Round13 Capital, a Toronto-based venture firm, aimed to acquire Silicon Valley Bank’s Canadian assets but ultimately lost to National Bank. This experience led them to explore venture debt and, in November 2023, they acquired TIMIA Group, a Vancouver-based venture debt firm. The acquisition enables Round13 to offer non-dilutive funding to underfunded startups, filling a gap in the Canadian market. With a focus on supporting early-stage firms, TIMIA plans to enhance its lending capabilities and broaden its borrower base. Round13 sees venture debt as a complementary addition to its equity investments, targeting companies seeking flexible capital.