Thrive Venture Fund
Eligibility & Details
What this program funds and who can apply
Program Description
BDC Capital's Thrive Venture Fund is a $300M venture capital fund taking equity stakes in women-led Canadian technology companies at seed through Series B stages — this is dilutive financing where founders give up ownership in exchange for $500,000 to $5,000,000 per investment. A company qualifies as "women-led" if a woman founder, co-founder, or C-suite executive has been driving the business for at least one year. The fund is sector-agnostic within technology.
Eligibility Requirements
- Must be a Canadian technology company (incorporated in Canada)
- Must be women-led: a woman founder, co-founder, or C-suite executive must have been driving the business for at least one year
- Equity financing — company gives up ownership stake ($500,000–$5,000,000 per investment); not a grant
- Seed through Series B stage with high growth potential
- Must be in a technology sector (software, hardware, biotech, cleantech, fintech, etc.)
Quick Assessment
Funding Details
- Amount
- Varies
- Type
- Program
- Level
- Federal
- Deadline
- Ongoing
Program Scorecard
Competition, effort, and approval at a glance
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
Insider TipThe 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.
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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)
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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.
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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).
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Application Playbook
Step-by-step process, required documents, and expenses
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
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
Compatible Programs
Clawback Risk
Not-applicable RiskNot 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).
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How Thrive Venture Fund Compares
Side-by-side with similar programs
| Program | Amount | Difficulty | Payment | Deadline |
|---|---|---|---|---|
| Thrive Venture Fund | Varies | Hard | Equity | Ongoing |
| NRC IRAP Clean Technology Program | $100,000–$500,000 | Hard | Mixed (Advance + Reimb.) | Ongoing |
| CanExport SMEs | Up to $50,000 | Moderate | Mixed (Advance + Reimb.) | Annual intake window.... |
| BDC Thrive Lab for Women | $100,000–$2,000,000 | Hard | Equity | Ongoing |
| Strategic Response Fund (formerly Str... | Up to $50 million | Hard | Mixed (Advance + Reimb.) | Ongoing — continuous... |
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