Thrive Venture Fund

Insider Tip

The Thrive Venture Fund is the successor to the WIT Fund, which had 8 successful exits from 38 investments. BDC Capital is a patient, founder-friendly investor by VC standards — a Crown corporation mandate means they accept longer timelines than private VCs. The best path in is through ecosystem events: Elevate Women+ Pitch Competition, Startupfest Women in Tech award, and the 25 Thrive Lab co-investment partners. If you're pre-seed or very early, target the $100M Thrive Lab instead of the Venture Fund. Critical: this is equity, not a grant — combine it with non-dilutive programs (SR&ED, IRAP, provincial grants) first to minimize dilution before seeking VC.

Rejection Pitfalls 10

• Company is not 'women-led' per BDC's definition (no woman founder/co-founder/executive in role 1+ year)
• Not a technology company or technology-enabled business
• Pre-revenue with no demonstrable traction or product-market fit (for Venture Fund — Thrive Lab may be appropriate instead)

Success Profile

Canadian-incorporated technology company with a woman founder, co-founder, or C-suite executive who has been in the role for 1+ year. Revenue between $500K and $30M (based on WIT Fund criteria). Strong product-market fit or early traction. Scalable technology with potential for venture-scale returns. Sector-agnostic but tech-enabled. Typically 2-5 years old, past MVP stage. Connected to the Canadian VC ecosystem through accelerators, pitch competitions, or ecosystem partners.

Evaluation Criteria

BDC Capital assesses: women-led qualification (woman founder/co-founder/C-suite executive in role 1+ year); technology-enabled business with scalable IP; market size sufficient for venture-scale returns; team domain expertise and execution track record; traction (revenue, users, key customers, growth rate); competitive differentiation; clear path to exit within fund timeline (7–10 years).

Application Steps

Required Documents 10

Eligible Expenses 6

• Growth capital for technology development and product scaling
• Sales and marketing expansion
• Team hiring and talent acquisition
• International market entry
• Infrastructure and platform scaling
• Working capital for high-growth operations

Ineligible Expenses 5

• Debt repayment or refinancing using VC proceeds
• Founder personal compensation above market rate without board approval
• Non-technology services businesses without scalable IP
• Real estate or asset-heavy business models
• Businesses not incorporated in Canada

Intake Periods

No fixed intake windows. Rolling basis year-round. The $300M Thrive Venture Fund (2022 vintage) is actively deploying capital.

Deadline Notes

This is a venture capital fund, not a grant program with intake windows. Companies can approach BDC Capital at any time. However, VC funds have finite capital — the $300M Thrive Venture Fund (2022 vintage) will eventually be fully deployed. As of late 2025, 17 of an estimated 30-50 target investments have been made, suggesting the fund is roughly mid-deployment. Companies should not delay under the assumption the fund will exist indefinitely.

Open Application Portal →

Ineligible Organizations

• Companies not incorporated in Canada
• Companies without a woman founder, co-founder, or C-suite executive in role for at least 1 year
• Non-technology or non-technology-enabled businesses
• Pre-revenue companies with no demonstrable product-market fit (better suited for Thrive Lab)
• Post-Series B companies (generally too late-stage for the fund)
• Businesses in markets too small for venture-scale returns
• Founders unwilling to accept equity dilution or board governance

Compatible Programs

Clawback Risk

Not-applicable Risk

Not applicable — equity investment, not a grant or loan. No clawback mechanism. Founders retain obligations under the shareholder agreement (information rights, governance rights, anti-dilution provisions).