The entrepreneurial spirit in Toronto is in the air! From the iconic CN Tower piercing the skyline to the vibrant neighborhoods—something exciting is always happening, especially for startups seeking venture capital firms in Toronto.

As one of Canada’s largest cities with a rapidly growing startup ecosystem, Toronto hosts significant pre-seed and seed-stage funds, accelerators, and corporate venture arms.

Tech hubs like MaRS Discovery District and Toronto’s Entertainment District draw global talent and capital! Let’s take a quick look at the VC scene in Toronto:

  • Despite the downturn, AI startups thrived, leading the ICT sector with CAD 1.8 billion across 84 deals in 2024.
  • In 2023, Toronto’s startup scene flourished, raising CAD 1.2 billion in early-stage investments and showcasing its diversity and significant deals.
  • Plus, in 2024, more risks could mean better chances for venture capital.

In Toronto, even risks have positive outcomes, offering excellent opportunities. So, arm yourself with our guide to top venture capital firms in Toronto and kickstart your fundraising journey today!

1. PlugAndPlay

➡️ PlugAndPlay, the powerhouse of innovation! For 15 years, they’ve sparked magic, linking 35,000+ startups, 500+ giants, and a galaxy of influencers in 20+ sectors. Across 50+ global hotspots, they’ve crafted success stories like Dropbox, PayPal, and Lending Club.

Industries: Advanced Manufacturing, AgTech, Animal Health, Brand & Retail, Crypto & Digital Assets, Deeptech, Energy, Enterprise & AI, FinTech, Food & Beverage, Health, Insurtech, Maritime, Media & Ad, Mobility, New Materials, Real Estate, Semiconductors, Smart Cities, Supply Chain, Sustainability, Travel

Funding stage: Seed to Series A

Average check size: Undisclosed

Number of investments: Undisclosed

Average number of rounds per year: 250

Number of exits: Undisclosed

Notable portfolio companies: Dropbox, PayPal, and Lending Club

Value-added beyond money:

  • The company has a Corporate Innovation and Accelerator Program, linking major corporations with top startups to boost efficiencies, cut costs, and drive innovation.
  • 30,000+ global startups in the network.
  • Access to a curated selection aligned with tech interests at your fingertip.
  • Connection with 1,000+ industry events annually.
  • Updates on tech trends and industry insights.
  • Access to deal flows for pilot opportunities, investments, or acquisitions.
  • 60+ accelerator programs tailored to partners’ tech interests. (More info here)

Contacts: LinkedIn

2. Pioneer Fund

➡️ Pioneer Fund, since 2016, disrupts venture capital with a focus on Y Combinator stars. Specializing in early tech, they fuel young visionaries’ projects. With Aspire, Bouncer, Scanwell Health, and Allure Systems in their portfolio—they are rewriting rules, making the extraordinary the new normal.

Industries: All verticals

Funding stage: Early stage, Seed

Average check size: Undisclosed

Number of investments: 420

Average number of rounds per year: 70

Number of exits: 13

Value-added beyond money: 

Pioneer Fund, a well-known startup accelerator, offers several specialized investment funds targeting different sectors:

  • Seed Fund: Fuels early-stage startups, providing crucial capital for initial growth.
  • AI + ML Fund: Targets artificial intelligence and machine learning pioneers, fostering innovation across industries.
  • Bio + Health Fund: Invests in the intersection of biology and health tech, supporting healthcare and life sciences breakthroughs.
  • 400+ YC Alumni Support: Highlights a strong network and vital resources for portfolios.

Contacts: LinkedIn

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3. MaRS Investment Accelerator Fund

➡️ MaRS IAF, Canada-based venture powerhouse! Fuels B2B, Fintech, and Healthtech brilliance. MaRS operates an innovation hub in Ontario, offering research facilities, mentorship, and funding support. With $90M in total funding, 180 investments, and 50 successful exits—MaRS is a crucial driver of tech sector innovation!

