About Mistral
Mistral is a venture capital firm founded in 2013. It is primarily based out of Toronto, Canada. As of Sep 2026, Mistral is an active investor, having invested in 60 companies, with 7 new investments in the last 12 months. It primarily invests in Seed round in Canada based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and FinTech. Most recently it participated in the $***** Seed round of Thri5 Overall, Mistral portfolio has seen 1 unicorn and 10 acquisitions including key companies like Cohere, CloudCheckr and SnapTrade. A lot of funds co-invest with Mistral, with names like BDC sharing a substantial percentage of its portfolio. Mistral has team of 6 people including 4 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio Unicorns
Mistral's List of Top Investments
Mistral has a portfolio of 60 companies, one of which is a Unicorn. Their most notable investments are in Relogix and Loop Financial.Their portfolio spans across Canada, United States and India. They have invested in Enterprise Applications, High Tech, FinTech and 13 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Mistral:
1. Cohere
Developer of enterprise AI platform and multilingual language and retrieval models. The company provides tools for workplace productivity, intelligent search, and semantic text representation. It offers models for relevance-based result refinement and high-performance generative tasks. The platform supports customization and private deployments, catering to various industries. It also provides developer resources, including API access and technical documentation.
Key facts about Cohere
- Founded Year: 2019
- Location: Toronto (Canada)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $1.54B
- Employee Count: 1,221 as on Sep 30, 2026
- Investors: Sapphire Ventures, Salesforce Ventures and 37 Others
- Latest Funding Round: Series D, Sep 24, 2025, $*****
- Highlight: Editors' Pick
2. Symend
Provider of key account management solutions for customer success teams. The company uses behavioral engagement solutions for engaging with the customers, thereby personalizing engagement based on each customer's needs.
Key facts about Symend
- Founded Year: 2016
- Location: Calgary (Canada)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $141M
- Employee Count: 85 as on Sep 30, 2026
- Investors: Inovia Capital, Export Development Canada and 20 Others
- Latest Funding Round: Series C, Apr 01, 2025, $*****
- Highlight: Editors' Pick
3. CloudCheckr
CloudCheckr provides cloud-based solutions for vulnerability assessment & resource monitoring. The product monitors and analyzes resources, costs, and security of cloud usage. The features of the product include customization, reporting, graphical dashboard display of results, cloud automation, cost management, integrations, etc. The clients of the company include Azure, Google Cloud, aws.
Key facts about CloudCheckr
4. Stockpile
Stockpile Investments is an online platform focused on fractional stock investments. It allows users to purchase a fractional amount of shares in the form of gift cards. Features tools for customizing portfolios, risk management, and executing trades. It offers an app-based platform that can be accessed on iOS and Android devices.
Key facts about Stockpile
- Founded Year: 2010
- Location: Palo Alto (United States)
- Stage: Series B
- Total Funding till date: $45M
- Employee Count: 92 as on Sep 30, 2026
- Investors: 10x Group, Hard Yaka and 7 Others
- Latest Funding Round: Series B, Sep 28, 2017, $*****
- Highlight: Editors' Pick
Key facts about Giatec Scientific
- Founded Year: 2010
- Location: Ottawa (Canada)
- Stage: Series A
- Total Funding till date: $3.76M
- Employee Count: 131 as on Sep 30, 2026
- Investors: Mistral, Ontario Centre of Innovation and 4 Others
- Latest Funding Round: Grant (prize money), Oct 08, 2024, $*****
Mistral's Year-on-Year Investment Trends
Mistral has invested in 60 companies over the last 12 years, with an average of 4 new investments annually in the last 10 years. In 2025, it made 5 investments, while as of Sep 2026, it has made 4 investments in this year. Its most recent first time investment was in Thri5 and most recent follow-on round was in Expeto.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 0 | 4 |
2025 | 5 | 0 | 5 |
2024 | 5 | 0 | 5 |
2023 | 3 | 0 | 3 |
2022 | 4 | 6 | 10 |
2021 | 5 | 3 | 8 |
2020 | 2 | 1 | 3 |
2019 | 3 | 1 | 4 |
2018 | 5 | 1 | 6 |
2017 | 4 | 1 | 5 |
Mistral's Investments by Stage
Mistral has made 33 investments in Seed stage with an average round size of $2.08M, 8 investments in Series A stage with an average round size of $8.8M, 3 investments in Series B stage with an average round size of $34.2M and 1 investment in Series D stage with an average round size of $12.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 33 |
