The Ultimate Guide To The Canadian Venture Capital Ecosystem in 2023
Gaining access to venture capital is important when launching a company in Canada. The more capital available, the easier it will be to get your project off the ground. Whether you’re raising seed, series A, or higher, you’ll need the right firm to get started, and finding the right investment firm can be challenging.
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If you’re still on the fence about whether to raise money through venture capital firms in Canada, our guide on Bootstrapping Vs. VC Funding will help you determine which route to take.
To help you select the most appropriate firm, we have listed our top picks for Canada’s best venture capital firms, their industry focus, investment range, and the companies they’ve invested in. Let’s not waste any more time and get right into it.
1. BDC Venture Capital
- Location: Montreal
- Industries: Deep tech, Industry, Cleantech, Health tech
- Investment Range: Undisclosed
- Stage: Seed, Series A
- Companies invested in: ApplyBoard, Borrowell, Ecobee, Hopper, and Verafin
BDC Venture Capital is one of the most active capital investors in the Canadian venture capital ecosystem. It helps technology innovators build the companies of their dreams. BDC Venture Capital has years of expertise in developing well-known Canadian technology companies. This VC firm offers several opportunities for entrepreneurs to step into new and established markets. Besides financial investments, the firm gives out advisory services to help out entrepreneurs.
|
Year Founded |
1975 |
|
Number of Investments |
509 |
|
Number of Exits |
119 |
|
Total Funds Raised |
$605M |
|
Total Products Active |
35 |
2. Diagram Ventures
- Location: Montreal, Quebec
- Industries: Financial services, Insurance, Software, Healthcare, Blockchain, and Cryptocurrency.
- Investment Range: $3M – $5M
- Stage: Seed, Series A Series B
- Companies invested in: Collage, Novisto, Retirable, Conduit, Clear Estate, Baselane, Nesto, and Dialogue.
Diagram is backed by a unique group of entrepreneurs and industry leaders that contribute valuable market insights to help its startups succeed. Diagram connects entrepreneurs with vetted ideas to help them establish successful companies. The firm partners with world-class founders, and provide capital investment, hands-on support, and various partners to pave the way for a great company.
|
Year Founded |
2016 |
|
Number of Investments |
19 |
|
Number of Exits |
3 |
|
Total Funds Raised |
$170.5M |
|
Total Products Active |
36 |
3. BrightSpark Ventures
- Location: Montreal
- Location: Montreal Industries: Software, Mobile, Internet
- Investment Range: Undisclosed
- Stage: Seed
- Companies invested in: Nudge Rewards, Hopper, Hubba, AdHawk Microsystems, and Protecode
BrightSpark is VC firm that invests in early-stage technology companies. It is a founder-centric firm that looks for entrepreneurs with similar interests and positive attitudes. This VC firm assembles a team of VC veterans, successful ex-operators, and a new generation of future GPs to mentor and assist investee companies on their journey of growth. The firm makes sure to invest in talented and experienced entrepreneurs right at the beginning of their journey and support them as they grow.
|
Year Founded |
2000 |
|
Number of Investments |
57 |
|
Number of Exits |
11 |
|
Total Fund Raised |
$170.3M |
|
Total Products Active |
29 |
4. OMERS Ventures
- Location: Toronto, Vancouver
- Industries: Software, Mobile, Internet
- Investment Range: Undisclosed
- Stage: Seed
- Companies invested in: DuckDuckGo, Mojix, Wave, Tehama, Solink, Shopify, Pressly, Nudge, and DogVacay.
With OMERS Ventures you can become part of a global network of ambitious entrepreneurs. It offers a ready-made network to help you succeed. They help firms develop quickly by leveraging their globally connected network of OMERS-owned properties and partners. It also provides access to a global network of service area experts and potential partners. With a powerhouse of procurement services, security expertise, and property infrastructure, you’ll be on the right track.
|
Year Founded |
2011 |
|
Number of Investments |
135 |
|
Number of Exits |
18 |
|
Total Fund Raised |
$1.9B |
|
Total Products Active |
26 |
5. Chrysalix Venture Capital
- Location: Vancouver
- Industries: Capital-intensive businesses: industry, transportation.
- Investment Range: $2M-$15M
- Stage: Seed, Series A
- Companies invested in: Q5D Technology, Novamera, Svante, Sortera Alloys, and Liminal.