Industries: Enterprise software, Healthtech, Cleantech, Deeptech

Funding stage: Early stage

Average check size: $500K-$1M

Number of investments: 180

Notable portfolio companies: EnergyX, Kritik, marble, Raven, weever

Contacts: LinkedIn, Contact us

4. Relay Ventures

➡️ Relay VC, born in 2008, blends Toronto roots with Silicon Valley flair. With a focus on mobile tech and a strong North American presence, they’re real tech sector titans with 183 investments, 50 exits, and successes like Kira Systems and Blue Ant Media.

Industries: Urbantech, Proptech, Fintech, Sportstech

Average check size: Undisclosed

Average number of rounds per year: 11

Notable portfolio companies: Bird, MobSquad, Swift

Contacts: LinkedIn, Contact us

5. Golden Ventures

➡️ Golden Ventures, Toronto-based pre-seed and seed stage champs, focusing on North America. As sector agnostic, they fund diverse businesses, seizing opportunities across markets. Backing success stories like Wattpad and Figure 1, their track record speaks of innovation. 

Type: Micro VC, Venture Capital

Average check size: $500K-$2M

Total funding amount: $100M

Number of investments: 70

Average number of rounds per year: 8

Number of exits: Undisclosed

Notable portfolio companies: Terminal, Wattpad, Properly, Toukan

Contacts: LinkedIn, Contact us

Related read:

6. Loyal VC

➡️ Loyal VC specializing in early-stage investments, they uncover hidden gems with the “Kaleidoscope Scoring System.” With 359 investments and successes like Salesbeat, Sama, and Techstyle, their diverse track record speaks volumes.

Industries: AI, AR/ VR, B2B, Blockchain, Cleantech, Consumer Apps, E-commerce, retail, Edtech, FinTech, InsurTech, Food/Agtech, Gaming, Esports, Hardware, Health, Media, Proptech, Travel/Transport

Funding stage: Pre-seed, Seed

Average check size: Undisclosed

Number of exits: Undisclosed

Value-added beyond money: 

  • Partnered with INSEAD: enhancing their educational and networking capabilities.
  • Collaboration with Founder Institute: aids in identifying and nurturing promising startups.
  • +900 advisor network: providing vast expertise and mentorship to support their portfolio companies.
  • +200 investor base: offering capital, diverse experiences, and valuable connections for startups.

Contacts: LinkedIn

7. OMERS Ventures

➡️ OMERS Ventures, a global VC firm in Toronto, Palo Alto, and New York. As the muscle behind Canada’s pension giant, managing over C$109 billion, they strategically navigate tech, media, telecom, and healthcare from early sparks to late-stage blaze.

Funding stage: Early stage to Late stage

Average check size: Undisclosed

Number of investments: 200

Number of exits: 19

Notable portfolio companies: Hopper, delivered, clear cover

Value-added beyond money: 

OMERS invests worldwide in sectors like real estate and infrastructure, owning significant assets such as Hudson Yards, Royal Exchange, Premise Health, LifeLabs, London City Airport, Bruce Power, and Port of Melbourne.

Contacts: LinkedIn, Contact us

8. Georgian

➡️ Georgian, the Toronto fintech powerhouse since 2008, invests in high-growth software champions for a data-driven future. Among other Toronto VC firms, they are maestros, with 68 investments, 26 exits, and standouts like Shopify, Beam, ClickUp, Fiix, and Oyster.

Industries: B2B software

Funding stage: Series B, C, D+

Average check size: $25M-$50M, $100M-$300M

Average number of rounds per year: 4

Value-added beyond money: 

CoLab, Georgian’s pre-investment program, uses hands-on AI support to enhance products and tackle growth-stage challenges before investment.

Members of CoLab get:

  • Personalized sessions with 10+ years of technical expertise to enhance products.
  • Tools and templates for understanding the fundraising process and VC expectations.
  • Networking events with industry peers for practical problem-solving. (More info here)

Contacts: LinkedIn, Contact us 

Before seeking investment, understand your business inside out. Investors appreciate entrepreneurs who anticipate their questions and concerns.
Warren Buffett

9. BDC Seed Venture Fund

➡️ BDC, since 2012, the BDC Seed Venture Fund has backed 190+ Canadian companies, securing over $1 billion in subsequent funding. It supports portfolio companies, fueling early-stage tech innovation and empowering entrepreneurs to scale with innovative models as part of Canada’s BDC.