Series A | 8 |
Series B | 3 |
Series D | 1 |
Note: We have considered here, only first round of investments
Mistral's Investments by Sector
Mistral has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, High Tech, Enterprise Infrastructure and Vertical SaaS. Notably, it has invested in 56 Tech companies, 51 Enterprise (B2B) companies, 50 Software companies and at least 35 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 33 |
FinTech | 9 |
High Tech | 9 |
Enterprise Infrastructure | 8 |
Vertical SaaS | 8 |
Others | 32 |
Note: We have considered here, only first round of investments
Mistral's Investments by Geography
Mistral has made most investments in Canada (33), followed by United States where it has made 12 investments.Country | No. of Investments |
|---|---|
Canada | 33 |
United States | 12 |
Note: We have considered here, only first round of investments
Mistral's recent investments
Mistral has made 4 investments in 2026 so far. Thri5 and Ultimarii are the latest among them.Here are the most recent investments by Mistral:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 21, 2026 | Canada | Seed | 7165 | ||
Sep 11, 2026 | - | Series A | 3336 | [+2] | |
Jul 31, 2026 | Canada | Seed | 9306 | [+1] | |
Feb 11, 2026 | Canada | Seed | 6701 | [+2] | |
Nov 18, 2025 | Canada | Seed | 9575 | [+2] |
Unicorns in Mistral's Portfolio
Mistral has 1 unicorn in its portfolio - Cohere. The most recent unicorn in their portfolio is Cohere which became a unicorn in 2023, 3 years before Mistral first invested in it.Here is a list of unicorns in Mistral's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
79 | Developer of enterprise AI platform and multilingual language and retrieval models | 2019 | Toronto | Series D | renufph |
Acquired companies in Mistral's Portfolio
10 companies from Mistral's portfolio have been acquired. The most recent acquisition was Ritual in Jul 2025 by Shopify for $*****.Here are Mistral's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 10, 2025 | Sep 26, 2017 | Series B | 7512 | |
Dec 09, 2024 | Feb 13, 2023 | Series B | 1621 | |
Jan 23, 2024 | Jul 23, 2018 | Seed | 3670 | |
Oct 03, 2022 | Mar 02, 2017 | Series A | 9708 | |
Oct 04, 2021 | - | - | 9608 |
Team profile of Mistral
Mistral has a team of 6 members including 4 Partners and 2 Venture Partners located in Canada and United States. Mistral's team sits on the board of 1 company.Here is a list of all team members in Mistral:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Canada | |||
Partner | Ottawa | - | ||
Partner | Toronto | - | ||
Partner | Toronto | - | ||
Venture Partner | Las Vegas | - | ||
Venture Partner | Ottawa | - |
Co-investors of Mistral
Over the past 12 years, 214 investors have co-invested in Mistral's portfolio companies. This includes funds and angels.
- Invested before Mistral: Real Ventures, Y Combinator and 56 others have invested in rounds before Mistral. There are 3 companies where Real Ventures has invested before Mistral and 2 companies where Y Combinator has invested before Mistral.
- Top Co-investors of Mistral: 107 investors entered a company along with Mistral. These include investors like BDC (5 companies).
- Invested after Mistral: A total of 49 investors have invested in Mistral's portfolio after their investments. Top Investors include BDC (3 companies), Export Development Canada (2 companies) and Invest Quebec (2 companies).
Recent News related to Mistral
•
Thri5 Secures $5.4 Million Seed Funding for AI Retail Execution PlatformBetaKit•Sep 21, 2026•Thri5, Mistral, Whitecap Venture Partners, MaRS IAF and 1 other
•
Frugal AI Secures US $5M Seed Funding to Revolutionize Cost Engineering for Cloud and AI ApplicationsGlobal Fintech Series•Nov 12, 2025•Mistral, HD Supply Construction & Industrial, Snyk, CloudCheckr and 3 others
•
Trusty Secures $1M to Revolutionize Estate Planning Through AIFintech.ca•Jul 15, 2025•Graphite Ventures, Relay Ventures, Mistral, Trusty
•
•
Waterloo-based startup runQL raised $1.65 million.Therecord•Nov 21, 2024•RunQL, MaRS IAF, Mistral, Inovia Capital and 1 other
•
runQL Raises Oversubscribed Pre-Seed Round to Modernize Data Work and Tame Query ChaosCIO Influence•Nov 13, 2024•RunQL, Mistral, MaRS IAF, Inovia Capital
•
•
Loop Raises $4.7 Million for Small Business Money Movement ServicePYMNTS.com•Sep 17, 2024•Loop Financial, Luge Capital, Graphite Ventures, Conconi Growth Partners and 3 others
•
Axle Automation: AI-Based Compliance Team Company Closes $2.5 Million (Seed)Pulse 2.0•Aug 11, 2024•Axle, Diagram Ventures, Mistral, UpHonest Capital and 1 other
•
AML/KYC Compliance AI-Focused Firm Axle Automation Raises $2.5M Led by Diagram VenturesGlobal Fintech Series•Jul 29, 2024•StreamingFast, UpHonest Capital, Mistral, Diagram Ventures and 1 other