Chrysalix Energy Venture Capital primarily invests in companies building incredible energy systems. They mainly seek founders that are interested in productivity solutions that will deliver outsized financial returns while also being environmentally sustainable. These founders usually aim to venture into attractive markets and business models that will attract customers and give a high-level value proposition. The firm offers unique market insight and extensive go-to-market strategies to achieve rapid results. Chrysalix aims to focus on creating a sustainable competitive advantage.
|
Year Founded |
2001 |
|
Number of Investments |
84 |
|
Number of Exits |
12 |
|
Total Fund Raised |
$336.2B |
|
Total Products Active |
17 |
6. InvestX Capital
- Location: Vancouver, British Columbia
- Industries: Technology
- Investment Range: Not disclosed
- Stage: Seed
- Companies invested in: Uber Technologies, SpaceX, Pinterest, Airbnb, Spotify, DocuSign, and Kraken.
With InvestX Gem, a state-of-the-art trading platform, you are given access, liquidity, and innovation to the private equity asset class by allowing investments in Late-Stage Private Equity. The firm assists broker-dealers and advisors who want to invest and trade in institutional quality private equity without having to make a multimillion-dollar commitment.
| Year Founded |
2014 |
|
Number of Investments |
– |
|
Number of Exits |
– |
|
Total Fund Raised |
$2.1M |
|
Total Products Active |
30 |
7. Pangaea
- Location: Vancouver
- Industries: Advanced materials, energy, and environmental
- Investment Range: Not disclosed
- Stage: Seed
- Companies invested in: Sun Genomics, ESS, Prime Roots, TruTag Technologies and Vestaron
Pangaea Ventures mainly invests in entrepreneurs who are attempting to solve the world’s most fundamental problems. To tackle these challenges and have an impact on the globe, these companies tend to combine chemistry, biology, and physics with engineering and hardware.
The firm backs these entrepreneurs by providing venture capital and strategic advisory. Pangaea Ventures collaborates with other world-leading strategic limited partners, bringing in diverse market and industry knowledge. This VC firm prefers to invest early in the process and works with entrepreneurs throughout the life cycle of their business.
|
Year Founded |
2000 |
|
Number of Investments |
60 |
|
Number of Exits |
5 |
|
Total Fund Raised |
$162M |
|
Total Products Active |
17 |
- Location: Toronto, Montreal, Vancouver, Boston
- Industries: Life Science and Healthcare
- Investment Range: Not disclosed
- Stage: Seed
- Companies invested in: AmacaThera, Antios Therapeutics, Antiva Biosciences, Bright Angel, Corvia and BioThereryX
Lumira Ventures is a VC firm based in North America. This VC firm invests in entrepreneurs keen on building life science companies that help transform the lives of patients all around the world. It has years of experience founding, managing, and investing in these types of companies, therefore it looks for founders who are willing to collaborate and put in the hard work to improve the industry.
They locate entrepreneurs outside of traditional startup hubs and assist them to obtain access to strategic partners, capital, and talent, in addition to locating startups within the traditional startup hubs.
|
Year Founded |
2000 |
|
Number of Investments |
60 |
|
Number of Exits |
5 |
|
Total Fund Raised |
$162M |
|
Total Products Active |
17 |
- Location: Toronto
- Industries: Agri tech, Energy, and Clean tech
- Investment Range: Not disclosed
- Stage: Seed, Series A
- Companies invested in: Future Meat Technology, Tropic Biosciences, Imagindairy, Open Mineral. XFarm and Actnano
Emerald Technology Ventures is dedicated to building a sustainable future via the use of industry and technology. These startups often try to develop agricultural and climate change solutions. These firms are often in the seed and series A phases of development and are dedicated to addressing the most significant challenges to halt climate change and create a sustainable future.
Emerald makes it a point to understand its technology and how it operates. Emerald Technology Ventures provides entrepreneurs with access to a unique network and talented team that offers value in strategy, governance, and IP strategy.
| Year Founded | 2000 |
| Number of Investments | 60 |
| Number of Exits | 5 |
| Total Fund Raised | $162M |
| Total Products Active | 17 |
10. Georgian
- Location: Toronto
- Industries: Software
- Investment Range: Not disclosed
- Stage: Series A, A+
- Companies invested in: ClickUp, Glooko, Trinsic, Armis, Welltok, and Tealium
Georgian invests in high-growth technology companies. They like to partner with companies that have good leadership, and strong work cultures and have raised between $25 and $75 million in funding, and generate $500k or more in monthly recurring income.
