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Intrepid Growth Partners
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Intrepid Growth Partners

Growth investment firm backing artificial-intelligence businesses from offices in Toronto and London.

Intrepid Growth Partners backs AI businesses with established commercial traction. Its Toronto and London Teams combine institutional-investment experience with academic expertise in artificial intelligence.

Last refreshed: 22 October 2026 · Appears in 1 active topic

Key Question

Which growth fund brought Canada's pension money into PhysicsX alongside Temasek?

Timeline for Intrepid Growth Partners

#16 15 Oct

Took £55m into its debut fund

UK Startups and Innovation: British Business Bank writes £180m into six AI funds
#8 8 Jun

Invested as new investor in PhysicsX Series C

UK Startups and Innovation: PhysicsX hits $2.4bn on Temasek cash
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Background

Intrepid Growth Partners provides growth capital to artificial-intelligence businesses. Mark Machin, Mark Shulgan and Ajay Agrawal founded The Firm, bringing experience from institutional investment and academic research. It seeks companies that already demonstrate commercial traction and can use AI to change how an industry operates. Canada and the UK are particular areas of focus, alongside the United States and Europe.

The Firm works from offices in Toronto and London. Portfolio companies receive capital alongside operational support and access to a network of growth partners, advisers and AI scientists. Intrepid’s investment approach spans industries rather than concentrating on a single application of AI. Its founders’ backgrounds connect pension-fund investment, growth equity and the economics of artificial intelligence.

Common Questions

Reference

What does Intrepid Growth Partners invest in?
Intrepid specialises in growth investment in artificial-intelligence businesses.Source: Intrepid Growth Partners
What is Intrepid Growth Partners and who founded it?
Intrepid Growth Partners is an AI-focused growth investor founded in 2023 by Mark Machin, Mark Shulgan and Ajay Agrawal. It operates from Toronto and London. On 14 September 2026, The Firm announced the final close of its first fund at US$525m.Source: Intrepid Growth Partners
Who backs Intrepid's first fund in the UK?
The British Business Bank is among the fund's institutional investors.Source: Intrepid Growth Partners
How large is Intrepid Growth Partners' first fund?
Intrepid announced the final close of its first fund at $525m.Source: Intrepid Growth Partners
Why did Intrepid Growth Partners invest in PhysicsX?
Intrepid joined PhysicsX's $300m Series C in June 2026, backing the London physics-AI company at a $2.4bn valuation. The Firm focuses on machine intelligence companies with proven technology scaling to new markets, which aligns with PhysicsX's expansion into the US.Source: PhysicsX Series C announcement
Who is Mark Machin and what is his connection to Intrepid Growth Partners?
Mark Machin is a co-founder and managing partner of Intrepid Growth Partners. He previously served as CEO of the Canada Pension Plan Investment Board, one of the world's largest pension funds.Source: Intrepid Growth Partners
Source Material
Intrepid launches with $525 million fundIntrepid Growth Partners official website

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.