# National Bank of Canada: portfolio, investments and team

> National Bank of Canada is a private equity based in Canada. 77 investments on record, 28 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/national-bank-of-canada (Millionrounds; every figure on the page links to its filing or article)

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

# National Bank of Canada

Last cheque observed Sep 2026; 77 cheques on record.

Email

Private equity Deploying now

Pre-seed Seed Series A Biotechnology Health Diagnostics

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Deploying now

**80%** of best year **28** **cheques in 12 months**, 77 on record

Since the last cheque **58** days **00** hrs **00** min **00** sec

Median round **$74M** Rounds led **1 of 77** Sole investor **7 rounds** Mostly in **Canada, 60%**

Pitch National Bank of Canada

## National Bank of Canada highlights

- 01 28 cheques in the last 12 months
- 02 Mostly Debt and Venture: 71% of its rounds
- 03 Sole investor in 7 rounds, median $46M

## What they do

> Simplify your finances with our services including bank accounts, mortgages, credit cards, savings, and loans. From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed Series A Series B
- **Sectors:** Biotechnology Health Diagnostics
- **Based in:** Canada
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **77 appearances**

- **2026** 28 rounds
- **Sept** **[Blee](https://millionrounds.com/company/blee)** Series A · US · TechStartups **$20M** With 7 others
- **Aug** **[Dimension Energy](https://millionrounds.com/company/dimension-energy)** Debt · US · Ventureburn **$857M** With 7 others
- **Jul** **[Multiverse Computing](https://millionrounds.com/company/multiverse-computing)** Series C · ES · Firms' own news pages **$570M** With 19 others
- **Jun** **[Matrix Renewables](https://millionrounds.com/company/matrix-renewables)** Debt · ES **$970M** With 4 others
- **Jun** **[Deep Sky](https://millionrounds.com/company/deep-sky)** Venture · CA **Undisclosed** With 3 others
- **Jun** **[Solar Landscape](https://millionrounds.com/company/solar-landscape)** Debt · US **$125M** With 2 others
- **Jun** **[Cypress Creek Renewables](https://millionrounds.com/company/cypress-creek-renewables)** Debt · US **$3.5B** With 4 others
- **May** **[H 2 O Innovation Inc.](https://millionrounds.com/company/h-2-o-innovation-inc)** Debt · CA · Firms' own news pages **$200M** With 2 others
- **May** **[Solar Landscape](https://millionrounds.com/company/solar-landscape)** Debt · US · Ventureburn **$600M** With 2 others
- **May** **[Triple Flag Precious Metals](https://millionrounds.com/company/triple-flag-precious-metals)** Debt · CA **$300M** With 4 others
- **May** **[Anaergia](https://millionrounds.com/company/anaergia)** Debt · CA **$15M** With 2 others
- **Apr** **[Spade](https://millionrounds.com/company/spade)** Series B · US · AlleyWatch **$40M** With 7 others
- **Apr** **[Dimension Energy](https://millionrounds.com/company/dimension-energy)** Debt · US **$415M** With 2 others
- **Apr** **[Mangrove Lithium](https://millionrounds.com/company/mangrove-lithium)** Grant · CA **$16M** With 3 others
- **Mar** **[Versamet Royalties](https://millionrounds.com/company/versamet-royalties)** Debt · CA **$293M** With 2 others
- **Mar** **[Arevon](https://millionrounds.com/company/arevon)** Debt · US **$482M** With 3 others
- **Mar** **[eStruxture](https://millionrounds.com/company/estruxture)** Debt · CA **$109M** With 3 others
- **Mar** **[Aypa Power](https://millionrounds.com/company/aypa-power)** Debt · CA **$500M** With 3 others
- **Feb** **[Logan Energy](https://millionrounds.com/company/logan-energy)** GB **$47M** With 2 others
- **Feb** **[Aypa Power](https://millionrounds.com/company/aypa-power)** Debt · CA **$1.5B** With 3 others
- **Feb** **[Vosker](https://millionrounds.com/company/vosker)** Debt · CA **$200M** With 4 others
- **Feb** **[Haply](https://millionrounds.com/company/haply)** Seed · CA **$12M** With 3 others
- **Feb** **[Zedcor](https://millionrounds.com/company/zedcor)** CA **$23M** Sole investor
- **Feb** **[Gold Royalty Corp](https://millionrounds.com/company/gold-royalty-corp)** Debt · CA **$125M** With 3 others
- **Feb** **[Zedcor](https://millionrounds.com/company/zedcor)** Debt · CA **$18M** Sole investor
- **Jan** **[Artemis Gold](https://millionrounds.com/company/artemis-gold)** Debt · CA **$328M** Sole investor
- **Jan** **[Mangrove Lithium](https://millionrounds.com/company/mangrove-lithium)** Debt · CA **$85M** With 2 others
- **Jan** **[Andean Precious Metals](https://millionrounds.com/company/andean-precious-metals)** Secondary · CA **$69M** With 1 other
- **2025** 17 rounds
- **Nov** **[Cypress Creek Renewables](https://millionrounds.com/company/cypress-creek-renewables)** Venture · US **Undisclosed** With 4 others
- **Nov** **[Cordelio Power](https://millionrounds.com/company/cordelio-power)** Debt · CA **$548M** With 6 others
- **Oct** **[Nova Credit](https://millionrounds.com/company/nova-credit)** Growth · US · AlleyWatch **$35M** With 12 others
- **Oct** **[Falco Resources](https://millionrounds.com/company/falco-resources)** CA **$1.4M** With 1 other
- **Sept** **[GHGSat](https://millionrounds.com/company/ghgsat)** CA **$34M** With 2 others
- **Sept** **[Tetra Trust](https://millionrounds.com/company/tetra-trust)** Venture · CA **$7.2M** With 1 other
- **Sept** **[Discovery Silver](https://millionrounds.com/company/discovery-silver)** Debt · CA **$250M** With 2 others
- **Aug** **[eStruxture](https://millionrounds.com/company/estruxture)** Debt · CA **$450M** With 3 others
- **Jul** **[d1g1t](https://millionrounds.com/company/d1g1t)** Venture · CA **Undisclosed** With 5 others
- **Jul** **[BlueWave](https://millionrounds.com/company/bluewave)** Debt · US **$247M** Sole investor
- **Jun** **[Dimension Energy](https://millionrounds.com/company/dimension-energy)** Debt · US **$190M** With 2 others
- **May** **[Solar Landscape](https://millionrounds.com/company/solar-landscape)** Debt · US **$175M** With 2 others

