Capital raising services in Canada

Canada's venture market has scaled materially over the past decade, with Toronto and Montreal now competing with global Tier 1 cities for AI and fintech deal flow, and US crossover funds routinely leading growth rounds alongside Inovia, Georgian, and OMERS Ventures.

Cohere, Ada, Coveo, and Element AI cemented Canada's position at the frontier of applied AI, while Shopify's success has created a dense network of operator-angels funding the next generation of B2B and e-commerce infrastructure companies.

We advise Canadian founders raising mid- to late-stage growth rounds, deploying an extensive network across Canadian, US, and European VC investors; we prepare the pitch deck, financial model, and operating plan, manage the end-to-end investor process, and help founders close on the best possible terms and lead.

280

VC rounds raised in the last 12 months in Canada

$65M

Median VC valuation (across all stages) in Canada

16x

Median VC revenue multiple (across all stages) in Canada

$835M

Largest VC round raised in Canada in the last 12 months

Raising venture capital in Canada

Canada's VC market is the second-largest in North America after the US, with Toronto, Montreal and Vancouver as the main hubs. Most material rounds blend Canadian and US investors; documentation aligns with NVCA / CVCA model templates.

CVCA-aligned documentation

The Canadian Venture Capital & Private Equity Association (CVCA) coordinates Canadian industry conventions; documentation typically aligns with NVCA models adapted for Canadian corporate and tax law. Most Canadian Series A and later rounds use this hybrid template base.

SAFEs and Canadian convertibles

Y Combinator SAFEs are widely used in Canadian seed and pre-seed rounds, particularly where US investors lead. Canadian-law convertibles (commonly called CCRs - Convertible Subscription Agreements) are also used, often modified to preserve CCPC status.

CCPC preservation

Many Canadian rounds are structured to preserve Canadian-Controlled Private Corporation status - material to SR&ED refundability, employee stock option treatment and founder lifetime capital gains exemption planning. The structuring overlay is one of the key Canadian-specific elements of any priced round.

Round structure norms

Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is universal. Canadian federal and provincial corporate law (CBCA, OBCA, QBCA) governs share issues and class structuring.

Investment Canada Act review

The Investment Canada Act requires notification or review of investments by non-Canadian acquirers - including minority stakes in Canadian businesses dealing with sensitive technology, critical minerals or critical infrastructure. National security review has tightened materially in recent years.

Closing mechanics

Closings are typically same-day signing and funding with documents executed via DocuSign. Federal and provincial corporate filings (Articles amendments, share issue resolutions) follow shortly after close. No federal stamp duty applies; certain provinces have nominal share-transfer taxes.

Largest private tech companies in Canada

Dapper Labs valued at $7.6B is the largest still privately-owned company in Canada.

