Venture capital firm
La Caisse portfolio
lacaisse.comLa Caisse is a venture capital firm based in Montreal, Canada, founded in 1965. It has invested in 43 venture-backed companies across 49 funding rounds on VCMC, and led 19 of those rounds. 5 of them were in the last 12 months.
43
Venture-backed companies
in its portfolio on VCMC
49
Funding rounds
led 19
5
Last 12 months
rounds, Oct 2025 to Sep 2026
12
With a disclosed valuation
of 43 companies
$93.1B
Combined value of its private companies
the whole companies, not what La Caisse owns
40 private companies La Caisse has backed have a VCMC valuation; together they are worth $93.1B. That is the value of the whole companies, not what La Caisse owns. Vertical Bridge is 19% of the total. 3 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Full La Caisse portfolio (43 companies)
43 companies.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Invenergy Renewable energy companies · since Growth, 2022 | Growth Equity Jun 2023 $1.00B | $11.2B | $1.7B – $19.2B | $10.6B (-6%) | $1.2B | 0% | 2,478 | flat | D | |
| 2 | FNZ Investment Consultants & Financial Advisors · led at Growth, 2025 | Growth Equity Sep 2026 $450M | $4.7B | $3.0B – $7.7B | $5.0B (+8%) | $495M | 0% | 6,299 | flat | B | |
| 3 | Vertical Bridge Real Estate Rental · since Growth, 2026 | Growth Equity Apr 2026 $1.50B | $17.6B | $11.0B – $28.1B | $18.5B (+5%) | $1.7B | 0% | 409 | flat | B | |
| 4 | PharmEasy Drug Stores & Pharmacies · since Series E, 2021 | Debt Sep 2025 $193M | $810M | $259M – $932M | $791M (-2%) | $82.6M | 0% | 3,978 | flat | C | |
| 5 | Celsius Cryptocurrency · led at Series B, 2021 | Series B Nov 2021 $750M | $32.5M | $0 – $32.5M | $32.5M (0%) | – | 100% | 118 | flat | dead | |
| 6 | Hopper Travel Agencies · led at Series C, 2016 | Growth Equity Nov 2022 $96M | $1.2B | $576M – $4.6B | $925M (-23%) | $466M | 89% | 1,061 | down | D | |
| 7 | Sanfer Pharmaceutical Products · led at Growth, 2019 | Growth Equity Aug 2019 $500M | $4.5B | $346M – $6.9B | $4.5B (0%) | $550M | 0% | 2,156 | up | D | |
| 8 | eStruxture Data Solutions · since Series A, 2021 | Series A May 2021 $489M | $3.0B | $220M – $7.3B | $2.8B (-6%) | $798M | 3% | 143 | up | D | |
| 9 | AppDirect Tech Companies · led at Series G, 2020 | Debt Jan 2021 $43M | $1.5B | $193M – $2.1B | $1.5B (-5%) | $251M | 7% | 1,186 | up | D | |
| 10 | Shizen Energy Renewable energy companies · led at Growth, 2022 | Growth Equity Oct 2022 $470M | $2.4B | $349M – $7.2B | $2.2B (-7%) | $543M | 23% | 188 | flat | D | |
| 11 | Druva Tech Companies · led at Growth, 2021 | Growth Equity Apr 2021 $147M | $1.9B | $181M – $2.6B | $1.8B (-1%) | $224M | 7% | 1,372 | flat | D | |
| 12 | AlayaCare Tech Companies · since Growth, 2019 | Series D May 2024 $165M | $2.6B | $624M – $3.8B | $2.0B (-23%) | $297M | 8% | 630 | flat | C | |
| 13 | Tech Companies · since Series C, 2023 | Series C Feb 2023 $105M | $281M | $92.1M – $1.4B | $188M (-33%) | $110M | 89% | 61 | down | D | |
| 14 | Tech Companies · led at Series D, 2022 | Series D Aug 2022 $105M | $638M | $102M – $1.1B | $574M (-10%) | $115M | 26% | 647 | flat | D | |
| 15 | Insurance - Agents, Carriers & Brokers · since Growth, 2020 | Growth Equity Sep 2020 $1.50B | $9.7B | $766M – $11.2B | $9.7B (0%) | $951M | 0% | 9,600 | unknown | D | |
| 16 | Insurance - Agents, Carriers & Brokers · since Growth, 2020 | Growth Equity Sep 2020 $1.50B | $5.3B | $510M – $6.1B | $5.3B (-1%) | $540M | 0% | 14,508 | up | D | |
| 17 | Insurance - Agents, Carriers & Brokers · since Growth, 2020 | Acquisition Sep 2025 $1.70B | $8.2B acquired 2025 | $918M – $12.5B | – | – | 0% | 254 | up | D | |
