Pelorus Venture Capital (Venture NL III)

In plain language

NL's flagship homegrown VC. VNL III launched January 2026 targeting $50M, anchored by the Province of NL ($15M) and Shopify's John Phillips. Invests pre-seed to Series A in NL-based tech, ocean-tech, and med-tech. Historical net IRRs: 24% on VNL I, 11% on VNL II. Portfolio includes CoLab, Mysa, Spellbook, Avalon Holographics. Real money for serious founders — but it's equity, not a grant. You'll give up 10–25% and take a partner. Best fit: NL-headquartered incorporated company with a defensible product, early revenue, and venture-scale ambition. Not for lifestyle businesses or services firms.

Who qualifies

What you'll have to report

Board reporting, monthly KPIs, quarterly financials, annual audit (if required), investor updates, standard shareholder agreement covenants.