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Venture Capital
FINANCE | Investment Firms & Funds
portageinvest.com

Investments

98

Portfolio Exits

7

Funds

6

Partners & Customers

1

About Portage

Portage operates as a global investment platform. The company provides financial technology and financial investment services. It partners with companies across all stages, providing flexible capital and delivering a global network of investors, commercial partners, advisors, and value-creation experts. It was founded in 2016 and is based in Montreal, Canada.

Headquarters Location

1172 Sherbrooke Ouest

Montreal, Quebec, H3A 1H6,

Canada

416-607-2260

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Latest Portage News

ThetaRay, the Leader in Next Generation AI-Powered Secure Global Payments, Raises $57 Million to Continue Unlocking Business Opp...

Sep 6, 2023

Latest Round was Led by Portage, a Global FinTech and Financial Services Investment Platform, and Supported by Largest Existing Shareholder JVP and Other Shareholders Funding Follows 10x Customer Growth in 2 Years The Raise will Expedite International Expansion and Position ThetaRay to Dominate the $9 Billion Financial Crime Fighting Market NEW YORK & TORONTO & TEL AVIV & LONDON, September 5, 2023-- ThetaRay, the leader in next-generation AI-powered secure global payments with offices in New York, Madrid, London, Dubai and Tel Aviv, announced today a significant growth round led by Portage, with investments by existing investors JVP, OurCrowd and others. The investment, totaling $57 Million, will enable ThetaRay to accelerate global growth plans and capitalize on significant market demand as Banks and FinTechs urgently look to replace legacy tools with next-generation financial crime detection technology. ThetaRay recently appointed Peter Reynolds – who had spearheaded the company’s growth as Chief Revenue Officer - as CEO. “Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said Peter Reynolds, CEO of ThetaRay. “We’re proud to be at the forefront of the revolution to make global transactions easier, safer and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.” ThetaRay’s cloud-based transaction monitoring and screening solution uses market-leading proprietary and patented AI technology to monitor financial transactions quickly and accurately. This allows the simple and safe flow of funds across the world by establishing trusted transactions, enabling Banks and FinTechs to grow their business and enter new markets while making more efficient use of their internal resources and reducing the risk of financial crime. ThetaRay’s customers include some of the world’s most significant financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa and ClearBank. Global trade has suffered from payment networks becoming risk averse, seeing global interbank corridors reduce by 40%, causing global payments to become hard to complete, unpredictable and costly. ThetaRay turns this trajectory on its head, and ushers in financial inclusion, unlocking business across regions and industries. As a result, ThetaRay is seeing dramatic business traction – the number of clients grew more than 10x over the last two years while existing customers expanded at a staggering net dollar retention rate of over 180%, resulting in ARR growing over 5x. “We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally,” said Devon Kirk, Partner and Co-Head of Portage Capital Solutions. “We know that Banks and FinTechs are looking for ways to grow their businesses while managing risk and compliance costs and that in many areas, including AML, legacy systems are simply not working. ThetaRay is bringing much-needed innovation to enable transactions and fight financial crime.” “Portage’s deep expertise in the FinTech and Financial Services space makes them the ideal partner as ThetaRay embarks on a new chapter of growth and geographic expansion,” said Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay. “Guided by the adept leadership of Peter Reynolds, the resolute ThetaRay team stands ready to expand its financial technology footprint across continents – spanning North America, South America, Europe, Africa, and Asia – and venture into uncharted realms of innovation." About ThetaRay ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows Banks and Fintechs to expand their business opportunities through safe and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates. For more information, visit www.thetaray.com. About Portage Portage is a global investment platform focused on FinTech and Financial Services with over US $2.5 Billion under management. Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services. Portage operates in the United States, Canada and Europe. Portage is a platform within Sagard, a multi-strategy alternative asset management firm with over $14B under management. For more information, visit www.portageinvest.com. About JVP Founded in 1993 by Dr. Erel Margalit, JVP is an internationally renowned VC fund. It is among the pioneering firms of the Israeli VC industry and has raised over $1.75 Billion. Over the years, JVP has built over 160 companies and has been listed by Preqin, as one of the top six consistently performing VC firms worldwide. JVP has been instrumental in building some of the world’s largest companies to emerge, orchestrated dozens of industry acquisitions to leading international companies and facilitated 12 IPOs on NASDAQ, including CyberArk Software (NASDAQ: CYBR, $4.7 Billion mkt. cap. ), QLIK Technologies (NASDAQ: QLIK, then $4 Billion mkt. cap.) as well as many large industry sales. Over the past decade, JVP has spearheaded the creation of international Centers of Excellence, including the AI and Media Center in Jerusalem, the Cyber Center in Beer Sheva, the FoodTech Center in the Galilee, the Digital Health Center in Haifa, the Fintech Center in Tel Aviv and the International Cyber and Climate-tech Center in NYC. Visit the JVP Website https://www.jvpvc.com Contact:

