A list of 12 active Manitoba investors backing startups in 2026. Covers VCs, provincial funds, angel networks, and growth equity vehicles in Winnipeg - with recent deals, check sizes, sector focus, and LinkedIn profiles for each.
Manitoba pulled in roughly $125 million in startup funding in Q2 2025 alone - about 60 times more than the $2 million raised in all of 2024. The shift is real, but the investor pool is still small compared to Toronto, Montreal, or Vancouver.
The province is catching up fast. In February 2026, Manitoba increased its Venture Capital Tax Credit to $30 million and expanded eligibility to include LPs and SAFEs. That's the clearest signal yet that the government is serious about building a local funding stack.
The challenge for founders: Manitoba's investors are scattered across government funds, independent VCs, angels, and growth vehicles. Knowing which one to approach for which stage matters. Pitching a growth equity fund on a pre-seed idea wastes everyone's time.
This list covers 12 investors who have closed deals or raised new capital in the last 12 months. Before your first meeting, have your fundraising documents and data room ready - Manitoba's investor community moves in clusters and word travels fast.
All 12 Manitoba investors at a glance
| Stage | Check | Sectors | Contact | |
|---|---|---|---|---|
| Trillick Ventures | Pre-seed, Seed | $250K-$750K | Tech, SaaS, Consumer | trillick.ca |
| Manitoba First Fund | Fund-of-funds | $5M-$15M into VC funds | Cross-sector | manitobafirstfund.com |
| Tall Grass Ventures | Pre-seed, Seed | $500K-$3M | AgTech, FoodTech | tallgrass.vc |
| Connect Manitoba Growth Fund | Growth, Late-stage | $2M-$10M | SMEs, Industrial, Tech | connectmb.ca |
| PFM Capital (APEX IV) | Growth, Private Equity | $5M-$20M | Industrial, Energy, AgTech | pfm.ca |
| Emend Vision Fund | Pre-seed, Seed | $500K-$3M | AgTech, Industrial AI, Resources | emendvisionfund.com |
| Manitoba Innovates | Pre-seed | $25K-$250K | Tech, Health, Clean | manitobainnovates.ca |
| Red Leaf Capital | Seed, Series A | $500K-$5M | Tech, Renewable Energy | redleafcapital.ca |
| BDC Capital | Pre-seed to Growth | $500K-$20M | Cross-sector | bdc.ca |
| Winnipeg Angel Organization | Angel, Pre-seed | $50K-$500K | Tech, Consumer, Industrial | winnipegangels.ca |
| North Forge (ElevateIP) | Pre-seed | Up to $100K grants | Tech, Advanced Mfg, STEM | northforge.ca |
| Startup TNT Winnipeg | Angel, Pre-seed | $150K-$500K | Tech, Health, AgTech | startuptnt.com |
Share your pitch deck with Manitoba investors
Upload documents, send trackable links, and see who actually opens your deck.
Start 14-day trialWhat is a Manitoba investor?
A Manitoba investor is any VC firm, angel network, government fund, or growth equity vehicle that backs startups and SMEs in the province with equity or debt. Most cluster in Winnipeg, though funds like Tall Grass Ventures and Emend Vision Fund invest across the Prairies.
Manitoba's funding stack is unusual. Government-backed vehicles - Manitoba First Fund, Manitoba Innovates, BDC Capital - play an outsized role. The province had almost no institutional VC five years ago. Now it has a real layered system: pre-seed grants, angel networks, dedicated early-stage VCs, and growth equity for later stages.
The agricultural and industrial focus here is sharper than in any other Canadian province. Tall Grass Ventures built an entire $32M fund around agtech and foodtech. Emend Vision Fund prioritizes resources, agriculture, and industrial AI. If you're building deep tech or SaaS, the fit isn't as obvious but the capital is moving in that direction.
