BKR Capital Announces the First Close for its $50M Fund II After Top-Quartile Performance of Debut Fund
TORONTO, March 23, 2026 /CNW/ - BKR Capital announces the $20M first close of its second venture capital fund – Black Innovation Fund II – targeting $50 million to back the next generation of globally competitive Black-led technology companies. This close marks a meaningful milestone in expanding funding accessibility for Black founders and diverse teams, building a more inclusive business ecosystem that drives both impact and financial returns. Leading institutional investors have committed to the first close, including the Royal Bank of Canada, Boann Social Impact Fund, Cap Finance Social Finance Fund, the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
The announcement follows the strong performance of BKR Capital's inaugural fund, which is currently tracking as a top-quartile performer for its vintage, using Carta's data as benchmark. Through Fund I, the firm invested in 15 technology companies, many of which have experienced meaningful revenue growth and have begun expanding internationally.
"From the beginning, our thesis was that there was a powerful investment opportunity hiding in plain sight," said Isaac Olowolafe, General Partner at BKR Capital. "By identifying exceptional founders who have historically been overlooked by traditional venture networks, we are seeing the kind of strong financial performance that comes from investing in innovation before the broader market recognizes its value."
That thesis is reinforced by data from the 2026 Black Startup Funding Report, released by BKR Capital and Rep Matters, which found that only 0.15% of venture capital deployed in Canada in 2025 went to Black founders. At the same time, the report shows that nearly 90% of these deals are occurring at the pre-seed and seed stages, highlighting a rapidly growing pipeline of early-stage innovation that remains largely undercapitalized.
Since launching its first fund, BKR Capital has built a portfolio of innovative companies across sectors, including fintech, cybersecurity, enterprise software, and artificial intelligence. Several of these companies are already emerging as global champions, expanding beyond North America and serving customers across multiple continents. One example is Protexxa, a cybersecurity platform helping organizations build human-centric cyber resilience, which is already operating in nine countries.
"Over the past few years, we have reviewed thousands of startups from coast to coast," said Lise Birikundavyi, Co-Founder and Managing Partner at BKR Capital. "What we are seeing is a deep pipeline of talented entrepreneurs building the companies of tomorrow -- the scale of that opportunity made launching Fund II a clear next step."
The firm has already begun deploying capital, with its first investment completed and additional opportunities currently in advanced due diligence.
"BKR has demonstrated that backing exceptional founders who have historically been overlooked is not only the right thing to do, but also a strong investment strategy," said Paula Cruickshank, Senior Vice President, BDC Capital. "Their track record with Fund I and the successful first close of Fund II underscore the important role specialized managers play in strengthening Canada's innovation ecosystem and supporting globally competitive technology companies."
"Many of the founders we back are building companies that are thinking global from day one," said Ebenezer Arthur, Partner at BKR Capital. "Our platform helps them access networks and markets that accelerate expansion not only across North America but also into some of the fastest-growing technology ecosystems across Africa, Asia, Latin America and the Caribbean."
"Supporting Canadian companies as they expand into global markets is critical in today's economic environment, and our investment in this fund speaks to our commitment to helping level the playing field for Black-owned businesses to access the capital they need to fuel their growth," said Lissa Bjerkelund, Vice-President and Head of Investments at EDC and executive responsible for investments. "Funds like BKR Capital help Canadian businesses scale into new and fast-growing trade markets, contributing to greater trade diversification and ensuring more Canadian technologies have equal opportunity to compete globally."
Additionally, via initiatives led by its non-profit, the BKR Catalyst Institute, the firm contributes to strengthening the venture capital ecosystem by supporting underrepresented investors with rigorous training and access to networks.
For more information about BKR Capital or to connect with the team, please visit Bkrcapital.ca.
About BKR Capital
BKR Capital invests in high-growth technology companies led by founders from the Black community, building solutions for the future of work, living, and global connectivity. The firm's investment thesis is grounded in the belief that overlooked markets and diverse lived experiences can unlock outsized venture opportunities--delivering both strong financial returns and broader economic participation.
SOURCE BKR Capital
BKR Media Relations: [email protected]; 1-866-870-5342 ext.1
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