# Pangaea Ventures: portfolio, investments and team

> Pangaea Ventures is a vc firm based in Canada. 32 investments on record, latest Oct 2019. Portfolio, stages, co-investors and team.

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

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

# Pangaea Ventures

Filed with the SEC to raise a fund in Nov 2025, closing $8M. Last cheque observed Oct 2019.

Email

Quiet New fund $7.5M, Nov 2025 VC firm

Seed Series A Series B Hard Tech Materials Science Chemistry

Follow Pangaea Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fpangaea-ventures)

Cheques on record

**0%** of best year **0** **cheques in 12 months**, 32 on record

Since the last cheque **2560** days **00** hrs **00** min **00** sec

Median round **$16M** Cheque size, as they say **$3.0M – $8.0M** Rounds led **3 of 32** Sole investor **3 rounds** Exits **2 from the portfolio** Mostly in **United States, 78%**

Pitch Pangaea Ventures

## Pangaea Ventures highlights

- 01 32 rounds on record
- 02 Mostly Series B and Series A: 58% of its rounds
- 03 Sole investor in 3 rounds, median $3.0M
- 04 2 exits from the portfolio

## What they do

> Pangaea is a world leader in hard tech venture capital. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $3.0M – $8.0M as they say
- **Stages:** Seed Series A Series B Growth
- **Sectors:** Hard Tech Materials Science Chemistry
- **Based in:** Vancouver, Canada
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **32 appearances**

