Toronto has a legitimate biotech scene - not just hype, and the data backs that up. Canada's largest life sciences VC, Lumira Ventures, is headquartered here in Toronto. BDC Capital just launched a new $150M life sciences fund in April 2026 for Canadian founders. iGan Partners closed multiple medtech and digital health deals in the first half of 2026. If you're raising for biotech, medtech, or drug discovery, Toronto investors are worth your time.
Toronto biotech investors want deal flow from Canada-first founders building real science. They're not chasing you - you have to show up with a real scientific data package, not just a deck.
What you'll find here are 12 active investors who've written checks in 2025 and 2026. Use Ellty to build a secure, trackable data room before your first investor outreach.
Canada's life sciences investment dropped 47% year-over-year in 2025 - the lowest total since 2018. The number of deals fell, but average check sizes grew as investors concentrated capital.
That means investors are pickier - your materials need to be tighter than they were two years ago.
Don't pitch without at least one specific fact per investor - generic outreach gets ignored here. Know a portfolio company in your space or a recent check they wrote before you reach out.
| Stage | Check Size | Sector Focus | Contact | |
|---|---|---|---|---|
| Lumira Ventures | Seed to Late | $5M–$52M | Biotech, Medtech | lumiraventures.com |
| iGan Partners | Seed to Series B | $1M–$10M | MedTech, Digital Health | iganpartners.com |
| Genesys Capital | Seed to Series B | $2M–$15M | Biotech, Pharma, Medtech | genesyscapital.com |
| Amplitude Ventures | Seed to Series B | $5M–$30M | Precision Medicine, AI+Bio | amplitudevc.com |
| BDC Capital Life Sciences | Seed, Series A | $1M–$8M | Therapeutics, Medtech | bdc.ca |
| MaRS IAF | Pre-seed, Seed | $200K–$1.5M | Healthtech, Biotech | marsdd.com |
| Whitecap Venture Partners | Seed, Series A | $1M–$10M | MedTech, Software | whitecapvp.com |
| Kensington Capital | Seed to Late | $5M–$30M | Biotech, Tech, Media | kcpl.ca |
| Forbion | Series A to C | $10M–$40M | Biotech, Drug Discovery | forbion.com |
| FACIT | Pre-seed to Series A | $500K–$5M | Oncology, Cancer Research | facit.ca |
| Versant Ventures | Series A to C | $10M–$50M | Drug Discovery, Genomics | versantventures.com |
| Omega Funds | Series A to C | $15M–$60M | Biotech, Genomics, Oncology | omegafunds.com |
Get your materials investor-ready
Upload your pitch deck, financial model, and cap table to a secure data room - then see exactly who reads what.
Start free 14-day trialWhat is a Toronto biotech investor?
A Toronto biotech investor is a VC or fund that writes checks into life sciences companies. Most focus on therapeutics, medtech, digital health, or drug discovery platforms with clinical potential.
These investors typically expect founders based in Ontario doing research at institutions like UHN, SickKids, or the University of Toronto.
Check sizes vary a lot - MaRS IAF writes $200K seed checks while Lumira Ventures co-led a $52M Series B in 2026.
You need to match your stage to the right fund - applying to a growth-stage firm at pre-seed is a fast way to get ignored.
Most Toronto biotech VCs operate in a tight network where deals are shared and reputations travel fast. A warm intro from a portfolio founder or a lawyer at Osler or McCarthy Tétrault goes a long way.
Expect a long diligence process - 3 to 6 months is normal for Series A biotech in Canada. Get your IP assignments, clinical data, and cap table clean before you even send the first email.
We're seeing a reset in Canadian life sciences. Fewer deals, but the quality of companies coming through is higher than it's been in years.
12 Toronto biotech investors in 2026
1. Lumira Ventures
Canada's largest dedicated life sciences VC - they've backed over 100 companies and 50+ approved health products.
- Recent Deals: Co-led $70M Series B for Nocion Therapeutics (2026); first close of Fund V at $200M target with $52M Series B first investment (April 2026); Cancer Breakthrough Fund first close exceeded $30M target (May 2026)
- Sector Focus: Biotech, biotherapeutics, medtech, medical devices
- Stage Focus: Seed to late stage
- Location: Toronto, ON
- Website: lumiraventures.com
2. iGan Partners
One of Canada's largest healthcare-focused VCs - they write early checks and stay involved through the full commercial journey.
- Recent Deals: Led $10M financing of Exact Imaging for prostate cancer detection (February 2026); invested in Adenocyte Ltd for pancreatic cancer early detection (May 2026); led Cosm Medical seed+ round for pelvic health devices (June 2025)
- Sector Focus: AI-enabled MedTech, Digital Health, healthcare devices
- Stage Focus: Seed to Series B
- Location: Toronto, ON
- Website: iganpartners.com
3. Genesys Capital
A pure-play Canadian life sciences VC investing since 2000 - they co-invest frequently with iGan Partners on healthcare deals.