See all large tech companies in Canada

	Description
Dapper Labs	Dapper Labs is a Vancouver-headquartered blockchain enterprise founded in 2018. It powers NBA Top Shot, the leading NFT marketplace for basketball collectibles, and develops the Flow blockchain for scalable consumer applications. Dapper Labs engages sports leagues like NFL and UFC through digital fan experiences via dapperlabs.com.	Nov-22	$5.1M Series A	$7.6B
Wealthsimple	Wealthsimple is a Toronto-headquartered neobank offering automated investing, commission-free trading of stocks, ETFs, options, and cryptocurrencies, plus chequing accounts with 2.75 percent interest. Users build managed portfolios from $1 with 0.4-0.5 percent fees, file taxes via SimpleTax, and access credit cards. Serving 2 million Canadians, it holds banking licenses from major regulators.	Oct-25	$143M Series E	$7.3B
Cohere	Cohere is a Toronto-headquartered enterprise AI company developing large language models including Command R+ for retrieval-augmented generation and Aya for multilingual tasks. The firm deploys models across AWS, Google Cloud, Azure, and on-premises environments, prioritizing data privacy under SOC 2 compliance. Cohere partners with Oracle and NVIDIA for hardware optimization, serving Fortune 500 clients in customer service and content generation. Offices span San Francisco, Montreal, New York City, London, Paris, and Seoul.	Sep-25	$100M Series D	$7.0B
1Password	1Password is a Toronto-headquartered password management solution securing logins, credit cards, and documents for individuals and enterprises. Founded in 2005, it employs AES-256 encryption and zero-knowledge architecture to protect data across devices. Business features include Watchtower for breach alerts, role-based sharing, and SSO integrations with Okta and Azure AD. Available on all major platforms, it supports teams at companies like IBM and Slack.	Jan-22	$620M Series C	$6.8B
Intrepid Labs	Intrepid Labs is a biotechnology firm spun out of the University of Toronto in 2022. The company applies artificial intelligence and robotics to automate drug formulation processes, speeding up therapeutic development for pharmaceuticals. Its platform optimizes solid oral dosage forms by predicting formulation outcomes and reducing trial-and-error iterations. Based in Toronto, Ontario, Intrepid Labs partners with contract development organizations to enhance efficiency in early-stage drug manufacturing pipelines.	May-25	$7.0M Seed	$6.8B
Hopper	Hopper is a Montréal-headquartered mobile travel application leveraging predictive algorithms for flight and hotel price forecasts. Launched in 2007, the app analyzes historical data to advise optimal booking times and sends price drop notifications. Available on iOS and Android, it partners with airlines and hotels for exclusive deals serving millions of global users.	Nov-22	$96M	$5.0B
Clio	Clio is a Vancouver-headquartered legal technology company providing cloud-based practice management software for law firms worldwide. The platform integrates client intake, case management, billing, time tracking, and document automation, serving over 150,000 legal professionals across 105 countries. Clio offers tools like Clio Grow for marketing and Clio Manage for operations, with partnerships including QuickBooks and Microsoft Office 365 to streamline workflows for solo practitioners and enterprises.	Nov-25	$500M Series G	$5.0B
Waabi	-	Jan-26	$750M Series C	$3.8B
QUANTUM DEFEN5E	QUANTUM DEFEN5E is a provider of quantum-secure cybersecurity platforms using NIST Zero Trust architecture, OTP encryption, and managed endpoints to protect against current and future threats including quantum computing risks.	Dec-25	$2.6M Seed	$3.5B
Blockstream	Blockstream is a Bitcoin infrastructure provider founded in 2014 from Montreal, Canada. It develops the Liquid Network sidechain for confidential asset issuance and fast settlements. Blockstream Satellite beams the Bitcoin blockchain worldwide without internet reliance. Additional products include the Green Wallet for non-custodial storage and mining hardware solutions like Blockstream Mining Note.	Oct-24	$210M	$3.2B
ApplyBoard	ApplyBoard is a Kitchener-headquartered technology platform that connects international students with recruitment partners and 1,500 educational institutions across Canada, the UK, US, Australia, and Ireland. The company simplifies study abroad processes from application discovery to enrollment for over 800,000 students annually. Recognized in Deloitte's Technology Fast 50 for Canada in 2023—its fifth consecutive year—it employs more than 1,200 staff in 30 countries including Gurugram, India, Nepal, Bangladesh, and the Philippines. ApplyBoard's tools handle visa support, document management, and partner matching.	Jun-21	$300M Series D	$3.2B
