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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsVoyager Capital was reported to be raising a fifth fund in May 2018, but the $100 million figure then described an offering amount in an SEC filing—not a completed fund. Voyager announced Fund V’s $100 million close on October 8, 2019, after making five investments. The fund was aimed at early-stage business-to-business startups in the Pacific Northwest and Western Canada.
Was Voyager Capital raising its fifth fund?
Yes. On May 15, 2018, GeekWire reported that a new U.S. Securities and Exchange Commission filing listed a $100 million total offering amount for Voyager Capital’s fifth fund. Voyager declined to comment to the publication at the time. The report said the firm expected to close within a year, according to the filing; that was a reported plan, not confirmation that the fund had closed.
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The status changed the following year: Voyager announced on October 8, 2019 that it had raised $100 million for Fund V and had already made five investments.
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| When and source | Status | Amount and scope |
|---|---|---|
| May 15, 2018, as reported by GeekWire from an SEC filing | Offering amount for a planned fifth fund; Voyager did not comment to GeekWire | $100 million; the report described a focus on Washington, Oregon, and British Columbia |
| October 8, 2019, Voyager announcement | Fund V raised; five investments had already been made | $100 million; Voyager described its market as Cascadia, including Washington, Oregon, and Western Canada |
| October 2019, BetaKit report | Report of the completed close | C$130 million, expressed in Canadian dollars |
The $100 million and C$130 million figures are different-currency descriptions of the 2019 close, not competing claims about two separate fund totals. The 2018 $100 million figure, meanwhile, was an offering amount reported from a filing; the close was announced in 2019.
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What companies and sectors did Fund V target?
GeekWire reported that Voyager planned to invest in 15 to 20 early-stage B2B startups across Washington, Oregon, and Western Canada. In its close announcement, Voyager described the region as Cascadia—Washington, Oregon, and Western Canada—and named cloud infrastructure, software-as-a-service (SaaS), and vertical markets including FinTech, MediaTech, and AgTech.
The 2018 GeekWire report had described a somewhat different list of technology areas: SaaS, cloud infrastructure, artificial intelligence, and machine learning, with Washington, Oregon, and British Columbia as the geographic focus. These are descriptions from different points in the fundraising story; the 2019 announcement is the more direct guide to Fund V’s stated investment strategy at close.
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Bill McAleer, Voyager’s founder and managing director, said in the company’s 2019 announcement: “Cascadia is exploding with growth but underserved by venture capital.” That was Voyager’s characterization of the market, not an independent measurement of regional venture funding.
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BetaKit reported that Voyager expected its first institutional investments to range from $750,000 to $3 million. It characterized these as typically Series A or larger seed investments, with follow-on investment possible. Those figures describe the reported expected check range, not a guarantee that every Fund V investment fell within it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after Fund V?
In a September 21, 2023 report, GeekWire said Voyager was targeting $100 million for its sixth fund, with a $125 million hard cap, and referred to Fund V as the $100 million fund raised in 2019. The later fundraising effort places the fifth-fund story in its proper historical context: the 2018 report concerned a planned offering, and Fund V was ultimately announced as raised in 2019.
Voyager’s current firm overview describes a broader present-day focus that includes AI-driven business solutions, software-driven hardware, sustainable agriculture, and supply chain in the Pacific Northwest and Western Canada. That current positioning should not be substituted for the distinct sector descriptions Voyager gave for Fund V in 2018 and 2019.
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