The University of Toronto, McMaster University, Venture Ontario, and Genesys Capital announced the creation of a new early-stage life sciences venture capital fund. The Genesys University Seed Fund has held a first close representing over $30 million of commitments.
The fund is designed to support early-stage life sciences startups in Ontario. It will help translate university-based commercial ideas into companies focused on health challenges, patient care, and Canadian job creation.
The fund has received support from several backers, including the University of Toronto, McMaster University, the Temerty Group, Venture Ontario, and RBC. It is currently accepting additional investment from private and public-sector investors to increase the fund size up to $40 million.
Genesys University Seed Fund is intended to address a gap in early-stage life sciences capital in Ontario. The announcement noted that while Ontario has one of North America’s largest life sciences clusters, with nearly 76,000 skilled workers and more than 2,000 firms, many promising Canadian life sciences companies relocate to markets such as Boston and Silicon Valley to access capital.
The fund will be overseen and managed by Genesys Capital, one of Canada’s leading life sciences venture capital firms. Genesys has invested more than $400 million over the past 25 years and has supported biotechnology, pharmaceuticals, and medical technology startups.
The University of Toronto and McMaster University said the fund follows models used by major U.S. universities to support commercialization. As limited partners, both universities will direct returns from their investments back into research and innovation.
The fund builds on the entrepreneurial track records of both institutions. University of Toronto-affiliated startups include Deep Genomics, AmacaThera, NodeAI, Profound Medical, Biossil, Kapoose Creek, and AtomVie, while McMaster has supported companies such as Fusion Pharmaceuticals, which AstraZeneca acquired in 2024 for $2 billion.
The University of Toronto has created more than 1,500 venture-backed startups over the past five years, which have raised over $14 billion and created more than 20,000 jobs. McMaster has supported nearly 400 startups and continues to work closely with hospital partners to accelerate the path from discovery to commercial impact.
KEY QUOTES:
“If Canada is going to meet the moment in driving greater innovation, it is vital that Canadian discoveries don’t stall at the lab door. Canada has no shortage of ideas or talent; what we lack is the capital to scale them. That’s why the University of Toronto is proud to work with Genesys Capital on the creation of this exciting new catalyst for life sciences startups, which will enable promising research to grow into companies that improve care, create jobs and attract investment here at home.”
Melanie A. Woodin, President of the University of Toronto
“It’s a pivotal time for universities to contribute to Canada’s prosperity. With a strong foundation in bench-to-bedside research and deep collaborations across institutions, we are well positioned to translate discoveries into companies that improve health care and save lives. Building on the early success of the McMaster Seed Fund, this partnership with Genesys and other investors will help scale these efforts — fuelling a thriving life sciences cluster and driving economic growth across our region.”
Susan Tighe, President of McMaster University
“Ontario is home to one of the most dynamic life sciences ecosystems in North America, and access to early-stage capital is essential to maintaining this advantage. Through Venture Ontario, our government is proud to support an initiative that will bridge the gap from breakthroughs to commercialization by bringing together leading investors and research institutions. By helping more life sciences companies start, scale and succeed in Ontario, we are unlocking the full power of our economy and safeguarding the long-term competitiveness of this critical sector.”
Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade
“Venture Ontario is proud to help anchor this early-stage life sciences fund, bridging the gap between world-class university research and the development of life sciences treatments, therapies and devices. By backing local talent with vital capital, we are driving both societal benefits and strong economic returns. This initiative signals to domestic and global investors that Ontario and Canada are premier destinations for high-impact innovation.”
Steve Romanyshyn, President and CEO of Venture Ontario
“Access to capital is the lifeblood of any healthy economy, especially in a high-tech area like the life sciences. Genesys Capital has been proud to support many cutting-edge health startups including companies coming out of U of T and McMaster. This early-stage venture fund will elevate this work to exciting new heights.”
Kelly Holman, Co-Founder and Managing Director of Genesys Capital
