M** With 5 others
- **Oct** **[Nook](https://millionrounds.com/company/nook)** Pre-seed · CA **$1.8M** Sole investor
- **Oct** **[Passiv](https://millionrounds.com/company/passiv)** Seed · CA **$2.2M** With 3 others
- **Jun** **[CEIPAL](https://millionrounds.com/company/ceipal)** Series B · US **$17M** Sole investor
- **Jun** **[Cadence](https://millionrounds.com/company/cadence)** Seed · US **$931K** With 2 others
- **May** **[BHuman](https://millionrounds.com/company/bhuman)** Seed · US **$885K** Sole investor
- **2021** 6 rounds
- **Nov** **[Enso Connect](https://millionrounds.com/company/enso-connect)** Seed · CA **$1.6M** With 2 others
- **Sept** **[Rewind](https://millionrounds.com/company/rewind)** Series B · CA **$65M** With 4 others
- **Jul** **[Visualping](https://millionrounds.com/company/visualping)** Seed · CA **$6.0M** With 2 others
- **Jul** **[PainWorth](https://millionrounds.com/company/painworth)** Pre-seed · CA **$1.7M** With 2 others
- **Jun** **[Commit](https://millionrounds.com/company/commit)** Seed **$6.0M** With 4 others
- **Mar** **[Sensibill](https://millionrounds.com/company/sensibill)** Debt **$2.0M** With 4 others
- **2020** 1 round
- **Dec** **[Relogix](https://millionrounds.com/company/relogix)** Venture **Undisclosed** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **7** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

The PMF Show

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Pre-seed Seed

Median round joined **$4.0M** the round, not its cheque Alone, median **$1.5M**

Led 2 of 59 rounds **3%**

- **Sole investor:** 11 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Seed said *24*
- Venture *10*
- Pre-seed said *7*
- Series A *6*
- Series B *4*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) 10
- [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) 4
- [Inovia Capital](https://millionrounds.com/fund/inovia-capital) 4
- [MaRS Investment Accelerator Fund](https://millionrounds.com/fund/mars-investment-accelerator-fund) 4
- [Relay Ventures](https://millionrounds.com/fund/relay-ventures) 4
- [Real Ventures](https://millionrounds.com/fund/real-ventures-2) 3

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## Who they invest alongside

The investors most often in the same rounds as Mistral. A count of rooms they were both in, not a relationship either has claimed.

[**BDC Capital** VC firm **10** rounds together](https://millionrounds.com/fund/bdc-venture-capital)[**Bessemer Venture Partners** VC firm **4** rounds together](https://millionrounds.com/fund/bessemer-venture-partners)[**Inovia Capital** VC firm **4** rounds together](https://millionrounds.com/fund/inovia-capital)[**MaRS Investment Accelerator Fund** VC firm **4** rounds together](https://millionrounds.com/fund/mars-investment-accelerator-fund)[**Relay Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/relay-ventures)[**Real Ventures** Family office **3** rounds together](https://millionrounds.com/fund/real-ventures-2)[**Y Combinator** Accelerator **3** rounds together](https://millionrounds.com/fund/y-combinator)[**Acadia Woods Partners** VC firm **2** rounds together](https://millionrounds.com/fund/acadia-woods-partners)[**Boldstart Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/boldstart-ventures)[**Creative Destruction Lab** Accelerator **2** rounds together](https://millionrounds.com/fund/creative-destruction-lab)[**David Cohen** Angel **2** rounds together](https://millionrounds.com/fund/david-cohen)[**Export Development Canada** Government **2** rounds together](https://millionrounds.com/fund/export-development-canada)

## Recently backed

The latest companies Mistral put money into.

[**Clastix** $3.3M · Sept 2026](https://millionrounds.com/company/clastix)[**Thri5** $5.4M · Sept 2026](https://millionrounds.com/company/thri5)[**Armilla AI** $25M · Jan 2026](https://millionrounds.com/company/armilla-ai)[**Partage Club** $1.5M · Nov 2025](https://millionrounds.com/company/partage-club)[**Frugal** $5.0M · Nov 2025](https://millionrounds.com/company/frugal)[**Chatforce** $1.5M · Nov 2025](https://millionrounds.com/company/chatforce)

## Quick answers about Mistral

### What does Mistral invest in?

Mistral invests most often at Seed and Venture (67% of the rounds on record), in sectors such as Enterprise AI.

### How active is Mistral?

59 investments on record, 8 of them in the last 12 months, and it led 2. The most recent was in Sept 2026.

### What has Mistral invested in recently?

Its most recent investments on record: Clastix (Seed, Sept 2026), Thri5 (Seed, Sept 2026) and Ultimarii (Series A, Sept 2026).

### How big are Mistral's cheques?

The median round it joins is $4.0M.

### Does Mistral lead rounds?

Sometimes: it led 2 of its 59 investments on record (3%).

### Where does Mistral invest?

Most of the companies it backs are in Canada (70%) and the United States (24%).

### Is Mistral investing now?

Yes: it is actively investing, with 8 investments in the last 12 months.

### Who does Mistral invest alongside?

Most often BDC Capital (10 rounds together), Bessemer Venture Partners (4 rounds together) and Inovia Capital (4 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=mistral) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=mistral)