# Royal Bank of Canada: portfolio, investments and team

> Royal Bank of Canada is a growth equity based in Canada. 46 investments on record, 18 in the last 12 months, latest Oct 2026.

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

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

# Royal Bank of Canada

Last cheque observed Oct 2026; 46 cheques on record.

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Deploying now New fund $1.0B, Sept 2026 Growth equity

Debt Series B Venture Financial Services Artificial Intelligence

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Deploying now

**90%** of best year **18** **cheques in 12 months**, 46 on record

Since the last cheque **8** days **00** hrs **00** min **00** sec

Median round **$100M** Rounds led **0 of 46** Sole investor **5 rounds** Exits **1 from the portfolio** Mostly in **Canada, 55%**

Pitch Royal Bank of Canada

## Royal Bank of Canada highlights

- 01 18 cheques in the last 12 months
- 02 Mostly Debt and Series B: 75% of its rounds
- 03 Sole investor in 5 rounds, median $51M
- 04 1 exits from the portfolio

## What they do

- **Type:** Growth equity (from a list, unverified)
- **Cheque size:** Not stated
- **Sectors:** Financial Services Artificial Intelligence
- **Based in:** Burlington, Canada
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **46 appearances**

- **2026** 17 rounds
- **Oct** **[Deriva Energy](https://millionrounds.com/company/deriva-energy)** Debt · US · Google News search **$540M** With 4 others
- **Sept** **[Kaiko](https://millionrounds.com/company/kaiko)** Series B · US · TechStartups **$110M** With 13 others
- **Sept** **[Ultimarii](https://millionrounds.com/company/ultimarii)** Series A · CA · BetaKit **$9.4M** With 6 others
- **Sept** **[Kaiko](https://millionrounds.com/company/kaiko)** Series B · FR **$57M** With 4 others
- **Aug** **[CAIS](https://millionrounds.com/company/cais)** Series D · US · Fintech Global **$170M** With 7 others
- **Jun** **[Dominion Dynamics](https://millionrounds.com/company/dominion-dynamics)** Series A · CA · Ventureburn **$98M** With 17 others
- **May** **[Photonic Inc.](https://millionrounds.com/company/photonic-inc)** CA · Firms' own news pages **$200M** With 10 others
- **May** **[WhiteFiber](https://millionrounds.com/company/whitefiber)** Debt · US **$100M** Sole investor
- **May** **[Triple Flag Precious Metals](https://millionrounds.com/company/triple-flag-precious-metals)** Debt · CA **$300M** With 4 others
- **Apr** **[PowerBank](https://millionrounds.com/company/powerbank)** Grant · CA **$1.1M** Sole investor
- **Mar** **[Activate Games](https://millionrounds.com/company/activate-games)** Debt · CA **$53M** With 1 other
- **Mar** **[Arevon](https://millionrounds.com/company/arevon)** Debt · US **$482M** With 3 others
- **Feb** **[Vosker](https://millionrounds.com/company/vosker)** Debt · CA **$200M** With 4 others
- **Feb** **[Lendbuzz](https://millionrounds.com/company/lendbuzz)** Debt · US **$246M** With 3 others
- **Feb** **[Gold Royalty Corp](https://millionrounds.com/company/gold-royalty-corp)** Debt · CA **$125M** With 3 others
- **Jan** **[Photonic](https://millionrounds.com/company/photonic)** Growth · CA · Firms' own news pages **$131M** With 7 others
- **Jan** **[WhiteFiber](https://millionrounds.com/company/whitefiber)** Debt · US **$230M** Sole investor
- **2025** 11 rounds
- **Nov** **[Cordelio Power](https://millionrounds.com/company/cordelio-power)** Debt · CA **$548M** With 6 others
- **Oct** **[NanoXplore](https://millionrounds.com/company/nanoxplore)** CA **$18M** With 3 others
- **Oct** **[G Mining Ventures Corp.](https://millionrounds.com/company/g-mining-ventures-corp)** Debt · CA **$278M** With 3 others
- **Sept** **[Stag Industrial](https://millionrounds.com/company/stag-industrial)** Debt · US **$300M** With 2 others
- **Jul** **[Car IQ](https://millionrounds.com/company/car-iq)** Venture · US **$8.0M** With 5 others
- **Jul** **[Highwood Asset Management](https://millionrounds.com/company/highwood-asset-management)** Debt · CA **$103M** With 2 others
- **Jun** **[Industrial Logistics Properties Trust](https://millionrounds.com/company/industrial-logistics-properties-trust)** Debt · US **$1.2B** With 4 others
- **Jun** **[OR Royalties](https://millionrounds.com/company/or-royalties)** Debt · CA **$474M** With 4 others
- **Jun** **[Conquest Planning](https://millionrounds.com/company/conquest-planning)** Series B · CA **$80M** With 5 others
- **Mar** **[NeuPath Health](https://millionrounds.com/company/neupath-health)** Debt · CA **$9.4M** With 1 other
- **Mar** **[Digital 9 Infrastructure](https://millionrounds.com/company/digital-9-infrastructure)** Venture · GB **Undisclosed** With 1 other
- **2024** 3 rounds
- **Nov** **[Boosted.ai](https://millionrounds.com/company/boosted-ai)** Venture · CA **$15M** With 3 others
- **Aug** **[HLS Therapeutics](https://millionrounds.com/company/hls-therapeutics)** Debt · CA **$79M** With 4 others
- **Jan** **[Trice](https://millionrounds.com/company/trice)** Venture · US **Undisclosed** Sole investor
- **2022** 2 rounds
- **Dec** **[Foodtastic](https://millionrounds.com/company/foodtastic)** Debt · CA **$128M** With 2 others
- **Jun** **[Lucero Energy](https://millionrounds.com/company/lucero-energy)** Debt · CA **$180M** With 2 others
- **2021** 1 round
- **Dec** **[TealBook](https://millionrounds.com/company/tealbook)** Series B · CA **$40M** With 2 others
- **2020** 1 round
- **Jun** **[OJO](https://millionrounds.com/company/ojo)** Series D · HK **$63M** With 2 others
- **2019** 1 round
- **Mar** **[Ojo Labs](https://millionrounds.com/company/ojo-labs)** Series C · US · FinSMEs **$45M** With 3 others
- **2018** 3 rounds
- **Jun** **[Unison Home Ownership](https://millionrounds.com/company/unison-home-ownership)** Series B · US · FinSMEs **$40M** With 1 other
- **May** **[OJO labs](https://millionrounds.com/company/ojo-labs)** Series B · US · Siliconhillsnews **$21M** With 5 others
- **Jan** **[Visible Alpha](https://millionrounds.com/company/visible-alpha)** US · FinSMEs **$38M** With 12 others
- **2017** 1 round
- **May** **[Wave](https://millionrounds.com/company/wave)** CA · FinSMEs **$24M** With 9 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 **23** 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

