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Keep up with news and thoughts

Penetration Pricing and SaaS Start-ups

05 September 2022

Penetration Pricing and SaaS Start-ups

SaaS has been a huge area of investment for VC's over the last decade. Over $48 billion was invested in 2,600+ companies in 2020. There was a huge increase again in 2021, with $94 billion invested i...

“Age and High-Growth Entrepreneurship”

02 June 2022

“Age and High-Growth Entrepreneurship”

This weekend I read "Age and High-Growth Entrepreneurship" by Azoulay, Kim, Jones and Miranda.

The Role of the Sponsor in VMS Ventures

04 May 2022

The Role of the Sponsor in VMS Ventures

One of the unique requirements of the VMS fund (“VMSF”) is that every investment requires at least one sponsor. A sponsor is a senior level manager from within Constellation who is willing to endorse...

Case Study: on why VMSV uses preferred instruments when it invests

12 April 2022

Case Study: on why VMSV uses preferred instruments when it invests

A largely unmodified email conversation with a Portfolio Manager about why VMSV uses preferred instruments when it invests.

Seven lessons from a late-starting entrepreneur

11 April 2022

Seven lessons from a late-starting entrepreneur

Read Mark Leonard's comments on John Thornhill's article "Seven lessons from a late-starting entrepreneur"

Building an Effective Pitch Deck

21 March 2022

Building an Effective Pitch Deck

One of the more common questions we get asked at the VMS fund is “What’s the process for getting funding?”. Potential ideas are always welcome, and feel free to reach out

Case Study: A Portfolio Manager-VMS Fund Dialogue

01 March 2022

Case Study: A Portfolio Manager-VMS Fund Dialogue

A Portfolio Manager tries to figure out if one of his opportunities is a fit with the VMS fund.

Message to Potential CSI Entrepreneurs

31 January 2022

Message to Potential CSI Entrepreneurs

"One of the few benefits of my advancing age, is the sense that I am justified in providing unsolicited advice." Read the message from CSI founder Mark Leonard.

Constellation Software Inc. Announces Formation of a Venture Capital Fund and Management Changes

25 November 2021

Constellation Software Inc. Announces Formation of a Venture Capital Fund and Management Changes

Constellation Software Inc. (TSX:CSU) (“Constellation”) today announced the creation of a two hundred-million-dollar venture capital fund ("VMS Ventures“, or “the Fund”). The Fund will provide financi...