This edition maps the venture funds investing in Canadian companies at pre-seed, seed and Series A: 108 firms and 312 funds, the institutions that back them, the portfolios they hold and the capital they are raising now. All data has been drawn from the public record to the best of our ability, and each figure carries its provenance: SOURCED where a public page states it. Where a figure is not sourced, as with a currency conversion or a simple projection, it is labelled MODELLED and its method is given, so the reader always knows how a number was reached. Where a source gives no currency, we say so.
In keeping with the terms under which commercial data is licensed, no proprietary database content appears in these pages. Information outside the public record, and any valuation of an individual company, has likewise been withheld.
The 108 firms and their 312 funds are profiled in detail, available on request, chosen by a single rule set out on page 30.
Summary.
Five findings from 108 firms and 312 funds, each with the record behind it and one line of our view.
What we found.
Market context.
How the funds formed, what they have backed and sold, how large they are, and where their capital comes from.
Fund formation, 2010–2026.
Each fund is placed in its vintage year and split by whether a size is public. Eighteen funds were formed before 2010, and 46 have no recorded vintage; neither group is charted.
Filled bars count funds with any public figure, allocations included; outlined bars count funds with none. The 2026 bar runs to 31 October. Source notes for this page are on page 32.
The 2021 vintage is the largest, with 34 funds at a median of C$64.0 million. Formation has run between 12 and 29 funds a year since 2022. The 2025 median was C$40.0 million, a figure that leaves out the first close of CTI Sciences de la Vie IV. Of the twelve 2026 funds, five have no public size.
Ottawa’s Growth VCCI (C$1 billion) has a fund-of-funds call open until 21 January 2027, and a C$750 million early and growth stage strategy is in consultation until 23 November 20261, 2.
Rounds.
Rounds recorded for the firms in this report, 2012 to October 2026, each from a public source: 1,849 rounds in all. Rounds with no year or dated before 2012 are left off the chart.
The 2026 bar runs to 31 October.
| FIRM | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | ROUNDS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Panache Ventures | · | · | · | 9 | 15 | 17 | 16 | 13 | 6 | 7 | 5 | 8 | 96 |
| Golden Ventures | · | · | 4 | 3 | 4 | 15 | 23 | 12 | 5 | 5 | 4 | 4 | 79 |
| Two Small Fish Ventures | 2 | 2 | 1 | 4 | 6 | · | 6 | 5 | 4 | 5 | 7 | 8 | 50 |
| Garage Capital | · | 1 | 1 | 1 | · | 3 | 8 | 4 | 5 | 4 | 9 | 12 | 48 |
| Diagram Ventures | · | · | 2 | 2 | 1 | 4 | 4 | 2 | 3 | 11 | 9 | 6 | 44 |
| Accelerate Fund | · | · | 3 | 3 | 3 | 5 | 6 | 9 | 6 | 3 | 2 | 1 | 41 |
| Ripple Ventures | · | · | · | 4 | 3 | 3 | 3 | 2 | 7 | 3 | 5 | 10 | 40 |
| Brightspark Ventures | · | 5 | 4 | 1 | 3 | 5 | 6 | 1 | 5 | 3 | 6 | 1 | 40 |
| StandUp Ventures | · | · | 5 | · | 4 | 2 | 7 | 7 | 4 | 3 | 1 | 6 | 39 |
| ScaleUP Ventures | · | 3 | 6 | 4 | 4 | 4 | 5 | 5 | 2 | 1 | 2 | · | 36 |
| Relay Ventures | 2 | 7 | 5 | 3 | 1 | · | 3 | · | 5 | 3 | 3 | 2 | 34 |
| GroundBreak Ventures | · | · | 1 | 2 | 3 | 4 | 4 | 5 | 7 | 3 | 3 | 1 | 33 |
Darker cells, more rounds; each firm’s busiest year in bold. Firm and fund profiles are available on request: see Detailed fund overviews, page 35.
Rounds per year rose from 109 in 2019 to 209 in 2021 and have held between 164 and 199 a year since. Golden Ventures did most of its deals from 2020 to 2022, while Garage Capital’s busiest year is 2026. A founder raising now meets a different set of active backers than in 2021.
Exits.
Exits from the portfolios of firms in this report, each company counted once however many firms backed it, by the year the exit became public.