- [Relay Ventures 1 fund](https://millionrounds.com/fund/relay-ventures-4)

Most recent commitments

- [Relay Ventures Fund III](https://millionrounds.com/fund/relay-ventures-4)

## Exits from the portfolio

Companies it backed that were later bought or listed **1 in all**

**[Neuromed Pharmaceuticals](https://millionrounds.com/company/neuromed-pharmaceuticals)** Bought by Zalicus **Undisclosed** Dec 2009

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

## Companies it bought

Acquisitions by the firm itself

**City National Corp.** **Undisclosed** Jan 2015

New fund on file

**$1.0B**

raised in Sept 2026

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

## The cheque

Debt Series B Venture

Median round joined **$100M** the round, not its cheque Alone, median **$51M**

Led 0 of 46 rounds **0%**

- **Sole investor:** 5 rounds
- **Last cheque:** Oct 2026
- **Exits:** 1 from the portfolio

Rounds by stage said on their site

- Debt *20*
- Series B *7*
- Venture *5*
- Series C *2*
- Series A *2*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) 13
- [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) 9
- [Export Development Canada](https://millionrounds.com/fund/export-development-canada) 6
- [Bank of Montreal (BMO)](https://millionrounds.com/fund/bmo-financial-group) 5
- [CIBC](https://millionrounds.com/fund/cibc) 5
- [Bank of America](https://millionrounds.com/fund/bank-of-america) 4