LayerZero Labs	LayerZero Labs is an omnichain interoperability protocol enabling messaging between 50+ blockchains. The endpoint-based architecture uses Ultra Light Nodes and decentralized verifiers for trustless communication. Supporting dApps like Stargate and Radiant Capital, it handles over $30 billion in cross-chain volume since 2022. Headquartered in Vancouver, LayerZero Labs launched V2 in 2024 with zero-knowledge proofs. Partnerships include Circle for USDC bridging.	Feb-26	strategic inv.	$3.0B
Tenstorrent	Tenstorrent is a Toronto-headquartered semiconductor company that designs RISC-V based AI processors such as the Grayskull and Wormhole chips for high-performance computing in machine learning workloads. The firm delivers open-source hardware and software stacks including the BittWare accelerator cards and Galaxy scalable software platform. Tenstorrent partners with AMD and Samsung for manufacturing its next-generation chips on five-nanometer processes. Founded in 2016, the company operates production facilities in Santa Clara and Austin while expanding its presence in Asia through collaborations with TSMC.	Dec-24	$693M Series D	$2.7B
StackAdapt	StackAdapt is a Toronto-headquartered programmatic advertising DSP handling native, display, video, CTV, audio, DOOH, and in-game formats via self-serve interface. Ranked number one on G2 for six years through 2023, it processes billions of impressions daily using ML for audience targeting across 30+ countries. Advertisers access premium inventory from publishers like The New York Times and Paramount with transparent bidding analytics.	Feb-25	$235M	$2.5B
CPM Holdings	CPM Holdings is a global supplier of processing equipment for animal feed, oilseed processing, bioenergy, extrusion, and food industries. The company offers pelleting systems, grinders, flakers, extruders, and automation controls under brands like California Pellet Mill and Ruiya. Headquartered in Waterloo, Iowa, CPM serves customers in North America, Europe, and Asia through manufacturing sites and service centers worldwide.	Jan-24	$400M	$2.1B
Valsoft	Valsoft Corporation is a Montreal-headquartered firm acquiring and scaling vertical market software businesses. It targets established SaaS providers in niche industries, integrating technology services to expand customer reach and operational efficiency across sectors like public safety, healthcare, and construction.	Dec-24	$150M	$2.0B
Photonic	Photonic is a Vancouver-headquartered company constructing a networked quantum computing platform using optically-linked silicon spin qubits. Its technology integrates photonics connectivity over telecom-band fiber for scalable, fault-tolerant quantum modules and networking.	May-26	$70M	$2.0B
Clearco	Clearco is a Toronto-headquartered fintech platform that advances non-dilutive capital to e-commerce merchants and SaaS companies based on revenue data. The service analyzes Shopify, Amazon, and AdWords metrics to underwrite loans repaid via fixed revenue shares. Clearco has deployed over $2.5 billion to more than 10,000 brands including Stanley, Allbirds, and MVMT. It operates in the U.S., Canada, UK, and EU with funding from investors like SoftBank and Inovia Capital.	Oct-23	$60M Series D	$2.0B
Trulioo	Trulioo is a global identity verification provider operating a network that performs instant checks on personal identities, documents, and businesses using data from over 450 sources in 195 countries. It supports KYC and AML compliance for fintech, e-commerce, and crypto sectors. Headquartered in Vancouver, Canada, and founded in 2011, Trulioo processes billions of verifications annually for clients like PayPal and Revolut.	Jun-21	$394M Series D	$1.8B
Nexii	Nexii is a Calgary-headquartered green construction technology company producing carbon-negative building panels for multi-story structures. Its Deterra panels enable up to 90% faster assembly than traditional methods while reducing embodied carbon by 85% through cement-free composition. Deployed in projects like the six-story Nexii Canada House in Edmonton, the technology supports residential, commercial, and hospitality developments in Canada, the United States, and Europe.	Jul-22	$35M	$1.6B
Tailscale	Tailscale is a Toronto-headquartered software-defined networking service that creates secure private networks via the WireGuard protocol for teams and enterprises. Launched in 2019, it enables peer-to-peer mesh connections across devices on Windows, macOS, Linux, iOS, Android, and supports Kubernetes clusters on AWS, GCP, and Azure. The platform authenticates users through providers like Okta, Google Workspace, and integrates zero-trust access controls without VPN gateways. Tailscale serves over 100,000 organizations, including GitLab and Stripe, reducing setup time to minutes and latency by bypassing centralized servers.	Apr-25	$165M Series C	$1.5B
Alida	Alida is a Vancouver-headquartered customer feedback platform enabling brands to collect and act on insights through surveys, communities, and experience management tools. Formerly Vision Critical, Alida serves clients including LinkedIn, BuzzFeed, and Red Bull across retail, finance, and media sectors. The CXM suite integrates AI analytics for real-time decision-making.	Oct-21	$23M Series D	$1.5B
