The people
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Working at Relay Ventures
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On the TechTO stage
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About
Relay Ventures was spun out of the Royal Bank of Canada, where Kevin Talbot ran the bank's venture fund, and brought a group of funds under one umbrella — a history Alex Baker recounted on the TechTO stage in November 2021. The firm has been investing as a team since 2008 and was on its fourth fund at the time of that talk, with a fifth to follow. Baker said Relay typically keeps its fund size around $150 million and that he personally likes to write $1 million to $3 million as first money in and first institutional money, then maintain the firm's position over the life of the investment. He described Relay as happy to follow on behind angel investors. The firm invests across North America and its exits include ecobee and theScore. Relay's decisions are made as a group: Baker recalled partner John Albright prompting him to commit on 7shifts, and said 'we build consensus with one another.'
Backers
Relay is a venture firm rather than a venture-backed company, and its limited partners are not publicly disclosed. Its origin is the Royal Bank of Canada's venture arm: Alex Baker said on stage that the team 'spun the fund out of the Royal Bank of Canada' and created a group of funds under the Relay Ventures umbrella.
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Quick answers
What stage and cheque size does Relay Ventures invest at?
Early. Alex Baker said on stage in 2021 that he likes to write $1 million to $3 million as first money in and first institutional money, and that Relay is happy to follow on behind angel investors. The firm then tries to hold its position over the life of the investment, staying involved with companies for anywhere from six to fifteen years.
Who founded Relay Ventures?
Kevin Talbot and John Albright, in 2008. Talbot had run the Royal Bank of Canada's venture fund, and the team spun the fund out of RBC and created a group of funds under the Relay Ventures umbrella. Alex Baker joined that same year and was promoted to managing partner in 2021; he is not a founder of the firm.
What companies has Relay Ventures backed?
Alex Baker named several of his own on stage: 7shifts, the Saskatoon-based restaurant scheduling platform; TouchBistro, a restaurant point-of-sale company; and Greenlight, a debit platform for kids. He also cited theScore and ecobee, both of which Relay had exited by late 2021.