Portage Investments

98 Investments

Portage has made 98 investments. Their latest investment was in ThetaRay as part of their Series E on September 9, 2023.

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Portage Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/5/2023

Series E

ThetaRay

$57M

Yes

Jerusalem Venture Partners, OurCrowd, Portage, and Undisclosed Investors

2

7/27/2023

Seed VC

Croissant

$24M

Yes

1

6/12/2023

Pre-Seed

Ironforge

$2.6M

Yes

6

5/24/2023

Series B

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$99M

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10

4/18/2023

Series B

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$99M

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10

Date

9/5/2023

7/27/2023

6/12/2023

5/24/2023

4/18/2023

Round

Series E

Seed VC

Pre-Seed

Series B

Series B

Company

ThetaRay

Croissant

Ironforge

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Amount

$57M

$24M

$2.6M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Jerusalem Venture Partners, OurCrowd, Portage, and Undisclosed Investors

Sources

2

1

6

10

10

Portage Portfolio Exits

7 Portfolio Exits

Portage has 7 portfolio exits. Their latest portfolio exit was Neat on December 08, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/8/2021

Acquired

$99M

10

3/30/2021

IPO

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$99M

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10

8/10/2020

Acquired

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$99M

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10

6/11/2019

Acquired

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$99M

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10

1/8/2019

Acquired

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$99M

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10

Date

12/8/2021

3/30/2021

8/10/2020

6/11/2019

1/8/2019

Exit

Acquired

IPO

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

10

10

10

10

10

Portage Acquisitions

1 Acquisition

Portage acquired 1 company. Their latest acquisition was Wealthsimple on March 31, 2016.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/31/2016

Other Venture Capital

$99M

$712.38M

Corporate Majority

1

Date

3/31/2016

Investment Stage

Other Venture Capital

Companies

Valuation

$99M

Total Funding

$712.38M

Note

Corporate Majority

Sources

1

Portage Fund History

6 Fund Histories

Portage has 6 funds, including Portage Ventures III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/21/2022

Portage Ventures III

$655M

4

12/3/2019

Portag3 Ventures II

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$99M

10

12/31/2016

Portag3 Ventures I LP

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$99M

10

10/17/2016

Portag3 Ventures

10

Portage Ventures Structured Equity Fund

10

Closing Date

6/21/2022

12/3/2019

12/31/2016

10/17/2016

Fund

Portage Ventures III

Portag3 Ventures II

Portag3 Ventures I LP

Portag3 Ventures

Portage Ventures Structured Equity Fund

Fund Type

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Status

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Amount

$655M

$99M

$99M

Sources

4

10

10

10

10

Portage Partners & Customers

1 Partners and customers

Portage has 1 strategic partners and customers. Portage recently partnered with Wealthsimple on November 11, 2018.

Date

Type

Business Partner

Country

News Snippet

Sources

11/8/2018

Partner

Canada

Power Financial Reports Third Quarter Financial Results

The contributions from Lifeco and IGM Financial Inc. include an allocation of the results of Wealthsimple Financial Corp. and Portag3 Ventures Limited Partnership , based on their respective interest .

1

Date

11/8/2018

Type

Partner

Business Partner

Country

Canada

News Snippet

Power Financial Reports Third Quarter Financial Results

The contributions from Lifeco and IGM Financial Inc. include an allocation of the results of Wealthsimple Financial Corp. and Portag3 Ventures Limited Partnership , based on their respective interest .

Sources

1

Portage Team

7 Team Members

Portage has 7 team members, including current Founder, Chief Executive Officer, Adam Felesky.

Name

Work History

Title

Status

Adam Felesky

Founder, Chief Executive Officer

Current

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Name

Adam Felesky

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Work History

Title

Founder, Chief Executive Officer

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Status

Current

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