Nord Quantique	Nord Quantique is a Sherbrooke-based quantum computing company developing second-generation processors using bosonic codes for error correction. The firm targets fault-tolerant systems for applications in cryptography, optimization, and simulation. Its technology integrates superconducting circuits and photonic interfaces, with prototypes tested in Canadian research labs.	May-26	$30M	$1.4B
Figment	Figment is a staking-as-a-service provider delivering institutional-grade infrastructure for Proof-of-Stake blockchains. It supports over 40 protocols including Ethereum, Solana, Polkadot, and Cosmos, operating more than 50,000 validators globally. The Toronto-headquartered company serves exchanges, funds, and custodians with APIs for staking, restaking, and liquidation services, alongside real-time performance monitoring and reward optimization tools. Figment processes billions in staked assets, maintains 99.99% uptime, and provides on-chain data analytics for asset managers. Founded in 2018, it expanded through acquisitions like CrediScan for MEV protection.	Dec-21	$110M Series C	$1.4B
PAPER	Paper is a New York-based edtech platform connecting K-12 students with live tutors for math, science, and English. Certified educators provide on-demand video sessions and feedback on homework via its app, serving over 100 school districts including New York City public schools. Founded in 2014, it partners with Khan Academy for supplemental resources and offers college counseling modules.	Feb-22	$270M Series D	$1.2B
Ada	Ada is a Toronto-headquartered AI platform for customer service automation founded in 2016. Its no-code chatbot builder deploys across web, mobile, and messaging channels using natural language processing to handle inquiries in multiple languages. The tool integrates with Zendesk, Intercom, and Shopify, reducing support tickets for enterprises like Air Canada and KLM.	May-21	$130M Series C	$1.2B
Vention	Vention is a Montreal-based digital platform for custom factory automation equipment design and assembly. Engineers access a library of over 1,000 modular components including frames, actuators, and sensors to build machine cells, conveyors, and robot workstations via MachineBuilder 3D software. The AI-driven tool enables ordering fully assembled systems delivered in days. Vention serves manufacturers in automotive, electronics, and logistics across North America and Europe. Launched in 2016, it partners with Rockwell Automation and has facilitated over 10,000 machines.	Jan-26	$90M Series D	$1.2B
League	League is a platform technology company enabling personalized digital health experiences for consumers. Toronto-headquartered and founded in 2014, it powers healthcare apps with benefits navigation, wellness programs, and engagement tools for employers and insurers. League integrates with providers across North America to deliver tailored care journeys.	Dec-21	$95M Series C	$1.2B
eSentire	eSentire is a Waterloo-headquartered managed detection and response provider protecting over 1500 organizations across 80 countries and 35 industries from cyber threats. Founded in 2001, the company deploys machine learning-powered XDR technology alongside 24/7 threat hunting and security operations. eSentire offers managed risk, detection and response, and incident response services, supported by its Threat Response Unit for threat intelligence. Clients access dedicated Cyber Risk Advisors and SOC analysts.	Feb-22	$225M	$1.1B
Axelar Network	Axelar Network is a decentralized interoperability platform launched in 2020 that connects disparate blockchain ecosystems, applications, and users through a suite of protocols, tools, and APIs. Developers leverage it to enable cross-chain composability, liquidity transfer, and dApp functionality across Cosmos, EVM, and other chains from a single integration point.	Feb-22	$35M Series B	$1.0B
FreshBooks	FreshBooks is a cloud-based accounting platform designed for business owners managing invoicing, expenses, payments, and client interactions. The service supports users in over 160 countries from offices in Canada, Croatia, Mexico, the Netherlands, and the United States. FreshBooks delivers award-winning customer support alongside features for time tracking and financial reporting. Its intuitive interface caters to freelancers, agencies, and small enterprises streamlining bookkeeping processes.	Aug-21	$81M Series E	$1.0B
Visier	Visier is a Vancouver-headquartered people analytics platform delivering workforce insights through cloud-based dashboards. The solution answers queries on retention, diversity, and compensation using data from HRIS like Workday and SAP SuccessFactors. Visier serves Fortune 500 companies including Coca-Cola and Nestlé with pre-built benchmarks across 50 countries. Founded in 2010, it processes petabytes of employee data for strategic planning.	Jun-21	$125M Series E	$1.0B

