# VC firms based in Canada (2026 list)

> 1,211 VC firms based in Canada, 9% active in the last 12 months. Led by BDC Capital, Inovia Capital, Village Global. Ranked by what they funded.

Source: https://millionrounds.com/lists/vc-firms-based-in-canada (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# VC firms based in Canada

Updated 7 November 2026

VC firms headquartered in Canada.

[See all 1,211 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-canada)The top 25

**1,211** investors on the list No change this week

**605** cheques in 12 months *+0%* against the market

**$6M** median round they joined *-25%* against the market median

**9%** wrote a cheque in 12 months

**7%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (24)

- 1 [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) *Deploying now* VC firm · Canada **685** **$6M** median round **Sept 2026** last seen
- 2 [Inovia Capital](https://millionrounds.com/fund/inovia-capital) *Deploying now* VC firm · Canada **328** **$11M** median round **Nov 2026** last seen
- 3 [Village Global](https://millionrounds.com/fund/village-global-2) *Deploying now* VC firm · Canada **294** **$8M** median round **Nov 2026** last seen
- 4 [Reach](https://millionrounds.com/fund/reach) *Deploying now* VC firm · Canada **217** **$5M** median round **Sept 2026** last seen
- 5 [MaRS Investment Accelerator Fund](https://millionrounds.com/fund/mars-investment-accelerator-fund) *Deploying now* VC firm · Canada **141** **$2.5M** median round **Oct 2026** last seen
- 6 [Elevation Capital](https://millionrounds.com/fund/elevation-capital-2) *Deploying now* VC firm · Canada **128** **$10M** median round **Oct 2026** last seen
- 7 [Clocktower Ventures](https://millionrounds.com/fund/clocktower-ventures) *Deploying now* VC firm · Canada **123** **$8.2M** median round **Nov 2026** last seen
- 8 [Omers Ventures](https://millionrounds.com/fund/omers-ventures) *Deploying now* VC firm · Canada **118** **$21M** median round **Sept 2026** last seen
- 9 [CIBC](https://millionrounds.com/fund/cibc) *Deploying now* VC firm · Canada **117** **$26M** median round **Oct 2026** last seen
- 10 [Georgian](https://millionrounds.com/fund/georgian) *Deploying now* VC firm · Canada **100** **$52M** median round **Oct 2026** last seen
- 11 [Radical Ventures](https://millionrounds.com/fund/radical-ventures) *Deploying now* VC firm · Canada **94** **$26M** median round **Sept 2026** last seen
- 12 [Sustainable Development Technology Canada](https://millionrounds.com/fund/sustainable-development-technology-canada) *Deploying now* VC firm · Canada **93** **$2M** median round **May 2026** last seen
- 13 [Version One Ventures](https://millionrounds.com/fund/version-one) *Deploying now* VC firm · Canada **88** **$5.9M** median round **Sept 2026** last seen
- 14 [Atlantic Canada Opportunities Agency](https://millionrounds.com/fund/atlantic-canada-opportunities-agency) *Deploying now* VC firm · Canada **88** **$505K** median round **Sept 2026** last seen
- 15 [Panache Ventures](https://millionrounds.com/fund/panache-ventures) *Deploying now* VC firm · Canada **86** **$3.8M** median round **Sept 2026** last seen
- 16 [Ontario Centres of Excellence](https://millionrounds.com/fund/ontario-centres-of-excellence) *Deploying now* VC firm · Canada **83** **$414K** median round **May 2026** last seen
- 17 [Portage Ventures](https://millionrounds.com/fund/portage-vc) *Deploying now* VC firm · Canada **82** **$16M** median round **Nov 2026** last seen
- 18 [National Research Council of Canada Industrial Research Assistance Program](https://millionrounds.com/fund/national-research-council-of-canada-industrial-research-assi) *Deploying now* VC firm · Canada **80** **$444K** median round **Jul 2026** last seen
- 19 [Golden Ventures](https://millionrounds.com/fund/golden-ventures) *Deploying now* VC firm · Canada **78** **$8.8M** median round **Sept 2026** last seen
- 20 [FedDev](https://millionrounds.com/fund/feddev) *Deploying now* VC firm · Canada **77** **$1.3M** median round **Jul 2026** last seen
- 21 [New Brunswick Innovation Foundation](https://millionrounds.com/fund/nbif) *Deploying now* VC firm · Canada **76** **$1.3M** median round **Jul 2026** last seen
- 22 [Mistral](https://millionrounds.com/fund/mistral) *Deploying now* VC firm · Canada **59** **$4M** median round **Sept 2026** last seen
- 23 [Fonds de solidarite Ftq](https://millionrounds.com/fund/fonds-de-solidarite-ftq) *Deploying now* VC firm · Canada **58** **$21M** median round **Nov 2026** last seen
- 24 [Relay Ventures](https://millionrounds.com/fund/relay-ventures-4) quiet VC firm · Canada **56** **$7.2M** median round **Nov 2013** last seen
- 25 [Canaccord Genuity Group](https://millionrounds.com/fund/canaccord-genuity-group) *Deploying now* Micro VC · Canada **54** **$17M** median round **Sept 2026** last seen

