Montreal has emerged as one of Canada’s most dynamic startup ecosystems, offering a unique blend of innovation, talent, and opportunity. For founders actively fundraising, the city is home to a diverse range of venture capital firms that specialize in everything from early-stage investments to scaling global businesses. Whether you’re building the next AI breakthrough, a fintech disruptor, or a life sciences innovation, Montreal’s VCs are ready to support your journey.
In this article, we’ll explore the top venture capital firms in Montreal, including their investment focus, sweet spot check sizes, and notable portfolios. Plus, we’ll provide actionable insights on successfully fundraising in Montreal and leveraging the city’s rich resources to grow your startup.
Top VCs in Montreal
Real Ventures
About: Real is an early-stage venture capital firm that backs entrepreneurs and builds the ecosystems in which they thrive.
Sweetspot check size: $ 1M
Panache Ventures
About: Panache Ventures is a venture capital firm specializing in seed stage startup investments.
Sweetspot check size: $ 300K
These: AI or blockchain-enabled businesses
BDC Capital
About: BDC Venture Capital is a major venture capital investor in Canada, active at every stage of a company's development cycle, from start-up through expansion. Its focus is on technology-based businesses with high growth potential that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has invested in more than 400 different companies. It currently manages over $430 million in venture capital assets.
White Star Capital
About: White Star Capital is a global multi-stage investment platform built by a team of founders, investors and operators with a track record of entering new markets, expanding teams and exiting companies. Our approach to venture is characterized by a unique combination of international presence, perspective and people. With feet on the ground in New York, London, Montreal, Paris, Tokyo, Hong Kong, and Singapore, we partner closely with our portfolio to help them scale internationally from Series A onwards.
iNovia Capital
About: Inovia Capital is a full-stack venture firm that invests in tech founders.
Thesis: With investments spanning from pre-seed to pre-IPO, and a team of seasoned investors, operators, and advisors, we are fully equipped to support founders with capital, insights, and mentorship throughout their journey. Our team has been at the forefront of technology shifts since the dawn of the internet and mobile era in the ’90s, and today we continue that legacy by backing innovators in emerging technologies, including Generative AI.
Ferst Capital Partners
About: FCP is a private investment firm which invests in venture capital, private equity, public markets, sector-focused funds and crypto assets.
Thesis: We have an interest and expertise in consumer fintech, digital assets and search funds.
TVM Capital Life Science
About: TVM is a leading international venture capital firm focused on investing in life science innovations. The company has a highly experienced transatlantic investment team and approximately $900 million under management. TVM’s portfolio focuses on therapeutics and medical technologies from North America and the EU that represent differentiated first-in-class or best-in-class assets with the potential to transform standard of care.
Thesis: TVM pursues a unique two-pronged strategy, financing innovative early-stage therapeutics through a single asset company approach (Project-Focused Company, PFC) that leverages the firm’s strategic relationship with global pharmaceutical firm, Eli Lilly and Company. TVM also invests in differentiated commercial-stage medical technologies and late clinical-stage therapeutics.
TandemLaunch
About: TandemLaunch is a venture capital fund and startup foundry that partners with driven entrepreneurs to create successful and disruptive deep tech companies. By collaborating with researchers and inventors from the world’s best universities, we create exceptional technology companies. Founded in 2010, we have built an extensive network of inventors, industry experts and investors that we leverage to accelerate academic innovations and solve real world problems. Our portfolio includes over 25 hardware and software companies with high value offerings in the fields of artificial intelligence, human-computer interaction, video processing, advanced sensors, computer vision, and audio technology.
FounderFuel
About: FounderFuel is a mentor-driven venture accelerator that helps new startups make progress on the venture path.
Sweetspot check size: $ 120K
Thesis: We ignite the global success of companies by developing the leaders behind them.
F.I.T. Ventures
About: F.I.T. Ventures is a family office investment firm located in Montreal, Quebec. The firm oversees and manages a variety of investments focusing on private equity, real estate and public equities. The management team of the fund is comprised of professionals with extensive experience in supporting all aspects of M&A and corporate finance activities.
How to Successfully Fundraise in Montreal
Montreal’s vibrant startup ecosystem offers unique opportunities for founders seeking funding, but it also comes with its own set of challenges and nuances. Here are actionable tips to help founders navigate the fundraising landscape in Montreal effectively.
