Venture launchpad Diagram announced it has raised an additional $5 million funding from investors that include Angela Strange, partner at Andreessen Horowitz; Dax Dasilva, CEO and founder at Lightspeed; Mike Cegelski, managing partner at Panache Ventures; and Adam D’Angelo, CEO of Quora and former CTO at Facebook. According to Betakit, this brings Diagram’s total committed capital to $30 million.
Diagram, which is based in Toronto, is a venture launchpad that aims to build the next generation of global companies based in Canada. It focuses on financial and insurance technology. Unlike other incubator-based funds, which typically give out relatively small amounts of seed funding, Diagram provides larger seed investments to give founders the runway and focus they need to build great companies.
According to the announcement, Diagram will use the additional funds raised to help early-stage entrepreneurs use more data-driven approaches they may not have otherwise considered.