Through this three-part blog series, we will be going through the contributions of venture capital firms, angel investors, and high-growth startups (unicorns) in Canada’s innovation ecosystem. Canada’s startup ecosystem has evolved into a global innovation hub, fueled by a diverse range of industries including technology, healthcare, artificial intelligence, and clean energy. This growth is partially attributed to the active role venture capital (VC) firms play in supporting high-potential startups. VC firms are not just providers of capital; they can act as strategic partners, offering mentorship, business expertise, and networking opportunities that are essential for scaling early-stage companies.
In recent years, Canada’s ecosystem has gained recognition for producing global tech giants like Shopify, Lightspeed, and Wealthsimple, all of which were supported by strong VC networks. These successes have, in turn, attracted additional investment and funding into the Canadian startup ecosystem, fueling further innovation and entrepreneurship. This blog will take a closer look at some of the top venture capital firms in Canada, and how they are supporting the next generation of entrepreneurs.
Focus: Early and growth-stage technology companies
Location: Montreal, Quebec
As part of the Business Development Bank of Canada, BDC Venture Capital is one of the country’s largest investors. With a diverse portfolio spanning multiple sectors, BDC aims to empower Canadian entrepreneurs with the capital and expertise they need to succeed. In, BDC approved a total of $406.5 million in venture capital investments, with $234.6 million allocated to direct equity investments and $171.9 million to indirect equity investments through funds. Notable companies supported by BDC include Radian6, a leader in social media monitoring acquired by Salesforce, and Q1 Labs, a network security firm acquired by IBM
Focus: Early and growth-stage technology companies
Location: Montreal, Quebec
Inovia Capital is known for its commitment to supporting innovative technology firms. The firm has built a strong reputation for backing high-potential startups and helping them with scale, with a portfolio that includes notable names like Lightspeed and Sonder. Inovia has made over 375 investments and manages assets totalling US$ 2.5B, with a focus on sectors such as E-commerce, internet software, financial services, and AI.
Focus: Early-stage funding for disruptive tech startups
Location: Montreal, Quebec
As one of Canada’s most active seed-stage investors, Real Ventures has backed numerous successful startups. The firm focuses on identifying and nurturing disruptive innovations that have the potential to transform industries. Real Ventures has invested in over 100 companies and raised more than $600M, with a portfolio that includes companies such as Clearco, Element AI and Imagine K12.
Focus: Seed-stage tech companies
Location: Toronto, Ontario
Golden Ventures is recognized for its early-stage investments in Canadian startups. In 2024, the firm has provided over $100 million in support to emerging companies, helping them scale and succeed. With a focus on innovative companies, Golden Ventures has played a pivotal role in the growth of firms like SkipTheDishes and Wattpad.
Focus: Early-stage startups and corporate innovation
Location: Toronto, Ontario
Highline Beta operates at the intersection of startups and established corporations. The firm has supported over 50 startups and facilitated the deployment of millions of dollars in funding, enabling corporations to leverage new technologies. Notable successes include Aviva, Intuit, and Morneau Shepell.
Focus: Early-stage technology companies
Location: Toronto, Ontario
Brightspark Ventures focuses on investing in early-stage tech startups that show significant growth potential. The firm has invested over $250M in funding, providing valuable mentorship to the companies in its portfolio. Brightspark is known for its hands-on approach to support startups, with notable investments in companies such as DeepSky, Hopper, Vetster, and Elevate.
Focus: Early and growth-stage technology companies
Location: Toronto, Ontario
Relay Ventures specializes in mobile and technology-focused companies, having invested over $200 million in startups that are shaping the future of these industries. Their approach combines capital investment with operational support to help startups thrive with successes including Greenlight, Intro, Jelli, and PadSplit.
8. Georgian
Focus: Growth-stage technology companies, particularly in AI and software
Location: Toronto, Ontario
Georgian is known for its focus on technology companies leveraging data, particularly in AI and software. The firm has provided over $1 billion in funding, emphasizing not only investment but also operational support including strategic guidance on product development, customer acquisition, and scaling to ensure long-term success. Notable investments include Bluecore, Noname, PolyAI, and Shopify.
Focus: Healthcare and life sciences
Location: Toronto, Ontario
Lumira Ventures is dedicated to advancing innovation in healthcare and life sciences. With over $6 billion in capital raised by its portfolio companies, the firm invests in businesses that are transforming patient care, diagnostics, and therapeutics, making a significant impact on public health. Notable investments include GenEp, Damona Pharmaceuticals and HistoSonics.
10. iGan Partners
Focus: Early-stage healthcare technology
Location: Toronto, Ontario
iGan Partners specializes in healthcare technology investments, supporting companies that are developing groundbreaking solutions in medical devices and digital health. With 27 investments to date, their deep expertise in the sector allows them to guide startups toward success. Key portfolio companies include Curv Health, Marble, RetiSpec and Segmed.
Canada’s VC firms have invested billions of dollars into the fast-growing innovation ecosystem. In combination with the resources provided to startups, this has contributed to significant advancements in increasing access to funding, mentorship, networking opportunities, strategic support. If you would like to learn more about how venture capital firms can support the growth of your startup, contact us for further insights.