Exits with no public year, 166 of the 347, are left off the chart. No secondary sales are recorded. The 2026 bar runs to 31 October.
| Company | Firms in this report that backed it |
|---|---|
| TouchBistro | Framework Venture Partners; OMERS Ventures; Relay Ventures |
| TrojAI | Build Ventures; Concrete Ventures; Flying Fish Partners |
| Sportlogiq | AQC Capital; Rho Canada Ventures; TandemLaunch |
| Sequence | Two Small Fish Ventures |
| Ontopical | Accelerate Fund; Graphite Ventures; GreenSky Ventures; Rhino Ventures |
| Pathway Medical | Amplify Capital; Desjardins Capital; Panache Ventures |
| Movable Ink | Celtic House Venture Partners |
| Humi | Garage Capital; TELUS Global Ventures and TELUS Pollinator Fund for Good |
Eight companies from the notable-transactions list, with the firms in this report that backed each. Deal terms are not shown. Twenty-two exited companies also appear in the Canada growth venture report. Firm and fund profiles are available on request: see Detailed fund overviews, page 35.
Base and type.
The 108 firms in this report, by where each is based, how it is organised and how active its record is. The dataset records 99 of them as headquartered in Canada.
Base is the recorded head office. Seven firms are based outside Canada, one is recorded in both British Columbia and Quebec, and one has no base on record.
Type and activity are as recorded in the dataset; each firm’s page carries its own flag.
Ontario has 44 of the 108 firms and Quebec 20, and 78 are independent managers. Thirteen firms are flagged as possible zombies, and four quiet firms are raising.
Fund sizes.
The 206 funds with a public size, grouped by size in Canadian dollars. Funds raised in other currencies are placed using a modelled Canadian-dollar equivalent1, while their printed sizes stay in the source currency.
Filled bars are fund sizes; outlined segments are the seven balance-sheet allocations, shown beside the bands and kept out of the 206; the band holding the median is in orange. The 99 funds with no public size are left off. Twenty-eight of the sizes are lower bounds, such as first closes, and 55 were reported in a currency other than the Canadian dollar.
A figure from a federal, provincial or Crown-agency release or program page that gives no currency is read as C$ under the Kennox ruling of 31 October 2026. Any other figure with no currency in its source is marked as such. Source notes for this page are on page 32.
Most funds in this report are below C$150 million, so one institutional commitment can carry a close. The size an LP sees in the press is often a first close or a figure without a currency.
Largest disclosed funds.
The fifteen largest funds by disclosed size among the 312, each printed as its source states it, with the year of the close or launch commitment.
| Rank | Fund | Firm | Size, as stated | Year |
|---|---|---|---|---|
| 1 | OMERS Ventures IV LP | OMERS Ventures | US$750M launch commitment1 | 2020 |
| 2 | Portage Ventures III | Portage Ventures | US$655M final close | 2022 |
| 3 | TVM Life Science Innovation II | TVM Capital Life Science | US$478M final close | 2020 |
| 4 | Climate Tech Fund (I) | BDC Capital | C$600M launch commitment (government source, read as C$)1, 2 | 2018 |
| 5 | Versant Venture Capital VIII | Versant Ventures | $560M final close, currency not stated3 | 2021 |
| 6 | White Star Capital III | White Star Capital | US$360M final close | 2021 |
| 7 | StrongNorth Fund (BDC Defence Platform direct fund) | BDC Capital | C$500M commitment (expanded) (government source, read as C$)2, 4 | 2026 |
| 8 | OMERS Ventures Europe Fund | OMERS Ventures | €300M launch commitment1 | 2019 |
| 9 | Portag3 Ventures II LP | Portage Ventures | C$427M final close | 2019 |
| 10 | Versant Venture Capital V | Versant Ventures | US$305M final close | 2014 |
| 11 | Climate Tech Fund II | BDC Capital | C$400M launch commitment (government source, read as C$)1, 2, 5 | 2022 |
| 12 | White Star Capital IV | White Star Capital | US$250M final close | 2026 |
| 13= | OMERS Ventures Fund III | OMERS Ventures | $300M final close, currency not stated3 | 2017 |
| 13= | Thrive Venture Fund (Thrive Platform for Women) | BDC Capital | C$300M launch commitment (government source, read as C$)1, 2 | 2022 |
| 15 | Amplitude Ventures Fund II LP (with parallel funds) | Amplitude Ventures | US$192M final close | 2024 |
Funds ranked by disclosed size: final close, or the launch commitment, expanded commitment or continuation-vehicle close where footnoted. Sizes print as each source states them. Where a source states no currency, the figure prints as stated and is ranked at its C$ reading. Ranking uses a modelled C$ equivalent at the Bank of Canada 2025 annual average; no converted figure is printed.
Near-ties on the modelled order: White Star Capital III (6) and StrongNorth Fund (BDC Defence Platform direct fund) (7) are within 2 per cent, as are Portag3 Ventures II LP (9) and Versant Venture Capital V (10). Firm and fund profiles are available on request: see Detailed fund overviews, page 35.
The funds at a glance.
