Startup investors in Winnipeg
The angel network, funds, tax credit and programs available to founders in Winnipeg and across Manitoba, what each publishes about itself, and how to reach it.
Who invests in startups in Winnipeg?
Winnipeg founders usually start with North Forge, whose free Founders Program is the route to its angel network. Trillick Ventures is a Winnipeg early-stage fund for Manitoba founders. Manitoba's Small Business Venture Capital Tax Credit gives investors 45% back on investments in eligible Manitoba companies.
Angel networks in Winnipeg
| Network | How it works | Who it looks for | Fees | How to apply |
|---|---|---|---|---|
| North Forge Angel Network | Accredited investors from Canada and the US who invest in and mentor founders. North Forge plans quarterly deal screenings, and founders use DealPoint data rooms. | Founders in the North Forge Founders Program; participation is required | Not stated | Apply to the Founders Program first |
Funds that invest in Winnipeg startups
| Fund | Stage | Published first cheque | Focus and eligibility | How to pitch |
|---|---|---|---|---|
| BDC Capital Seed Venture Fund | Seed | Not published; a $100 million fund | Leads seed rounds across Canada, with a focus on underserved regions | Contact form on its page |
Trillick Ventures is a Winnipeg fund that invests in early-stage Manitoba founders. Its site does not publish cheque sizes or a pitch route, so reach it through a warm introduction or North Forge.
How does Manitoba's investor tax credit work?
The Small Business Venture Capital Tax Credit gives investors a 45% non-refundable Manitoba tax credit. Investments can be $5,000 to $500,000 per company, and a company can raise up to $10 million under the program. An investor can earn up to $225,000 in credits in a calendar year and claim up to $120,000 in a tax year.
The company must be pre-approved before it issues shares. It must be a Canadian-controlled private corporation with a permanent establishment in Manitoba, have at least $25,000 of cash equity already invested, have under $15 million in annual revenue or fewer than 100 employees, and have at least 25% of its employees living in Manitoba. Review typically takes four to eight weeks. The Government of Manitoba's program page lists the documents and the application email.
Programs that prepare founders to raise
- North Forge Founders Program. Free, in four stages: Pathfinder (market validation, 10 weeks), Base Camp (business model validation, 11 weeks), Ascent (launch and revenue growth, 12 months with an entrepreneur in residence) and North Star (scale, for Ascent alumni). For tech, STEM, advanced manufacturing and other innovative products; founders must live in Canada, and Manitoba applicants get priority. The program does not fund startups but helps with fundraising strategy and is the route to the North Forge Angel Network. Apply before November 2 for the cohort starting January 2027.
Which route fits your company?
| If your situation is… | Look at | Why |
|---|---|---|
| Any stage, living in Canada, building an innovative product | North Forge Founders Program | Free; the route to its angel network |
| Raising from Manitoba investors | Pre-approval for the investor tax credit | Investors get 45% back |
| An early-stage Manitoba company | Trillick Ventures | Its stated mandate |
| Looking for a fund to lead a seed round | BDC Capital Seed Venture Fund | It says it leads |
Meeting an organization's criteria means you can apply, not that it will invest.
Get tax credit pre-approval before you pitch Manitoba angels.
The company has to be approved before it issues shares, and review takes four to eight weeks.
What should you have ready before you apply?
- Tax credit pre-approval, if you're raising from Manitoba investors (needs at least $25,000 of cash equity already in).
- A North Forge Founders Program application, to reach its angel network.
- Financial statements or a start-up letter from your lawyer or accountant, for the tax credit application.
For how to run the raise itself, see how to raise a seed round. For the wider Prairie startup scene, see the Winnipeg, Saskatoon and Regina startup guide.
Frequently asked questions
How much is Manitoba's investor tax credit?
45%, non-refundable, on investments of $5,000 to $500,000 per company in an eligible Manitoba business.
Does North Forge invest in startups?
The Founders Program does not provide funding. Its angel network of accredited investors sees companies from the program.
Is North Forge's Founders Program free?
Yes.
Do I need to live in Manitoba for North Forge?
You need to live in Canada. Manitoba applicants are prioritized.