- Recent Deals: Invested in Enspire DBS Therapy (Series B, January 2026); backed Feldan Therapeutics in multiple rounds through 2024-2025; 46 total investments across life sciences
- Sector Focus: Biotechnology, pharmaceuticals, medical technology
- Stage Focus: Seed to Series B
- Location: Toronto, ON
- Website: genesyscapital.com
Send your deck. Track who reads it.
Ellty lets you share pitch documents with trackable links - see which pages investors open and how long they spend on each one.
Start free 14-day trial4. Amplitude Ventures
Precision medicine-focused VC with offices in Montreal, Toronto, and Calgary - their second fund closed at $263M.
- Recent Deals: Co-led $76M Series B for Mediar Therapeutics; invested in Rime Therapeutics (April 2026, drug discovery); backed Congruence Therapeutics (2026, AI protein folding); Evommune IPO'd on NYSE in November 2025 at $481M market cap
- Sector Focus: Precision medicine, AI-powered biology, drug discovery
- Stage Focus: Seed to Series B
- Location: Toronto / Montreal / Calgary
- Website: amplitudevc.com
Upload your clinical data package and IP summary to Ellty and send a trackable link. You'll see which pages investors spend time on - if they skip your preclinical data, that's useful to know before the next call.
5. BDC Capital Life Sciences Fund
BDC returned to direct life sciences investing in April 2026 - a new $150M fund with patient capital focus for Canadian founders.
- Recent Deals: Fund launched April 2026 with Parimal Nathwani as Managing Partner; targeting seed ($1M–$3M) and Series A ($5M–$8M) checks; plans to back 10-15 companies over its full life cycle
- Sector Focus: Therapeutics, medical technologies
- Stage Focus: Seed, Series A
- Location: Toronto, ON
- Website: bdc.ca
6. MaRS Investment Accelerator Fund (IAF)
Ontario government-backed seed fund at MaRS Discovery District - small checks but the network access is real.
- Recent Deals: Invested in MedReddie (November 2025, healthcare enterprise systems); active across cleantech, ICT, and life sciences; sweet spot around $500K per investment
- Sector Focus: Healthtech, biotech, software, cleantech
- Stage Focus: Pre-seed, Seed
- Location: Toronto, ON
- Website: marsdd.com
7. Whitecap Venture Partners
30+ year track record in Toronto - early-stage B2B software and MedTech, now deploying Fund V ($150M closed 2021).
- Recent Deals: Portfolio includes ICT and MedTech companies across Canada and northeastern US; targeting 7-10 core investments per fund at seed and Series A stages
- Sector Focus: MedTech, B2B software, food tech
- Stage Focus: Seed, Series A
- Location: Toronto, ON
- Website: whitecapvp.com
Set up an Ellty data room with your financial model, cap table, and clinical milestones before they ask. It speeds up the diligence process significantly and shows investors you're well-organized.
8. Kensington Capital Partners
Multi-strategy firm managing $2.6B+ - Venture Fund III targets both fund-of-funds and direct VC deals in tech and biotech.
- Recent Deals: Invested in ProteinQure (Series A, May 2025, AI drug discovery); latest deal NDT Systems & Services (May 2026); Venture Fund III raised $150M+ at first close toward $290M target
- Sector Focus: Biotech, technology, business services
- Stage Focus: Seed to late stage
- Location: Toronto, ON
- Website: kcpl.ca
9. FACIT
Ontario Cancer Research's commercial arm - they fund oncology spinouts from Toronto-area hospitals and research institutions.
- Recent Deals: Active portfolio includes multiple oncology and cancer diagnostics companies; primarily spins out IP from Ontario academic medical centers; checks $500K–$5M
- Sector Focus: Oncology, cancer diagnostics, precision medicine
- Stage Focus: Pre-seed to Series A
- Location: Toronto, ON
- Website: facit.ca
10. Forbion
European VC with strong Canadian deal flow - they've backed Canadian biotech companies at Series A and beyond.
- Recent Deals: Active in 2025-2026 across drug discovery and clinical-stage biotech; typically co-invest with North American lead investors; checks $10M–$40M at Series A-C
- Sector Focus: Drug discovery, clinical-stage biotech
- Stage Focus: Series A to Series C
- Location: Netherlands (active in Canadian deals)
- Website: forbion.com
11. Versant Ventures
Menlo Park-based but consistently backs Canadian companies - they've stated some of their strongest deals come from Canada.
- Recent Deals: Active in genomics and drug discovery deals in 2025-2026; typically co-invest at larger rounds; check sizes $10M–$50M at Series A-C
- Sector Focus: Drug discovery, genomics, biotech
- Stage Focus: Series A to Series C
- Location: Menlo Park, CA (active in Canadian deals)
- Website: versantventures.com
12. Omega Funds
Boston-based healthcare specialist fund - active in Canadian oncology and genomics deals, frequently co-investing alongside Toronto VCs.
