Build Ventures, the Atlantic Canadian seed-stage venture capital firm, has announced the initial close of its second fund at $50.5 million and has invested in a $2.9 million round by Saint John-based Gemba Software Solutions.
Led by partners Rob Barbara and Patrick Keefe, Halifax-based Build launched its first fund in 2013, announcing a first close of $48.5 million but ending up with a fund of $65 million that backed 14 companies. Build ended its investment period with the first fund in late 2017, and the principals have been working since on bringing in new capital for their second fund.