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 **4** 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.

Funds they back

## 1 fund commitment on record

- **Managers:** 1

Every fund on record that it has committed money to, and the managers who invest it. Source: fund news.

Managers it backs most

- [Teralys Capital 1 fund](https://millionrounds.com/fund/teralys-capital)

Most recent commitments

- [Teralys Capital Teralys Capital Innovation Fund](https://millionrounds.com/fund/teralys-capital)

## What they claim to have backed

From their own portfolio page (on their website)

**1** of 11 we have independently watched raise

[Personal](https://millionrounds.com/company/personal) Business Direct Brokerage Find a branch Group Retirement Plans Life at National Bank Natbank National Bank Direct Brokerage National Bank Financial National Bank Independent Network National Bank Investments

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 Series A

Median round joined **$74M** the round, not its cheque Alone, median **$46M**

Led 1 of 77 rounds **1%**

- **Sole investor:** 7 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Debt *35*
- Venture *7*
- Series B said *7*
- Series A said *6*
- Seed said *4*
- Pre-seed said *-*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [Bank of Montreal (BMO)](https://millionrounds.com/fund/bmo-financial-group) 11
- [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) 9
- [Export Development Canada](https://millionrounds.com/fund/export-development-canada) 9
- [MUFG Bank](https://millionrounds.com/fund/mufg-bank) 9
- [Royal Bank of Canada](https://millionrounds.com/fund/royal-bank-of-canada) 9
- [Centech](https://millionrounds.com/fund/centech) 7

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## Who they invest alongside

