UK-based venture capital firm White Star Capital has raised $70m for its first fund from investors including BDC Capital, the investment arm of Business Development Bank of Canada.

Other investor details have not been disclosed but White Star has confirmed that its investors are primarily sovereign and institutional funds.

The fund will be used to invest in companies located in North America and Western Europe that have global ambitions. It will inject between $500,000 and $5m in these companies.

White Star was co-founded by technology mergers and acquisitions banker Eric Martineau-Fortin and former Facebook executive Christian Hernandez Gallardo.

Gallardo, co-founder and managing partner of White Star, said: “The ability to create and scale world-class companies is now a global phenomenon; we founded White Star to partner with ambitious entrepreneurs from established tech hubs like London and New York, and from fast-emerging clusters like Montreal and Berlin.”

Jérôme Nycz, executive vice-president of BDC Capital, said: “We always look to support world-class teams of experienced operators and White Star is best positioned to identify, back and actively help entrepreneurs reach new international markets.”