
Investments
98Portfolio Exits
7Funds
6Partners & Customers
1About 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.

Want to inform investors similar to Portage about your company?
Submit your Analyst Briefing to get in front of investors, customers, and partners on CB Insights’ platform.
Latest Portage News
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.

Portage Investments Activity

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 | |||||
4/18/2023 | Series B |
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 | ||
Amount | $57M | $24M | $2.6M | ||
New? | Yes | Yes | Yes | ||
Co-Investors | Jerusalem Venture Partners, OurCrowd, Portage, and Undisclosed Investors | ||||
Sources | 2 | 1 | 6 |
Portage Portfolio Exits
7 Portfolio Exits
Portage has 7 portfolio exits. Their latest portfolio exit was Neat on December 08, 2021.
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 | $712.38M | Corporate Majority | 1 |
Date | 3/31/2016 |
---|---|
Investment Stage | Other Venture Capital |
Companies | |
Valuation | |
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 | ||||
12/31/2016 | Portag3 Ventures I LP | ||||
10/17/2016 | Portag3 Ventures | ||||
Portage Ventures Structured Equity Fund |
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 | |||||
Status | |||||
Amount | $655M | ||||
Sources | 4 |
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 | |
Name | Adam Felesky | ||||
---|---|---|---|---|---|
Work History | |||||
Title | Founder, Chief Executive Officer | ||||
Status | Current |
Compare Portage to Competitors

Vation Ventures operates a research platform that allows customers to understand landscapes, investment trends, offerings, and company information. Its platform provides early-stage companies with the support needed to quickly accelerate their growth. The firm was founded in 2021 and is based in Denver, Colorado.

AngelHub partners with seed-stage tech-based startups across Latin America to accelerate their growth by investing and providing strategic advice, commercial connections, and business perks to take their business to the next level. It was founded in 2019 and is based in San Pedro, Mexico.

Quona Capital is a venture capital firm that invests in growth-stage financial technology companies in emerging markets. Quona works with entrepreneurs, investors, and strategic partners, with a holistic approach to venture capital investing, aligning value with values, profit with purpose, and combining financial return with social impact. Quona Capital was founded in 2015 and is based in Washington, D.C.
Catalyst is a search and social digital marketing agency, specialized in developing digital solutions. It is based in Boston, Massachusetts.
Accelerain is a sales development firm. It provides meeting scheduling, sales recruiting, sales development training, consulting, and other services to grow revenue. It serves the information technology, consulting, telecommunications, biotech, healthcare, marketing, and other sectors. It was founded in 2014 and is based in Philadelphia, Pennsylvania.

Evolve Activation is a marketing agency. It offers marketing program development, retail marketing services, event logistics and management, mobile tour vehicle management, event field reporting and measurement, and more. It provides strategic, event management, and logistics services to brands across the globe. It was founded in 2013 and is based in Sun Valley, California.