Every fund in this report, 312 in all, grouped by firm A to Z, with its vintage, status and size as its source states it. Source notes are in the detailed fund overviews, page 35.
| Fund | Firm | Vintage | Status | Size, as stated | |
|---|---|---|---|---|---|
| Antler Canada Fund I | Antler | 2022 | Investing | $23M, currency not stated, final close | |
| Antler Canada Fund II | Antler | not on record | Fundraising | not public | |
| Anges Québec Capital s.e.c. (Fund I) | AQC Capital | 2012 | Harvesting | $85M, currency not stated, final close, 3 Feb 2015 | |
| Anges Québec Capital II s.e.c | AQC Capital | 2021 | Investing | C$64M final close, 21 May 2021 | |
| Avatar Leadership Fund I (also styled Avatar Ventures Fund I) | Avatar Innovations | 2022 | Investing | at least C$2.5M (first close, 19 Oct 2023) | |
| IT Venture Fund II | BDC Capital | 2016 | Harvesting | C$150M allocation (government source, read as C$) | |
| Women in Technology (WIT) Venture Fund | BDC Capital | 2017 | Harvesting | C$200M launch commitment by its sponsor, not a final close (government source, read as C$) | |
| Climate Tech Fund (I) | BDC Capital | 2018 | Harvesting | C$600M launch commitment by its sponsor, not a final close (government source, read as C$) | |
| Industrial Innovation Venture Fund | BDC Capital | 2019 | Harvesting | C$250M launch commitment by its sponsor, not a final close (government source, read as C$) | |
| Deep Tech Venture Fund | BDC Capital | 2021 | Harvesting | C$200M launch commitment by its sponsor, not a final close (government source, read as C$) | |
| Climate Tech Fund II | BDC Capital | 2022 | Investing | C$400M launch commitment by its sponsor, not a final close (government source, read as C$) (BDC’s current Climate Tech Fund page states a $500M fund without naming Fund II; conflict unresolved) | |
| Thrive Lab for Women | BDC Capital | 2022 | Investing | C$100M commitment towards the fund (government source, read as C$) | |
| Thrive Venture Fund (Thrive Platform for Women) | BDC Capital | 2022 | Investing | C$300M launch commitment by its sponsor, not a final close (government source, read as C$) | |
| BDC Seed Venture Fund | BDC Capital | 2023 | Investing | C$100M allocation (+$50M envelope) (government source, read as C$) | |
| Sustainability Venture Fund (ex-ICE Technology Venture Fund) | BDC Capital | 2023 | Investing | C$150M launch commitment (government source, read as C$) | |
| Black Entrepreneurs Fund (BDC Capital platform) | BDC Capital | 2024 | Investing | C$100M allocation (government source, read as C$) | |
| Industrial Innovation Venture Fund II | BDC Capital | 2025 | Investing | C$200M launch commitment by its sponsor, not a final close | |
| Life Sciences Venture Fund | BDC Capital | 2026 | Investing | C$150M launch commitment (government source, read as C$) | |
| StrongNorth Fund (BDC Defence Platform direct fund) | BDC Capital | 2026 | Investing | C$500M commitment (expanded) (government source, read as C$) | |
| Black Innovation Fund (BKR Capital Fund I) | BKR Capital | 2021 | Harvesting | C$18.5M final close | |
| Black Innovation Fund II (BKR Capital Fund II) | BKR Capital | 2026 | Fundraising | at least $20M, currency not stated (first close, 23 Mar 2026) | |
| Boreal Ventures Fund I | Boreal Ventures | 2021 | Harvesting | C$38.3M final close | |
| Boreal Ventures II | Boreal Ventures | 2026 | Fundraising | at least C$43M (first close, 16 Mar 2026) |
| Fund | Firm | Vintage | Status | Size, as stated | |
|---|---|---|---|---|---|
| Rhino Fund III | Rhino Ventures | 2021 | Investing | C$120M final close, 15 Oct 2021 | |
| Rho Canada Ventures (Fund I) | Rho Canada Ventures | 2006 | Harvesting | $100M, currency not stated | |
| Rho Canada Ventures II | Rho Canada Ventures | 2012 | Harvesting | $100M, currency not stated, final close | |
| Ripple Ventures Fund I | Ripple Ventures | 2018 | Harvesting | $10M, currency not stated, final close, 12 Sep 2018 | |
| Ripple Ventures 11-19 L.P. (Tread) | Ripple Ventures | 2019 | Status not public | not public | |
| Ripple Ventures 08-20 L.P. (OnCall) | Ripple Ventures | 2020 | Status not public | not public | |
| Ripple Ventures 10-20 L.P. (Rose Rocket) | Ripple Ventures | 2020 | Status not public | not public | |
| Ripple Ventures Opportunity Fund (effectively Fund II) | Ripple Ventures | 2020 | Harvesting | at least C$14M (first close, 14 May 2020) | |