| 18 | Dairy Products - Farms & Stores · since Growth, 2015 | Growth Equity Dec 2015 $300M | $1.0B | $219M – $3.2B | $1.0B (0%) | $330M | 64% | 3,670 | flat | D | |
| 19 | Mortgage Brokers · led at Series E, 2026 | Series E Jun 2026 $217M | $1.2B | $922M – $1.6B | $1.4B (+19%) | $153M | 0% | 524 | growing | A | |
| 20 | Tech Companies · since Series E, 2021 | Debt Nov 2022 | $4.7B | $492M – $7.1B | $4.6B (-2%) | $626M | 0% | 503 | up | D | |
| 21 | Farms & Agriculture Production · led at Series D, 2022 | Series D Oct 2022 $125M | $18.6M | $0 – $18.6M | $18.6M (0%) | – | 100% | 162 | down | dead | |
| 22 | Tech Companies · since Growth, 2025 | Growth Equity Sep 2025 $250M | $2.4B | $1.4B – $3.8B | $1.9B (-21%) | $269M | 59% | 19 | down | B | |
| 23 | Real Estate - Agents & Managers · led at Growth, 2018 | Growth Equity Jul 2018 $250M | $3.1B | $183M – $4.7B | $3.1B (0%) | $275M | 0% | 459 | unknown | D | |
| 24 | Pharmaceutical Products · since Series B, 2016 | Series D Sep 2023 $80M | $1.1B | $151M – $2.4B | $973M (-8%) | $173M | 0% | 19 | flat | D | |
| 25 | Chemicals · since Growth, 2022 | Growth Equity Feb 2022 $227M | $1.6B | $117M – $3.5B | $1.6B (0%) | $250M | 0% | 68 | flat | D | |
| 26 | Loans & Financing · since Series E, 2026 | Series E Jun 2026 $217M | $1.2B | $917M – $1.6B | $1.4B (+21%) | $157M | 0% | 82 | growing | A | |
| 27 | Device Manufacturing · since Growth, 2020 | Growth Equity Feb 2020 $203M | $2.0B | $469M – $3.8B | $2.0B (0%) | $223M | 0% | 920 | growing | D | |
| 28 | Electric Supplies & Power Generation · since Series E, 2024 | Series E Jun 2024 $136M | $771M | $405M – $2.0B | $417M (-46%) | $200M | 97% | 191 | shrinking | C | |
| 29 | Tech Companies · since Growth, 2018 | Growth Equity Nov 2018 $150M | $421M | $36.6M – $519M | $421M (0%) | $44.7M | 0% | 854 | flat | D | |
| 30 | Construction Services · since Growth, 2022 | Growth Equity Dec 2022 $110M | $2.0B | $220M – $3.0B | $2.0B (-1%) | $139M | 0% | 3,513 | up | D | |
| 31 | Tech Companies · led at Growth, 2023 | Growth Equity Jun 2023 $93M | $168M | $36.5M – $419M | $147M (-12%) | $21.4M | 60% | 377 | flat | D | |
| 32 | Flight Training · since Growth, 2019 | Growth Equity May 2023 | $1.1B | $124M – $2.8B | $1.1B (-6%) | $132M | 0% | 565 | flat | D | |
| 33 | Tech Companies · since Series C, 2021 | Series C Oct 2021 $54M | $194M | $28.8M – $745M | $172M (-11%) | $63.8M | 50% | 81 | down | D | |
| 34 | Hotels · led at Growth, 2014 | Growth Equity Dec 2014 $80M | $758M | $58.5M – $1.4B | $758M (0%) | $88.0M | 0% | 413 | up | D | |
| 35 | Health Care Services · led at Series B, 2019 | Series B Jun 2019 $40M | $188M | $13.0M – $351M | $178M (-5%) | $36.9M | 6% | 971 | flat | D | |
| 36 | Tech Companies · led at Series A, 2021 | Series A Dec 2021 $45M | $27.6M | $12.7M – $110M | $27.5M (0%) | $55.7M | 97% | 4 | shrinking | D | |
| 37 | Auto Parts Manufacturers · led at Growth, 2016 | Growth Equity Apr 2016 $28M | $231M | $19.1M – $438M | $231M (0%) | $31.1M | 12% | 367 | flat | D | |
| 38 | Tech Companies · led at Series C, 2021 | Acquisition May 2025 | $107M acquired 2025 | $27.6M – $415M | – | – | 75% | 110 | flat | D | |
| 39 | Industrial Products Manufacturer · since Growth, 2013 | Growth Equity May 2013 $38M | $410M | $24.5M – $707M | $410M (0%) | $41.8M | 0% | 400 | unknown | D | |
| 40 | Tech Companies · led at Series A, 2018 | Acquisition Jun 2023 | $321M acquired 2023 | $75.6M – $488M | – | – | 0% | 150 | flat | C | |
| 41 | Tech Companies · led at Series B, 2022 | Series B Oct 2022 $15M | $87.8M | $16.1M – $198M | $74.0M (-16%) | $16.7M | 28% | 93 | up | D | |
| 42 | Video and Audio Production · since Series A, 2016 | Series A Jun 2016 $6.8M | $15.1M | $2.48M – $46.8M | $15.1M (0%) | $9.52M | 97% | 42 | shrinking | D | |
