Key Takeaways
- • Cross-Border Impact Ventures closed US$58 million in its first close for Women's and Children's Health Technology Fund II, with a target of US$125 million for the full fund and expected final close in 2027.
- • Fund II secured commitments from institutional and development-focused Limited Partners including KfW (on behalf of Germany's Federal Ministry for Economic Cooperation and Development), the Skoll Foundation, Equality Fund, Ceniarth, Wire Group, and multiple family offices and high-net-worth individuals.
- • Fund II represents a significant expansion from the firm's first fund, which raised US$90.3 million and closed approximately four years prior, targeting early-growth-stage health technology commercializing medical devices, diagnostics, therapeutics, and digital health solutions.
- • The Toronto-based firm is led by Managing Partners Annie Thériault, PhD, CFA, ICD.D, and Donna Parr, positioning itself as a specialized impact venture capital investor focused on women's and children's health innovation.
Summary
Cross-Border Impact Ventures (CBIV), a Toronto-based impact venture capital firm, announced the first close of its second fund, Women's and Children's Health Technology Fund II, with US$58 million in capital commitments. The fund is targeting a total of US$125 million and expects to reach its final close in 2027, representing continued investor confidence in the firm's thesis following the successful deployment of Fund I, which raised US$90.3 million approximately four years earlier.
The Limited Partner base for Fund II demonstrates strong institutional backing anchored by returning investors who increased their commitments. Key backers include KfW, acting on behalf of Germany's Federal Ministry for Economic Cooperation and Development (BMZ), signaling bilateral development finance interest in the sector. The Skoll Foundation, a major impact investing player, returned with its OCIO managed by Capricorn Investment Group. Additional institutional and development-oriented LPs include Equality Fund (with RockCreek Group as OCIO), Ceniarth, Wire Group, and a diverse cohort of family offices and high-net-worth individuals.
CBIV, led by Managing Partners Annie Thériault, PhD, CFA, ICD.D, and Donna Parr, specializes in early-growth-stage health technology ventures commercializing medical devices, diagnostic tools, therapeutics, and digital health solutions. The firm's focused investment thesis in women's and children's health technology addresses underserved segments within the broader health technology market, reflecting both demographic opportunity and the documented capital gap in this sector.
The first close at 46% of the target fund size aligns with typical venture capital fund raise trajectories, indicating robust investor appetite for Fund II despite the relatively concentrated nature of impact-focused health technology venture investing. The diversity of LP types—from government development agencies to impact foundations to commercial family offices—suggests CBIV has successfully positioned Fund II at the intersection of development impact and financial return expectations.
The Limited Partner base for Fund II demonstrates strong institutional backing anchored by returning investors who increased their commitments. Key backers include KfW, acting on behalf of Germany's Federal Ministry for Economic Cooperation and Development (BMZ), signaling bilateral development finance interest in the sector. The Skoll Foundation, a major impact investing player, returned with its OCIO managed by Capricorn Investment Group. Additional institutional and development-oriented LPs include Equality Fund (with RockCreek Group as OCIO), Ceniarth, Wire Group, and a diverse cohort of family offices and high-net-worth individuals.
CBIV, led by Managing Partners Annie Thériault, PhD, CFA, ICD.D, and Donna Parr, specializes in early-growth-stage health technology ventures commercializing medical devices, diagnostic tools, therapeutics, and digital health solutions. The firm's focused investment thesis in women's and children's health technology addresses underserved segments within the broader health technology market, reflecting both demographic opportunity and the documented capital gap in this sector.
The first close at 46% of the target fund size aligns with typical venture capital fund raise trajectories, indicating robust investor appetite for Fund II despite the relatively concentrated nature of impact-focused health technology venture investing. The diversity of LP types—from government development agencies to impact foundations to commercial family offices—suggests CBIV has successfully positioned Fund II at the intersection of development impact and financial return expectations.
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