| Ripple Ventures 11-21 L.P. (Wisedocs) | Ripple Ventures | 2021 | Status not public | not public | |
| Ripple Venture Fund III LP | Ripple Ventures | 2022 | Investing | not public | |
| Ripple Ventures Fund IV | Ripple Ventures | 2026 | Fundraising | not public | |
| RiSC Capital II | RiSC Capital | 2020 | Investing | not public | |
| RiSC Capital Fund 1 (not identified) [unverified] | RiSC Capital | not on record | Status not public | named only | |
| Roach Capital Fund I | Roach Capital | 2022 | Harvesting | C$6.4M final close, 18 Feb 2022 | |
| Saltagen Global Fund I [unverified] | Saltagen Ventures | not on record | Status not public | named only | |
| Saltagen Global Fund II | Saltagen Ventures | not on record | Investing | not public | |
| Sandpiper Ventures Fund I (SVF) | Sandpiper Ventures | 2021 | Harvesting | $20M, currency not stated, final close, 4 Aug 2022 | |
| Sandpiper Ventures Fund II | Sandpiper Ventures | 2025 | Fundraising | not public | |
| ScaleUP Venture Fund I LP | ScaleUP Ventures | 2016 | Harvesting | over $100M, currency not stated, final close, 13 Sep 2017 | |
| Climate Innovation Capital climate growth fund | ScaleUP Ventures | not on record | Status not public | not public | |
| Theodorus I | Seido Capital | 2003 | Harvesting | not public | |
| Theodorus II | Seido Capital | 2006 | Harvesting | not public | |
| Theodorus III | Seido Capital | 2012 | Harvesting | not public | |
| Theodorus IV | Seido Capital | 2018 | Harvesting | not public | |
| Seido Capital Fund V | Seido Capital | 2024 | Fundraising | at least $45M, currency not stated (first close, 27 Nov 2024) | |
| Spring Impact Capital Fund 1 | Spring Impact Capital | 2023 | Investing | C$14M final close, Sep 2025 | |
| Sprout Fund I | Sprout Fund | 2019 | Harvesting | $1M, currency not stated, final close | |
| Sprout Fund II | Sprout Fund | 2022 | Investing | C$14M final close (government source, read as C$) | |
| Staircase Ventures Fund I | Staircase Ventures | 2023 | Investing | C$34M final close, 2023 | |
| Staircase Ventures Fund II | Staircase Ventures | 2025 | Investing | C$50M final close, 9 Mar 2026 | |
| StandUp Ventures Fund I | StandUp Ventures | 2017 | Harvesting | $21M, currency not stated, final close, 5 Mar 2020 | |
| StandUp Ventures Fund II | StandUp Ventures | 2021 | Investing | $35M, currency not stated, final close, 2022 (by Aug 2022) |
| Fund | Firm | Vintage | Status | Size, as stated | |
|---|---|---|---|---|---|
| Velocity Fund Rolling Fund | Velocity Fund | not on record | Status not public | not public | |
| Versant Venture Capital V | Versant Ventures | 2014 | Harvesting | US$305M final close, 10 Dec 2014 | |
| Versant Voyageurs I | Versant Ventures | 2018 | Harvesting | $100M, currency not stated, final close, 17 Dec 2018 | |
| Versant Venture Capital VIII | Versant Ventures | 2021 | Investing | $560M, currency not stated, final close, 21 Apr 2021 | |
| Versant Voyageurs II | Versant Ventures | 2021 | Investing | $140M, currency not stated, final close, 21 Apr 2021 | |
| Versant Vantage III, L.P. / Versant Vantage III (Canada), L.P. | Versant Ventures | 2022 | Status not public | not public | |
| Version One Ventures Limited Partnership (Fund I) | Version One Ventures | 2012 | Harvesting | $19M, currency not stated, final close, 21 Feb 2013 | |
| Version One Fund II | Version One Ventures | 2014 | Harvesting | $35M, currency not stated, final close, 23 Oct 2014 | |
| Version One Ventures III | Version One Ventures | 2018 | Harvesting | C$57M final close, 18 Oct 2018 | |
| Version One Opportunities Fund I | Version One Ventures | 2020 | Harvesting | $25M, currency not stated, final close, Mar 2020 | |
| Version One Fund IV | Version One Ventures | 2021 | Investing | $70M, currency not stated, final close, 8 Jun 2021 | |
| Version One Opportunities Fund II | Version One Ventures | 2021 | Investing | $30M, currency not stated, final close, 8 Jun 2021 | |
| Version One Fund V | Version One Ventures | 2025 | Investing | $78M, currency not stated, final close, 30 Jun 2025 | |
| Version One Opportunities Fund III | Version One Ventures | 2025 | Investing | $30M, currency not stated, final close, 30 Jun 2025 | |
| White Star Capital Fund I | White Star Capital | 2015 | Harvesting | $70M, currency not stated, final close, Nov 2015 | |
| White Star Capital II | White Star Capital | 2017 | Harvesting | $180M, currency not stated, final close, Jun 2018 | |
