Allegations Surface: Former CVCA Chair Critiques Kim Furlong’s Advocacy for Membership in Foreign LP Discussions

Peter van der Velden, the former chair of the Canadian Venture Capital and Private Equity Association (CVCA) and managing partner of Lumira Ventures, has publicly expressed dissatisfaction with CEO Kim Furlong's handling of a recent meeting with international limited partners (LPs) in London. In a LinkedIn post dated September 20, van der Velden criticized Furlong for her apparent failure to advocate effectively for the interests of the CVCA’s membership, particularly during an event intended to attract foreign investment into Canadian venture capital (VC).

Van der Velden's criticisms were threefold. He asserted that Furlong did not adequately convey the narrative of Canadian venture capital, spent excessive time on a broad overview of the Canadian economy, and suggested that Canadian pension funds' reluctance to invest in domestic VCs was solely due to performance considerations, neglecting other influential factors. Van der Velden stated that the primary goal of the meeting was to foster engagement and encourage foreign capital investment in Canadian VC general partners (GPs) and companies, arguing that Furlong's approach undermined the entire sector.

The meeting, which was organized by Global Affairs Canada in collaboration with the CVCA and hosted by former Canadian MP Ralph Goodale at Canada House, aimed to connect foreign investors with Canadian GPs. Van der Velden lamented that the CVCA CEO's comments did not align with the meeting’s purpose, implying a lack of support for the domestic VC landscape.

Throughout his post, van der Velden refrained from naming Furlong directly, referring to her merely as "the CVCA CEO." When contacted for further comment, van der Velden declined to elaborate on his post. In contrast, BetaKit reached out to Furlong and the CVCA for their perspectives on the matter. While Furlong did not respond by the time of publication, a CVCA spokesperson issued a statement reaffirming the organization’s commitment to facilitating stakeholder engagement and advocating for Canada as an attractive investment destination.

The CVCA's statement emphasized that it provides various platforms for members to share feedback, including board discussions, committees, surveys, and one-on-one conversations. The organization prides itself on representing a diverse membership dedicated to creating jobs, advancing technology, and enhancing local economies across Canada. It acknowledged the necessity of diverse perspectives on critical issues affecting the sector and the broader future of Canada.

Peter van der Velden is a prominent figure in the Canadian venture capital landscape, known for his leadership role at Lumira Ventures, where he focuses on investments in healthcare and life sciences. His influence extends beyond his current position; van der Velden played a crucial role in the Canadian Venture Capital and Private Equity Association (CVCA) from 2008 to 2016. During this period, he held several key leadership positions, including president and chair, where he contributed to shaping the association’s strategies and initiatives aimed at fostering the growth of the VC ecosystem in Canada.

Currently, van der Velden is concentrating on the launch of a new fund at Lumira Ventures, reflecting his commitment to advancing innovative healthcare solutions and supporting the next generation of entrepreneurs in this critical sector. His extensive experience and insights into the venture capital industry position him as a significant player in facilitating investment opportunities and driving advancements in healthcare technologies. Through his efforts, he continues to impact the Canadian VC landscape while advocating for stronger support and engagement for the industry as a whole.