- Recent Deals: Active in oncology and genomics rounds in 2025-2026; check sizes $15M–$60M; typically join at Series A or B alongside Canadian lead investors
- Sector Focus: Biotech, oncology, genomics
- Stage Focus: Series A to Series C
- Location: Boston, MA (active in Canadian deals)
- Website: omegafunds.com
How to approach a Toronto biotech investor
Toronto biotech VCs get hundreds of cold emails every month, but very few actually respond to them. The ones that work are specific - name a portfolio company in your space and explain why you're complementary.
Warm intros still convert at 10x the rate of cold outreach in Canadian biotech VC circles. Law firms like Osler, Blakes, or McCarthy Tétrault are your best path - they know these investors directly.
Your preclinical data package matters more than your pitch deck when talking to Toronto biotech investors. Have clean IP assignments, a cap table with no hidden landmines, and your clinical milestones laid out clearly.
Use Ellty to share your biotech deck as a trackable link instead of an email attachment. You'll see which investors open your financials versus just skimming the intro slide.
How to verify a Toronto biotech fund is deploying
Check the fund's last announced close date before you invest time preparing a full pitch. If it's more than 4 years old and you can't find a new fund announcement, they may be managing exits rather than writing checks.
Dead portfolio companies with no follow-on funding are a red flag worth researching. If a fund has several companies that quietly shut down with no news, that's worth noting before you invest time in a pitch.
Look for press releases or deal announcements from the last 12 months on the fund's website. Active investors consistently announce new deals, portfolio milestones, and fund news - silence usually means something.
Silence usually means they're not writing new checks right now - don't assume otherwise without direct confirmation.
Call a founder from the fund's portfolio and ask them directly about their investor's activity. Ask whether the investor is still involved in board work and whether they've seen new deals close recently.
What Toronto biotech investors expect from founders
Toronto biotech investors expect you to have a clear, documented regulatory path before you pitch. Health Canada approval timelines and FDA strategy should both be in your materials - vague plans get a pass.
IP ownership needs to be thoroughly documented and free of ambiguity before investor discussions. Hospital and university spin-outs often have licensing agreements that complicate ownership - resolve this first.
Get your lawyer to confirm the IP structure before you pitch - surprises here kill deals fast.
Most Toronto biotech investors expect you to have other co-investment partners identified in the round. They rarely write the whole check alone - come with a view on who else you're actively talking to.
Clinical data or strong preclinical proof is non-negotiable when raising a Series A from Toronto biotech VCs. Some will look at a well-validated platform at seed stage, but most want data that clearly de-risks the biology.
How to pitch a Toronto biotech investor
Specific steps for life sciences founders raising from biotech VCs and Toronto-based funds in 2026.
- 1.Match the fund's stage and sector focus before outreachCheck the fund's last 5 deals before you reach out to any Toronto biotech VC fund. If they haven't backed your disease area or modality, they won't make an exception for you.
- 2.Prepare a full data room before first contactHave your IP summary, cap table, financials, and clinical data organized well before outreach. Upload everything to Ellty so you can track exactly who reviews each document and when.
- 3.Get a warm intro from within their networkCold email works less than 2% of the time in Canadian biotech VC - warm intros work much better. Find people connected to the fund via LinkedIn and ask for an introduction through your lawyers.
- 4.Lead with the science, not the market sizeToronto biotech investors are scientifically sophisticated - don't open with market size slides. Lead with the mechanism, the data, and why this approach works when other approaches haven't.
- 5.Be specific about use of funds and milestonesState exactly what the raise covers: which clinical milestone, which regulatory submission. Vague use of funds is the fastest signal to investors that you're not fully prepared yet.
How Ellty helps you land a Toronto biotech investor
Set up your data room on Ellty and send trackable links instead of email attachments - you'll know exactly who engaged before you follow up.
- 1.Upload your documents to a secure data roomUpload your pitch deck, financial model, and cap table to a secure Ellty data room before outreach. Add your IP summary and any clinical or preclinical data packages in one organized place.
- 2.Lock down document access with link permissionsSet link permissions so only the investors you've invited can view your documents at all. Request email verification before access or add a password for sensitive biotech IP files.
- 3.Track who's reading your materials in real timeGet real-time alerts the moment any investor opens your data room and starts reviewing files. See which pages get the most time and use that data to prioritize your follow-up calls.
Common questions about Toronto biotech investors
- Check for deal announcements on the fund's website from the last 12 months before you reach out. If nothing's been updated in that window, call a portfolio founder and ask them directly.
- At seed, strong preclinical data or a validated platform is enough for most Toronto biotech VCs. At Series A, most want at least Phase 1 data or a complete IND-enabling package ready.
- Target 8-12 funds that match your stage and science - don't spray 50 cold emails in one week. Word gets around in this community, so sequence outreach over 3-4 weeks and adjust as you go.
- Seed funds like MaRS IAF write $200K-$1.5M checks and can move on a decision in around 60 days. Series A funds like Lumira or Amplitude need 3-6 months and expect a full data room ready.
- Before your first investor meeting - that's when you have the most leverage over the process. Send a trackable Ellty link so you can see who engages before spending hours on meeting prep.
- Yes - especially at Series A, where investors study your materials closely before any call. If someone spends 12 minutes on financials and 30 seconds on science, that shapes your prep.
