Intrepid Growth Partners Raised $525 Million Fund
The firm will target AI application-layer startups based in Canada, Europe, and the UK.
Updated on Sept. 28, 2026 in Startups
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Intrepid Growth Partners has closed its inaugural fund at $525 million with backing from 80 limited partners. The firm explicitly targets AI application-layer startups located outside of Silicon Valley.
Why it matters
By focusing on geographic regions like Canada, Europe, and the UK, Intrepid seeks to mitigate AI concentration risk. The fund intends to build a portfolio of 15 to 20 companies to capitalize on regional innovation.
The firm targets check sizes between $20 million and $50 million per investment. It currently holds nine companies, with recent activity including leading a $72 million round for CoLab and joining a $225 million round for Beacon Software.
The players
Intrepid Growth Partners
A venture capital firm focused on AI application-layer startups in Canada, Europe, and the UK.
Mark Machin
Co-founder of Intrepid Growth Partners who previously served at CPP Investments.
CoLab
A Newfoundland and Labrador-based software company that received $72 million in Series C funding.
Beacon Software
A portfolio company that participated in a $225 million Series C funding round.
The details
Intrepid Growth Partners focuses on the application layer of AI, where software directly interacts with business workflows rather than developing foundational models. The team evaluates startups based on operational performance metrics, such as the 50% EBITDA growth projected for portfolio company Beacon Software. The firm avoids Silicon Valley to find startups that operate in diverse industrial ecosystems.
Timeline
2017: CPP Investments committed to a Series A in Zoox.
2021: Mark Machin stepped down from CPP Investments.
2023: Mark Machin co-founded Intrepid Growth Partners.
November 2025: Intrepid led a $72 million Series C for CoLab.
September 14, 2026: Intrepid announced the close of its $525 million fund.
The Tech Race
Intrepid's focus on regional AI hubs marks a departure from the industry trend of concentrating capital within Silicon Valley. By prioritizing markets in Canada, Europe, and the UK, the firm seeks to bypass the valuation inflation often found in California.
The firm's $20 million to $50 million investment range signals support for late-stage startups rather than seed-stage projects. This influx of capital will likely accelerate product development and expansion timelines for its current and future portfolio companies.
The takeaway
Intrepid is betting that the next wave of AI application success will come from outside the traditional tech hubs. Watch the firm's progress as it deploys capital to reach its goal of 15 to 20 total portfolio companies.
Further reading
For broader insights into how new firms are entering the market, visit our Startups section.
Source note: This article includes information reported by Pitchbook.
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