True North Fund Completes Fourth Investment in Canada’s Second Fastest Growing Technology Company, PurposeMed

True North Fund led a Growth Round with major participation by BDC & Panache Ventures

CALGARY, Alberta--(BUSINESS WIRE)--We're excited to announce a Growth investment in PurposeMed led by True North Fund, with major participation by BDC & Panache Ventures.

“We are thrilled to partner with the True North Fund team on this financing, propelling our continued mission to build the most impactful global digital health company,” said Dr. Husein Moloo, CEO of PurposeMed.

PurposeMed was recently ranked Canada’s 2nd fastest growing technology company and 7th in N. America and has successfully expanded into the US market in 2024. The company prevents one case of HIV every three days, improves access to complex care for underserved communities and saves the Canadian healthcare system $200M+ in future costs each year through preventative care.

“PurposeMed is re-imagining how healthcare works. Their team works tirelessly to empower the best clinicians, scaling their impact and developing novel care pathways so that they can build services that deliver better outcomes for their patients,” said Chris Albinson, Managing Partner & Co-Founder of True North Fund.

“We’re honoured to be on this journey with Dr. Husein Moloo, Pete MacLeod, Amaan Banwait, and the entire PurposeMed team. And, it's made much sweeter sharing the ride with Jemi Schwingenschloegl and Pat Lor, and the teams at BDC and Panache,” added Kim Fennell, Venture Partner at True North Fund.

The True North Fund has recently completed its second close with nearly $100 million in total commitments, and has also completed its first four portfolio investments into True North companies, providing crucial secondary liquidity to founders and early employees in the Canadian technology ecosystem. The True North Fund is excited to continue supporting Canadian founders performing in the top global 1% of venture-backed startups.

About True North Fund

True North Fund is Canada’s leading growth stage venture capital company dedicated to supporting Canadian founders performing in the top 1% of venture-backed tech firms globally. With an experienced team based across Canada and Silicon Valley, we focus on a curated community of founders, investing primarily through a proven track record in Growth Secondaries. By providing crucial liquidity and strategic growth capital to founders, employees and early investors, the True North Fund fulfills an important role in the Canadian technology landscape.

About PurposeMed

PurposeMed is a Calgary-based, high-growth telehealth company that provides accessible and specialized healthcare services, focusing on underserved populations across Canada and the United States. With specialized clinicians, a scalable technology platform and vertically integrated pharmacy services, PurposeMed delivers impactful care in HIV prevention and treatment, gender-affirming care, and behavioral health. PurposeMed was recently ranked the #2 fastest growing technology company in Canada and #7 in North America by Deloitte.

About BDC Capital

BDC Capital is committed to supporting innovative Canadian companies in their formative phase by backing them with a full range of capital solutions and advice to accelerate their scaling journey. By collaborating closely with the ecosystem, it is creating the space for innovators to grow and succeed. For more information on BDC Capital’s solutions, visit bdc.ca/en/bdc-capital.

About BDC: 80 years as Canada’s bank for entrepreneurs

BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the most innovative firms. BDC’s development role means we are in a state of perpetual evolution – wherever entrepreneurs go and whatever the Canadian economy needs – we will be there to help them defy the odds. 80 years later, that commitment remains very much alive. BDC’s services in 2024 alone will add an estimated $25.5 billion in GDP to Canada’s economy over the next five years. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers, and the first financial institution in Canada to receive the B Corp certification in 2013. For more information on our products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.

About Panache Ventures

Panache Ventures is Canada’s most active pre-seed and seed VC, closing the early-stage funding gap. With offices in Montreal, Toronto, Calgary, and Vancouver, Panache has access to unmatched deal flow and provides startups with a national network of industry experts and co-investors. Backed by a proprietary AI-driven data platform and a team of accomplished former operators, the fund is uniquely equipped to identify and accelerate top founders toward their Series A.