| White Star Capital Digital Asset Fund | White Star Capital | 2021 | Investing | US$50M final close, May 2021 | |
| White Star Capital III | White Star Capital | 2021 | Investing | US$360M final close, Oct 2021 | |
| White Star Capital IV | White Star Capital | 2024 | Investing | US$250M final close, 5 Aug 2026 | |
| White Star Capital North American Seed Fund | White Star Capital | 2025 | Fundraising | at least $25M, currency not stated (first close, 4 Sep 2025) | |
| Whitecap I | Whitecap Venture Partners | 1993 | Harvesting | not public | |
| Whitecap III (Whitecap Venture Partners III LP) | Whitecap Venture Partners | 2015 | Harvesting | $100M, currency not stated, final close, 23 Jun 2015 | |
| Whitecap IV | Whitecap Venture Partners | 2019 | Harvesting | $125M, currency not stated, final close, 2019 | |
| Whitecap V | Whitecap Venture Partners | 2021 | Investing | C$152M final close, 9 Dec 2021 (government source, read as C$) | |
| Whitecap VI | Whitecap Venture Partners | not on record | Fundraising | not public | |
| Whitecap Venture Partners II LP | Whitecap Venture Partners | not on record | Harvesting | not public | |
| Wittington Ventures Fund I | Wittington Ventures | 2019 | Harvesting | $100M, currency not stated, final close | |
| Wittington Ventures Fund II | Wittington Ventures | 2022 | Investing | $120M, currency not stated, final close |
| Fund | Firm | Vintage | Status | Size, as stated | |
|---|---|---|---|---|---|
| Wittington Ventures Consumer Growth fund | Wittington Ventures | 2025 | Investing | not public | |
| Wittington Ventures early-stage health and climate innovation fund | Wittington Ventures | 2025 | Investing | $100M, currency not stated, allocation | |
| Wittington made-in-Canada food supplier fund | Wittington Ventures | 2025 | Investing | $100M, currency not stated, allocation | |
| Wittington Ventures Fund III | Wittington Ventures | 2026 | Investing | C$180M final close, 10 Sep 2026 |
Actively raising.
Twenty-eight funds are recorded as fundraising. Twenty-five of them rest on public sources; three rest on private information, which is held and left off this page. Twenty are in market, and five have been open for eighteen months or more.
Ten public raises state a target in Canadian dollars, together C$720 million, and six state one in US dollars, together US$765 million. Eight have held first closes in Canadian dollars, together C$217.2 million, and three in US dollars, together US$60 million. The most recent first close is the Genesys University Seed Fund, at C$30 million in July 2026.
Filled bars are first closes and outlined bars are targets, each in the currency its source states; first closes are lower bounds. The most recent first close is in orange.
| Firm | Fund | Target | Status | Basis |
|---|---|---|---|---|
| Antler | Antler Canada Fund II | not disclosed | In market | reported |
| CTI Life Sciences Fund | CTI Sciences de la Vie IV | not disclosed | In market | reported |
| Celesta Capital | Celesta Capital Canada fund (first Canadian fund, name TBC) | C$300M | In market | reported |
| Chrysalix Venture Capital | Chrysalix Carbon Neutrality Fund (Fund 5) | US$120M | Stalled raise | confirmed |
| District Ventures Capital | District Ventures Capital Fund II (inferred; VCCI Inclusive Growth recipient) | not disclosed | In market | inferred |
| EnerTech Capital | EnerTech Corporate Residual Fund | not disclosed | In market | reported |
| Evok Innovations | Evok Innovations Fund III | US$400M | In market | reported |
| Flying Fish Partners | Flying Fish Fund III LP (AI fund) | US$100M | Stalled raise | confirmed |
| Pelorus Venture Capital | Venture Newfoundland and Labrador III (VNL III) | C$50M | In market | reported |
| Ripple Ventures | Ripple Ventures Fund IV | not disclosed | In market | inferred |
| Sandpiper Ventures | Sandpiper Ventures Fund II | not disclosed | In market | confirmed |
| The51 | The51 Fund III | C$30M | In market | confirmed |
| Tidal Venture Partners | Tidal Venture Partners Fund II (Sovereign Technologies Fund) | not disclosed | Stalled raise | reported |
| Whitecap Venture Partners | Whitecap VI | not disclosed | In market | reported |
Basis: confirmed by a GP, LP or filing document; reported in the press only; or inferred from the record. Firm and fund profiles are available on request: see Detailed fund overviews, page 35.
