Best VC Firms in Canada

Benjamin Debonneville
Founder & CEO
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Did you know Canada's venture capital landscape is nothing short of remarkable?

In 2022 alone, the industry made disbursements of an astounding $9.42 billion! This monumental figure places 2022 as the second most prolific year, only surpassed by the record-breaking contributions of 2021 by a margin of 33%, as per CPE Analytics.

Canada isn’t just about maple syrup and ice hockey; it's rapidly carving a niche as a startup ecosystem powerhouse.

Whether you're an enterprising founder seeking seed funds or preparing for significant growth, this article is handcrafted just for you.

Ready to discover the top venture capital firms in the Great White North that can catapult your vision to reality?

15 Best Venture Capital Firms in Canada

Canada is home to some of the most dynamic and supportive venture capital firms.

From seed-stage to growth, here's your gateway to the top 15 firms that could be the catalyst for your success. Let's explore!

1. Inovia Capital

Inovia Capital, founded in 2007 by Chris Arsenault, is more than just a venture capital firm; it's a transformative force for startups with global aspirations.

With roots deep in Canada and branches extending to the USA and the UK, Inovia champions the ethos of building with a purpose.

With an impressive $2.2 billion in assets under management and a portfolio boasting 57 notable exits, they've fostered growth in firms like Botpress, Conduit, and Darwin AI.

Their unique proposition? It's not just about the capital; it's about mentorship, insights, and an unwavering support framework for emergent tech dynamos.

Ideal For:

  • Sector Specialization: Startups in B2B and B2C SaaS and marketplaces.
  • Growth Phase: Tech ventures ready for global expansion from seed to IPO stages.
  • Value Addition: Companies seeking mentorship and community along with financial support.

2. BDC Venture Capital

With an illustrious track record that spans nearly five decades, BDC Venture Capital stands tall as a beacon of support for Canadian businesses.

Their prowess isn't confined to merely providing financial backing; they're invested in the long-term success of tech-based businesses, from seeds of ideas to full-blown market dominators.

With an arsenal of specialized venture funds and an impeccable satisfaction rate of 94% among their clients, BDC Venture Capital is deeply committed to fostering innovation, especially in underserved sectors.

Their $150-million Sustainability Venture Fund launched in 2023 speaks volumes of their vision.

Ideal For:

  • Diverse Innovators: Entrepreneurs across sectors, from cleantech to AI & ML, seeking tailored financial instruments.
  • Sustainability Pioneers: Ventures with a focus on eco-friendly initiatives, especially those transitioning to a net-zero economy.
  • Guidance Seekers: Startups needing not just funds but also seasoned advisory services to navigate their journey.

3. Golden Ventures

From its hub in Toronto, Golden Ventures has etched its mark in the VC landscape since 2011, adeptly investing in trailblazing startups across both Canada and the USA.

With a vast $100M fund and expertise ranging from consumer platforms like Wattpad to fintech solutions like Float, they exhibit a versatile, sector-agnostic approach.

Whether your venture needs seed funding or a more angelic touch, Golden Ventures possesses the insight, funds, and passion to elevate its trajectory.

Ideal For:

  • Tech Trailblazers: Startups leveraging emerging platforms or disruptive tech to challenge the norm.
  • Diverse Visionaries: Ventures across various sectors, from fintech to gaming, looking for a seasoned partner.
  • Ambitious Founders: Entrepreneurs seeking both financial backing and strategic guidance to amplify their mission.

4. Panache Ventures

Emerging from the vibrant cities of Canada, Panache Ventures takes pride as the nation's foremost pre-seed venture fund.

With a staggering $158M amassed across two funds, their latest being Fund II, they are well-equipped to back audacious innovations.

Their investments span from fintech to health tech, always seeking startups that democratize, automate, and enhance human potential.

Partnering with Panache isn't merely about funding; it's about sculpting the future of your venture with expert guidance.

Ideal For:

  • Innovative Pioneers: Entrepreneurs who are disrupting sectors with automation, decentralization, or pioneering technologies.
  • Early Bloomers: Pre-seed and seed-stage companies yearning for their initial investment.
  • Trailblazers with Vision: Startups aiming to solve real-world problems with scalable, practical solutions.

5. Real Ventures

Hailing from Montréal, Real Ventures has, for over 14 years, championed Canadian technology pioneers.

Boasting $325 million spread across five funds, they prioritize investing in entrepreneurs over just capital.

Their commitment doesn't wane post-investment, as they guide startups through every hurdle, providing invaluable mentorship.

