Diagram Exceeds $100 Million Target for Third Fund and Welcomes Two California-Based Partners to Leadership Team
May 04, 2023
MONTREAL - May 4, 2023 ⎯ Diagram has announced today that it has raised over $100 million in commitments from investors for its latest fund, Diagram Ventures III L.P. (“DVLP III”), exceeding its initial target. The firm also announced the addition of seasoned entrepreneurs and investors, Steve Schultz and Ken Nguyen, to further strengthen Diagram’s platform.
"We are thrilled to announce the successful raise of over $100 million for our latest fund, DVLP III," said Paul Desmarais III, Co-Founder and Chairman of Diagram. "We are grateful for the support and trust from our investors, which is a testament to the strength of our model and the value we have generated for all stakeholders."
The fund will focus on partnering with entrepreneurs to quickly validate, launch, and scale technology companies in the fintech and web3 sectors, leveraging Diagram's unique expertise and ecosystem. Furthermore, as part of DVLP III, Diagram also announced the expansion of its investment strategy to invest in externally created early-stage companies.
“Our vision has always been to focus on fewer concentrated ideas that we foster, de-risk, and co-create with exceptional founders.” said Francois Lafortune, Co-Founder and CEO of Diagram. “While our core focus will remain building ventures from scratch, we are excited to broaden our strategy and help more innovative entrepreneurs reach their full potential.”
Furthermore, Diagram announced the addition of two new partners, Steve Schultz and Ken Nguyen, to its leadership team. Steve and Ken bring significant experience in fintech and web3, respectively. Based in California, they will contribute deep expertise and networks to Diagram’s founders and portfolio companies and expand Diagram’s presence in the US.
Steve previously held leadership roles at Amazon Web Services (AWS) where he led the company's partnership with Y Combinator and was a Venture Partner at F-Prime Capital on its fintech investment team. Steve also served as Chief Operating Officer of Check, a mobile payments service, leading product, partnerships, and go-to-market efforts from inception to its acquisition by Intuit.
Ken previously launched and managed Insight Capital, an independent investment and advisory firm focused on web3, blockchain, and digital assets and was a Managing Director at McCourt Global, where he invested in and incubated early-stage companies at the intersection of tech, sports, media, and real estate. Ken also previously worked at Blackstone where he led 16 restructuring and M&A transactions.
Diagram is a venture builder that conceives and launches technology companies in the fintech, web3, and climate tech industries. Working alongside experienced founders to solve meaningful problems, Diagram combines access to capital, hands-on support, and a deep ecosystem of partners to launch and scale businesses.
Since its inception in 2016, Diagram has launched and invested in 18 companies across three funds including leading technology companies such as Dialogue, nesto, Novisto, and Synctera. Together, these 18 companies have raised over $550 million from investors, created equity value in excess of $1.5 billion and over 1,350 full-time jobs. To learn more about Diagram, visit diagram.ca.
For further information:
Adam Daifallah, 514-316-7089, [email protected]