The “mutual” decision forces Suvain to look for new opportunities in Canadian technology.
After more than three years as a partner, Isaac Souwen has left the Vancouver-based venture capital firm. Pender Ventures.
“I learned a lot working with Maria and the team and am pleased to be able to help the firm expand its presence in Quebec and across Canada.”
Isaac happens
Managing Partner, Pender Ventures Maria Pacella And Stolen events announced this on LinkedIn. In an interview with BetaKit, Suwain said he left the firm late last week to explore other opportunities and projects in the Canadian tech startup and investor community. However, he said it was “too early” to say what's next for him.
Suwain worked with the director Merieme Lamami in Montreal to help expand Pender Ventures' presence in Eastern Canada. He said his departure from the venture capital firm was a “mutual” decision.
“I think Pender has a smart strategy, and the results of Fund 1 are the best evidence of that,” Suwain said. “I learned a lot working with Maria and the team and am pleased to have been able to help the firm expand its presence in Quebec and across Canada. I wish them the best of luck in their next chapter.”
Pacella noted that Suwain was “supportive” of the venture firm's investment in the Vancouver clean-tech startup and Tentree affiliate. Bleeding. She said his “deep commitment to community building” is one of his greatest strengths, pointing to hosting poker nights for founders, working to bring FundFest to life and supporting Front Row Ventures.
“Isaac has been a valued team member whose dedication, insight and community-building spirit have elevated the Pender Ventures brand, strengthened our market presence and supported our portfolio companies,” Pacella told BetaKit via email. “We thank him for his contributions and wish him all the best.”
Pacella said Pender Ventures' geographic strategy has not changed. She stressed that Montreal and Quebec remain a “priority” for the venture capital firm as it looks to leverage the remainder of its investment. 100 million Canadian dollars a second fund into earlier Canadian startups in business software and health technology.
Pacella described Lamami as “a strong deal flow generator that will ensure our presence and pipelines there remain strong.” She hinted that the venture capital firm plans to soon announce two new team members to support its efforts.
CONNECTED: Pender Ventures closes its second B2B venture fund focused on medical technology at $100 million.
Earlier this year, Pender Ventures called Jacob Granger as a lawyer in Calgary after investment from Alberta Enterprise Corporation.
Suwain was the sole partner at Pender Ventures, and Pacella did not say whether the firm planned to name a direct replacement.
Experienced Canadian early-stage technology investor first joined Pender Ventures in mid-2022 as a partner to help the venture firm expand across Canada and help raise a second fund.
Pender Ventures hit the target despite a longer-than-expected timeline and a tough venture capital fundraising market. Pacella attributed the success to the firm's consistency, efficiency and support from Export Development Canada. At the time, Pacella stated that Pender Ventures' net internal rate of return due to first, a fund of 25 million dollars ranged from 20 to 30 percent.
Earlier this year, Pender Ventures won 2025 Venture Capital Deal of the Year Award from the Canadian Venture Capital and Private Equity Association for its investment in Vancouver software company Copperleaf Technologies, which became private in a $1 billion deal.
“Pender is a company whose public awareness is not consistent with its activities,” Suwain said. He argued that before he joined the company, “not enough people” knew about Pender Ventures, its strategy and activities, and said he helped raise the firm's profile in the Canadian technology community.
Suwain said he also used his past experience at Montreal venture capital firm Real Ventures to help Pender Ventures improve its internal communications, operations and reporting as it transitioned from an initial $25 million fund to a $100 million successor fund and scaled its team accordingly.
Despite the recognition that this difficult time When it comes to the venture capital industry, Suwain said he is optimistic about the future. He argued that the ecosystem has become much stronger and more professional over the past 12 years. He said he's looking forward to pursuing new initiatives in the Canadian tech ecosystem that leverage his deal-making, community-building and engagement skills.
Artistic image courtesy of Isaac Eshand.