With notable exits like Clarity and Sonder, Real Ventures is renowned for bolstering early-stage innovators with a global vision.

Their belief? It's people, not just money, who sculpt game-changing entities.

Ideal For:

  • Visionaries: Entrepreneurs with a growth mindset and an unwavering passion for their ventures.
  • Early Bloomers: Startups in the early stages, particularly those in AI, Robotics, and Consumer sectors.
  • Community Builders: Companies looking to benefit from and contribute to a thriving tech ecosystem.

6. Relay Ventures

Established in 2008 with a dynamic presence in Toronto, Calgary, and San Francisco, Relay Ventures operates with a foundational belief: it's about funding founders, not just companies.

Steering an impressive $306.8M across four funds, this venture capital firm dives deep into mobile technology, seeking innovations that redefine sectors like proptech, fintech, and sportstech.

Their partnership approach offers more than just capital; it's about industry access, ecosystem immersion, and accelerating startup success stories.

With laudable exits like Circle Media and Bird, Relay Ventures is clearly at the forefront of transformative tech investments.

Ideal For:

  • Tech Innovators: Startups specializing in mobile software, services, and connected Internet.
  • Vertical Visionaries: Enterprises in proptech, fintech, sportstech, and mobility.
  • Partnership Seekers: Founders aspiring for a hands-on VC approach that amplifies growth and industry access.

7. Georgian

Originating from Toronto, Georgian isn't just another venture capital firm; they're the embodiment of growth capital, specializing in elevating B2B SaaS companies with their data-driven platform.

Steering a massive $2.5B across six funds, Georgian focuses on creating an unparalleled experience for growth-stage CEOs.

With a unique blend of capital, research, product insights, and community integration, they've fostered monumental successes, including Shopify and Beam.

Ideal For:

  • B2B Powerhouses: SaaS businesses boasting over $500k in monthly recurring revenue, eyeing investments between $25M to $75M.
  • Technology Trailblazers: Companies eager to integrate high-end tech and data-driven solutions for accelerated growth.
  • Cultural Champions: Enterprises emphasizing robust leadership and an enriching work culture, seeking both capital and knowledge.

8. Diagram Ventures

Established in Montreal, Diagram Ventures redefines venture capital by stepping into the shoes of co-founders.

Having originated in 2016, they've curated ventures that have achieved a commendable enterprise value of over $1.5B, spanning fintech, Web3, and ClimateTech sectors.

Their support goes beyond mere capital. By offering hands-on guidance, unearthing valuable insights, and ensuring access to a vast ecosystem, they've played a pivotal role in the soaring successes of companies like Nesto and Pillar.

Their commitment is unwavering, and their results, proof of their unique approach in the VC realm.

Ideal For:

  • Innovative Visionaries: Startups reshaping fintech, climate tech, and health.
  • Funding Seekers: Ventures scouting for investments between $250,000 and $5,000,000.
  • Collaborative Spirits: Entrepreneurs craving co-creation with a veteran VC ally.

9. TIMIA Capital

Since its inception in 2015, TIMIA Capital has meticulously curated its investments, resulting in a remarkable track record: 52 investments, $157m in loan facilities written, 27 successful early exits, and a 19% internal rate of return.

Combining an entrepreneurial spirit with unmatched financial acumen, TIMIA specializes in recurring revenue tech sectors, offering innovators a pathway to propel growth while retaining command.

Their ensemble of finance experts and seasoned entrepreneurs ensures they're more than just financiers—they’re genuine growth partners.

Ideal For:

  • Sector Specialization: SaaS and B2B tech firms with a pronounced product-market fit.
  • Revenue Requirements: Enterprises with an annual recurring revenue between $1.5 million and $20 million.
  • Flexible Financing: Startups seeking options, like interest-only or amortized loans, without ceding ownership.

10. Extreme Venture Partners

A Toronto beacon since 2007, EVP has championed over 100 startups, proudly serving as the lead investor.

Their influence has catalyzed 5,000+ careers and birthed billions in shareholder value.

They're not just financiers but mentors, cultivating ventures that have caught the eyes of tech titans like Google and Apple.

Their dedication to Canadian entrepreneurship shines through their three funds and their notable track record.

Ideal For:

  • Toronto Tech Titans: Startups seeking seed-stage backing with solid traction.
  • Innovative Intellectuals: Firms specializing in Mobile, Data & Analytics, and IoT, with proprietary tech.
  • Capital Catalyst Seekers: Those chasing $400k CAD to $1.5 million CAD to amplify their operations.

