Startup Investors in Canada and the US: Where Founders Should Look

Most founders start their raise by searching for a list of startup investors. The trouble is that a list of names doesn't tell you which investors take applications, what size of cheque they write, or whether they'll look at a company in your city or country at all.

That's why ShoutEx built city-by-city guides to startup investors in Canada and the US. They cover angel networks, seed funds, accelerators and public programs in 10 Canadian cities and 25 US metro areas, with what each organization publishes about itself and how to apply. This post explains how to use them, and what changes depending on which side of the border you're raising on.

Know which kind of investor you're approaching

Before you pick a city, be clear about what kind of money you're asking for. The three main types work very differently:

• Angel networks: groups of accredited investors who hear pitches together, but each member decides alone whether to invest. Expect several smaller cheques, not one.
• Seed funds: one pool of money and one decision. Some will lead your round and set the terms.
• Accelerators and programs: support and mentoring, sometimes with a set investment on standard terms. Public programs often add conditions, such as staying in a province or state.

Matching your stage to the right type saves more time than any list. A pre-revenue team with a prototype is a fit for angels or a residency program, not a fund that only leads seed rounds.

Raising from Canadian investors

Canada's early-stage market is smaller and tighter than the US one, which makes targeting matter more. According to the CVCA's H1 2026 market overview, Canadian startups raised $2.69 billion across 250 venture deals in the first half of 2026, but seed financing fell 31% in dollars year over year.

Angel money is under pressure too. NACO's 2026 report on angel investing found that Canadian angel groups invested nearly $114 million across 490 deals in 2025, with an average deal of about $232,000, the lowest in five years. In practice, Canadian founders should:

• Start local: most angel networks focus on their own city or region. NACO is the national association for those groups, not an investor itself.
• Use the national funds: a few seed funds take applications from anywhere in Canada, such as BDC Capital's Seed Venture Fund, which leads seed rounds, and Panache Ventures at pre-seed.
• Plan for cross-border capital later: in the same CVCA data, foreign investors took part in 56% of later-stage rounds, and 44% involved a US investor.

The guide to startup investors in Canada covers the national funds and links to city guides for Toronto, Vancouver, Montreal, Waterloo Region, Ottawa, Calgary, Edmonton, Halifax, Winnipeg and Quebec City. If you're still choosing where to build, our Canadian startup ecosystem guide compares the main hubs.

Raising from US investors

The US market is far deeper, but most US angel groups still invest close to home. The useful distinction is between investors that fund only their own region and those that take applications nationally:

• National accelerators: Y Combinator and Techstars publish standard investment terms and take applications from across the country. Y Combinator also invests in Canadian corporations.
• City-based investors with national reach: some say they look beyond their home city. New York Angels invests across the US and in Canada, and Seattle's Alliance of Angels looks across the US and Canada.
• State programs: these fund only in-state companies, and some ask you to stay for a set period.

Check the rules early. Several US investors require a C-corporation, and many private offering exemptions limit who can invest to accredited investors. The SEC's definition covers individuals with a net worth over $1 million, excluding their home, or income over $200,000 ($300,000 with a spouse or partner) in each of the last two years.

The guide to startup investors in the US lists the accelerators and funds that take national applications, and links to guides for 25 metro areas, from the Bay Area and New York to Austin, Atlanta and Nashville.

If you're a Canadian founder pitching US investors

Many Canadian startups end up with US investors, especially in later rounds. Three things are worth sorting out before the first call:

• Structure: some US investors will invest in a Canadian corporation and others want a US parent company. Ask early, and get cross-border legal and tax advice before you change anything.
• Targeting: start with US investors that say they invest in Canada, rather than every fund in the Bay Area.
• Proof: US investors will compare you with US companies at the same stage, so lead with traction and a clear plan for selling to US customers.

A short list of investors who actually fund your stage, sector and country beats a long spreadsheet of names every time.

How to work through the list

1. Pick the investor type that fits your stage.
2. Open the guide for your country, then your city.
3. Read each organization's published criteria and keep only the ones you meet.
4. Look for a warm introduction before you apply cold.
5. Have your deck and data room ready before the first conversation.

For the deck itself, see the 10 slides your pitch deck needs. If angels are your first target, our guide to finding angel investors covers how to approach them.

Frequently asked questions

Where can I find a list of startup investors in Canada?

ShoutEx's investor guides cover angel networks, seed funds and programs in 10 Canadian cities, with what each one publishes about its stage, cheque size and application process. Terms change, so confirm the details on each organization's own site before you apply.

Can a Canadian startup raise from US investors?

Yes. Some US angel groups and accelerators invest in Canadian corporations, and US investors took part in 44% of Canada's later-stage rounds in the first half of 2026, according to the CVCA. Others require a US company, so check before you pitch.

Do angel networks invest as a group?

Usually not. The network screens companies and runs the pitch meetings, and each member decides alone whether to invest.

Does meeting an investor's criteria mean they will invest?

No. It means you can apply. Each investor makes its own decision based on the team, the traction and the fit with its portfolio.

Related resources

Canadian Venture Capital and Private Equity Association. (2026). H1 2026 Venture Capital and Private Equity Market Overview.

Riehl, A. (2026, May 21). Canadian angel investment falls to five-year low, but women investors gain ground. BetaKit.

U.S. Securities and Exchange Commission. (2026, April 24). Accredited Investors.

Knowing who to pitch is half the work. The other half is a story investors believe: a clear market, positioning that stands out, and traction that proves it. If you're getting ready to raise, ShoutEx helps B2B SaaS founders build the go-to-market plan behind the pitch.