Startups who recently raised money in Canada

Largest VC round raised recently in Canada was a $790M Undisclosed stage of Solace in May 2026.

See all VC rounds in Canada

	Logo		Description	Investors
May-26		Solace	Solace is a Redwood City-headquartered event streaming platform provider enabling real-time data movement for enterprises. PubSub+ supports event-driven architectures across hybrid and multi-cloud environments like AWS, Azure, and Google Cloud. The platform powers financial services firms such as Capital One and telecoms like Verizon, handling billions of events daily with guaranteed delivery and security features.	Apogem CapitalBridge Growth Partners+4	$790M	-	Undisclosed stage
Jan-26		Waabi	-	Abu Dhabi Investment AuthorityBDC Capital+10	$750M	$3.8B	Series C
Feb-26		Taalas	Taalas is a San Francisco-headquartered startup developing tools to convert AI models into custom ASICs. Its platform automates hardware design for edge inference, targeting applications in IoT and mobile devices. Backed by Y Combinator, Taalas partners with semiconductor foundries like TSMC for tape-out services.	-	$169M	-	Undisclosed stage
Jan-26		Photonic	Photonic is a Vancouver-headquartered company constructing a networked quantum computing platform using optically-linked silicon spin qubits. Its technology integrates photonics connectivity over telecom-band fiber for scalable, fault-tolerant quantum modules and networking.	BCIMicrosoft+2	$132M	-	Undisclosed stage
Feb-26		Stay22	Stay22 is a New York-headquartered travel tech company partnering with over 3,000 global publishers, including Booking.com and Expedia. It drives incremental revenue through monetizable lodging listings, generating $500 million in gross merchandise value in 2024. The platform offers non-disruptive integrations optimizing revenue per mille for online travel agencies and content sites. Stay22 unlocks millions of hotel and short-term rental inventories accessible via widgets and APIs.	Summit Partners	$122M	-	Undisclosed stage
Jan-26		Vention	Vention is a Montreal-based digital platform for custom factory automation equipment design and assembly. Engineers access a library of over 1,000 modular components including frames, actuators, and sensors to build machine cells, conveyors, and robot workstations via MachineBuilder 3D software. The AI-driven tool enables ordering fully assembled systems delivered in days. Vention serves manufacturers in automotive, electronics, and logistics across North America and Europe. Launched in 2016, it partners with Rockwell Automation and has facilitated over 10,000 machines.	Desjardins Venture CapitalFidelity Canada+2	$90M	$1.2B	Series D
May-26		Photonic	Photonic is a Vancouver-headquartered company constructing a networked quantum computing platform using optically-linked silicon spin qubits. Its technology integrates photonics connectivity over telecom-band fiber for scalable, fault-tolerant quantum modules and networking.	Bell VenturesBusiness Development Bank of Canada+5	$70M	$2.0B	Undisclosed stage