Manitoba's Small Business Venture Capital Tax Credit was expanded in April 2026 to include LPs and SAFEs, lowered the minimum investment threshold to $5,000, and increased the annual budget to $30 million. That's likely to pull in more angel capital from local investors who were previously sitting on the sidelines. Getting your fundraising materials in order before the round opens will save you time when that interest arrives.
We recognize that Manitoba is really far behind. [We're] the most underrepresented province in all of Canada for VC and we want to change that.
Finding the right fit in a thin market
Manitoba's investor pool is small enough that the same 10 people show up at every deal table. That's good and bad. Good because word of a strong company travels fast. Bad because a bad pitch to the wrong investor can close doors before you've started. Research before you reach out.
The government and quasi-government vehicles - Manitoba First Fund, Manitoba Innovates, BDC Capital - almost never originate deals. They co-invest or they run programs with fixed criteria. You need a lead from the private market first. Going to Manitoba First Fund before you have private interest is a waste of a meeting.
Sector fit is non-negotiable. Tall Grass and Emend Vision aren't going to write a check into a B2B SaaS company. Red Leaf Capital and Trillick are the natural homes for software and tech. Sending the wrong deck to the wrong fund burns your one shot with that GP in a market this small.
Track which investors are actually deploying. Trillick launched in February 2025 and has made three investments. Emend closed its first tranche in spring 2025 and secured $5M from Manitoba First Fund in November 2025. Connect Manitoba Growth Fund hit $81M at its second close. These are live funds. Make sure what you send lands in the right hands - use Ellty to create trackable links per investor so you know who opened your materials and when.
Look at follow-on patterns. Manitoba has a bootstrapping culture and many founders haven't gone through a full VC cycle. Check which portfolio companies in local funds raised Series A or beyond - that tells you whether the fund can actually help you scale.
How to reach Manitoba investors
Check BetaKit's Manitoba coverage and the Manitoba First Fund website before outreach. Knowing which funds are active and which are in wind-down mode is basic prep. A fund that deployed its last check three years ago isn't writing new ones.
Lead with local credentials. A letter of intent from a Manitoba agricultural co-op, a pilot with a Winnipeg health system, or a customer from the province's industrial base lands differently than a generic market-size story. Manitoba investors have seen plenty of slides from founders who've never spent a day here.
Upload your deck to Ellty and send each investor a unique trackable link. If a Winnipeg GP opens your unit economics four times but never responds, that's your follow-up angle. If they skip your financial model entirely, fix it before the next send. You can also check this guide on virtual data room security to make sure your materials are protected while you share them widely.
Message portfolio founders directly. Manitoba's startup community is small and honest. Ask a founder in Trillick's or Tall Grass's portfolio about communication frequency, follow-through on intros, and whether the GP showed up during a hard quarter. Most will tell you the truth. That information is worth more than any fund pitch deck.
North Forge events, the Manitoba Innovates launch events, and Startup TNT Winnipeg evenings are where real conversations start. The Winnipeg tech community is accessible in a way that Toronto or Vancouver isn't. A founder here can get a direct conversation with a fund partner in week one. Use that.
Set up an Ellty data room with your financial model, cap table, and any signed commercial agreements before anyone asks. When preparing for investor due diligence, having organized materials ready signals maturity in a market where most founders are still emailing PDFs. Lead with your Manitoba traction - a local customer or partner is your strongest opener.
Top 12 Manitoba investors in 2026
1. Trillick Ventures
Winnipeg's first dedicated pre-seed VC fund, launched February 2025 by Iain Crozier to fill a gap that's kept Manitoba the most under-invested province in Canada for early-stage institutional capital.
- Recent deals: Parallel (social shopping platform, 2025), 3Common (event management software, 2025). Fund targeting $15M with nearly $5M closed as of spring 2025
- LinkedIn: Trillick Ventures
- Sector focus: Tech, SaaS, consumer apps, enterprise software
- Stage focus: Pre-seed, Seed
- Location: Winnipeg, MB
- Website: trillick.ca
2. Manitoba First Fund
The province's $100M fund-of-funds that backs VC managers investing in Manitoba - the backbone of the local institutional funding stack since its creation.
