January 30, 2026 As global venture capital tightens and international accelerators pull back from Canada, the MaRS Investment Accelerator Fund (IAF) announced this week that it has completed its 200th investment. Since launching in 2008, the fund has deployed more than $100 million into Ontario-based startups, with a focus on pre-seed and seed-stage companies.
The 200th investment went to Fertility Billing Solutions, a Toronto-based healthtech company building software to simplify billing, claims submission and payment tracking for fertility clinics. The company targets administrative inefficiencies that often slow care delivery and create errors for both clinics and patients.
IAF’s milestone comes amid a challenging fundraising environment for Canadian startups, particularly after Y Combinator confirmed it would no longer actively operate programs in Canada. Despite those headwinds, IAF reported deploying more than $9.6 million across 24 investments in 2025 alone. The fund now counts 89 active portfolio companies spanning sectors such as artificial intelligence, digital health, climate technology, fintech and deep tech.
Toronto, Kitchener-Waterloo and Ottawa continue to account for a significant share of new deals.
“Supporting 200 ventures across Ontario is not just a milestone for IAF, it’s a reflection of the ambition, resilience and ingenuity of Canadian founders,” said Grace Lee Reynolds, CEO of MaRS. “As global markets fluctuate and risk tolerance tightens, IAF continues to champion emerging innovators who are building globally competitive companies from day one.”
Recent investments highlight where the fund is placing its bets. Portfolio companies include Azoma, which focuses on AI-driven product discovery, and MedReddie, which applies AI to hospital procurement workflows. Other recent additions span voice-enabled clinical documentation, robotics, circular commerce and consumer fintech.
IAF says its mandate remains centered on filling a critical gap at the earliest stages of company formation, where access to institutional capital is often most limited. Backed by the Government of Ontario, the fund makes seed-stage investments in both software and hardware startups across the province.
In 2026, IAF plans to maintain its focus on early-stage investing while placing more emphasis on helping founders bridge the gap to Series A financing and later-stage growth capital. The aim is to ensure that promising Canadian startups can scale domestically rather than seeking early exits or relocation.
