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Top Down Ventures Closes US$28M Founders Fund I, Exceeding Target

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6 months ago

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First institutional venture fund exclusively focused on MSP software announces final close, strong early performance, and first exit

VANCOUVER, BC, May 12, 2026 /CNW/ – Top Down Ventures, a venture capital firm focused on early-stage software and AI companies serving the Managed Service Provider (MSP) market, today announced the final close of its Founders Fund I at US$28 million (C$38 million), oversubscribing its original US$25M target. The fund held its first close in October 2024 and completed its final close in April 2026.

Founders Fund I is the first institutional venture fund dedicated exclusively to early-stage MSP software and AI companies. The fund has attracted over 100 LPs (limited partners), the majority of whom are founders, operators, and executives from across the MSP ecosystem, creating a strategic LP base that actively contributes to portfolio company growth. The fund also includes participation from Pax8 founder and chairman John Street, Upward Trajectory Fund, and a number of private family offices across Canada and the United States.

The MSP ecosystem has long been the invisible infrastructure of the global economy, powering the technology operations of over 100 million SMBs (small and mid-sized businesses) worldwide, and on track to reach US$1 trillion in annual spend by 2030. According to Top Down’s 2025 State of MSP Capital in the Age of AI report, 2026 marks a historic shift: for the first time, the total addressable market for SMB IT spend is projected to surpass that of Enterprise IT. What was once considered a niche market is crossing into the mainstream, and institutional capital is beginning to take notice. Top Down was built on the conviction that this moment was coming, that Main Street’s technology needs would eventually demand Wall Street’s attention.

Strong Early Performance

The fund’s first exit has already been realized: zofiQ, a portfolio company focused on agentic AI for MSPs, was acquired by ConnectWise, returning 5.3x to the fund just six months after the initial investment. A second portfolio company has completed its Series B at a 3.5x markup to Top Down’s entry.

Since beginning to invest in 2024, the fund has deployed capital into 12 portfolio companies. Based on early DPI and deployment metrics, the fund is tracking in the top decile of 2024 vintage venture funds (Source: Carta, Q4 2025 VC Fund Performance).

The firm’s general partners bring a hands-on track record in the MSP space, having founded and scaled companies including IT Glue (acquired by Kaseya), Fully Managed (acquired by TELUS), N-able (NYSE: NABL), and ScalePad. Their prior investments generated a 12.8x MOIC and 97% IRR.

“We’re proud to have built a fund that reflects the strength and alignment of the MSP ecosystem. Our LP base is not just capital, it’s a flywheel of operators, founders, and industry leaders helping the next generation of MSP software companies scale faster and smarter.”

– Joel Abramson, Managing Partner, Top Down Ventures

Investing in the AI-Native Generation

Top Down’s investment strategy has focused on backing a new cohort of AI-native SaaS companies, businesses built from inception with modern AI development tooling, resulting in faster product cycles, leaner teams, and differentiated capabilities tailored to the evolving MSP landscape. These are not companies that have bolted AI onto existing products; they were designed around it.

“We’re seeing a fundamentally different caliber of company. These are AI-native businesses built from day one with new tooling, new cost structures, and new expectations around speed and scale.”

– Chris Day, Founder & Chairman, Top Down Ventures

AI-native companies are doing to the MSP stack what cloud once did to on-premise software – not bolting on features, but rebuilding foundational workflows from the ground up, around intelligence, redefining what it means to deliver managed services. Just as cloud reshaped the economics and architecture of IT delivery a decade ago, AI is now doing the same, creating both urgency and opportunity for the MSPs and software vendors willing to move first.

A Platform Built on Deep Industry Specialization

Top Down combines capital with a hands-on platform approach, providing operational guidance, go-to-market support, and access to a deeply embedded industry network. The firm convenes CEO peer groups, hosts its annual Horizons investor summit, and publishes the MSP Outliers blog and podcast, resources that connect founders, operators, and investors across the ecosystem.

“In one of the most challenging fundraising environments, we are grateful for the support from institutions, family offices, and everyone from the MSP ecosystem who engaged with our vision in defining the new era of AI-first MSP software. We believe there has never been a more important time to invest at the early stage, especially in a category like MSP that remains underappreciated but critical to the global SMB market for managed IT, security and AI.”

– Mark Scott, General Partner, Top Down Ventures

What’s Next

Top Down will be active across the MSP and venture community through the rest of 2026, including its annual Horizons investor summit in November in Scottsdale, where it will showcase portfolio companies to LPs, founders, and industry leaders. The firm is also expanding the Outliers program with new research and content for the operators and institutional investors shaping the next decade of MSP software.

About Top Down Ventures

Top Down Ventures is the first early-stage venture capital firm focused on the MSP software/AI ecosystem. The firm partners with founders building automation, intelligence, and governance platforms for the global SMB market. Through its research, events, and investments, Top Down’s mission is to elevate the MSP industry from Main Street to Wall Street. For more information, visit www.topdown.com.

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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46 minutes ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

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SOURCE ST Engineering iDirect

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

46 minutes ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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8 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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