The Canadian Venture Capital and Private Equity Association (CVCA) is pleased to announce the launch of the nomination process for the third digital publication of The 50: A Guide to the Canadian Venture Capital Ecosystem.

The50 min V2

The 50, a collaboration between the CVCA and the Trade Commissioner Service (TCS), is an annual online guide to the Canadian venture capital (VC) ecosystem, and features 50 of Canada’s VC firms. The goal of The 50 is to showcase members of the CVCA to foreign Limited Partners (LPs) and General Partners (GPs) and to spotlight Canada’s VC landscape on the global stage. 

This annual strategic guide aims to expand the global network of Canadian VC funds, build investment interest in Canada, and amplify the investment opportunities of exceptional Canadian VC firms, specifically focusing on VC firms engaged in international fundraising. Since the publication is released annually, the spotlighted firms are updated each year.


The 50 is not a rankingof the top 50 firms in Canada, but rather a guide to the Canadian venture capital ecosystem — an immersive journey into the heart of Canada’s thriving entrepreneurial landscape. Featured funds will span a range of sectors and​verticals, investment stages, and will include both established VC firms, CVCs and first-time and emerging funds and managers.

Leveraging the international network of Canadian Trade Commissioners abroad, the publication of The 50 is circulated to foreign LPs and GPs in regions such as Asia, Europe, the US and the Middle East. Trade Commissioners use The 50as a calling card — to promote the Canadian ecosystem and to connect interested investors to those who are profiled.

If you would like your firm to be featured in The 50, please complete and submit the online application form by Friday, September 29, 2023.

The CVCA has established a Nomination Committee (“the Committee”) to review the applicants and oversee the selection process. Further details about the selection process are below. 

Please note that applicants must be current CVCA members in good standing to apply. 

If you have any questions on The 50, please contact Monica Ambelez, International Liaison Officer, at the50@​cvca.​ca.

The 50: A Guide to the Canadian VC Ecosystem Selection process

The Nomination Committee:

  • Benoit Leroux, Investissement Québec 
  • Brenda Hogan, Ontario Capital Growth Corporation (OCGC)
  • Cedrik Paquin-Henri, MAVRIK Corporation
  • Jacques Bernier, Teralys Capital Inc. 
  • Lauren Harris, Northleaf Capital Partners 
  • Leah Nguyen, InBC Investment Corporation
  • Paul Godman, Alberta Enterprise Corporation 
  • Senia Rapisarda, HarbourVest Partners (Canada) Ltd. 
  • Victor Scutaru, BDC Capital

The Judgement Criteria:

The Nomination Committee is tasked to review the applicants and oversee the selection process. The Committee will make final decisions based on achieving the overall list objectives plus individual firm qualitative and quantitative considerations. 

To ensure a broad and balanced view of the Canadian venture capital ecosystem, the Committee must ensure that the overall list of VCs in The 50 addresses the following: 

  • Covers a range of sectors/​verticals and investment in companies at various stages (seed, early, growth) 
  • Includes established VC firms (i.e. Fund IV and higher), first time or emerging VCs (i.e. up to Fund III) and Corporate VC firms, as applicable. 
  • Gives consideration to those VCs that focus on diversity, equality, and inclusion 

The selection criteria for individual firms will be based on qualitative and quantitative considerations including, but not limited to: 

  • Key performance metrics (net IRR, TVPI, DPI, etc.) 
  • Level of investment activity over the past 36 months ($ invested, # of new portfolio companies) 
  • Uniqueness of investment strategy 
  • Notable investments and exits 
  • Management team and company history 
  • International focus/​presence
  • Number of funds under management 

If necessary, the Committee may follow up with applicants for additional information beyond their online submission.