- Recent deals: $5M into Emend Vision Fund (Nov 2025), backed Tall Grass Ventures Fund I, APEX IV (PFM Capital), Connect Manitoba Growth Fund, and TriWest Capital Partners. $75M committed across five funds
- LinkedIn: Manitoba First Fund
- Sector focus: Cross-sector via portfolio fund managers
- Stage focus: Fund-of-funds (multi-stage via underlying funds)
- Location: Winnipeg, MB
- Website: manitobafirstfund.com
3. Tall Grass Ventures
The only dedicated agtech and foodtech VC in the Prairies - closed its oversubscribed $32M Fund I and is actively deploying into early-stage agriculture and food companies across Canada.
- Recent deals: Cellar Insights seed round (2025, co-led with Accelerate Fund IV), Sensor Globe pre-seed (Sep 2025). 11 portfolio companies to date
- LinkedIn: Tall Grass Ventures
- Sector focus: AgTech, FoodTech, precision agriculture, food supply chain
- Stage focus: Pre-seed, Seed
- Location: Winnipeg, MB
- Website: tallgrass.vc
4. Connect Manitoba Growth Fund
An $81M Manitoba-focused growth equity vehicle managed by WestCap - the only fund in the province purpose-built for later-stage SMEs that have already proven product-market fit.
- Recent deals: Northway Aviation LP (scheduled and chartered air services in northern Manitoba). Second close reached $81M from seven Manitoba credit unions and Manitoba First Fund
- LinkedIn: WestCap Management
- Sector focus: SMEs across industrial, aviation, tech, and consumer sectors
- Stage focus: Growth, late-stage private equity
- Location: Winnipeg, MB
- Website: connectmb.ca
5. PFM Capital (APEX IV)
Saskatchewan's largest private equity firm with $850M+ AUM, now running a dedicated Manitoba program through APEX IV with a Winnipeg office and $30M+ committed to Manitoba businesses.
- Recent deals: VAW Systems (Winnipeg-based noise control solutions manufacturer, May 2025). APEX IV closed at $130M total with $15M committed from Manitoba First Fund
- LinkedIn: PFM Capital
- Sector focus: Energy, value-added agriculture, industrials, manufacturing, consumer
- Stage focus: Growth, private equity (mature companies)
- Location: Winnipeg, MB (also Regina, SK)
- Website: pfm.ca
Organize your diligence before investors ask
Set up a data room with your financials and cap table. Share securely with any Manitoba investor.
Start 14-day trial6. Emend Vision Fund
Calgary-based early-stage VC focused on industrial transformation - Manitoba First Fund committed $5M in November 2025, directing at least $10M of Emend's capital into Manitoba companies.
- Recent deals: Fund I first close at $25M (spring 2025), $5M Manitoba First Fund commitment (Nov 2025). Targeting agriculture, clean water, mining, and industrial AI in Manitoba and across the Prairies
- LinkedIn: Emend Vision Fund
- Sector focus: AgTech, industrial AI, resources, clean water, transportation, critical infrastructure
- Stage focus: Pre-seed, Seed
- Location: Calgary, AB (active in Manitoba via MFF partnership)
- Website: emendvisionfund.com
7. Manitoba Innovates
Formed in March 2025 from the merger of MTA and Tech Manitoba - runs Manitoba Invests with checks from $25K to $250K, plus ElevateIP grants up to $100K for IP legal costs.
- Recent deals: Manitoba Invests program launched March 2025. ElevateIP active across Manitoba and Saskatchewan in 2025-2026. BDC formalized support for the Women in Tech Meetup Group run by Manitoba Innovates (2025)
- LinkedIn: Manitoba Innovates
- Sector focus: Tech, health, clean energy, advanced manufacturing
- Stage focus: Pre-seed (grant and equity funding)
- Location: Winnipeg, MB
- Website: manitobainnovates.ca
8. Red Leaf Capital
Winnipeg's most established private equity and VC advisory firm - the first CVCA member based in Manitoba, founded in 2009, with 40+ deals across tech and renewable energy.
