Co-Investment & Grants

The onus may be on Angel investors to identify promising start-ups, but governments and industry organizations do recognize that fostering the Angel community serves to contribute to an increase in prosperity. For this reason, a number of co-investment programs have been established.

Each organization below offers its own co-investment opportunities. Please use the individual links to visit their websites and learn more about their offerings.

Ontario Centre of Innovation

Ontario Centres of Innovation (OCI) drives the development of Ontario’s economy by helping create new jobs, products, services, technologies and businesses. In partnership with industry, OCI co-invests to commercialize innovation originating in the province’s publicly funded colleges, universities and research hospitals, and also supports and invests in early-stage projects, where the probability of commercial success and potential total return on innovation are substantial.

For more information, refer to the OCI Website.


MARS Investment Accelerator Fund

The Investment Accelerator Fund (IAF) helps build and strengthen Ontario-based businesses in the cleantech, ICT, and life sciences & healthcare sectors. It offers two types of funding, tailored to each type of applicant: 1) The IAF invests up to $500,000 in early-stage companies that have the potential to be global leaders in their field and provide sustainable economic benefits to Ontario; and 2) The Youth IAF invests up to $250,000 in innovative technology-based companies where the majority of founders are under the age of 30. Funded by the Province of Ontario, the IAF program is managed by MaRS and delivered through the Ontario Network of Entrepreneurs.

For more information, refer to the IAF website.


National Research Council Canada (NRC) and their Industrial Research Assistance Program (IRAP) operates on a shared-risk model, providing cost-shared financial assistance for research and development projects that meet both the firm and project assessment criteria.

Who is Eligible? (All criteria must be met)

  • Small and medium-sized enterprises in Canada, incorporated and profit-oriented
  • Businesses that have 500 or less full-time equivalent employees
  • Businesses with an objective to grow and generate profits through development and commercialization of innovative, technology-driven new or improved products, services, or processes in Canada

Apply now or, for more information, refer to NRC-IRAP Research and Technology Development Activities.

Community Futures Program

The Community Futures Program is a Government of Canada initiative which supports 61 Community Futures Development Corporations (CFDCs) in Ontario— FedDev Ontario works with the 37 CFDCs in rural Eastern and Southern Ontario, while FedNor works with the 24 organizations in the North.

CFDCs offer a wide variety of programs and services supporting community economic development and small business growth. Over the past 30 years, Community Futures has helped more than 120,000 entrepreneurs, created and maintained more than 495,800 jobs, and invested more than $4.2 billion directly into Canada’s rural economy, leveraging more than $8 billion in additional investment. Today, Community Futures is driven by more that 3, 415 volunteers and 1,400 staff in 269 offices across Canada.

For more information, refer to the Community Futures website.


Futurpreneur Canada has been fueling the entrepreneurial passions of Canada’s young enterprises for nearly two decades. It is the only national, non-profit organization that provides financing, mentoring and support tools to aspiring business owners aged 18-39. Its internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 2,800 volunteer mentors.

For more information, refer to the Futurpreneur website.

Investing in Business Innovation (IBI) program

The Investing in Business Innovation (IBI) program provides mentorship, entrepreneurial support and financing to help new businesses grow and succeed. The initiative is designed to foster a more competitive southern Ontario economy by focusing on providing business support to new entrepreneurs, helping them transform their ideas into globally-competitive products and services, and increasing their access to private sector investment and advice. Support through IBI increases the potential for businesses to succeed by strengthening Angel networks and encouraging the development of partnerships between early-stage businesses and investors so that entrepreneurs have the tools and capital they need to become world-leading innovators.

For more information, refer to the Investing in Business Innovation website.

National Capital Angel Capital Organization (NACO)

NACO is the Canadian industry association for groups, networks, funds and individuals who share the seeds of early-stage Angel investment success.

NACO delivers products, forums, workshops and publications that help share the seeds of early-stage Angel investment success among Angels and the companies they invest in. These include: networking opportunities, deal flow, lessons learned, best practices, organizational and co-investment frameworks, informed discussions, public awareness and public policy options.

NACO includes a listings directory of Angel groups across Canada. Use this directory to find a NACO member in your region.

Northern Ontario Heritage Fund (NOHF)

The Northern Ontario Heritage Fund (NOHF) is a Crown corporation and development agency of the Ministry of Northern Development and Mines in the Canadian province of Ontario, whose purpose is to provide funding and program support to foster economic development in the economically disadvantaged Northern Ontario region.

The NOHF concentrates on six key funding programs: job creation, technology research and development, infrastructure and community development, youth entrepreneurship, youth internship and cooperative education, and generation and conservation of renewable energy.

For more information, refer to the NOHF website.

Ontario Centres of Excellence SmartStart Seed Fund

The SmartStart Seed Fund is an exciting new opportunity for Ontario’s next generation of entrepreneurs to access much-needed funding to take their start-up to the next level. Open to young entrepreneurs from the ages of 18 to 29 and entrepreneurs from the age of 30+, the program provides both seed financing and financing for entrepreneurship skills training to help recipients grow their start-up and make them investment and customer ready.

SmartStart is co-funded by the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), and the Government of Ontario, as part of its Ontario Youth Jobs Strategy.

For more information, refer to the SmartStart Seed Fund website.

Scientific Research and Experimental Development Tax Incentive Program (SR&ED)

The Government of Canada provides tax incentives to encourage Canadian companies of all sizes and in all industry sectors to conduct scientific research and experimental development (SR&ED). These tax incentives come in three forms: an income tax deduction, an investment tax credit (ITC), and, in certain circumstances, a refund.

The SR&ED Program provides more than $3 billion in tax incentives to over 20,000 claimants annually, making it the single largest federal program that supports business research and development (R&D) in Canada. The program is administered by the Canada Revenue Agency (CRA).

For more information, refer to the SR&ED website.

Canada’s Venture Capital & Private Equity Association (CVCA)

CVCA represents the majority of private equity companies in Canada, with over 1800 members. CVCA members have over $75 billion in capital under management, in three distinct market segments: buyout, mezzanine and Venture Capital.

Contact a CVCA member or, for more information, refer to the CVCA website.

Angel Capital Association (ACA)

ACA is the trade association of leading Angel investment groups in North America. Its mission is to support the growth, financial stability and investment success of its member Angel Groups by sharing best practices and industry data, providing professional development, and promoting group membership, networking and collaboration.

ACA includes a listings directory of Angel groups across the United States. Use this directory to find an ACA member in your region.