Apr-26		Kubik	Kudwa delivers virtual CFO services for SMEs through technology that links business systems for financial data analysis and insights. Automation covers reporting, variance analysis, forecasting, and KPI tracking across entities. A dedicated CFO provides oversight with recommendations on performance amid multi-currency and multi-jurisdiction data.	Alaris Equity Partners	$54M	-	Undisclosed stage
Feb-26		Neo Financial	Neo Financial is a Calgary-headquartered fintech firm founded in 2019 that delivers credit cards, savings accounts, and cashback rewards to over 1 million Canadian customers. Its Mastercard-branded credit card, issued by Alberta Treasury Branch, features up to five percent cashback on groceries and gas. The high-interest savings account through Concentra Bank offers CDIC protection up to $100,000 and rates exceeding four percent. Neo processes billions in annual transaction volume with real-time analytics via its mobile app.	Alberta Investment ManagementCaldwell Growth Opportunities Fund+3	$50M	-	Undisclosed stage
May-26		Relay	Relay is a Toronto-headquartered business banking platform designed for small teams with no-fee accounts, up to 20 sub-accounts, and Visa debit cards. It integrates with QuickBooks Online and Xero for automated accounting and offers ACH, wire, and check payments. Relay provides role-based access for teams and advisors, plus savings goals with 1-3% APY. As the official partner of Profit First methodology, it serves North American SMBs with cash flow tools.	General Catalyst	$50M	-	Undisclosed stage
Mar-26		Gumloop	Gumloop is a no-code platform for building AI-powered workflows that automate web scraping, document processing, and SEO tasks via a visual drag-and-drop interface. Integrations connect to over 100 applications including Google Sheets, Airtable, and Slack for seamless data handling. Users design multi-step automations for marketing, sales, and operations without programming skills. London-based Gumloop launched publicly in 2023 and serves businesses streamlining repetitive processes across sectors.	BenchmarkBoxGroup+5	$50M	-	Series B
Jan-26	J	Jetson	Jetson is a provider of Jetson Air, a ducted heat pump system for all-electric residential heating and cooling, compatible with existing HVAC infrastructure in cold climates.	8VCActivate Capital Partners+3	$50M	-	Series A
Apr-26		Shift Transit	Shift Transit is a provider of shared mobility operations.	Main Street Capital	$40M	-	Undisclosed stage
May-26		Maneva	Maneva is a robotics company offering the Maneva One platform for automated sorting, singulation, and inspection tasks. Its AI-driven system handles lightweight items up to 500 grams at speeds exceeding 1,000 picks per hour. Founded in 2021 and based in Tel Aviv, Israel, Maneva partners with e-commerce logistics providers and deploys robots in warehouses across Europe.	-	$38M	-	Undisclosed stage
May-26		Nord Quantique	Nord Quantique is a Sherbrooke-based quantum computing company developing second-generation processors using bosonic codes for error correction. The firm targets fault-tolerant systems for applications in cryptography, optimization, and simulation. Its technology integrates superconducting circuits and photonic interfaces, with prototypes tested in Canadian research labs.	BDC Venture CapitalFidelity Canada+5	$30M	$1.4B	Undisclosed stage

