Golden Venture Partners, a mobile-focused seed and early stage venture capital fund, announced the addition of two new partners this morning.

“Venture capital is not for the faint of heart,” says founder Matt Golden, “[but] for all the ups and downs of venture, there really is not a business more suited to having a partner to share in the roller coaster of highs and lows.”

Joining the Toronto-based firm is Ameet Shah as partner and Bert Amato as venture partner. Shah cofounded Tira Wireless alongside Matt Golden, the VC firms founder, in 2011, and later sold his next startup, Five Mobile, to Zynga, where he hails from. Amato, cofounder of Delrina, which was acquired by Symantec, has been quietly investing in big names such as Wattpad.

“Matt and I have known and worked with each for the last 12 years,” wrote Shah on Medium, “and I’m both humbled and honoured to be partnering with him and the rest of the team.”

“Choose poorly and you’ve ruined your brand and your future in the business,” Golden says of VC partners. “Choose wisely, and your fund and brand gain massive value.”

Golden Venture Partners has invested in several Canadian startups, including Gallop Labs and Guardly. In November, the firm launched a $40 million fund.

$40 million is up for grabs among Canadian startups.

Golden Ventures Partners this week announced their second fund, GVP II, valued at $40 million. GVP, which invested in the last three Wattpad rounds as well as in Guardly and Top Hat Monocle, says the larger second fund will allow for an expansion of the team.

GVP’s initial fund invested 18 startups across North America over 3.5 years, including Apptentive, Navdy, and Snowball. The investment firm says its second round was oversubscribed but chose to cap it at $40 million to “remain squarely in the micro-VC market category” where it believes it can “add the most value.”

GVP II says it aims to lead or participate in seed rounds with investments up to $750,000, and $1-million-plus investments in later-stage companies, totalling investments in 25 companies by the end of the fund. The $40 million was led by Northleaf Venture Catalyst Fund with participation from BDC Capital.

“Our thesis has not changed,” says Matt Golden, founder of the fund. “With nearly 1.75-billion smartphone users expected globally by the end of 2014, and the behavioral changes that have followed, there has never been a market that matches mobile both in terms of size or innovation potential. We continue to focus on how mobile penetration will disrupt existing value chains or create entirely new ones, with a particularly strong eye towards mobile enterprise, mobile vertical marketplaces, mobile advertising and data, and mobile consumer opportunities including the Internet of Things.”

Golden told The Globe and Mail that there are many promising companies in the Toronto-to-Waterloo corridor that are “potential unicorns”—startups that reach the $1 billion valuation, a group that includes household names such as Dropbox and Spotify.