The Venture Codex Logo

The Venture Codex

MaRS IAF

101 College Street, Suite 125, Toronto, Ontario, M5G 1L7, Canada

Overview

Early stage venture capital firm supporting innovative startups.

Founded

2008

Deals · 12mo

4

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Canada

Sector focus

Finance
Venture Capital

Investment portfolio

47rounds
NAMEDATESIZE
Daedal Systems
Sep 2026Participated
$4 MSeed
Cyder
Feb 2026Participated
$3 MSeed
Ecomtent
Dec 2025Participated
$4 MSeries A
medreddie
Dec 2025Led
$2 MOther Equity
Enurgen
Oct 2025Participated
$4 MSeed
Ecomtent
Dec 2024Led
$1 MSeed
runQL
Nov 2024Participated
$2 MSeed
Nfinite Nanotech
May 2024Participated
$7 MSeed
Forcen
Apr 2024Participated
$6 MOther Equity
Sibli
Feb 2024Participated
$5 MSeed
AmacaThera
Nov 2023Participated
$3 MSeries A
Enurgen
Nov 2023Participated
$1 MSeed
Daedal Systems
Sep 2026Participated
$4 MSeed
Cyder
Feb 2026Participated
$3 MSeed
Ecomtent
Dec 2025Participated
$4 MSeries A
medreddie
Dec 2025Led
$2 MOther Equity
Enurgen
Oct 2025Participated
$4 MSeed
Ecomtent
Dec 2024Led
$1 MSeed
runQL
Nov 2024Participated
$2 MSeed
Nfinite Nanotech
May 2024Participated
$7 MSeed
Forcen
Apr 2024Participated
$6 MOther Equity
Sibli
Feb 2024Participated
$5 MSeed
AmacaThera
Nov 2023Participated
$3 MSeries A
Enurgen
Nov 2023Participated
$1 MSeed
47
Items
...
Browse all public portfolio deals

Insights

Time horizon

View by

Deal Distribution

MaRS IAF: 47 funding rounds are recorded in the selected participation categories.All available history.
MaRS IAF: 47 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed921
Series A08
Series B01
Other Equity35

Monthly Deal Activity

MaRS IAF: 47 deals are recorded across 184 months.All available history.
MaRS IAF: 47 deals are recorded across 184 months. All available history
MonthDeals
Jul '111
Aug '110
Sep '110
Oct '110
Nov '110
Dec '110
Jan '120
Feb '120
Mar '120
Apr '120
May '120
Jun '120
Jul '120
Aug '120
Sep '120
Oct '120
Nov '120
Dec '120
Jan '131
Feb '130
Mar '130
Apr '130
May '130
Jun '130
Jul '130
Aug '130
Sep '130
Oct '130
Nov '130
Dec '131
Jan '140
Feb '140
Mar '140
Apr '140
May '140
Jun '140
Jul '140
Aug '140
Sep '140
Oct '140
Nov '140
Dec '141
Jan '150
Feb '150
Mar '150
Apr '150
May '150
Jun '150
Jul '150
Aug '151
Sep '150
Oct '150
Nov '150
Dec '150
Jan '160
Feb '161
Mar '161
Apr '160
May '160
Jun '160
Jul '160
Aug '160
Sep '160
Oct '160
Nov '160
Dec '160
Jan '170
Feb '170
Mar '171
Apr '170
May '170
Jun '170
Jul '170
Aug '171
Sep '170
Oct '170
Nov '171
Dec '170
Jan '181
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '181
Jan '190
Feb '192
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '191
Oct '190
Nov '190
Dec '190
Jan '202
Feb '200
Mar '201
Apr '200
May '201
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '213
Mar '210
Apr '212
May '210
Jun '210
Jul '210
Aug '210
Sep '211
Oct '210
Nov '210
Dec '211
Jan '220
Feb '221
Mar '221
Apr '220
May '221
Jun '220
Jul '222
Aug '220
Sep '221
Oct '220
Nov '220
Dec '221
Jan '230
Feb '230
Mar '230
Apr '231
May '231
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '232
Dec '230
Jan '240
Feb '241
Mar '240
Apr '241
May '241
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '241
Dec '241
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '251
Nov '250
Dec '252
Jan '260
Feb '261
Mar '260
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '261
Oct '260

Sector Breakdown

MaRS IAF: Health & Life Sciences is the largest displayed sector by deal count (17 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

MaRS IAF: Health & Life Sciences is the largest displayed sector by deal count (17 deals). All available history
SectorDeals
Health & Life Sciences17
AI & Machine Learning14
Enterprise Software12
E-Commerce & Retail10
Marketing & Advertising8
Networks, Cloud & Communication7
Hardware & Robotics7
Fintech6
Data, Analytics & IT5
Space & Frontier Tech5
Professional Services5
Clean Energy & Sustainability4
Developer Tools4
Real Estate & Construction3
Food & Agriculture3
Education & Workforce2
Cybersecurity & Privacy2
Transportation & Logistics2
Consumer & Lifestyle2
Manufacturing2
Social & Community Platforms2
Media & Entertainment1

Deal Size Distribution

MaRS IAF: 47 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

MaRS IAF: 47 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M39
$5M-$10M4
$10M-$25M4
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

MaRS IAF: Canada has the largest recorded deal count among the displayed regions (43 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

MaRS IAF: Canada has the largest recorded deal count among the displayed regions (43 deals). All available history
RegionDeals
Canada43
United States2
Australia1
Cayman Islands1
MaRS IAF: 20 co-investors are shown, with BDC Capital sharing 11 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

MaRS IAF: 20 co-investors are shown, with BDC Capital sharing 11 recorded deals. All available history
Co-investorShared deals
BDC Capital11
StandUp Ventures7
Garage Capital6
Graphite Ventures6
Panache Ventures4
Inovia Capital3
Maple Leaf Angels3
Ripple Ventures3
Velocity Fund3
BDC2
Brightspark Ventures2
Conexus Venture Capital2
Export Development Canada2
Extreme Venture Partners2
Freycinet Investments2
Innovation Grade Ventures2
Inveready2
Laurier Startup Fund2
Lumira Ventures2
Ryerson Futures2

Investment Strategy

MaRS IAF: Led accounts for 26% and participating for 74% of round participation.All available history.
MaRS IAF: Led accounts for 26% and participating for 74% of round participation. All available history
CategoryDeals (count)Share (%)
Led1226%
Participating3574%
MaRS IAF: Single-lead accounts for 58% and co-led for 42% of lead dynamics.All available history.
MaRS IAF: Single-lead accounts for 58% and co-led for 42% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead758%
Co-led542%

Team

Barry Gekiere

Managing Director

Emil Savov

Managing Director

William Ma

Director, Investments

Zeeshan Ali

Snr Director, Investments