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

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## Who they invest alongside

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

[**BDC Capital** VC firm **13** rounds together](https://millionrounds.com/fund/bdc-venture-capital)[**National Bank of Canada** Private equity **9** rounds together](https://millionrounds.com/fund/national-bank-of-canada)[**Export Development Canada** Government **6** rounds together](https://millionrounds.com/fund/export-development-canada)[**Bank of Montreal (BMO)** Corporate VC **5** rounds together](https://millionrounds.com/fund/bmo-financial-group)[**CIBC** VC firm **5** rounds together](https://millionrounds.com/fund/cibc)[**Bank of America** Company **4** rounds together](https://millionrounds.com/fund/bank-of-america)[**Citibank** Growth equity **4** rounds together](https://millionrounds.com/fund/citi)[**UBS** Wealth manager **3** rounds together](https://millionrounds.com/fund/ubs)[**Wells Fargo** Corporate VC **3** rounds together](https://millionrounds.com/fund/wells-fargo-bank-office)[**BNP Paribas** VC firm **2** rounds together](https://millionrounds.com/fund/bnp-paribas)[**Bpifrance** Government **2** rounds together](https://millionrounds.com/fund/bpifrance)[**British Columbia Investment Management Corporation (BCI)** Growth equity **2** rounds together](https://millionrounds.com/fund/british-columbia-investment-management-corporation-bci)

## Recently backed

The latest companies Royal Bank of Canada put money into.

[**Kaiko** $110M · Sept 2026](https://millionrounds.com/company/kaiko)[**CAIS** $170M · Aug 2026](https://millionrounds.com/company/cais)[**WhiteFiber** $100M · May 2026](https://millionrounds.com/company/whitefiber)[**Activate Games** $53M · Mar 2026](https://millionrounds.com/company/activate-games)[**Arevon** $482M · Mar 2026](https://millionrounds.com/company/arevon)[**Vosker** $200M · Feb 2026](https://millionrounds.com/company/vosker)

## Mentioned on podcasts

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

- [BRAVE Southeast Asia Tech](https://millionrounds.com/podcasts/brave-southeast-asia) 3 May 2021 · 35 min Alex Lazarow on Frontier Innovators, VC & Founder Trust and Rewriting the Rules of Silicon Valley - E55 Mentions [McKinsey & Company](https://millionrounds.com/fund/mckinsey-and-company)[Omidyar Network](https://millionrounds.com/fund/omidyar-network)[Royal Bank of Canada](https://millionrounds.com/fund/royal-bank-of-canada) Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 11 Dec 2019 · 50 min Lo Toney, Plexo Capital With [Lo Toney](https://millionrounds.com/person/lo-toney) Mentions [Cisco Investments](https://millionrounds.com/fund/cisco-investments)[Comcast Ventures](https://millionrounds.com/fund/comcast-ventures)[Ford Foundation](https://millionrounds.com/fund/ford-foundation) *+3* Apple PodcastsShow page

## Quick answers about Royal Bank of Canada

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

Royal Bank of Canada invests most often at Debt and Series B (75% of the rounds on record), in sectors such as Financial Services and Artificial Intelligence.

### How active is Royal Bank of Canada?

46 investments on record, 18 of them in the last 12 months. The most recent was in Oct 2026.

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

Its most recent investments on record: Deriva Energy (Debt, Oct 2026), Kaiko (Series B, Sept 2026) and Ultimarii (Series A, Sept 2026).

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

The median round it joins is $100M.

### Does Royal Bank of Canada lead rounds?

Rarely, if at all: none of its 46 investments on record names it as the lead.

### Where does Royal Bank of Canada invest?

Most of the companies it backs are in Canada (55%) and the United States (38%).

### Is Royal Bank of Canada investing now?

Yes: it is actively investing, with 18 investments in the last 12 months.

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

Most often BDC Capital (13 rounds together), National Bank of Canada (9 rounds together) and Export Development Canada (6 rounds together).

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