CVCA New Member Profile: Top Down Ventures
Welcome to CVCA Central’s member profiles series! Here we highlight the innovative and impactful organizations that are a part of the CVCA community. Each profile offers a look into the characteristics driving these organizations.
Today, we are excited to welcome and profile, a new member of the CVCA, Top Down Ventures!
Tell us about Top Down Ventures.
Top Down Ventures is a venture capital firm headquartered in Vancouver, and is one of its kind targeting early-stage Software-as-a-Service (SaaS) companies in the Managed Service Provider (MSP) sector. The firm recently announced the first close of its US$40M Founders Fund , which also employs a venture studio model, blending capital with strategic guidance and hands-on operational support. Our firm has 10 employees, a team of highly experienced operators including advisors, all committed to helping SaaS companies scale successfully. The fund also recently announced investments in ThreatMate and Cork Protection, 2 leading cybersecurity companies targeting MSPs.
What Does Top Down Focus On?
Our investment thesis focuses on bridging the gap for early-stage SaaS startups in the MSP sector, in terms of the specialized capital and expertise they need to scale. We invest in innovative companies with strong growth potential, particularly those generating at least $500K in annual recurring revenue. Our fund targets software solutions within the MSP ecosystem, particularly in the cybersecurity, productivity, and automation categories. Additionally, with over 60% of MSPs still lacking any robust financial capabilities, there’s significant growth potential in the fintech/MSP crossover. We are also closely watching innovations around AI-driven operational tools for MSPs. The MSP industry is currently valued at over $500 billion and poised to grow significantly in the coming year, and SaaS solutions that drive efficiency, compliance, and automation will continue to be pivotal in that journey. These sectors are poised to deliver transformative value, not only to the MSPs but also the broader SaaS market. By combining capital with the Top Down growth playbook and operational expertise, we provide a comprehensive pathway from early stage to successful exit.
Who Are the Key People at Top Down?
Top Down Ventures is driven by three experienced leaders — Chris Day, Joel Abramson, and Mark Scott- who boast a remarkable track record in the MSP space. Chris Day, Founder and Chairman of Top Down, is a serial entrepreneur, having founded and scaled multiple successful companies, including Fully Managed (acquired by TELUS), IT Glue (acquired by Kaseya), and ScalePad. Chris’s vision and experience in building high-growth SaaS businesses have been pivotal to Top Down’s success.
Joel Abramson, also a Managing Partner, co-founded Produce8 and has a strong background in SaaS and strategic investing. Before joining Top Down, Joel led corporate development at Fully Managed, playing a key role in scaling the business to acquisition. He manages Top Down Capital, the firm’s initial portfolio of investments, and brings a dealmaker’s perspective to the firm.
Mark Scott, who became a Managing Partner in January 2024, has decades of experience in the MSP ecosystem, co-founding ventures like N‑Able (NYSE:NABL), Fully Managed and Produce8. Mark’s background includes a track record of successful exits, and his expertise is now fueling the next generation of MSP SaaS innovators through Top Down.
What Is Top Down Excited About?
In the near term, we’re excited about the continued growth of Top Down Founders Fund , particularly with upcoming investments in cutting-edge SaaS companies that are transforming the MSP landscape. The team is also keen to bring more attention to MSPs as we find they typically fly under the radar, and amplify how important MSPs are in the Canadian tech ecosystem, and ultimately, as a global force for building great software that ultimately impacts the SMB ecosystem — which in Canada is 60 percent of the GDP.
Long-term, we’re focused on evolving our venture studio model to become the leading capital partner and incubator for MSP SaaS startups globally. We see enormous potential for innovation, particularly as digital transformation accelerates the demand for new tools and platforms in this space. So we are excited for our capital, SaaS playbook, and venture studio combined with our global network, to provide an unparalleled force multiplier for SaaS startups in an industry that’s on track to reach $1 trillion market value by 2030.