Commitments and connections.
The programs that have committed most often to funds in this report, counted from the commitment records of each fund: federal and provincial programs, funds-of-funds, banks and insurers.
A commitment is one program’s commitment to one fund; amounts are not counted. Program names are as given in the commitment records.
BDC Capital’s indirect program and the Teralys funds-of-funds lead the count, with 46 and 37 commitments. Alberta Enterprise Corporation ranks fourth with 25, one ahead of RBCx.
Allocator pools.
The pools of capital that commit to Canadian venture funds, the same 28 in this report and in the Canada growth venture report. Fourteen of them carry a size that can be charted.
Each bar is drawn at the number its source states, in the currency it states; no conversion is made, and outlined bars are targets. The BDC Defence Platform and Canada Growth Fund bars run off the scale. Six pools have no public size, and eight more with sizes whose source states no currency are listed in the pools table, among them the Opportunity Calgary Investment Fund top-up, Venture Ontario’s new allocations and the Invest Nova Scotia LP program. Source notes for this page are on page 32.
Pools and sponsors.
Every pool on record, its sponsor, the stage it funds and its size as the source states it. “Both” means the pool funds managers in both Canada reports.
| Pool | Sponsor | Stage | Size, as stated | |
|---|---|---|---|---|
| 1 | Growth VCCI (Venture and Growth Capital Catalyst Initiative; Budget 2025 C$1B) | ISED (investments managed by BDC Capital) | Both | C$1,000M (government source, read as C$) |
| 2 | Canada’s Early and Growth Stage Investment Strategy | ISED (administered by BDC Capital) | Both (C$75M pre-seed/seed stream; C$675M later and growth stream) | C$750M (government source, read as C$) |
| 3 | BDC Defence Platform (including StrongNorth Fund) | BDC Capital | Both | C$6,000M (government source, read as C$) |
| 4 | RBCx fund investments | RBC (RBCx) | Both (stage not stated) | C$200M committed (31 fund investments) |
| 5 | RBCx Growth Fund I | RBC (RBCx) | Growth (direct growth equity) | US$1B target (the source also gives C$1.4B); raising |
| 6 | Canada Growth Fund | Canada Growth Fund Inc. (managed by PSP Investments) | Growth (cleantech funds strategy: Idealist, MKB III) | C$15B (government source, read as C$) |
| 7 | Opportunity Calgary Investment Fund (top-up) | City of Calgary / Calgary Economic Development | Both (stage not stated) | $60M, currency not stated |
| 8 | Alberta Enterprise Corporation | Government of Alberta | Both (stage not stated) | C$434.8M committed to 41 funds (government source, read as C$) |
| 9 | Inovia Discovery Fund II (with Northleaf) | Inovia Capital / Northleaf | Early Stage (emerging pre-seed/seed managers) | not disclosed |
| 10 | Fonds québécois d’amorçage Teralys (seed fund-of-funds, CDPQ) | CDPQ (La Caisse) via Teralys Capital | Early Stage (seed fund-of-funds) | C$90M (government source, read as C$) |
| 11 | Maple 8 domestic venture allocation (policy push) | Maple 8 pensions | Both (policy; no pool size) | not disclosed |
| 12 | University of Alberta Innovation Fund | University of Alberta | Early Stage (university spin-outs) | $50M, currency not stated |
| 13 | Teralys Capital VCCI fund-of-funds (TCIF2023) | Teralys Capital (LPs: BDC/VCCI, Investissement Québec, CDPQ, Beneva, Fondaction, Bpifrance, Concordia, Polytechnique, HEC Montréal) | Both (early stage to growth) | $475M in commitments, currency not stated |
| 14 | Northleaf Venture Catalyst Fund III | Northleaf Capital Partners (LPs: BDC/VCCI 2021, CPP Investments, institutions, high-net-worth investors and family offices) | Both (across stages) | $370M, currency not stated |
Sizes print as each source states them; none is converted. Government figures that state no currency are read as C$ under the Kennox currency ruling of 31 October 2026. Continued overleaf.