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

[**Bank of Montreal (BMO)** Corporate VC **11** rounds together](https://millionrounds.com/fund/bmo-financial-group)[**BDC Capital** VC firm **9** rounds together](https://millionrounds.com/fund/bdc-venture-capital)[**Export Development Canada** Government **9** rounds together](https://millionrounds.com/fund/export-development-canada)[**MUFG Bank** Investment firm **9** rounds together](https://millionrounds.com/fund/mufg-bank)[**Royal Bank of Canada** Growth equity **9** rounds together](https://millionrounds.com/fund/royal-bank-of-canada)[**Centech** VC firm **7** rounds together](https://millionrounds.com/fund/centech)[**Investissement Quebec** Investment firm **7** rounds together](https://millionrounds.com/fund/investissement-quebec-2)[**La Caisse** Investment firm **6** rounds together](https://millionrounds.com/fund/la-caisse)[**Santander** VC firm **6** rounds together](https://millionrounds.com/fund/santander)[**CIBC** VC firm **5** rounds together](https://millionrounds.com/fund/cibc)[**Desjardins Venture Capital** Government **5** rounds together](https://millionrounds.com/fund/desjardins-venture-capital)[**Breakthrough Energy** VC firm **4** rounds together](https://millionrounds.com/fund/breakthrough-energy)

## Recently backed

The latest companies National Bank of Canada put money into.

[**Blee** $20M · Sept 2026](https://millionrounds.com/company/blee)[**Multiverse Computing** $570M · Jul 2026](https://millionrounds.com/company/multiverse-computing)[**Matrix Renewables** $970M · Jun 2026](https://millionrounds.com/company/matrix-renewables)[**Deep Sky** Jun 2026](https://millionrounds.com/company/deep-sky)[**Solar Landscape** $125M · Jun 2026](https://millionrounds.com/company/solar-landscape)[**Cypress Creek Renewables** $3.5B · Jun 2026](https://millionrounds.com/company/cypress-creek-renewables)

## Mentioned on podcasts

Episodes that name National Bank of Canada in their description, not their title.

- [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 17 Nov 2025 · 1h 12m 1015.News: PayPal launches BNPL in Canada, Coinbase expands into current accounts - and financial education hits the classroom Mentions [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) Apple Podcasts
- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 11 Jan 2022 · 43 min Ripple Ventures Matt Cohen on individual VC personal brands, Hedge funds in tech, portfolio math and front weighting in seed, and investing in Canada With [Matt Cohen](https://millionrounds.com/person/matt-cohen-6) Mentions [Ripple](https://millionrounds.com/fund/ripple)[Ripple Ventures](https://millionrounds.com/fund/ripple-ventures)[National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) Apple PodcastsShow page
- [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 17 Dec 2021 · 29 min 589. Insights: Taking a closer look at the Canadian market ft. Phillippe Daoust Mentions [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada)[Jason Bates](https://millionrounds.com/person/jason-bates) Apple PodcastsShow page
- [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 6 Sept 2021 · 59 min 560. News: More behemoths get into BNPL as Amazon team up with Affirm Mentions [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) Apple PodcastsShow page

## Quick answers about National Bank of Canada

### What does National Bank of Canada invest in?

National Bank of Canada invests most often at Debt and Venture (71% of the rounds on record), in sectors such as Biotechnology and Health Diagnostics.

### How active is National Bank of Canada?

77 investments on record, 28 of them in the last 12 months, and it led 1. The most recent was in Sept 2026.

### What has National Bank of Canada invested in recently?

Its most recent investments on record: Blee (Series A, Sept 2026), Dimension Energy (Debt, Aug 2026) and Multiverse Computing (Series C, Jul 2026).

### How big are National Bank of Canada's cheques?

The median round it joins is $74M.

### Does National Bank of Canada lead rounds?

Sometimes: it led 1 of its 77 investments on record (1%).

### Where does National Bank of Canada invest?

Most of the companies it backs are in Canada (60%), the United States (33%) and Spain (5%).

### Is National Bank of Canada investing now?

Yes: it is actively investing, with 28 investments in the last 12 months.

### Who does National Bank of Canada invest alongside?

Most often Bank of Montreal (BMO) (11 rounds together), BDC Capital (9 rounds together) and Export Development Canada (9 rounds together).

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