Fundraising in Toronto: Your Guide to the Top VCs and Startup Resources
Toronto has quickly become one of North America’s most dynamic startup ecosystems, offering a wealth of opportunities for entrepreneurs seeking to scale their ventures. With a thriving tech scene, a diverse and inclusive community, and robust government support, the city is a magnet for innovation and investment.
For founders actively fundraising, Toronto provides access to a wide range of venture capital firms, networking events, and resources that can help turn ideas into successful businesses. In this guide, we’ll explore the top venture capital firms in Toronto, key insights for navigating the local fundraising landscape, emerging trends shaping the ecosystem, and the best networking opportunities to connect with investors and peers.
Top Venture Capital Firms in Toronto
Forum Ventures
Sweetspot check size: $ 250K
Thesis: We invest in B2B SaaS at the earliest stages of company development
StandUp Ventures
About: StandUp Ventures is a Toronto-based, seed stage venture capital fund focused on investing in high growth ventures with at least one female founder in a key leadership role. We believe that women led companies think outside the box, recruit great talent, and serve bigger markets. We invest in seed-stage, for-profit technology companies with at least one woman in a C-level leadership position within the company and an equitable amount of ownership.
Sweetspot check size: $ 1M
Thesis: Investing in women-led or co-led ventures
DMZ
About: A global startup ecosystem, DMZ at Toronto Metropolitan University equips the next generation of tech entrepreneurs with the tools needed to build, launch and scale highly impactful startups. By providing connections to customers, coaching, capital and a community, DMZ’s world-leading incubator programs help innovators reach the next milestone in their entrepreneurial journey – whatever that might be. Through its award-winning programming, DMZ has helped 800+ startups raise $2.69 billion in capital and create 5,100+ jobs. Headquartered in Toronto, Canada, with globally-accessible programming, DMZ has a widely-recognized international presence with offices in Vietnam, India and the U.S., and partnerships across North America, Latin America, Africa and Asia.
Relay Ventures
About: Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting and creating new markets through mobile technologies. Unlike other funds, Relay exclusively focuses on software for mobile devices and the connected Internet, creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Toronto and Calgary, the firm is active throughout North America.
Sweetspot check size:$ 500K
Flow Capital
About: Flow Capital provides founder-friendly growth capital for high-growth companies.
Traction metrics requirements: Minimum Annual Revenue: $4 million (or $2.5 million in ARR) Seeking: $1-7 million in venture debt or revenue-based financing
Thesis: Providing venture debt and revenue-based financing for asset-light, high-growth businesses.
Golden Ventures
About: Golden Ventures is a leading seed-stage venture capital fund, based in Toronto and investing across North America. We back bold teams and their transformative ideas.
Corl
About: Artificially-intelligent platform that finances businesses in the digital economy and shares in their future revenue.
Sweetspot check size: $ 1M
Traction metrics requirements: $50,000 in monthly revenue Must be based or have a subsidiary in Canada or USA
Thesis: Fund processes to grow revenue with non-dilutive instrument.
Disruption Ventures
About: Disruption Ventures, a private female-founded venture capital fund investing in businesses led by women.
Sweetspot check size: $ 750K
Thesis: We invest in companies founded by women.
Alate Partners
About: Alate Partners is the result of a partnership built between Dream, one of Canada’s largest real estate companies, and Relay Ventures, an established early stage venture capital fund.
Sweetspot check size: $ 3M
Thesis: Alate Partners empowers entrepreneurs who are rethinking real estate.
Gaingels
About: Gaingels is a formal investment vehicle and network investing in the best series and venture stage companies with LGBT leadership.
Brightspark Ventures
About: Brightspark's team brings years of investment and technology expertise in creating and operating software companies in the areas of application and infrastructure software, enterprise software and communications software. Their experience allows them to work closely with entrepreneurs to identify emerging technologies and solutions that address large market opportunities. Their goal is to proactively engage young companies.
Thesis: Brightspark has been investing in the Canadian VC industry since 1999. Over the last 20 years, the company has refined its focus to the point where it choose what it believes to be the best early-stage opportunities in the market. The company's goal is to findexceptional startups, and work closely with these companies as they grow to achieve stellar returns.
MaRS IAF
About: IAF is Canada's most active early stage venture capital firm, investing in B2B software, Fintech and Digital Health companies.
How to Successfully Fundraise in Toronto’s Startup Ecosystem
Toronto has emerged as one of North America’s most vibrant startup ecosystems, offering a wealth of opportunities for founders seeking funding. However, navigating this competitive landscape requires a strategic approach. Below are key insights to help founders successfully fundraise in Toronto.
The Importance of Building Relationships with Local Investors
Building strong relationships with local investors is critical for fundraising success in Toronto. Unlike some larger markets, Toronto’s investment community thrives on trust and personal connections. Founders are encouraged to engage with investors early, even before they are actively seeking funding. This approach allows investors to become familiar with the startup’s vision and progress over time.
Networking events such as Startup Investor Drinks and programs like those offered by MaRS Discovery District provide excellent opportunities to meet investors in informal settings.
Additionally, leveraging platforms like the Connect investor database or joining local angel networks such as Maple Leaf Angels can help founders identify and connect with investors who align with their industry and growth stage.
Leveraging Toronto’s Diverse and Inclusive Startup Community
Toronto’s diversity is one of its greatest strengths, making it an inclusive hub for innovation. The city is home to a wide range of founders, investors, and mentors from various cultural and professional backgrounds. This diversity fosters unique perspectives and solutions, which can be a significant advantage when pitching to investors.