Top VCs and strategic investors in Canada

Business Development Bank of Canada, BDC Capital, Inovia Capital and Garage Capital funded the most startups in Canada in the last 12 months.

See all VCs in Canada

	Description	Key portfolio
BDC Capital	BDC Capital is the venture arm of the Business Development Bank of Canada, based in Montreal. It offers mezzanine, cash flow, and quasi-equity financing to mid-market companies undergoing growth or ownership transitions. The division supports Canadian firms in manufacturing, tech, and services with investments from $5 million to $100 million, drawing from BDC's $40 billion portfolio.	JetScale AIReInvestWealthWaabi+2	49	Seed
Inovia Capital	Inovia Capital is a Montreal-headquartered venture capital firm managing more than $2.2 billion in assets. It invests in high-growth software and e-commerce companies throughout North America, providing operational support, mentorship, and access to a global network. With offices in Toronto, Calgary, San Francisco, and London, the firm has backed category leaders such as Lightspeed Commerce, Hopper, and Top Hat, focusing on seed through growth-stage opportunities in enterprise SaaS, fintech, and consumer tech.	ModemFlareTempo+2	33	Seed
Investissement Quebec	Investissement Québec is a government-owned financial institution headquartered in Quebec City with offices across the province. It delivers financing solutions including loans, equity, guarantees, and consulting to small and medium enterprises as well as large corporations pursuing expansion projects within Québec. Combining capabilities of banks and economic development agencies, it supports business growth in manufacturing, technology, and export sectors.	SB QuantumMecademicVention+2	29	Seed
Export Development Canada	Export Development Canada is an Ottawa-headquartered Crown corporation supporting Canadian exporters with trade finance, insurance, equity investments, and bonding services. It facilitates $100 billion in trade annually, connecting businesses to global markets through risk mitigation and strategic partnerships in over 200 countries.	PhotonicSPARK MicrosystemsMecademic+2	29	Series A
Business Development Bank of Canada	Business Development Bank of Canada is a Montreal-headquartered Crown corporation supporting Canadian SMEs. It delivers financing, consulting, subordinated debt, and venture capital through over 100 offices nationwide in English and French. BDC manages $40 billion in assets, focusing on innovation-driven firms in tech, cleantech, and export sectors.	PhotonicLanding ZonesMecademic+2	27	Seed
Garage Capital	Garage Capital is a Vancouver-based venture capital firm investing in Canadian technology companies at seed and Series A stages. The fund backs enterprise SaaS, AI, and climate tech startups like Trulioo and Thinkific, managing over CAD 100 million in assets with offices in British Columbia.	Transformer LabJetsonBackboard.io+2	20	Pre-seed
Graphite Ventures	Graphite Ventures is an early-stage venture capital firm investing in enterprise software and developer tools. Boston-headquartered since 2018, it backs seed and Series A companies like Temporal and Metronome. The firm manages over 200 million dollars, focusing on infrastructure, security, and AI startups across North America.	TimeSmart.AImyStoriaKaster Technologies Inc.+2	19	Seed
Golden Ventures	Golden Ventures is a Toronto-headquartered seed venture capital fund investing in enterprise software, fintech, and developer tools across Canada and the United States. The portfolio features 40 companies including Bench for accounting automation, Wave for financial services, and GitLab for DevOps platforms. StageOne Fund targets pre-seed and seed rounds with follow-on reserves, supporting founders through acceleration programs and operational expertise.	ShakudoCybridTempo+2	17	Seed
AQC Capital	AQC Capital is a Quebec-based investment fund supporting Anges Québec members with co-investments in seed and startup companies. Sponsored primarily by Investissement Québec, it has mobilized over CAD 30 million for innovative firms in technology and life sciences. The fund enhances leverage for entrepreneurs in the province.	JettyCoralGridBank+2	15	Seed
Brightspark Ventures	Brightspark Ventures is a Toronto-based venture capital firm investing in seed and early-stage software startups throughout Canada since 1999. The firm leads rounds in enterprise SaaS, fintech, and healthtech companies, providing follow-on funding through Series A. Brightspark Ventures structures deals to include accredited individual investors alongside institutional capital, supporting portfolio firms like Wave, Bench, and Top Hat in scaling operations.	CoralBrickeyeEnurgen+2	13	Seed

What if not VC? Non-equity funding in Canada

Canada has one of the deepest non-dilutive funding stacks in the world - between SR&ED, BDC, IRAP, provincial programmes and Canadian venture debt, Canadian startups can extend runway by 18+ months without taking equity dilution.

SR&ED tax credit

Refundable cash credit of 35% on the first ~CAD 3M of qualifying R&D for CCPCs (15% non-refundable above). Combined with provincial top-ups (Quebec, Ontario, BC, Alberta), can return 50%+ of total R&D cost as cash for early-stage Canadian tech. The single largest source of non-dilutive cash for Canadian tech.

IRAP and NRC programmes

Industrial Research Assistance Program (IRAP) provides non-repayable contributions for innovation projects up to CAD 1M+. NRC runs adjacent programmes for advanced manufacturing, quantum and AI. Slow but materially valuable.

BDC Capital

BDC Capital provides direct equity, growth lending and venture debt. Often the institutional anchor in Canadian early-stage rounds and a recurring later-stage source of growth financing.

Provincial innovation programmes

Quebec's Investissement Québec, Ontario's various MEDJCT programmes, Alberta Innovates and Innovate BC provide grants, loans and equity. Programmes vary by province; the cumulative provincial layer can match or exceed the federal layer for province-specific projects.

Venture debt and growth lending

CIBC Innovation Banking, RBCx, Espresso Capital and Vistara Growth provide ARR-backed lending. The Canadian venture debt market is well-developed post-SVB transition, typically deployed alongside priced equity rounds.