Furthermore, the firm provides entrepreneurs with an intelligent, data-driven platform to help the company grow. They make certain that they have access to invaluable data that will help them gain insight and make better decisions.
|
Year Founded |
2008 |
|
Number of Investments |
114 |
|
Number of Exits |
26 |
|
Total Fund Raised |
$2B |
|
Total Products Active |
16 |
11. Yaletown
- Location: Montreal, Vancouver
- Industries: Technology
- Investment Range: $500K – $2.5M
-
Stage: Seed
- Companies invested in: Userful, Bolt, Aerial, EdgeQ, and Thinkdata works
Yaletown Partners invests in software, data, and device technologies that go against traditional industries. They focus on creating a solid foundation while delivering value. The firm uses a team of successful entrepreneurs and industry executives to help the founders build a successful venture. Yaletown prioritizes being strategic partners and helping founders explore their vision in order to bring value beyond financial investments.
|
Year Founded |
2001 |
|
Number of Investments |
75 |
|
Number of Exits |
19 |
|
Total Fund Raised |
$110M |
|
Total Products Active |
21 |
12. ScaleUp
- Location: Montreal, Vancouver
- Industries: Technology
- Investment Range: $500K – $2.5M
- Stage: Seed
- Companies invested in: SpotOn, Upgrade, Podium, Rewind, Weelo, and Nylas
ScaleUp is a leading venture capital firm in Canada. It supports creative entrepreneurs by investing time and providing the necessary expertise to help them enter the market and scale up faster. The firm helps early-stage technology startups to scale up to the global market.
It works hands-on with entrepreneurs to help them solve problems and make connections that offer these entrepreneurs valuable advice and mentorships. Scaleup has helped many entrepreneurs in the Canadian technology sector.
|
Year Founded |
2016 |
|
Number of Investments |
43 |
|
Number of Exits |
4 |
|
Total Fund Raised |
$100M |
|
Total Products Active |
– |
13. Vanedge Capital
- Location: Vancouver
- Industries: Hardtech, Analytics, Computational Biology
- Investment Range: Not disclosed
- Stage: Seed, Series A
- Companies invested in: Canalyst, Plotly, Echodyne, Bridgit, and RoosterBio
Vanedge Capital invests in hard tech, analytics, and computational biology industries. These companies they partner with usually work on changing the world through foundational technologies. This early-stage VC firm works with founders to become their trusted source of capital and to give them the necessary advice.
They provide capital, deep domain expertise, and operational experience to help founders scale their startups. Vanedge helps entrepreneurs identify technology trends early on and focus on assisting these entrepreneurs to mitigate the risk of execution and dominate new markets.
|
Year Founded |
2010 |
|
Number of Investments |
56 |
|
Number of Exits |
14 |
|
Total Fund Raised |
CA$297.1M |
|
Total Products Active |
12 |
14. Versant Ventures
- Location: Vancouver
- Industries: Healthcare
- Investment Range: Not disclosed
- Stage: Series A, A+
- Companies invested in: Jazz Pharmaceuticals, Insulet, Peter Gray, Seamus Mulligan, and Vector Biopharma
Versant Ventures is a VC firm that is focused on harnessing the power of science to improve the healthcare sector. It gives the founder access to a team of experts with over 60 years of experience in the pharmacy and biotech industry. The VC firm’s discovery engines are made up of in-house teams belonging to multi-disciplinary sectors and working in state-of-the-art laboratory facilities to launch biotech companies.
|
Year Founded |
1999 |
|
Number of Investments |
356 |
|
Number of Exits |
99 |
|
Total Fund Raised |
$3.3B |
|
Total Products Active |
34 |
15. Relay Ventures
- Location: Toronto, Calgary
- Industries: Mobility, Proptech, Fintech, Sports tech
- Investment Range: Not disclosed
- Stage: Seed, Series A
- Companies invested in: Blue J, Bird Canada, The Beans, Sherpa, and Populus
Relay Ventures is a vertically focused firm that invests early in the startup lifecycle and throughout. Relay invests in startups that have the potential to expand and are fuelled by the rapid development of technology. The firm invests in four verticals where they feel technology will have a significant impact.