| 43 | Accounting & Bookkeeping Services · since Growth, 2024 | Growth Equity May 2024 | $1.3B | $195M – $2.6B | $1.3B (0%) | $89.1M | 0% | 13,000 | unknown | D |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How La Caisse invests: stages, industries and countries
Most of its rounds are Series C and later (82%). Its companies span 26 industries, most in Tech Companies, Insurance - Agents, Carriers & Brokers and Pharmaceutical Products, across 8 countries.
Rounds by stage
- Series A 4
- Series B 5
- Series C and later 40
Investments by industry
- Tech Companies 14
- Insurance - Agents, Carriers & Brokers 3
- Pharmaceutical Products 2
- Renewable energy companies 2
- Accounting & Bookkeeping Services 1
- Auto Parts Manufacturers 1
- Chemicals 1
- Construction Services 1
Investments by country
- Canada 21
- United States 12
- United Kingdom 4
- India 2
- Australia 1
- Germany 1
Recent rounds
La Caisse's latest investments
La Caisse's most recent funding rounds, newest first. 5 rounds in the last 12 months.
- FNZ Growth, led $450M 1 Sep 2026
- Series E, led $217M 10 Jun 2026
- Series E $217M 10 Jun 2026
- Vertical Bridge Growth $1.50B 22 Apr 2026
- FNZ Growth $650M 12 Nov 2025
- Growth $250M 12 Sep 2025
- Series E $136M 11 Jun 2024
- Growth amount not disclosed 31 May 2024
- AlayaCare Series D $165M 22 May 2024
- PharmEasy Growth $216M 30 Apr 2024
Co-investors
La Caisse's top co-investors
The investors that most often join the same rounds as La Caisse. Investissement Québec leads, with 8 rounds together.
About
About La Caisse
Caisse de dépôt et placement du Québec, known as La Caisse, is a Canadian crown corporation engaged in investment management and pension fund management. The company manages assets across private and public markets, infrastructure, real estate, and fixed income, serving clients in Canada and internationally. La Caisse also invests in private equity and renewable energy, and is involved in the development of infrastructure and real estate projects. The company is committed to sustainable and responsible investment practices, with a focus on environmental, social, and governance (ESG) principles, and is certified for its sustainability initiatives.
Description from Veridion's company data.
- Founded
- 1965
- Based in
- Montreal, Canada
- Team
- 36 people, -18% in a year
- Type
- Venture capital firm
Focus markets
- Financial Services
- Real Estate
- Infrastructure
- Renewable Energy
What La Caisse offers
- Investment Management Services
- Pension Fund Management Services
- Private Equity Investment Services
- Public Market Investment Services
- Infrastructure Investment Services
- Real Estate Investment Services
- Fixed Income Investment Services
- Renewable Energy Investment Services
Questions
La Caisse: frequently asked questions
How many companies has La Caisse invested in?
43 venture-backed companies on VCMC, across 49 funding rounds.
What are La Caisse's most valuable private companies?
Vertical Bridge ($17.6B), Invenergy ($11.2B), Howden ($9.7B), by VCMC's valuation.
What was La Caisse's latest investment?
FNZ, a Growth round in Sep 2026 of $450M, which La Caisse led.
Which stages does La Caisse invest in?
La Caisse invests most often at Series C and later (40 rounds), followed by Series B (5) and Series A (4).
What is La Caisse's portfolio worth?
Its private companies with a VCMC valuation are worth $93.1B together. That is the sum of the companies' values, not what La Caisse owns.
Who does La Caisse invest alongside?
Investissement Québec (8 rounds), Fonds de solidarité FTQ (6 rounds), Inovia (5 rounds).