- **2019** 5 rounds
- **Oct** **[Ess](https://millionrounds.com/company/ess)** Series C · US · FinSMEs **$30M** With 7 others
- **Oct** **[TruTag](https://millionrounds.com/company/trutag)** Series C · US · TechCrunch **$7.5M** *Led*
- **Aug** **[Hazel Technologies](https://millionrounds.com/company/hazel-technologies)** Series B · US · FinSMEs **$13M** *Led*
- **Jun** **[Vestaron](https://millionrounds.com/company/vestaron)** Series B · US · FinSMEs **$40M** With 4 others
- **Mar** **[Aeponyx](https://millionrounds.com/company/aeponyx)** Series A · CA · FinSMEs **$5.9M** *Led*
- **2016** 1 round
- **Aug** **[Vestaron](https://millionrounds.com/company/vestaron)** Series D · US · FinSMEs **$18M** With 3 others
- **2015** 4 rounds
- **Oct** **[Energy Storage Systems](https://millionrounds.com/company/energy-storage-systems)** Series A · US **$3.2M** Sole investor
- **May** **[CarbonCure Technologies](https://millionrounds.com/company/carboncure-technologies)** Series C · CA **$3.0M** With 1 other
- **Apr** **[Cnano Technology](https://millionrounds.com/company/cnano-technology)** Series C · US **$15M** With 5 others
- **Feb** **[Masterson Industries](https://millionrounds.com/company/masterson-industries)** Series A · US **$550K** With 1 other
- **2014** 4 rounds
- **Oct** **[Vestaron Corporation](https://millionrounds.com/company/vestaron-corporation)** Series C · US **$4.0M** With 5 others
- **Sept** **[NewLeaf Symbiotics](https://millionrounds.com/company/newleaf-symbiotics)** Series B · US **$17M** With 3 others
- **Aug** **[Vestaron Corporation](https://millionrounds.com/company/vestaron-corporation)** Series C · US **$10M** With 4 others
- **Mar** **[Redlen Technologies](https://millionrounds.com/company/redlen-technologies)** Venture · CA **$5.5M** With 1 other
- **2013** 4 rounds
- **Dec** **[Calysta Energy](https://millionrounds.com/company/calysta-energy)** Series A · US · businesswire.com **$3.0M** Sole investor
- **Aug** **[Masterson Industries](https://millionrounds.com/company/masterson-industries)** Series A · US · vcaonline.com **$1.5M** With 1 other
- **Mar** **[RSI (Reel Solar Inc)](https://millionrounds.com/company/rsi-reel-solar-inc)** Seed · US · venturebeat.com **$4.0M** With 3 others
- **Jan** **[NewLeaf Symbiotics](https://millionrounds.com/company/newleaf-symbiotics)** Series A · US · finance.yahoo.com **$7.0M** With 2 others
- **2012** 4 rounds
- **Jul** **[Kovio](https://millionrounds.com/company/kovio)** Venture · US **$7.0M** With 3 others
- **Jul** **[Tivra](https://millionrounds.com/company/tivra)** Venture · US **$250K** Sole investor
- **May** **[Vestaron Corporation](https://millionrounds.com/company/vestaron-corporation)** Series B · US · pevc.dowjones.com **$10M** With 2 others
- **Apr** **[Boulder Ionics](https://millionrounds.com/company/boulder-ionics)** Series A · US · pevc.dowjones.com **$4.3M** With 1 other
- **2011** 2 rounds
- **Jun** **[Kovio](https://millionrounds.com/company/kovio)** Venture · US · finsmes.com **$15M** With 6 others
- **Jan** **[Envia Systems](https://millionrounds.com/company/envia-systems)** Series C · US · enviasystems.com **$17M** With 4 others
- **2010** 2 rounds
- **Dec** **[Semprus BioSciences](https://millionrounds.com/company/semprus-biosciences)** Series B · US · semprusbio.com **$18M** With 4 others
- **Jan** **[SWITCH Materials](https://millionrounds.com/company/switch-materials)** Series B · CA · finsmes.com **$7.5M** With 3 others
- **2009** 1 round
- **Jul** **[Kovio](https://millionrounds.com/company/kovio)** Series E · US · deals.venturebeat.com **$20M** With 10 others
- **2008** 2 rounds
- **Dec** **[Semprus BioSciences](https://millionrounds.com/company/semprus-biosciences)** Series A · US · us.ellre.com **$8.0M** With 1 other
- **Jul** **[Cyrium Technologies](https://millionrounds.com/company/cyrium-technologies)** Series B · CA **$15M** With 3 others
- **2007** 1 round
- **Jul** **[Cnano Technology](https://millionrounds.com/company/cnano-technology)** Series A · US · deals.venturebeat.com **$6.0M** With 2 others
- **2005** 1 round
- **Dec** **[Cyrium Technologies](https://millionrounds.com/company/cyrium-technologies)** Series B · CA **$2.6M** With 2 others
- **2003** 1 round
- **Jul** **[Nanox](https://millionrounds.com/company/nanox)** Series B · CA **$3.0M** 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

Named by the firm itself, on a filing, its Form ADV or its company registration **8 named**

AL **Alexander Lu** Mr. Lu is a member i Filing they signed

AH **Andrew Haughian** Managing Member i Filing they signed

CE **Christian Erickson** Managing Member i Filing they signed

HP **H.R.H. Prince Pavlos** H.R.H. Prince Pavlos is a member i Filing they signed

JG **Janelle Goulard** Managing Member i Filing they signed

PD **Peter DeSorcy** Mr. DeSorcy is the managing member i Filing they signed

SA **Sarah Applebaum** Managing Member i Filing they signed

TC **Tiffany Chiu** Ms. Chiu is a member i Filing they signed

We also hold **12** 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 the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$122M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Pangaea Ventures US Inc.
- **SEC number:** CRD 281517

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Kovio](https://millionrounds.com/company/kovio)** Bought by Thin Film Electronics ASA **$3.7M** Jan 2014

**[Semprus BioSciences](https://millionrounds.com/company/semprus-biosciences)** Bought by Teleflex **$30M** Jun 2012

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$7.5M**

raised in Nov 2025

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$16M** the round, not its cheque Alone, median **$3.0M**

Led 3 of 32 rounds **9%**

- **Said size:** $3.0M – $8.0M
- **Sole investor:** 3 rounds
- **Last cheque:** Oct 2019
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Series B said *9*
- Series A said *9*
- Series C *7*
- Venture *4*
- Seed said *1*
- Series D *1*
- Growth said *-*