Proptech, mobility, fintech, and sports tech are the four verticals. Relay provides a hands-on approach to help these founders by providing industry and ecosystem access to portfolio companies and accelerated customer relationships.
|
Year Founded |
2008 |
|
Number of Investments |
174 |
|
Number of Exits |
50 |
|
Total Fund Raised |
$15M |
|
Total Products Active |
8 |
16. Inovia Capital
- Location: Toronto, Montreal
- Industries: Technology
- Investment Range: Not disclosed
- Stage: Seed, Series A, Series A+
- Companies invested in: Clearco, Hopper, Symend, Wealthsimple
Inovia Capital is a venture capital firm that supports founders focusing on technology. It partners with founders to build global technology companies. They make certain to give long-term mentorship, a robust talent network, and strategic support to help grow.
This VC firm is committed to helping these businesses and has assembled a team of over 40 people to help entrepreneurs from the seed stage to the IPO and beyond. The team consists of investment professionals, operators, entrepreneurs, and talented staff.
|
Year Founded |
2017 |
|
Number of Investments |
284 |
|
Number of Exits |
52 |
|
Total Fund Raised |
$2.1B |
|
Total Products Active |
52 |
17. Golden Ventures
- Location: Toronto
- Industries: Technology
- Investment Range: $500K – $2M
- Stage: Seed
- Companies invested in: Properly, Vetted, Forma Ai, Cybrid and Ramper
Golden Ventures is a sector-agnostic VC firm that invests in early-stage firms in Canada and the United States. The firm looks for product visionaries and strong technologists with big ambitions. The founders need to show their domain expertise and strong learning abilities to secure an investment. In addition, their products or ideas must significantly improve the existing solutions. Besides this, they like to lead or co-lead since they reserve cash and deploy it based on the company’s progress.
|
Year Founded |
2011 |
|
Number of Investments |
142 |
|
Number of Exits |
14 |
|
Total Fund Raised |
$230.9M |
|
Total Products Active |
30 |
18. Renewal Funds
- Location: Vancouver
- Industries: Environment, Greentech
- Investment Range: Not disclosed
- Stage: Seed, Series A
- Companies invested in: SHARE Mobility, HOLOS, Fresh Prep Foods, Station A and Evive
Renewal Funds is a mission-focused firm that invests in early-stage startups and helps these companies gain a sustainable future. The firm works towards advancing the sustainability of food, water, climate, and a safer and cleaner planet. As a result, its portfolio is primarily of two sectors: environmental innovation and sustainable consumer products. They invest mostly in energy, water, mobility, food, and sustainable agricultural projects.
|
Year Founded |
2008 |
|
Number of Investments |
42 |
|
Number of Exits |
10 |
|
Total Fund Raised |
CA$243M |
|
Total Products Active |
11 |
19. iGan Partners
- Location: Toronto
- Industries: Healthcare
- Investment Range: Not disclosed
- Stage: Seed
- Companies invested in: Curv Health, MedChart, Flosonics, Adracare, RetiSpec, and MolecuLight
iGan Partners seeks exceptional founders. It encourages the commercialization of technology solutions aimed at advancing the healthcare sector. By assisting keen entrepreneurs in growing their businesses, the firm hopes to be a change catalyst in the healthcare sector.
They not only provide funding but also focus on building lasting partnerships with these founders. Apart from all of this, they provide a robust network of industry partners to mentor and support these founders.
|
Year Founded |
2011 |
|
Number of Investments |
38 |
|
Number of Exits |
8 |
|
Total Fund Raised |
$350M |
|
Total Products Active |
17 |
20. Cycle Capital
- Location: Montreal
- Industries: Cleantech
- Investment Range: Not disclosed
- Stage: Seed, Series A
- Companies invested in: Local Logic, Enerkem, UTILICASE, Rhombus Energy Solutions, and SPARK Microsystems
Cycle Capital is a VC firm that partners with innovative entrepreneurs to establish Cleantech companies. It focuses on helping entrepreneurs, investors and companies find solutions to humanity’s most ecological issues. The VC firm takes a hands-on approach to help these founders turn their idea into reality. This encourages these entrepreneurs to dream more and push themselves farther.
|
Year Founded |
2006 |
|
Number of Investments |
63 |
|
Number of Exits |
3 |
|
Total Fund Raised |
$2.2B |
|
Total Products Active |
17 |
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