- Recent deals: Active portfolio includes Immigrate and ConstructionClock. 6 direct investments with 40+ total deals facilitated across Manitoba and Western Canada
- LinkedIn: Red Leaf Capital
- Sector focus: Technology, renewable energy, industrial
- Stage focus: Seed, Series A
- Location: Winnipeg, MB
- Website: redleafcapital.ca
9. BDC Capital
Canada's most active VC by deal count - grew Manitoba support by 24% in 2025 and co-invested in Conquest Planning's $110M CAD Series B, the largest Manitoba startup raise on record.
- Recent deals: Co-investor in Conquest Planning $80M USD Series B led by Goldman Sachs (Jun 2025). Manitoba lending and investment grew 24.47% in 2025. Active LP across Manitoba VC funds
- LinkedIn: BDC Capital
- Sector focus: Cross-sector - IT, cleantech, healthcare, industrial innovation
- Stage focus: Pre-seed to Growth
- Location: Winnipeg, MB (242 Hargrave, Suite 920)
- Website: bdc.ca
10. Winnipeg Angel Organization
The city's original structured angel network - gives founders a direct path to present to accredited investors who syndicate into early-stage Winnipeg companies.
- Recent deals: Ongoing active investment activity across Winnipeg tech and industrial companies. Network structure allows syndicated cheques of $50K-$500K per round
- LinkedIn: Winnipeg Angel Organization
- Sector focus: Tech, consumer, industrial, health
- Stage focus: Angel, Pre-seed
- Location: Winnipeg, MB
- Website: winnipegangels.ca
11. North Forge Technology Exchange
Canada's only startup incubator with a fabrication lab - runs ElevateIP for IP funding and connects founders to capital through an active angel network and investor events across 35,000 square feet in Winnipeg.
- Recent deals: ElevateIP active in 2025-2026 across Manitoba and Saskatchewan. 280+ companies supported in last three years. BDC formalized support for North Forge's Women in Tech Meetup Group (2025)
- LinkedIn: North Forge Technology Exchange
- Sector focus: Tech, STEM, advanced manufacturing, fabrication
- Stage focus: Pre-seed (incubation and grant funding)
- Location: Winnipeg, MB (also Thompson, MB)
- Website: northforge.ca
12. Startup TNT Winnipeg
The Prairies-wide angel community with an active Winnipeg chapter - runs quarterly pitch summits where founders present to 250+ angels who syndicate cheques on the spot.
- Recent deals: Winnipeg chapter active through 2025-2026. Network has invested $11.5M+ into 90+ companies across Western Canada, including multiple Manitoba-based startups
- LinkedIn: Startup TNT
- Sector focus: Tech, health, agtech, energy transition
- Stage focus: Angel, Pre-seed
- Location: Winnipeg, MB (also Calgary and Edmonton)
- Website: startuptnt.com
How to pitch a Manitoba investor
What actually works when reaching out to VCs and funds in Winnipeg and across the province.
- 1.Know the co-investment structure before you pitchManitoba First Fund backs VC managers, not companies directly. BDC Capital co-invests rather than leads. Identify which funds can originate your round - Trillick, Tall Grass, or Red Leaf - before approaching the government vehicles. Pitching a fund-of-funds as a direct investor wastes your one shot in a small market.
- 2.Lead with Manitoba-specific proofA signed LOI from a Manitoba agricultural co-op, a pilot with a Winnipeg health authority, or a paying customer from the province's industrial sector lands far better than a market-size slide. Investors here have seen plenty of pitches from founders who've never spent time in the province. Local traction is your biggest differentiator.
- 3.Use the VC Tax Credit as a selling pointManitoba's Small Business Venture Capital Tax Credit was expanded in April 2026 - it now covers LP structures, allows SAFEs, and has a $30M annual budget. If you qualify, this is a significant deal sweetener for local investors. Show them you understand the local funding stack - it signals you've done the homework.
