Version One Ventures Research
Investment Thesis
Version One Ventures believes technology has the power to transform the world, and backs bold founders building products before their solution is obvious or their category is clear. Founded in 2012 by Boris Wertz, the firm has built a reputation as one of Canada's most active seed-stage investors, with a portfolio spanning crypto/web3, AI, robotics, climate/energy, healthcare, and marketplace businesses. The firm positions itself as "your biggest cheerleader and most trusted partner," drawing on the founders' own company-building experience (Boris Wertz co-founded and sold an online marketplace to AbeBooks, later serving as its COO) to give hands-on operational guidance rather than passive capital.
Stage Focus
Version One invests almost exclusively at the pre-seed and seed stage, describing this as "the most formative time for startups" when founders need the most support navigating critical early decisions. Recent investments (Mowito, Arctus Aerospace, Loon) were pre-seed rounds in the $2.5M-$3M range, while others (GridBank, Swoop) were seed rounds. The firm occasionally participates in follow-on rounds for existing portfolio companies via its dedicated Opportunities Fund.
Check Size
Typical initial check size is $500K-$1.5M, with the firm typically leading or co-leading rounds. Follow-on capital comes from the separate Opportunities Fund III ($30M), which is reserved for doubling down on the firm's highest-conviction existing portfolio companies at later stages.
Lead Tendency
Version One both leads and co-leads rounds. Recent examples include leading Mowito's $3M pre-seed, leading Pluto Mobility's seed round, and co-leading GridBank's $6M seed alongside other investors. The firm explicitly states in its investment philosophy that it typically leads or co-leads with follow-on investment capability reserved for winners.
Recent Activity
Version One closed two new funds in June 2026: Fund V ($78M, focused on pre-seed/seed) and Opportunities Fund III ($30M, for follow-ons), totaling $108M in fresh capital. The firm is actively deploying from these vehicles. Recent investments include:
- Mowito (July 2026) - $3M pre-seed, physical AI for robotic arms in manufacturing
- We're Bio-Bullish thesis essay (May 2026) - signaling a new push into health/biology investing
- Swoop (April 2026) - $7.3M round, the firm's first Africa investment
- GridBank (April 2026) - $6M seed, co-led, real-world data transaction network
- Pluto Mobility (February 2026) - seed round, last-mile delivery-grade EVs for India
- Arctus Aerospace (December 2025) - $2.6M pre-seed, high-altitude autonomous aircraft
- Loon Finance (October 2025) - $3M pre-seed, building Canada's digital dollar
The firm publishes quarterly portfolio reviews (most recently Q2 2026) and has made three robotics investments in the past year alone, underscoring an accelerating deep-tech and physical-AI focus alongside its longstanding crypto and marketplace bets.
Portfolio Highlights
Version One has invested in 100+ companies since 2012, with 6 unicorns, 1 IPO, and roughly 40 acquisitions in its history. Landmark exits include Coinbase (NASDAQ IPO, 2021), Wattpad (acquired by Naver, 2021), and Clio (acquired by TCV, 2019). The firm was also an early investor in Uniswap, one of the largest decentralized exchanges in crypto. Current notable active holdings span crypto/DeFi (Ether.Fi, Dinari, Dapper Labs), logistics/marketplaces (Shippo, Jobber, Indiegogo, AngelList), robotics/deep tech (Pickle Robot, TRIC Robotics, Optimotive), climate/energy (Moment Energy, NCX, Booster Fuels), and healthcare (Nia Health, Qvin).
Team
- Boris Wertz, Founding Partner - Vancouver-based. Early-stage investor focused on crypto/web3, AI, climate/energy, and India. Former board partner at Andreessen Horowitz. Founded an online marketplace for used books in 1999, sold to AbeBooks.com, where he served as COO. PhD from WHU Graduate School of Management.
- Angela Tran, General Partner - San Francisco-based. Engineer by training, investing in deep tech, robotics, climate/energy, biotech, AI/ML, and enterprise SaaS. Co-launched Insight Data Science, a YC-backed program helping PhDs transition into industry careers. PhD in Operations Research & Financial Engineering from University of Toronto.
- Leah Gosbee, CFO - Joined Version One in December 2021. Previously VP Finance and Tax at Pinnacle Fund Services for 7 years, with 13 years of accounting experience in Vancouver. CPA, CGA designations.
Decision Process
Version One operates as a small, hands-on partnership between two General Partners (Boris Wertz and Angela Tran) who lead deal evaluation and portfolio support, with a dedicated CFO managing fund operations. The compact team structure allows for fast, high-conviction decisions typical of specialist seed funds.
Founder Preferences
The firm prioritizes mission-driven founders whose personal conviction drives them to solve meaningful problems, and explicitly values entrepreneurs willing to "take big swings" and build teams capable of sustaining long-term company building. Version One states it rejects geographic limitations on opportunity, which is reflected in its portfolio: recent bets span Canada, the U.S., India (ApniBus, Bolt.Earth, Pluto Mobility), and now Africa (Swoop).
Geographic Focus
Headquartered in Vancouver, BC, with team presence in San Francisco. While rooted in North America, Version One explicitly invests globally and has been expanding its footprint into India (multiple recent investments) and, as of April 2026, Africa (its first investment there, Swoop). The firm frames this as a deliberate rejection of geographic limits on opportunity rather than a formal international strategy.