Building Relationships with Local Investors
Establishing strong relationships with local investors is crucial for successful fundraising in Montreal. Networking is a key component of the city’s startup culture, and founders should actively participate in events and communities to connect with investors. Some strategies include:
- Attend Local Events and Meetups: Events like Startupfest and C2 Montreal are excellent opportunities to meet investors and showcase your startup. These gatherings often attract top VCs and angel investors from Montreal and beyond.
- Leverage Co-Working Spaces and Incubators: Spaces like Notman House and District 3 are hubs for startup activity and provide access to investors, mentors, and other entrepreneurs.
- Use Warm Introductions: Montreal’s investment community is relatively tight-knit, so leveraging mutual connections for introductions can significantly improve your chances of securing meetings with VCs.
Understanding the Preferences of Montreal-Based VCs
Montreal-based venture capitalists often have specific preferences and investment focuses. Understanding these can help you tailor your pitch and approach:
- Industry Focus: Many Montreal VCs prioritize sectors like AI, deep tech, life sciences, and clean technology. For example, firms like Real Ventures and Inovia Capital are known for their focus on tech startups.
- Stage of Investment: Some VCs in Montreal specialize in early-stage funding, while others focus on growth-stage companies. Researching a firm’s portfolio and investment history is essential to ensure alignment with your startup’s stage.
- Bilingual Communication: While English is widely used, being able to communicate in French can be an advantage when dealing with local investors, as it demonstrates cultural alignment and commitment to the region.
Unique Aspects of Fundraising in Montreal
Montreal’s fundraising landscape has distinct characteristics that set it apart from other cities:
- Government Support: The city offers robust government funding programs, such as Investissement Québec and the SR&ED tax credit program, which can complement VC funding. These programs reduce financial risk for investors and make Montreal startups more attractive.
- Collaborative Ecosystem: Montreal’s startup community is highly collaborative, with a strong emphasis on mentorship and knowledge sharing. This culture can help founders access valuable advice and connections.
- Cost Advantage: Compared to cities like Toronto or Vancouver, Montreal has a lower cost of living and operating expenses, which can make your funding requirements more appealing to investors.
Resources for Startups in Montreal
Montreal is a vibrant hub for startups, from incubators and accelerators to government funding programs and specialized services, here are some of the most valuable resources available to entrepreneurs in Montreal.
Incubators and Accelerators
- FounderFuel: A mentor-driven accelerator program that supports early-stage startups with a four-month intensive program. It offers access to a vast network of experienced entrepreneurs and investors.
- Centech: A leading incubator focused on deep tech and hardware startups. Centech provides non-equity assistance, grant funding, and access to a collaborative community.
- District 3 Innovation: Based at Concordia University, this hub supports multidisciplinary teams and scientific entrepreneurs with resources, mentorship, and a collaborative environment.
- TandemLaunch: Specializes in commercializing early-stage technologies from universities. It partners with entrepreneurs to create high-impact startups.
- The Holt Xchange: A fintech-focused accelerator that connects startups with corporate clients and investors, offering tailored mentorship and funding opportunities.
Government Grants and Funding Programs
- Canada’s SR&ED Program: The Scientific Research and Experimental Development (SR&ED) program offers tax credits to businesses conducting R&D in Canada. This is a significant resource for tech and innovation-driven startups.
- Investissement Québec: Provides loans, equity investments, and tax credits to support business growth and innovation in Quebec. Their programs are tailored to startups and SMEs.
- Montreal’s Call for Projects: A municipal program offering financial assistance to non-profits supporting startups in key sectors like AI, life sciences, and clean tech.
Legal and Financial Services Tailored to Startups
- Fasken: A leading law firm with expertise in startup law, offering services in intellectual property, corporate structuring, and financing.
- BDC (Business Development Bank of Canada): Provides financial solutions, including loans and advisory services, specifically designed for startups and small businesses.
Connect With Investors in Montreal Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Montreal's investors here.
- Track your conversations and move them through your funnel with our Fundraising CRM
- Share your pitch deck and monthly updates with potential investors
- Organize and share your most vital fundraising documents with data rooms
Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.