Cheques by year Led Joined

2003 2019

Often in the room with

- [Open Prairie](https://millionrounds.com/fund/open-prairie-ventures) 7
- [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) 4
- [Cultivian Sandbox](https://millionrounds.com/fund/cultivian-sandbox-ventures) 4
- [Anterra Capital](https://millionrounds.com/fund/anterra-capital) 3
- [Harris & Harris Group](https://millionrounds.com/fund/harris-and-harris-group) 3
- [Kleiner Perkins Caufield & Byers](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers) 3

**Pitching Pangaea Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

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

[**Open Prairie** VC firm **7** rounds together](https://millionrounds.com/fund/open-prairie-ventures)[**BDC Capital** VC firm **4** rounds together](https://millionrounds.com/fund/bdc-venture-capital)[**Cultivian Sandbox** VC firm **4** rounds together](https://millionrounds.com/fund/cultivian-sandbox-ventures)[**Anterra Capital** VC firm **3** rounds together](https://millionrounds.com/fund/anterra-capital)[**Harris & Harris Group** Growth equity **3** rounds together](https://millionrounds.com/fund/harris-and-harris-group)[**Kleiner Perkins Caufield & Byers** VC firm **3** rounds together](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers)[**5AM Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/5am-ventures)[**CMEA Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/cmea-capital)[**CalCEF Clean Energy Angel Fund** VC firm **2** rounds together](https://millionrounds.com/fund/calcef-clean-energy-angel-fund)[**Chrysalix Energy Venture Capital** Growth equity **2** rounds together](https://millionrounds.com/fund/chrysalix-energy-venture-capital)[**DAG Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/dag-ventures)[**Flagship Pioneering, LLC** VC firm **2** rounds together](https://millionrounds.com/fund/flagship-pioneering-llc)

## Recently backed

The latest companies Pangaea Ventures put money into.

[**Hazel Technologies** $13M · Aug 2019](https://millionrounds.com/company/hazel-technologies)[**Aeponyx** $5.9M · Mar 2019](https://millionrounds.com/company/aeponyx)

## On podcasts

1 episode naming Pangaea Ventures in the title.

- [VC10X](https://millionrounds.com/podcasts/vc10x) 26 Nov 2024 · 40 min VC10X - How should HardTech founders find product-market fit? - Andrew Haughian, General Partner, Pangaea Ventures With [Andrew Haughian](https://millionrounds.com/person/andrew-haughian) Mentions [Pangaea Ventures](https://millionrounds.com/fund/pangaea-ventures) Apple PodcastsShow page

## Quick answers about Pangaea Ventures

### What does Pangaea Ventures invest in?

Pangaea Ventures invests most often at Series B and Series A (58% of the rounds on record), in sectors such as Hard Tech, Materials Science and Chemistry.

### How active is Pangaea Ventures?

32 investments on record, 0 of them in the last 12 months, and it led 3. The most recent was in Oct 2019.

### What has Pangaea Ventures invested in recently?

Its most recent investments on record: Ess (Series C, Oct 2019), TruTag (Series C, Oct 2019) and Hazel Technologies (Series B, Aug 2019).

### How big are Pangaea Ventures's cheques?

The median round it joins is $16M. It says it writes cheques of $3.0M to $8.0M.

### Does Pangaea Ventures lead rounds?

Sometimes: it led 3 of its 32 investments on record (9%).

### Where does Pangaea Ventures invest?

Most of the companies it backs are in the United States (78%) and Canada (22%).

### Is Pangaea Ventures investing now?

No investments in the last 12 months; the latest was in Oct 2019.

### Who does Pangaea Ventures invest alongside?

Most often Open Prairie (7 rounds together), BDC Capital (4 rounds together) and Cultivian Sandbox (4 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

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=pangaea-ventures) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=pangaea-ventures)