MaRS IAF
Fund · Toronto and Waterloo · marsiaf.com
The MaRS Investment Accelerator Fund backs Ontario tech founders from first cheque through seed, from offices in Toronto, Waterloo and Ottawa.
Launched in 2008, the MaRS Investment Accelerator Fund (MaRS IAF) is an early-stage venture capital fund that invests across sectors in Ontario technology companies. It is an evergreen fund, part of MaRS and backed by the Government of Ontario. MaRS says the fund made its 200th investment in January 2026, with more than $100 million deployed since 2008.
Alongside capital, it gives founders guidance, networks and customer access. William Ma is its managing director. The IAF team makes investment decisions, and an investment committee of leaders from other funds, including BDC and OMERS Ventures, approves them.
Founders apply through the Pitch Us form on its site. Its Waterloo office is in the Accelerator Centre at 295 Hagey Boulevard.
What it invests in
Early-stage technology companies, from first cheques through seed
Average cheque size of C$500K
First cheques from C$50K through its Sparks program
Any sector: software, hardware and emerging technologies
A portfolio across enterprise software, healthtech, cleantech and deeptech
Companies rooted in Ontario, with a strong local presence
Location
295 Hagey Boulevard, Waterloo, ON N2L 6R5
Links
Waterloo Region startups backed by MaRS IAF (17)


Smile.io
smile.ioSmile powers the world's largest network of loyalty programs, giving you the benchmarks, data, and tools you need to outperform your industry. Tailored for your brand, Shopify Plus Certified, and built to scale.

MedReddie
medreddie.comMedReddie helps healthcare organisations make faster, evidence-based procurement decisions with AI-generated due diligence questions, supplier discovery, and compliance-ready evaluations—all in one secure platform.

nfinitenano.com
nfinitenano.comNfinite delivers ultra–high barrier, fully recyclable paper packaging that replaces multilayer plastics. Lower carbon footprint, curbside recyclable worldwide.


LabsCubed
labscubed.comAutomated, ISO- and ASTM-compliant tensile testing for polymer and rubber labs — repeatable results that free your team from repetitive testing.

Voltera Inc.
voltera.ioVoltera makes rapid prototyping platforms for additive electronics, from traditional PCBs to flexible, stretchable, and biocompatible electronics of tomorrow.
Intellijoint Surgical
intellijointsurgical.comWe develop and commercialize surgical navigation solutions for total joint replacements.

Nicoya Lifesciences Inc.
nicoyalife.comFastHDX pushes protein dynamics research farther, helping scientists understand dynamic structural biology right as it happens. That means no more development blind spots, missed candidates, or undruggable proteins. FastHDX seamlessly integrates with your existing HDX-MS workflows to provide…


Vena Medical
venamed.caVena Medical is providing physicians with the world's smallest camera capable of going inside veins and arteries
RunQL
runql.comRunQL is a free, open-source SQL IDE or extension for VS Code. Run queries, auto-document schemas, generate ERDs and charts, and save everything as Git-ready files.


Cavelo
cavelo.comCavelo helps MSPs manage cyber risk, reduce tool sprawl, and grow revenue with a unified platform that combines DSPM, data exposure management, and attack surface visibility.


Dejero
dejero.comWhy choose one when you can have all available connections?!

Modular Productivity Tool for Creative Pros | Monogram Creative Console
monogramcc.comCreative Console is the only controller powerful and versatile enough to increase productivity and creativity for photographers, artists, editors, music producers, and any digital creatives.

Axonify
axonify.comAxonify is the AI-powered Frontline Enablement Platform that closes the costly gap between learning and execution - unifying microlearning, execution tools, and insights to drive measurable business results.


Aterlo Networks
aterlo.comAterlo Networks creates unique products that help Internet Service Providers (ISPs) deliver the best experience to subscribers.


Agilicus
agilicus.comZero-Trust for Critical Infrastructure and Industrial Control Systems. Give any user, on any device, secure access to any resource they need—without a client or VPN.
Pegasus Aeronautics
pegasusaero.caPegasus designs the most advanced hybrid and gas-electric power units in the industry. Cutting edge power systems, diagnostics, and engine control are at the heart of every Pegasus engine.

Bridgit
gobridgit.comBridgit is a leading provider of construction resource management software, helping construction teams optimize workforce planning and project delivery.
From the fund's own portfolio page and public announcements of its rounds. Only Waterloo Region companies in the directory are shown.
More funds
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Velocity Fund
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StandUp Ventures
standupvc.comA Toronto venture firm that backs women-led tech companies at the seed stage, across Canada and the US.
Round13 Capital
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Ripple Ventures
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Real Ventures
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