Isaac Souweine Departs Pender Ventures After Three Years

Isaac Souweine has officially left his position as partner at Vancouver-based venture capital firm Pender Ventures, marking the end of a three-year tenure. In a statement shared on LinkedIn, Souweine expressed gratitude for the opportunity to work with Maria Pacella and the team, highlighting his contributions to the firm’s expansion in Québec and across Canada.

In an interview with BetaKit, Souweine explained that he completed his time at Pender Ventures at the end of last week. He intends to explore new opportunities within the Canadian tech startup and investment landscape but stated that it is “too early” to disclose specific plans. He described his exit from the firm as a “mutual” decision.

Souweine collaborated closely with principal Meryeme Lahmami in Montreal, playing a key role in establishing Pender Ventures’ presence in Eastern Canada. He reaffirmed his belief in the firm’s strategy, citing the success of its first fund as evidence of its effectiveness. “I learned a ton from working with Maria and the team and am happy to have been able to help the firm expand its presence in Québec and across Canada,” he stated.

Pacella acknowledged Souweine’s significant contributions, particularly his role in securing an investment in Vancouver cleantech startup Veritree. She praised his “deep commitment to building community,” which included organizing events such as founder poker nights and launching FundFest. “Isaac has been a valued team member whose dedication, insight, and community-building spirit have elevated Pender Ventures’ brand,” Pacella said in an email to BetaKit.

Despite Souweine’s departure, Pacella emphasized that the firm’s geographic strategy remains unchanged. She noted that Montreal and Québec continue to be priorities as Pender Ventures seeks to allocate the remaining capital from its $100 million CAD second fund into early-stage Canadian business-to-business software and health tech startups. Pacella described Lahmami as a strong deal-flow generator, ensuring the firm’s pipeline remains robust.

Earlier this year, Pender Ventures recruited Jacob Grainger as an associate in Calgary, following an investment from the Alberta Enterprise Corporation. Souweine was the firm’s only partner, and Pacella did not provide details on whether a direct replacement would be appointed.

Souweine joined Pender Ventures in mid-2022 to assist with the firm’s expansion and to help raise its second fund. He noted that Pender Ventures successfully reached its fundraising target despite a challenging market and a longer-than-expected timeline. Pacella credited the firm’s success to its consistency and performance, alongside support from Export Development Canada. The firm’s first fund, which amounted to $25 million, achieved a net internal rate of return between 20 and 30 percent.

Reflecting on his time at Pender Ventures, Souweine remarked, “Pender is a firm where the public awareness did not match the activities.” He highlighted his efforts to increase the firm’s visibility within the Canadian tech community and to enhance its internal operations as it transitioned from a $25 million initial fund to a $100 million successor.

Although he acknowledged the current challenges facing the VC industry, Souweine expressed optimism about the future. He believes the ecosystem has grown stronger and more professional over the past decade. Souweine is eager to pursue new initiatives that leverage his skills in deal flow, community building, and connectivity within the Canadian tech ecosystem.