Programs like the DMZ and Creative Destruction Lab actively support underrepresented founders, providing mentorship and access to funding opportunities. Founders should also explore government-backed initiatives such as the Ontario Centre of Innovation (OCI), which offers grants and resources to startups across various sectors.
Emerging Trends in Toronto’s Startup Ecosystem
Toronto’s startup ecosystem continues to thrive as one of the most dynamic and innovative hubs in North America. In 2025, several key trends are shaping the city’s entrepreneurial landscape, driven by advancements in technology, a commitment to diversity, and robust government support. Below, we explore these trends in detail, supported by data and examples.
Growth in Specific Industries: AI, Fintech, and Cleantech
Toronto has solidified its position as a global leader in AI, fintech, and cleantech. The city’s AI sector, in particular, has seen exponential growth, with Toronto being home to world-renowned institutions like the Vector Institute for Artificial Intelligence. According to a report by McCarthy Tétrault, nearly one-third of global venture funding in Q3 2024 was directed toward AI startups, with Toronto-based companies like Layer 6 AI and BlueDot leading the charge.
Fintech is another booming sector, with startups like Wealthsimple and Clearco revolutionizing financial services. Wealthsimple has democratized investing for Canadians, while Clearco’s AI-driven funding model has provided over $2 billion in non-dilutive capital to startups globally. Additionally, Toronto-based Uplinq is leveraging AI to expand credit access for small businesses, showcasing the city’s fintech innovation.
Cleantech is also gaining momentum as sustainability becomes a global priority. Startups like Ecobee, which develops smart thermostats, and Flashfood, which reduces food waste, are addressing critical environmental challenges. Canada’s focus on green technology is reflected in the rise of cleantech startups, with Toronto playing a central role in this movement.
Increased Focus on Diversity and Inclusion in Funding
Toronto’s diverse population has long been a cornerstone of its innovation ecosystem, and this diversity is increasingly reflected in funding initiatives. Programs like the Black Innovation Fellowship at DMZ and the Women Founders Fund by BDC Capital are designed to support underrepresented groups in the startup community. These initiatives aim to address funding disparities and create a more inclusive entrepreneurial environment.
The city’s commitment to diversity is also evident in the rise of startups led by women and minority founders. For example, companies like Fable, which focuses on digital accessibility, and Beekeeper’s Naturals, a wellness brand founded by Carly Stein, highlight the success of diverse leadership in Toronto’s startup ecosystem.
The Role of Government Programs and Incentives for Startups
Government support continues to be a driving force behind Toronto’s startup success. Programs like the Scientific Research and Experimental Development (SR&ED) tax incentive and the Industrial Research Assistance Program (IRAP) provide financial support for research and development, enabling startups to innovate and scale. Additionally, the Ontario Centre of Innovation (OCI) offers grants and resources to help startups commercialize their technologies.
The federal government’s Strategic Innovation Fund (SIF) has also played a significant role in fostering innovation. For instance, the fund has supported cleantech startups in developing sustainable solutions, aligning with Canada’s commitment to achieving net-zero emissions by 2050. These programs not only provide financial backing but also create a supportive ecosystem that encourages entrepreneurship.
Where to Network with Investors and Founders in Toronto
Networking is a cornerstone of success for startup founders, especially in a thriving ecosystem like Toronto. Building relationships with investors, mentors, and fellow entrepreneurs can open doors to funding, partnerships, and valuable advice. Toronto offers a variety of networking events, meetups, and organizations that provide founders with opportunities to connect and grow. Below are some of the most prominent networking opportunities in the city.
TechTO
TechTO is one of Toronto’s most popular networking events, attracting hundreds of entrepreneurs, investors, and tech professionals each month. The event features keynote speakers, panel discussions, and networking sessions, making it a valuable platform for founders to learn from industry leaders and connect with like-minded individuals.
TechTO’s focus on fostering community and collaboration has made it a staple in Toronto’s tech ecosystem. Founders can use these events to showcase their startups, gain insights into industry trends, and meet investors who are actively seeking new opportunities.
MaRS Discovery District Events
The MaRS Discovery District is a hub for innovation and entrepreneurship in Toronto, hosting a wide range of events tailored to startups. From workshops and panel discussions to pitch competitions and networking sessions, MaRS events are designed to help founders refine their business strategies and connect with investors.
One of the standout events is the MaRS Startup Open House, where startups can showcase their products and services to investors, partners, and the broader community. Additionally, MaRS offers sector-specific events, such as those focused on cleantech, healthtech, and fintech, providing targeted networking opportunities for founders in these industries.
Web Summit Vancouver
Web Summit, renowned as one of the world's premier technology conferences, is set to make its North American debut in Vancouver, Canada, from May 27 to 30, 2025. This inaugural event is expected to attract over 15,000 attendees, including international entrepreneurs, investors, media outlets, and industry leaders, all converging to explore and discuss the latest advancements in technology.
Web Summit will feature a diverse array of activities designed to foster collaboration and innovation. Attendees can anticipate engaging in panel discussions, keynote speeches, and interactive workshops covering topics like artificial intelligence, cybersecurity, and sustainable technology. The event will also host a startup program, offering early-stage companies the opportunity to showcase their innovations, participate in pitch competitions, and connect directly with potential investors.
Connect With Investors in Toronto 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 Toronto'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.
