Startup investors in Toronto
The angel networks, seed funds and programs that take applications from founders in Toronto and the wider GTHA, what each one publishes about itself, and how to reach it.
Who invests in startups in Toronto?
Toronto founders can apply to organized angel networks such as Maple Leaf Angels, Angel One and Keiretsu Forum Canada, and to pre-seed and seed funds such as Antler, Panache Ventures, Golden Ventures and StandUp Ventures. Programs such as Creative Destruction Lab and the DMZ incubator also put founders in front of investors. Each organization publishes its own way in.
The national numbers are context, not a guide to what you will raise. Angel groups tracked by the National Angel Capital Organization (NACO) invested $113.8 million across 490 deals in 2025, the lowest level in five years, according to NACO's 2026 report. Averages like these describe the whole market, not what one investor or network will put into your company.
Angel networks in Toronto and the GTHA
Toronto's angel networks are groups of accredited investors. The network screens companies and runs pitch meetings, and each member then decides alone whether to invest. Three of the four networks below run monthly meeting cycles, so their calendars shape how long a raise takes.
| Network | How it works | Who it looks for | Terms and fees | How to apply |
|---|---|---|---|---|
| Maple Leaf Angels | Members are accredited investors who invest individually. Weekly 30-minute Office Hours, monthly investment meetings except in summer and December, then a 2-hour due diligence meeting. Members have invested in over 100 companies. | Seed and early-stage technology companies | Application is free. No cheque size published. | Online application on its Entrepreneurs page |
| Angel One Network | Based in Burlington, with members across the GTHA; founded in 2011. A screening committee meets monthly, and selected companies pitch to members in person in Burlington. Members decide individually. Over $35 million invested in 175+ companies. | Early-stage Canadian companies valued at $3 million to $10 million | Fees not stated on its site | Online application on its For Founders page |
| Keiretsu Forum Canada | Founded in 2012, with chapters in Toronto, York Region, Waterloo and London. A screening pitch (10 minutes plus 10 minutes of questions), then 4 or 5 companies present at each monthly forum, followed by member due diligence. Members invest individually. | Any sector; also sees companies from outside Canada | Application fees not stated; follow-up update presentations are free; no success fees | "Apply to present" on its Entrepreneurs page |
| The Firehood | A network focused on women in technology. Its Pitch on the Beach competition puts founders in front of angels who commit capital to the winning company in advance. | Women-led tech startups with majority or equitable ownership; founders resident in Canada with a registered for-profit business | Event dates are announced on its social channels | Online form on its Pitch Events page |
Pre-seed and seed funds in Toronto
A fund invests its own money through one decision, unlike an angel network. The Toronto-based funds below write first cheques at pre-seed or seed. Some publish no cheque size, so the table shows only what each fund states.
| Fund | Stage | First cheque | Focus and eligibility | How to pitch |
|---|---|---|---|---|
| Antler Canada | Pre-company and pre-seed; residencies start in late March and September | $250,000 for 9% | Founders can join without an idea, co-founder or product | Apply to the residency |
| Panache Ventures | Pre-seed | Up to $1.5 million, from a $100 million fund | Technology founders in any sector; no board seats | Deck submission form |
| DMZ Ventures | Pre-seed, seed | $100,000 to $250,000 | Mainly B2B SaaS; Canada-focused, open to startups globally | Contact form |
| Golden Ventures | Seed (also pre-seed and seed+) | $500,000 to $2.5 million for 8% to 15% ownership, per its FAQ (its homepage says up to $3 million) | Any sector, leaning to software; Canada and the US only; leads or co-leads in Canada | Warm introduction preferred, or email [email protected] |
| Two Small Fish Ventures | Early stage | Not published | Deep technology; offices in Toronto, Montreal and New York | "Pitch to us" on its contact page |
| StandUp Ventures | Seed | Not published | Technology companies with at least one woman in a C-level role who holds an equitable share of ownership; Canada and the US | Online application form |
MaRS's Investment Accelerator Fund is Ontario's government-backed seed fund. It invests about $10 million a year at pre-seed and seed in AI, digital health, cleantech, fintech and enterprise software across Ontario, and reached its 200th investment in January 2026. It publishes no application form, so ask MaRS about intake. For BDC Capital's Seed Venture Fund, which invests across Canada, see the guide hub.