- 4.Track every link you send with ElltyUpload your deck and financial model to Ellty and send a unique trackable link to each investor. If a Winnipeg GP re-reads your unit economics slide three times but goes quiet, that's your follow-up signal. Reference the specific section they spent time on - not a generic check-in. In a market this small, that kind of precision matters.
- 5.Get warm through North Forge or Startup TNT firstCold emails to Manitoba fund partners rarely work. North Forge events and Startup TNT pitch nights are where introductions actually happen. A recommendation from a founder already in Trillick's or Tall Grass's portfolio carries more weight than the best cold email you'll ever write. Spend time in the community before you start your raise.
How Ellty helps you land a Manitoba investor
Now that you know who's actively investing in Manitoba, here's how to get your materials organized. Winnipeg's investor community is small and highly connected - one GP will forward your deck to three others within a week if they're interested. That's useful if your materials are clean. It's a problem if they're not. Set up a data room before your first meeting. Control who sees what, and know the moment engagement spikes so you can follow up at exactly the right time.
- 1.Build your Manitoba investor data room in minutesCreate a free Ellty data room and upload your pitch deck, financial model, cap table, and any signed agreements with Manitoba customers or co-op partners. Organize your files into folders so a Winnipeg GP finds your key documents in two clicks - not after three follow-up emails.
- 2.Send each Manitoba investor a unique, permission-controlled linkMake a separate trackable link for every fund - Trillick, Tall Grass, BDC, Emend. Require email verification before viewing. Enable screenshot protection for your cap table and burn model. Know immediately if a GP forwards your link to a partner or co-investor at another fund.
- 3.Get real-time alerts and follow up when you're top of mindGet an instant notification when a Manitoba investor opens your link. See which pages they spent the most time on and which ones they skipped entirely. Send your follow-up email while you're still on their screen - that's when response rates are highest.
What founders ask about raising in Manitoba
- Yes, but it's thin. Trillick launched in February 2025 and is actively deploying. Tall Grass has a $32M agtech fund. Emend Vision Fund committed $10M+ to Manitoba companies via Manitoba First Fund. BDC Capital grew Manitoba investment by 24% in 2025. It's not Toronto, but the stack is real and building.
- For Manitoba First Fund's portfolio vehicles and Manitoba Innovates, yes - they prioritize Manitoba-based companies. Trillick dedicates two-thirds of its fund to Manitoba founders specifically. BDC and Startup TNT are less restrictive but local presence helps. Emend Vision Fund backs Prairie companies broadly.
- The Small Business Venture Capital Tax Credit gives a 45% tax credit to investors who put money into eligible Manitoba companies. After April 2026 changes, LP structures and SAFEs now qualify, and the minimum investment dropped to $5,000. This makes your round more attractive to local angels who were previously priced out.
- AgTech and FoodTech get dedicated fund coverage from Tall Grass and Emend Vision Fund. Industrial tech, resources, and manufacturing have PFM Capital and Connect Manitoba Growth Fund. General tech and SaaS are Trillick's focus. Pure consumer apps have fewer specialist options here than in Toronto or Vancouver.
- Before your first investor conversation. Manitoba's investor community is small and highly connected - one interested GP often loops in two others the same week. Having your financials, cap table, and key documents organized in an Ellty data room from day one keeps you from scrambling when multiple funds want to review materials in parallel. See what to include with this guide on [what documents go in a data room](/blog/what-documents-go-in-a-data-room).
- Manitoba's investor pool is smaller and more concentrated than either province. Alberta has more industrial and energy VC depth. Quebec has a broader co-investment ecosystem. Manitoba's advantage is accessibility - a founder here can reach a fund partner in week one. The downside is fewer options at Series A and beyond. For comparison, see our lists of [Alberta investors](/investors/alberta-investors) and [Quebec investors](/investors/quebec-investors).
