About
Unbound Equity Partners
For over twenty years, we have been pioneers in the tech ecosystem and operators of early-stage to late-stage businesses.
Unbound Equity Partners (UEP) is on a growth journey as a private equity firm. Our sole focus is on eCommerce. We invest profitable eCommerce firms to advance the journey for the management teams and their employees as well as our investors.
Our Thesis
In the evolving landscape of eCommerce, a clear reality is emerging. Millions of eCommerce businesses now operate worldwide, with a significant concentration in the United States and Canada. There are more online brands and digital retailers than ever before, and the sector continues to grow. At the same time, investment sentiment has shifted, creating an environment where valuations have softened and uncertainty has increased. The coming years will present challenges, even for profitable businesses with strong customer demand and proven operating models.
eCommerce multiples, once supported at elevated levels during the rapid expansion of 2018 to 2021, have now found a new equilibrium at lower ranges. This reflects the broader recalibration of the market through 2023 and into the future, reinforcing the reality that the dynamics of the industry have fundamentally changed. Yet a constant remains that Unbound Equity Partners fully believes. The global eCommerce market continues to trend upward and is expected to reach more than eight trillion dollars by 2027, supported by resilient consumer behaviour and ongoing digital adoption.
Within this period of transition lies a rare window of opportunity. This environment forms the foundation of the Unbound Equity Partners thesis, focused on acquiring strong and profitable eCommerce brands, improving operations, and creating long term value. Unbound Equity Partners will continue to expand its portfolio and assets under management across eCommerce businesses, delivering meaningful results for both entrepreneurs and investors.
Through tales of venture capital, M&A, and entrepreneurship, we have seen our fair share of exits.
We have deep expertise in SaaS investing, from venture capital funds to angel investing.
We have held positions in existing tech companies to founding startups, bringing on scars to show.
One of the things that keep us going is a nice cup of coffee with nicely produced crema.
Our Team
Think big, execute relentlessly, work with good people, and have fun along the way.
Andrew Lugsdin, Partner
Andrew Lugsdin is a Founding Partner at Unbound Equity Partners.
He has more than 20 years of venture capital experience and has spent his entire career in tech and startups. Previously, Andrew was Founding Partner at Framework Capital and a Partner at the BDC IT Venture Fund, managing a number of portfolio companies through exits.
Having founded a consulting firm for early-stage technology startups, leading sales at a venture backed company, and as an engineer at a large telecommunications firm.
He holds a Bachelor of Science in Physics and in Computer Science from McGill University.
Rizwan (Riz) Somji, Partner
Rizwan Somji is a Founding Partner at Unbound Equity Partners.
He is an experienced technology executive with a strong background in eCommerce, logistics, and software. Most recently, he served as CEO of Cymax Group, where he led the company’s transformation into a profitable, top-tier online furniture retailer and one of Vancouver’s leading tech employers.
Previously, Rizwan co-founded ResponseTek, a customer experience software firm, and served as VP of Engineering for 15 years, helping scale the company globally. He holds a Bachelor of Science in Computer Science from the University of British Columbia.
Rizwan brings deep operational experience across technology, growth strategy, and leadership, with a passion for mentoring entrepreneurs and supporting emerging tech ventures.
Kalle Radage, Partner
Kalle Radage is a Founding Partner at Unbound Equity Partners.
Kalle is Founder and Chairman of Clearly Payments and Co-founder and COO of Neptune Digital Assets (TSXV: NDA). Previously, he was President of a SaaS payment processor from its early days until its acquisition in 2018. He has scaled technology companies in enterprise software, online advertising, and payments from the ground up and has also held leadership roles at global enterprises (Oracle & Nokia). He was also a venture capitalist, investing in and helping grow innovative companies.
He has lived and worked in Silicon Valley, Europe, Boston, and Vancouver. He received a degree in computer science from UBC in Canada and an MBA from IESE in Spain.
Our Values Put to Work
Forge Synergy
Master Your Craft
Tell It Like It Is
Unbound Equity Partners embodies a fusion of values that forms the bedrock of our operations. Rooted in the principle of “Forge Synergy,” we champion collaboration as an active force that fuels innovation, fosters dynamic problem-solving, and amplifies our collective impact.
Guided by the ethos of “Master Your Craft,” our relentless pursuit of knowledge propels us ahead. We navigate the currents of industry trends, market insights, and financial acumen with precision, enabling us to make informed decisions that unlock value and propel ventures to new horizons.
With an unwavering commitment to “Tell It Like It Is,” transparency courses through our interactions. We stand firm in our dedication to honesty, integrity, and forthrightness, fostering trust and forging authentic partnerships that drive mutual growth.
At Unbound Equity Partners, these values converge to shape a culture where collaboration thrives, transparency shines, and expertise flourishes. We invite you to embrace the transformational power of our shared philosophy, embarking on a journey that transcends boundaries and propels your success to boundless heights.
Unbound Headquarters
Headquartered in the vibrant city of Vancouver in Canada, our private equity firm is strategically positioned at the heart of Canada’s economic and innovation hub.
Nestled between the majestic Pacific coastline and the awe-inspiring mountain ranges, our firm draws inspiration from the natural beauty that surrounds us. Vancouver’s dynamic business ecosystem serves as an ideal backdrop for our operations, allowing us to tap into a diverse pool of talent, forge strategic partnerships, and capitalize on emerging opportunities.
With a strong commitment to both local and global investment initiatives, our firm leverages Vancouver’s unique blend of entrepreneurial spirit and cosmopolitan flair to drive transformative growth and deliver unparalleled value to our portfolio companies and stakeholders.