Funding stage: Pre-seed and Seed

Average check size: $100K-$250K

Number of investments: 190

Average number of rounds per year: 16

Number of exits: 9

Contacts: LinkedIn, Write Us page

10. Radical Ventures

➡️ Radical Ventures, pioneering AI and tech investment since 2017. With $350M+ under management, they’re trailblazing in transformative tech. Notable for backing Layer 6 AI (acquired by TD Bank) and Deep Genomics, they’ve made 68 investments and secured four exits, cementing their status at the top.

Funding stage: Early stage, Seed

Average check size: Undisclosed

Number of investments: 68

Average number of rounds per year: 9

Number of exits: 4

Notable portfolio companies: BlueDot, Inkbox, Roadmunk, Sensibil

Contacts: LinkedIn

11. Real Ventures

➡️ Real Ventures, focusing on people over money, have become a cornerstone of Canada’s startup scene, backing 300+ companies. Managing $325M across five funds, their 100+ active portfolio companies are now valued at $10B.

Type: Micro VC, Venture Capital

Industries: Industry agnostic

Funding stage: Early stage, Seed

Average check size: Undisclosed

Average number of rounds per year: 17

Number of exits: 39

Notable portfolio companies: Axya, Breezy, Clean.io, Vuru

Value-added beyond money: 

  • The company has FounderFuel, Canada’s top accelerator since 2011. It provides startups with mentorship, resources, and funding for rapid growth. 
  • Plus, they launched REP Matters, a program for Black founders, offering tailored support for their challenges and opportunities in the tech sector.

Contacts: LinkedIn, Contact us

12. iGan Partners

➡️ iGan Partners, Canada’s top seed-stage VC in Digital Health and Enterprise Software. Managing $100+ million, they back dynamic teams with focused investments and hands-on support, fueling innovation in healthcare tech with an IRR of over 30%.

Type: Micro VC

Industries: AI-enabled MedTech, Digital Health

Funding stage: Seed-Series A

Average check size: $1M-$5M

Number of investments: 40

Average number of rounds per year: 3

Number of exits: 9

Notable portfolio companies: Marble, SBI Pharma, BrainFX

Contacts: LinkedIn, Contact us

13. Extreme Venture Partners

➡️ Extreme VP, Toronto-based VC powerhouse, leading investments in over 100 ventures, managing three funds, shaping 10,000+ careers, and generating billions in shareholder value. Focused on tech, from AI to healthtech and fintech, EVP supports Canadian startups from Seed to Series A, enriching the tech ecosystem.

Type: Accelerator, Venture Capital

Industries: Mobile, Data & Analytics, and the Internet-of-Things

Funding stage: Pre-seed and Seed

Average check size: $300K

Number of investments: 100

Average number of rounds per year: Undisclosed

Number of exits: 17

Notable portfolio companies: Chatter, FixMo, Picatic

Contacts: LinkedIn, Contact us

14. Brightspark Ventures

➡️ Brightspark Ventures is a veteran venture capital firm. Since 1999, they have targeted high-growth companies, often acquiring 20-40% ownership from Seed to Series A rounds. With over $100 million in assets, this VC specializes in early-stage tech startups in sectors like SaaS and AI. 

Industries: All tech industries

Funding stage: Pre-seed to Series A

Average check size: $500K-$1.5M

Number of investments: 64

Number of exits: 14

Notable portfolio companies: Hopper, Deep Sky, Nudge

Value-added beyond money: 

For 24 years, Brightspark Ventures has been the first phone call when their founders need advice, want to celebrate, vent, or just chat. Trustworthiness at the God level.

Contacts: Contact us, LinkedIn

15. Whitecap Venture Partners

➡️ Whitecap Venture Partners, pioneering the tech frontier since 1989, is Toronto’s seasoned maestro of venture capital. With a sharp focus on early-stage tech gems in Canada and the Northeastern US, they manage over $300 million. Specializing in ICT, Medical Technologies, and Food Tech, they’re the trailblazers that turn ideas into gold.

