The Canadian Startup Financing Landscape (Infographic)

On a fairly regular basis, I get asked by startups about who to approach for venture capital. I thought it might be useful to create an infographic that lists the leading incubators, accelerators, seed, series A and series B investors.

There are investors such as OMERS, iNovia and BDC that play in multiple sandboxes but they have been placed in a single category as it was an easier way to go – at least for now.

Consider this an initial stab as I’m sure there are key players missing. To fill the gaps, please leave a comment or send me an email, and then I’ll update the infographic, which was created using

Update: Since the infographic was originally published, new investors and funding organizations have been added, as well as a new angel “circle”. There are plans in the works to make the infographic more interactive and data-rich.

Canadian Startup Finance Landscape

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  • Didier Leconte

    Thanks for sharing! It would be great to see such map extended to all areas such as: cleantech (Chrysalix, Cycle Capital, EnerTech …) biopharma (Genesis Capital, Lumira, GSK Canada, TVM, MaRS Innovation, CDRD Venture, AmorChem, …). I guess I should declare my interest: One my companies MSBiV is clearly a player as well in multiple sectors at the very early stage of an idea or a discovery.

    • Mark Evans

      Sounds like a make-work project. For clean-tech, maybe I’ll try to partner with my friend, Tyler Hamilton. Thanks for the suggestion!

  • Eugene Bomba

    don’t forget about Klass – he’s definitely a player in the space

    • Mark Evans

      Thanks. That was a definite miss.

  • Sean Moffitt

    Nice work here Mark!

  • Richard

    I notice that you do not reference MaRs Institute which is doing great work as an incubator supporting tech start-ups. Involvement with or by MaRs can greatly influence a start-ups ability to get financing. Also you might want to include NFQ Ventures which targets tech start-ups and was founded by a successful tech entrepreneurs Yung and Fay Wu

  • Jonathan

    I appreciate the information, but the infographic is not clear to me.
    You have a list of levels, then a series of colored circles, but are they connected? There’s no indication on what each color represents or if it’s connect to the levels.

    • Mark Evans

      Each circle has a title – e.g. Incubator, Accelerator, seed, etc.

      • Jonathan

        For some reason I didn’t see the title, perhaps it doesn’t stand out. Another option is just putting a colored circle next to each level, then you don’t need to even title the circles.

  • Mark Bridges

    Sad that the number of names is so small – a well worn subject of course!

  • ScottjHoward

    A quick cry for attention;) @coralcea has funded over 50 Ontario startups for around $1.5m total over the last two years. Just say’in. FYI deadline for this round is open until end of day October 8.

  • Krista LaRiviere

    Hi Mark – Great infograph! Can we add our friends at MaRS IAF and Round13 Capital.

    • Mark Evans

      I’ve added MaRS IAF. I haven’t added Round13 because they’re not in a financial position yet to make any investments.

  • Frank Erschen

    Thanks for this Mark. Also missing the many angel groups. Will send you an email on this.

    • Mark Evans


  • Phil M

    If incubators don’t offer cash, is it just services that they offer in exchange for equity? Or do they take equity at all?

    • Mark Evans

      Phil: Most incubators provides real estate, mentorship, operational support (e.g. business plans, messaging) and access to networks. They usually take 5% to 10% equity stakes in return.

  • Matt Roberts

    I’d probably put OMERS across seed, series a and B.

    With Inovia, relay with bdc(us) and Rho under seed and A rounds. I’d place both mars iaf and innovacorp in the seed round not under acclerators as they both are investment vehicles – with a geographic focus (Ontario and Atlantic). Jolt is the iaf’s accelerator. Next 36 Under accelerators. Round13 under seed.

    As year one labs is no longer active I’d probably remove them, even though they did a great job.

    You Might want to add Valar ventures(seed) they’ve been pretty active and can only invest outside of the US.

  • Roger Chabra

    Nice work Mark. At Rho, 25-30% of the deals we do are Seed stage so we belong across both Seed and Series A.

  • joel lessem

    I did not realize just how few series A and B funds there are. No wonder the US funds are the only ones that cold call Canadian software companies.

    • Mark Evans

      The lack of series B investors is the most striking. Anyone Canadian startup looking to raise more than $5-million has few options, which lets U.S. VCs snap up the best Canadian opportunities.

  • William Mougayar

    That’s certainly better than what we had two years ago. Thanks for putting this together.

  • Ricardo Pereira

    Startups with some sales can also get cash via AR financing (factoring) at a lower cost than VC (without diluting equity). Several of our start up clients have used Liquid Capital (factoring) to get the much needed cash to meet short term obligations and/or take their business to the next level.

  • Andrew D’Souza

    This is a great visual – some fantastic accelerators seed stage funds have emerged recently, just as a lot of US investors are starting to take notice of opportunities in Canada… overall, great news for Canadian entrepreneurs!

    One other financing method folks might want to consider (my personal favourite): CUSTOMERS :)

  • Roy Pereira

    Angel groups are totally missing. They can provide seed financing anywhere from $100k to $1m. Lots of angel groups around Canada, including Maple Leaf Angels (Toronto), York Angels (Toronto), Golden Horseshoe Angels (Oakville), Sudbury Angels…

    • Boris Mann

      This is true. But there are few active / consistent angels.

  • Dan

    Hi Mark,

    Thanks for taking the time to put this together Mark.
    Please add Accelerate Tectoria to the Accelerators.


  • RalfLippold

    Many thanks for the graphics Mark. Over here in Silicon Saxony, the region around Dresden in East Germany does not have a grown landscape for startup financing as diverse, and rich as you have.

    What would be your advice for a region, that is rich of research, has two major chip plants (GLOBALFOUNDRIES Fab 1, Infineon) within city limits, and a vast amount of public funding (dying out over the next few years, originating from the times after the “Wall” came down to bring the region up an economically “running” again)?

  • Boris Mann

    I hope everyone can see the “valley of death” that is screwing up the startup funnel. Where do you go if you need between $50K and $500K? This is angel territory (as mentioned by some) — but there are not enough people actively writing checks in that range.

  • Kenny Grant

    Great list and infographic.. thank you

    I think vanedge is missing, unless I missed it

  • Sergio Escobar

    I’d add “Anges Quebec” under Angels and Seed round

    • Mark Evans

      Thanks for the suggestion!

  • John

    A number of Angel Organizations are missing here. Here is a link for Ontario;

    First Angel Network is on the east coast. Isn’t innovacorp also a VC??

    Speaking of VC, Version One Ventures is on the west coast as well as an Angel group or two I’m sure…

  • Tamar

    Thanks for the inclusion Mark – just a correction, DRIVEN is an accelerator not an incubator.