Graphite Ventures

Graphite Ventures is Canada's dedicated seed-stage venture capital firm, headquartered in Toronto with offices in Montreal, Ottawa, Waterloo, and Calgary. Originally founded in 2008 as MaRS Investment Accelerator Fund (IAF) in partnership with MaRS Discovery District and the Province of Ontario, the firm rebranded to Graphite Ventures in 2021 and today manages $500 million in assets under management. The team of eight is led by three General Partners — Aaron Bast in Waterloo, Lance Laking in Ottawa, and Craig Leonard in Toronto — with Omi Velasco serving as Principal in Calgary. Graphite deploys initial cheques of $500K to $1.5 million, with follow-on investments of $1 million to $3 million, concentrating on Seed and Series A rounds. The firm has backed 141 portfolio companies across Canada and leads rounds. Its most recent fund, Fund IV, is a $110 million vehicle closed in 2024. Notable portfolio companies include ACTO (life sciences), ODAIA (AI for pharma), Bridgit, Cavelo, IntelliJoint, InsideDesk, and BaseTWO, spanning SaaS, fintech, proptech, digital health, and hardware — many leveraging AI and machine learning. ProNavigator was exited in October 2025, adding to 44 cumulative liquidity events across the portfolio. Graphite focuses on capital-efficient B2B companies and applies a disciplined due-diligence process that includes direct conversations with existing customers before committing. The firm is backed by LPs including Alberta Enterprise Corporation and brings hands-on operational guidance to help founders build companies that scale without unnecessary burn. The most recent investment, TimeSmart.AI, was completed in April 2026.