**1,186 more on this list**

All 1,211 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-canada)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Physicl](https://millionrounds.com/company/physicl)** Seed · $10M *Led by* [Inovia Capital](https://millionrounds.com/fund/inovia-capital)
- **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *With* [Arctern Ventures](https://millionrounds.com/fund/arctern-ventures)
- **5** Nov **[Siggy](https://millionrounds.com/company/siggy)** Pre-seed · $6M *Led by* [Village Global](https://millionrounds.com/fund/village-global-2)
- **3** Nov **[Thryv Therapeutics](https://millionrounds.com/company/thryv-therapeutics)** Series B · $30M *With* [Lumira Ventures](https://millionrounds.com/fund/lumira-ventures)
- **3** Nov **[Guava](https://millionrounds.com/company/guava)** Seed · $13M *With* [Clocktower Ventures](https://millionrounds.com/fund/clocktower-ventures)
- **2** Nov **[Pathfinder](https://millionrounds.com/company/pathfinder)** Series A · $12M *Led by* [Portage Ventures](https://millionrounds.com/fund/portage-vc)

## Stages This Year

508 rounds

- Seed **20%**
- Venture **15%**
- Series A **13%**
- Other **9%**
- Debt **9%**
- Other **33%**

## What They Backed

Sectors, last 12 months

- AI **188**
- Fintech **37**
- Biotech **34**
- Big Data & Analytics **33**
- Cybersecurity **22**
- Healthcare **22**

## Cheques by Quarter

Led Joined

158 Q1 25

155 Q2 25

175 Q3 25

148 Q4 25

181 Q1 26

193 Q2 26

140 Q3 26

44 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states)
- [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states)
- [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom)
- [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china)
- [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india)
- [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany)
- [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom)
- [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states)
- [VC firms based in Australia 784](https://millionrounds.com/lists/vc-firms-based-in-australia)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about VC firms based in Canada

### Who are the most active VC firms based in Canada?

By cheques observed, the most active are BDC Capital, Inovia Capital, Village Global, Reach and MaRS Investment Accelerator Fund.

### How many VC firms based in Canada are there?

1,211 are on record. 9% made an investment in the last 12 months and 7% have led a round.

### Which stages do VC firms based in Canada back?

Of the rounds with a named stage in the last 12 months, mostly Seed (28%) and Series A (18%).

### How big are the rounds VC firms based in Canada join?

The typical (median) round among the leading investors here is $7.2M.

### Which sectors do VC firms based in Canada back most?

In the last 12 months, mostly AI, Fintech and Biotech.

### Which VC firms based in Canada lead the most rounds?

Radical Ventures (14 led), Georgian (13 led) and Inovia Capital (9 led).

### What have VC firms based in Canada invested in recently?

Recent rounds include Physicl (Seed, Nov 2026, with Inovia Capital), Harbinger (Series D+, Nov 2026, with Arctern Ventures) and Siggy (Pre-seed, Nov 2026, with Village Global).

### How is this list of VC firms based in Canada ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)