Programs that put founders in front of investors
Two Toronto programs connect founders with investors as part of the program, and they ask for very different things in return.
- Creative Destruction Lab, Toronto. A non-profit program for science- and technology-based ventures. It charges no fees and takes no equity; mentors may invest separately. Check CDL's site for the current application deadline.
- DMZ Incubator, Toronto Metropolitan University. An 18-month program for seed-stage software companies with monthly recurring revenue, at least one full-time founder and an in-house technical lead. It charges no fees and takes no board seat; DMZ takes 2.5% equity in common shares. It includes introductions to VCs and angels. Applications are open year-round, with cohorts of up to 10 companies starting in fall and spring.
Which route fits your company?
| If your situation is… | Look at | Why |
|---|---|---|
| No company, idea or co-founder yet | Antler residency | It accepts founders at that stage |
| A science- or technology-based venture that wants mentors without giving up equity | Creative Destruction Lab | No fees, no equity |
| A seed-stage software company with monthly recurring revenue | DMZ Incubator | Matches its stated eligibility; it takes 2.5% equity |
| A woman-led technology company | StandUp Ventures; The Firehood's pitch competition | Their published eligibility |
| An early-stage Canadian company valued at $3 million to $10 million that can pitch in Burlington | Angel One | Its stated target and in-person format |
| Looking for a fund to lead a seed round | Golden Ventures; BDC Capital Seed Venture Fund | Both say they lead |
Golden Ventures invests only in Canada and the US, and The Firehood's competition requires Canadian residence. Meeting an organization's criteria means you can apply, not that it will invest.
What do Toronto investors focus on?
Most funds and networks on this page describe themselves as sector-agnostic or technology-focused. A few have narrower mandates: DMZ Ventures focuses mainly on B2B SaaS, Two Small Fish on deep technology, and StandUp on companies with a woman in a C-level role. Across Canada, software and AI took 65% of venture capital dollars in the first half of 2026, according to the CVCA's H1 2026 market overview.
Check the calendar before you apply.
Maple Leaf Angels, Angel One and Keiretsu Forum Canada all work on monthly meeting cycles, so the date you apply decides when you pitch.
What should you have ready before you apply?
- A data room: Angel One asks for it at the investment meeting, and Maple Leaf Angels and Keiretsu review one during due diligence.
- A check of each organization's stage, location and founder criteria in the tables above.
- A question about fees for any group that doesn't publish them.
For how to run the raise itself, see how to raise a seed round. For Toronto's wider startup scene, see the Toronto startup guide.
Frequently asked questions
Do Toronto angel networks charge founders to apply?
Maple Leaf Angels says its application is free, and Keiretsu Forum Canada says its follow-up update presentations are free. Angel One and Keiretsu do not publish application fees, so ask before you apply.
Do I need to be based in Toronto?
Not always. Angel One asks founders to pitch in person in Burlington, MaRS IAF invests in Ontario companies, and Golden Ventures invests across Canada and the US.
What is the difference between an angel network and a seed fund?
In an angel network, each member decides alone and invests their own money. A seed fund invests from one pool through one decision and may lead the round.
Can I apply before I have a company?
Antler's residency accepts founders without an idea, co-founder or product. Most networks and funds on this page invest in existing companies.
Are there investors for women founders in Toronto?
Yes. StandUp Ventures invests at seed in technology companies with at least one woman in a C-level role who holds an equitable share of ownership, and The Firehood runs a pitch competition for women-led tech startups.
How do I apply to MaRS IAF?
The fund publishes no application form. Ask MaRS about its current intake.
Does the DMZ incubator take equity?
Yes. DMZ takes 2.5% equity in common shares and charges no fees.