Crowdfunding and angel networks

Canadian equity crowdfunding (FrontFundr) and dedicated angel networks (Maple Leaf Angels in Toronto, Anges Québec in Montreal, Angel Forum in Vancouver) provide complementary capital at pre-seed and seed. Typically PAR €500k-2M raised, often layered on top of a lead investor.

Why Flow Partners as your capital raising advisor?

We operate across four key principles that continuously allow us to deliver successful capital raising advice to winning founders in Canada.

Kraft KPI-driven narrative

High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.

Move fast and cut the BS

We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.

Access relevant investors

Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.

Valuation is only one part of the equation

When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.

We provide capital raising services across Canada and beyond

Sector expertise

Explore our VC fundraising offering across a variety of tech sectors in Canada.

Software

Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML

Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech

Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet

Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media

Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces

Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products

Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility

Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health

Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology

Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure

Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services

Software development and testing, digital transformation, cloud services, advertising agencies, IT support services

Selected case studies

We've advised companies from series A to series D and beyond.

Our capital raising experience spans across various tech sectors and geographies.

See all case studies

We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.

Recently completed VC fundraising projects

Selected capital-raising mandates and prior investment experience.

Capital raising

Portfolio of online consumer lending platforms in Iceland

Capital raising

Online marketplace to buy second-hand clothing in Mexico and Colombia

Capital raising

All-in-one internal communication platform for employee engagement

Capital raising

AI-driven cybersecurity and IP protection software

Capital raising

Leading factoring platform in Icelandic market

Capital raising

Mobile gaming studio focused on esports community

Capital raising

Largest independent car sharing provider in Germany

Capital raising

Turkey-based cybersecurity platform for breach simulation

Capital raising

European satellite and terrestrial network provider

Capital raising

Accounting software for SMEs and freelancers in Germany and Austria

Capital raising

Technology platform and DTC brand for personalized skincare

Capital raising

Online marketplace for scrap metal trading

Investment

€50m investment from Geely. All-electric air taxis with vertical takeoff and landing.

Investment

$60m investment from TPG. ID authentication and digital record conversion software.

Investment

Investment from Silver Lake. Online intercity bus service across Europe, North America and Brazil.

Investment

Growth investment. Cloud-based sales CRM and pipeline management software.

Investment

$30m growth investment. Food and beverage brand with plant-based protein products.

Investment

Investment from WPP / Kantar. Digital and behavioral data intelligence provider.

Investment

Growth investment. Recruitment app for employer-candidate social media engagement.

Investment

Growth investment. End-to-end search engine optimization platform.

Investment

Investment from Acton. Virtual shopping mall and online marketplace platform.

IPO Advisory

€68m IPO. Career-oriented social networking site for the DACH region.

IPO Advisory

€1.2bn IPO. Czech digital infrastructure platform (telecom and ICT).

IPO Advisory

€41m IPO. Europe's largest online car and motorcycle tire platform.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional fundraising advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and reach the right investors with conviction.

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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.

Fractional CFO in Canada

We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.

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M&A in Canada

We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.

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Capital raising services in Canada

Raising venture capital in Canada

CVCA-aligned documentation

SAFEs and Canadian convertibles

CCPC preservation

Round structure norms

Investment Canada Act review

Closing mechanics

Largest private tech companies in Canada

Startups who recently raised money in Canada

Top VCs and strategic investors in Canada

What if not VC? Non-equity funding in Canada

SR&ED tax credit

IRAP and NRC programmes

BDC Capital

Provincial innovation programmes

Venture debt and growth lending

Crowdfunding and angel networks

Why Flow Partners as your capital raising advisor?

Kraft KPI-driven narrative

Move fast and cut the BS

Access relevant investors

Valuation is only one part of the equation

We provide capital raising services across Canada and beyond

Sector expertise

Explore our VC fundraising offering across a variety of tech sectors in Canada.

Selected case studies

We've advised companies from series A to series D and beyond.

Recently completed VC fundraising projects

Selected capital-raising mandates and prior investment experience.

Got questions?

How is Flow different from other capital raising advisors?

What stages do you cover?

How long does a fundraise typically take?

What is your fee structure?

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Fractional CFO in Canada

M&A in Canada

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