Pools and sponsors, continued.
| Pool | Sponsor | Stage | Size, as stated | |
|---|---|---|---|---|
| 15 | Kensington Venture Fund III | Kensington Capital Partners (LPs: Government of Canada VCCI 25% / C$72.5M, BDC, TD, BMO Capital Partners, wealth managers, family offices) | Both | $290M final close, currency not stated |
| 16 | Venture Ontario new allocations (defence tech and life sciences) | Venture Ontario (Province of Ontario) | Both (stage not stated) | $90M, currency not stated |
| 17 | InBC Strategic Investment Fund (indirect/fund commitments) | InBC Investment Corp (Province of BC) | Both (fund commitments plus direct growth) | C$500M (government source, read as C$) |
| 18 | UBC Catalyst Ventures Fund | UBC + InBC | Early Stage (spin-outs) | C$40M (government source, read as C$) |
| 19 | SFU Innovates Venture Fund | Simon Fraser University + InBC | Early Stage (spin-offs) | $20M, currency not stated |
| 20 | Genesys University Seed Fund (U of T / McMaster) | University of Toronto, McMaster University (manager: Genesys Capital) | Early Stage (seed) | over $30M first close, currency not stated (raising to up to $40M) |
| 21 | University of Waterloo endowment venture allocation (Velocity Fund II) | University of Waterloo | Early Stage (pre-seed/early-seed) | $5M, currency not stated |
| 22 | Invest Nova Scotia LP program (Nova Scotia First Fund) | Invest Nova Scotia (formerly Innovacorp) | Both (stage not stated) | $60M, currency not stated |
| 23 | NBIF fund-of-funds / LP program | New Brunswick Innovation Foundation | Early Stage (LP in seed/early funds; planned Series A fund) | not disclosed |
| 24 | Fonds de solidarité FTQ (fund commitments) | Fonds de solidarité FTQ | Both | not disclosed |
| 25 | Fondaction (partner/specialised fund commitments) | Fondaction | Both | not disclosed |
| 26 | Capital régional et coopératif Desjardins (CRCD) 2026 share issue | Desjardins (CRCD) | Both | $155M 2026 share issue, currency not stated |
| 27 | TELUS Pollinator Fund for Good | TELUS | Early Stage (early-stage impact) | $100M, currency not stated |
| 28 | The Co-operators Corporate Venture Capital Fund / LP commitments | The Co-operators Group | Both (stage not stated) | not disclosed |
Kensington Venture Fund III, Northleaf Venture Catalyst Fund III, CRCD and FTQ appear here as allocators and have no firm profile. Where a source states no currency, the size prints with “currency not stated”. “Not disclosed” marks a pool with no public size.
Method and notes.
This report covers 108 early stage venture firms and the 312 funds counted in their profiles, as recorded in the Kennox Canada dataset (r2) on 31 October 2026. Every count is a count of public-source rows: a fund, a commitment, a deal or an exit with a public document behind it. Rows sourced only to a licensed database are left out, and no figure from such a database is printed. Each figure carries a superscript note that says whether it is sourced, with its link, or modelled; the notes are listed by page in the sources that follow.
Fund sizes print as each source states them, in its currency and with its date. No amount is converted; Canadian-dollar equivalents are modelled only to set medians, size bands and the order of the largest funds. The report gives no returns, no distribution timing and no value, mark or round size for any company. Our own views are set in black: the summary takeaways and the short commentary under the Rounds and Fund sizes charts. Everything else is the record.
Sizes. Final close where public, else the latest disclosed close; a target only where no close exists, and then marked. Where sources disagree, the later LP report is used and the difference noted. Figures are shown in the currency stated by the source. A figure from a federal, provincial or Crown-agency release or program page that gives no currency is read as C$ (Kennox ruling, 31 October 2026). Where any other source states no currency, the figure is marked ‘currency not stated in source’. A fund known only from private conversations is listed without its name or figure.
Stage home. Each firm has one home, set by the stated stage of its current or most recent flagship venture fund, as the GP itself states it. Entry at pre-seed, seed or Series A, including company creation, studios, accelerators and angel funds, places a firm in this report. A fund the GP calls growth, or one that enters at Series B or later, places it in the Canada growth venture report. A multi-stage firm with separate early and growth fund lines goes where most of its disclosed venture fund capital sits, and gets a one-line cross-reference in the other report. Where one mandate spans both stages, the firm goes where most of its recorded first entries sit. Only funds that can be verified count, assets under management are never used, and third-party descriptions do not move a firm.
Non-venture vehicles. Private equity, credit and venture debt, infrastructure, real estate, outcomes finance and fund-of-funds vehicles get no firm profile and do not count in fund figures. A venture firm’s profile names them in one line, and a firm whose flagship is non-venture is listed below. Fund-of-funds and development-capital pools appear with the allocator pools on pages 27 to 29.
BDC Capital. BDC Capital has a full profile in both Canada reports, and each of its funds is counted once. A fund whose own stage text is growth or late stage counts in the Canada growth venture report; every other BDC fund counts here. The two growth funds appear in this report’s BDC profile as cross-listed, named with their figures and left out of every count, size, median and chart.