Industries: B2B software and MedTech

Funding stage: Early stage

Average check size: Undisclosed

Number of investments: 42

Number of exits: 5

Notable portfolio companies: Real Matters, Proof, Classcraft

Value-added beyond money: 

With 35 years of expertise, Whitecap, as one of the major venture capitalists in Toronto, continues to be one of the trusted partners in guiding ventures and aiding in the transformation of ideas into impactful companies.

Contacts: LinkedIn

16. Framework Venture Partners

➡️ Framework, a Toronto-based venture capital firm founded in 2018, is known for its data-driven investment approach and teamwork style. They’re all about software, financial services, fintech, and AI. They often team up with founders and CEOs to grow great companies worldwide.

Number of investments: 26

Number of exits: 4

Notable portfolio companies: Touchbistro, Resillia, Zayzoon

Value-added beyond money: 

With a custom list of 30,000+ startups, Framework Venture Partners offers tailored growth strategies, including team building, culture, financial systems, and partnerships.

Contacts: Contact us, LinkedIn

17. Verstra Ventures

➡️ Verstra Ventures, Toronto’s powerhouse VC since 2017. Specializing in early-stage software startups, they’re more than just investors—they’re partners in growth. With notable investments like Renovai and Verto Health, they bring capital and expertise for sustainable scaling.

Industries: B2B software

Average check size: $500K+

Number of investments:15

Average number of rounds per year: Undisclosed

Number of exits: 2

Notable portfolio companies: Sprout.ai, pinpoint, wisely

Contacts: Contact us

18. Alate Partners

➡️ Alate Partners, revolutionizing real estate tech. Founded by Dream and Relay Ventures, they back innovative companies reshaping how we design, build, and manage properties. With notable investments like Bird and Promise Robotics, 22 investments, and 4 exits, Alate—is the rising star on the VC scene. 

Industries: Proptech&Real Estate

Funding stage: Seed-Series A

Average check size: $1M-$5M

Number of investments: 22

Average number of rounds per year: Undisclosed

Number of exits: 4

Notable portfolio companies: Bird, Promise Robotics, VendorPM, Lane

Contacts: Contact us

19. ArcTern Ventures

➡️ ArcTern Ventures, founded in 2012 in Toronto, invests in climate change and sustainability solutions. With offices in Oslo and San Francisco, their CAD 450 million fund helps young companies globally.

Industries: Earthtech

Funding stage: Pre-seed to Series A

Average check size: Undisclosed

Number of investments: 52

Average number of rounds per year: Undisclosed

Number of exits: 1

Notable portfolio companies: Terramera, Kebotix, Palmetto

Contacts: Contact us

20. BrandProject

➡️ BrandProject is an early-stage VC focused on consumer products, services, and technology companies. Based in Toronto and New York City, it typically serves as the first investor and often the sole investor in a round. BrandProject has invested in and helped build innovative brands such as Daily Harvest, Freshly, Ritual, and others.

Type: Accelerator, Venture Capital

Industries: Consumer, DTC, Health & Wellness, Food & Beverage, Marketplace, Supply Chain & Logistics

Funding stage: Pre-seed to Series A

Average check size: $500K-$5M

Number of investments: 34

Number of exits: 9

Notable portfolio companies: Freshly, PetPlate, Clutch

Contacts: Contact us, LinkedIn

Summing up

Toronto offers fertile ground for tech startups – just a dash of pre-seed and seed funding can make your startup blossom with benefits. Additionally, with tech hubs, platforms, and opportunities for networking and practical problem-solving events, Toronto is a hotspot for entrepreneurs seeking funding and mentorship.

Ready to kick off your investor hunt? Discover how our expert investor targeting & outreach solutions and pitch deck design services can help you pinpoint relevant investment firms in Toronto and craft a powerful investment narrative. Secure funding with ease with Waveup!

Related read: Top 30 VC Firms in US in 2024

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Anastasiia

CONTENT WRITER

Hey there! I'm Anastasiia, a Content Writer at Waveup. With my marketing expertise and storytelling magic, I turn complex data and industry insights into your startup playbook, making the business world a breeze for you! At Waveup, I work with brilliant folks who make insights a never-ending flow. So, join, read, and enjoy!