Program
Federal
Active
Thrive Venture Fund
Business Development Bank of Canada
Maximum Funding
Varies
Ongoing
Difficulty
Hard
Payment
Equity
Trend
Stable
First-Timers
—
Co-Funding
Varies
Thrive Venture Fund offers funding that varies by project. 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. Applications are accepted on an ongoing basis.
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Eligibility & Details
What this program funds and who can apply
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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.)
Provinces
Industries
Business Stage
Quick Assessment
Difficulty
Hard
Competition
High
First-Timer
Not rated
Funding Details
- Amount
- Varies
- Type
- Program
- Level
- Federal
- Deadline
- Ongoing
Program Scorecard
Competition, effort, and approval at a glance
Competition
High
Deadline
Ongoing
Approval
Competitive
Accessibility
--/5
Competition
--/5
Approval Rate
--%
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
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Insider TipThe Thrive Venture Fund is the successor to the WIT Fund, which had 8 successful exits from 38 investments.
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See what trips up most applicants for this program — and how to avoid it.
Rejection Pitfalls 10
- Company is not 'women-led' per BDC's definition (no woman founder/co-founder/executive in role 1+ year)
+9 more pitfalls
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Success Profile
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Evaluation Criteria
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All 10 pitfalls, the checklist and the reviewer notes are in the Playbook below. See what it includes ↓
What's in this Playbook
Everything you need to win Thrive Venture Fund
Not a marketing summary. The actual checklist, intel, and stack strategy reviewers look for.
- 10 rejection pitfalls reviewers flag — so you catch them first
- 10-document checklist with what each reviewer is actually checking
- Your Application Game Plan — the print-ready PDF the preview below describes
- 6-step application timeline with prep hours per step
- Insider tip from program officers on what separates winners
- 5-program stacking strategy to combine with compatible funding
- Success profile + evaluation criteria — exactly what reviewers score on
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Application Playbook
Step-by-step process, required documents, and expenses
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6 steps
10 docs
Application Steps
1
Ecosystem entry or warm introduction Strongest path is through trusted ecosystem connections — accelerator graduates (DMZ, CDL, Highline Beta), pitch competition finalists (Elevate Women+ Pitch Competition, Startupfest Women in Tech), or referrals from Thrive Lab's 25 co-investment partners.
Required Documents 10
✓ Pitch deck (10-15 slides: problem, solution, market, traction, team, financials, ask)
✓ Financial statements and projections (3-5 year model)
Eligible Expenses 6
Ineligible Expenses 5
Intake Periods
Deadline Notes
Ineligible Organizations
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
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5 partners
Compatible Programs
Combined Funding Potential
See your total funding potential
Clawback Risk
Not-applicable Risk
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How Thrive Venture Fund Compares
Side-by-side with similar programs
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| 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.) | Between intakes — the... |
| BDC Thrive Lab for Women | $100,000–$2,000,000 | Hard | Equity | Ongoing |
| Strategic Response Fund (formerly Str... | Minimum $10 million contribution | Hard | Mixed (Advance + Reimb.) | Ongoing — continuous... |
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Frequently Asked Questions
Quick answers to the questions founders most often ask about Thrive Venture Fund
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Is this a grant or equity investment?
It's an equity investment: BDC takes a stake in your company in exchange for $500K–$5M. You give up ownership, not a grant. Founders must accept dilution.
What's the minimum revenue to qualify?
WIT Fund (predecessor) required $500K+ annual revenue. Thrive Venture Fund targets companies with $500K–$30M revenue. Pre-revenue companies should apply to Thrive Lab instead.
Can I apply if I'm not a founder but a woman in C-suite?
Yes, if a woman has been driving the business for 1+ year as founder, co-founder, or C-suite executive (e.g., CEO, COO, CTO). The company must be women-led per BDC's definition.
How long does the BDC Capital process take?
BDC Capital's VC process typically takes 3–6 months from initial contact to closing. They're a patient investor but have finite capital — 17 of 30–50 target investments made as of late 2025.
Can I stack this with SR&ED or IRAP?
Yes, absolutely. Thrive Venture Fund is equity; SR&ED and IRAP are non-dilutive. Most VC-backed tech companies claim SR&ED and apply for IRAP to reduce dilution.
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Full Playbook: Thrive Venture Fund
6 steps · 10 docs · reviewer insights