Staircase Ventures, an early-stage venture capital firm headquartered in Toronto, has closed its second fund at $50 million CAD, surpassing its original target of $40 million.
The new fund will support pre-seed and seed-stage investments in Canadian technology startups. Limited partners include returning investors such as Royal Bank of Canada and Northleaf Capital Partners, alongside new institutional backers including BDC Capital, the University of Alberta’s endowment fund, and British Columbia’s InBC Investment Corp.
What The Company Does
Founded by venture investor Janet Bannister in 2023, Staircase Ventures focuses on leading early-stage funding rounds for Canadian technology companies showing early signs of product–market fit.
The firm typically invests in business-to-business software startups and provides capital alongside operational guidance during the early stages of company development.
Fund II will continue the strategy used in Staircase’s first fund, writing initial checks ranging from approximately $1 million to $2.5 million. The firm plans to invest in around 12 startups through the new fund, while reserving roughly 40 percent of capital for follow-on investments in portfolio companies.
Beyond funding, Staircase operates a structured founder development platform designed to support entrepreneurs across both business and personal challenges associated with building startups.
Advertisement
Market Context / Industry Background
Raising venture capital funds has become more challenging in Canada in recent years as global venture investment slowed and valuations across the technology sector declined.
According to recent industry reports, 2025 represented one of the weakest years for Canadian venture capital fundraising in nearly a decade. Many investors have taken a more cautious approach as technology markets adjust to changing macroeconomic conditions and rapid developments in artificial intelligence.
Despite this environment, early-stage venture funds continue to play a critical role in supporting the creation of new technology companies. These funds often focus on identifying promising startups at an early stage and helping founders build operational capabilities before larger institutional investors enter later funding rounds.
The emergence of AI-driven software platforms has also reshaped the types of startups receiving early-stage investment, with many venture firms prioritizing companies that incorporate artificial intelligence into their products or operations.
Founder / Investor Commentary
Staircase Ventures founder and managing partner Janet Bannister said the firm’s ability to raise an oversubscribed second fund was driven by the early performance of its first investment vehicle.
“Our ability to raise an oversubscribed Fund II in a tough environment was due to the early success of Fund I and our unique approach,” Bannister said.
She noted that Staircase plans to continue applying the same investment strategy developed during its first fund.
Bannister also highlighted the growing role of artificial intelligence across the firm’s portfolio companies.
“About half of our portfolio companies have large language models at their core and the other half are leveraging AI to deliver a better product for their customers,” she said.
Before launching Staircase Ventures, Bannister spent more than a decade investing in early-stage technology startups. She previously worked as a managing partner at Montréal-based venture firm Real Ventures and earlier held roles at eBay, where she was an early employee.
Bannister also founded the online classifieds platform Kijiji during her career in the technology sector.
Growth Plans / Use Of Funds
With Fund II, Staircase Ventures plans to continue investing in early-stage Canadian technology startups while expanding its internal team.
The firm recently appointed Andrew Tiffin as operating partner. Tiffin previously held product operations and go-to-market leadership roles at companies including Uber, Clutch, and Shopify. His appointment brings Staircase’s core team to three members alongside Bannister and executive assistant Jy Rivera.
The firm has already made its first investment from Fund II in Toronto-based health technology startup MedEssist, which develops software designed to help independent pharmacies modernize operational workflows.
Staircase’s first fund invested in 12 companies, including regulatory intelligence startup Ultimarii, Toronto-based proptech platform Mave, and textile supply chain software provider Tengiva.
According to Bannister, five of those portfolio companies have since raised follow-on funding rounds at higher valuations. Based on preliminary data from Carta, the fund has generated a net annual internal rate of return of more than 50 percent on paper.
About Staircase Ventures
Staircase Ventures is an early-stage venture capital firm based in Toronto. Founded in 2023 by Janet Bannister, the firm focuses on pre-seed and seed investments in Canadian technology startups, particularly in business-to-business software. In addition to capital, Staircase provides operational support and founder development programs aimed at helping entrepreneurs build and scale companies during the earliest stages of growth.