11. BlueSky Equities

Hailing from Calgary, Bluesky Equities has carved a niche as an absolute-return-centric investment manager.

Their appetite ranges from public to private markets, particularly favoring alternative assets such as venture capital and private equity.

With an impressive portfolio boasting 70+ non-controlling stakes, their gaze predominantly settles on global B2B SaaS entities.

Their investment prowess is further exemplified by the recent backing of Nimble Science and a reported revenue of $5M.

Ideal For:

  • SaaS Aspirants: B2B SaaS startups aiming for passive, early-stage investors.
  • Diverse Asset Seekers: Companies across Canada scouting for varied asset investments.
  • Portfolio Pioneers: Startups desiring a place alongside successes like Ownly and Active Door.

12. Versant Ventures

Steering the biotech revolution since 1999, Versant Ventures champions healthcare innovation with an impressive $4.2B under management.

With roots in key global cities like Toronto, Vancouver, and Basel, they've successfully taken 50 firms to IPO.

Harnessing 60+ years of expertise, they merge the genius of pharmaceutical know-how with cutting-edge biotechnology, launching firms from state-of-the-art labs.

Renowned investments like Crispr Therapeutics spotlight their prowess.

Ideal For:

  • Biotech Innovators: Startups aiming to reshape healthcare with biotechnological solutions.
  • Global Ambitions: Ventures seeking a presence in diverse, major biotech hubs.
  • Comprehensive Support Seekers: Enterprises desiring both capital and in-depth sector expertise.

13. Sofinnova Investments

Spearheading life science investment since 1974, Sofinnova blends finance and innovation, amassing an impressive $3.0B in assets.

This healthcare stalwart, with hubs in Montréal and San Francisco, champions both public and private equity companies, embracing a mission to revolutionize patient lives.

Their legacy, marked by standout investments like Invitae, is a testament to their unwavering commitment to ushering groundbreaking therapies from conception to IPO, all with unmatched expertise and partnership ethos.

Ideal For:

  • Biotech Pioneers: Startups breaking boundaries in life sciences.
  • Long-Haul Visionaries: Ventures looking for enduring, hands-on partnerships.
  • Navigational Guidance: Companies seeking adeptness in regulatory terrains and IPO landscapes.

14. Chrysalix Venture Capital

Pioneering the intersection of sustainability and innovation, Chrysalix Venture Capital stands tall with two decades of bolstering hard science and industry breakthroughs.

From Vancouver to Delft, they dive deep into investing in industrial evolution, fostering the future of AI, robotics, and cleantech.

With a stellar track record, their portfolio gleams with trailblazers like Enbala.

Committed to both financial returns and environmental stewardship, Chrysalix is more than just a financier—they're the experienced guide for ventures scaling new sustainability heights.

Ideal For:

  • Sustainability Innovators: Those focusing on resource-intensive, earth-friendly solutions.
  • Tech Trailblazers: Ventures in AI, Robotics, and the IoT space.
  • Early Birds & Evolutionaries: Startups at initial stages or those transitioning to later phases in North America and Europe.

15. MaRS Investment Accelerator

Rooted in the pulsating heart of Ontario, MaRS Investment Accelerator champions the next wave of tech visionaries.

As the foremost seed-stage benefactor, their spotlight shines on IT, health, and cleantech mavericks.

With a proven track record of 42 exits and a whopping $1.59B in follow-on funding, their discerning eyes have backed game-changers like Axonify and Fiix Software.

Built on a foundation of unwavering support since 2008, MaRS is the nexus of innovation and capital for Ontario's brightest.

Ideal For:

  • Tech Titans: Innovators scaling the realms of IT, Health, and Cleantech.
  • Ontario Originals: Startups headquartered within Ontario's vibrant ecosystem.
  • Nascent Navigators: Early-stage ventures close to market launch, showcasing initial traction without significant revenue or assets.

Final Thoughts

In the thriving landscape of Canadian venture capital, opportunity beckons at every corner.

From groundbreaking AI technologies to transformative cleantech solutions, these VC firms are more than just financiers; they're partners in innovation.

As entrepreneurs navigate the bustling startup scene, it's crucial to align with backers that resonate with their vision.

So, whether you're an early-stage dreamer or a seasoned innovator, Canada's VC ecosystem is ripe with potential. Dive in, find your match, and let's co-write the next big success story of the North!

Benjamin gave great tips to my start-up Blend for polishing and optimising my pitch deck, refreshing perspective. Recommend!