McRock Capital has held an initial closing on its second venture capital fund, McRock Fund II LP, dedicated to investing in the global trend around the Industrial Internet of Things (IoT) on Sept. 9.
The new fund has reached over 80% of its targeted $100 million. Investors include Cisco Investments, Shell and other significant corporate and institutional investors including BDC Capital, Export Development Canada, Alberta Enterprise Corp. (AEC), and HarbourVest.
McRock is a thought leader in the Industrial IoT sector and has emerged as one of the most experienced investors financing innovative private companies driving the digital transformation. The new fund will invest in high-growth companies across Canada, the US, and Europe that are combining next generation data analytics through artificial intelligence (AI) with the growing data from field devices, machines and equipment in industrial and urban environments.
“We are at the beginning of the digital transformation in every industrial sector and urban environment around the globe,” Scott MacDonald, co-founder and managing partner of McRock Capital, said. “McRock Fund II provides us with significant investment capital and strategic corporate relationships to help build the next generation of high-growth tech companies.”
“Digitalization is transforming Shell and we are looking at a range of options to drive future growth in our marketing businesses,” Saskia Mureau, chief digital officer, Shell Global Commercial, said. “In partnership with McRock Capital, we are seeking out new business models and technologies that have strong disruptive qualities and that can improve the experience of industrial customers.”
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