Conversions. Sizes in US dollars and euros are given a Canadian-dollar equivalent at the Bank of Canada annual average. That equivalent is modelled and used only for medians, size bands and ordering; no converted figure is printed.
Counts. Funds, companies, rounds and exits are counted from public-source rows, and each firm profile credits its counts in the KPI strip. The market pages count each company once, however many firms backed it.
Fund attribution. A company marked † is attributed to a fund by the fund’s vintage window only. That link is an inference, and the fund’s own documents do not confirm it.
Method and notes, continued.
Three firms in the dataset have no profile in this report, and two firms profiled in the Canada growth venture report are cross-referenced here.
Ferst Capital Partners. No fund, size or LP is on record. Its company records for NorthOne and “NorthOne (launched as Ferst Digital)” are merged as one company.
Tiny. Its flagship, Tiny Fund I, makes mostly buyouts of profitable internet businesses, which is private equity rather than venture capital. Its only venture vehicle is Metalab Ventures Fund I.
Verdex Capital. No named investments and no sourced fund are on record; Carrot Ventures Fund I has no public size.
Inovia Capital. Has its page in the Canada growth venture report.
Radical Ventures. Has its page in the Canada growth venture report.
HELD. A figure known only from private information, or one awaiting a Kennox ruling. The marker prints and the figure does not.
Unverified. A fund in a firm’s record that no public source confirms. It is named only, with no figure or portfolio; its companies sit in the firm-level record.
Currency not stated. The source gives an amount with no currency. The amount prints as the source states it and is not converted.
Government source, read as C$. A federal, provincial or Crown-agency release or program page that states no currency; the amount is read as C$ under the Kennox ruling of 31 October 2026.
Final close. The total a fund reported when it stopped raising.
First close. The capital held at a fund’s first closing. It is a lower bound on the final size and prints with “at least”.
Launch commitment. An amount a sponsor commits when it launches a fund. It is not a final close.
Allocation. An amount a parent sets aside from its balance sheet for venture investing, printed as an allocation and kept out of fund sizes.
Modelled. A figure Kennox derives rather than reads from a source. Here that means only Canadian-dollar equivalents, which are never printed.
Vintage and status. The year recorded for a fund, and whether it is investing, harvesting, fundraising or of status not public.
Not public; not on record. No public source gives the figure; the record holds no entry for it.
Companies or LPs, no fund identified. A company or LP that the record ties to the firm but to none of its funds.
Fundraising, in orange. In a firm profile, a fund whose status is fundraising has that status set in the orange accent.
Cross-listed. A BDC fund counted in the Canada growth venture report and shown in this report’s BDC profile by name and figure only.
Other vehicle, not counted. A non-venture vehicle a firm runs, named in its profile and left out of every count.
Notes are grouped by the page they support and numbered from 1 on each page, in the order of the superscripts there. Each note says whether its figure is sourced, with its link, or modelled. Each page heading links back to its page, and each link opens its source.
Edition. Canada early stage venture, Edition 03 · Autumn 2026. Published October 2026 by Kennox Ventures Ltd. Research and text by Kennox Ventures.
Data. Figures are as of the dates given beside them. Counts are Kennox counts of public sources at 31 October 2026, and every source is listed on pages 32 to 33. No amount is converted; Canadian-dollar equivalents are modelled only for medians, size bands and ordering, and none is printed.
Typefaces and format. Typeset in Prata and Inter. US Letter, 35 pages.
Imagery. From the Kennox library. The compositions are artworks and do not document projects, properties or offices.
Corrections and rights. Kennox welcomes corrections and documentation from the funds and companies named here: [email protected]. © 2026 Kennox Ventures Ltd. The KENNOX wordmark and the K monogram are trademarks of Kennox Ventures Ltd.; company and fund names belong to their owners and are used for identification only.
Disclaimer.
This report is published by Kennox Ventures Ltd. for information only. It is not investment, legal or tax advice, and it is not an offer or solicitation to buy or sell any security or any interest in a fund.
The report is based on public sources as at the date stated in it. Each figure is either sourced from a cited public source or modelled by Kennox, and the notes show which.
Information in the report may be incomplete or out of date. It has not been verified by any fund, manager or other organisation, and Kennox Ventures Ltd. has no obligation to update it.
The report contains no performance data and makes no prediction of the returns or results of any fund.
Readers should carry out their own due diligence and take independent professional advice before making any investment decision.
Kennox Ventures Ltd. accepts no liability for any loss arising from reliance on the report or its contents. Fund names and marks belong to their owners.
© Kennox Ventures Ltd. All rights reserved. No part of the report may be reproduced or distributed without the written permission of Kennox Ventures Ltd.
Detailed fund overviews.
Detailed fund overviews are available by contacting Kennox advisory at [email protected].