Varun Malhotra

Canada just dropped $25M into a single gap in the venture pipeline. CIBC and Women in VC announced a $25M fund targeting female-led SaaS companies. The data is simple: → Women-led startups get <3% of global VC funding → Yet they consistently show higher capital efficiency and stronger early retention → And still, they receive less than 3% of global venture funding → Most never raise again because they weren’t funded properly to begin with This fund is one of the first signals that Canada’s capital markets are starting to price talent with discipline. Because this isn’t about “supporting women.” It’s about investing in founders who are already outperforming, even when under-resourced. The bigger signal? → Founder profile ≠ founder potential → Capital is starting to chase performance, not pitch polish → SaaS isn’t just a sector - it’s systems. And women are building better ones. I’ve seen it first-hand: when capital sharpens, better companies emerge and cleaner GTM systems get built. Some of the best I’ve seen are led by founders the market still underestimates. It shows the ecosystem is stronger when capital chases performance over pattern. #femtech #womeninvc #womenintech #saas #femtech #womeninvc #womenintech #saas

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Entrepreneurs thrive on speed. But SR&ED slows them down. Canada doesn’t lack ambition or talent. We lack a system that actually helps. The fix isn’t more funding. It’s a smarter process. If we redesign SR&ED to be simple, direct, and focused on entrepreneurs, Canada can unlock the next generation of world-class companies. That means: 1️⃣ Making applications simple and accessible. 2️⃣ Keeping IP here at home. 3️⃣ Supporting the messy middle where ideas turn into businesses. Canada has the talent. We have the dollars. What we need now is the infrastructure to connect them—and Build Canada is about doing just that. Read the full memo here 👇 https://lnkd.in/eF-xR4Tv

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🚨 NEW POD ALERT 🚨 On the latest episode of the #humanunicornpod, I sit down with Amar Varma — co-founder of Mantle ($10m raised), Autonomic (acquired by Ford for <$400m), Xtreme Labs (acquired by Pivotal), longtime builder of Toronto’s tech ecosystem-- and maybe most importantly, amazing father of 4. From pioneering mobile app development before the iPhone App Store existed, to scaling two of Canada’s most successful exits, Amar shares what it really takes to build durable companies outside Silicon Valley. We dive into his founder journey, lessons learned from working with global tech giants, and his vision for the next wave of Canadian unicorns including the one he's building now- Mantle. 🇨🇦🦄

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One of the biggest mistakes Canadian founders make? Limiting their fundraising to Canadian based VC firms. US funds are actively hunting for Canadian deals. Lower valuations. Same quality founders. Government incentives that boost returns. When you bring on a US lead, everything changes: • Your round closes 3x faster (everyone follows the Silicon Valley signal) • You get 2-4x the valuation (US funds price differently) • Other investors suddenly return your emails Here are some US funds who love Canadian deals: 1. Pamir Ventures (my new fund) (pamir.vc) 2. Precursor Ventures (precursorvc.com) 3. Array Ventures (array.vc) 4. NFX (nfx.com) 5. Pear VC (pear.vc) 6. Wing Venture Capital (wing.vc) 7. 2048 Ventures (2048.vc) 8. Fusion Fund (fusionfund.com) 9. Builders VC (builders.vc) 10. Bee Partners (beepartners.vc) 11. DCVC (dcvc.com) 12. Radical Ventures (radical.vc) 13. Drive Capital (drivecapital.com) 14. Index Ventures (indexventures.com) 15. Lightspeed Venture Partners (lsvp.com) Each has backed multiple Canadian success stories. They fly to Toronto. They understand the market. They write checks. The biggest mistake? Thinking geography limits your options. Build in Canada. Raise from Silicon Valley. Your competition already is. Anyone I missed on my list? #CanadianStartups #VentureCapital #Fundraising #Toronto #Vancouver #startups

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Otto is Framework Venture Partners AI powered data collection, scoring and matching service. Otto’s data corroborated Leaders Fund work. Startups in the software space in Canada peaked in 2018 at just under an estimated 20,000. As of the beginning of 2025 Otto estimates that number is below 10,000. While there is a rebound from the nadir, it is clear Canadian startups have had nearly a decade of decline. https://lnkd.in/g39A2Fqw

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REGULATION BOTTLENECKS ARE KILLING CANADA'S INNOVATION We talk endlessly about funding, talent, and R&D, but the real choke point isn’t capital. IT'S REGULATION! It’s the silent tax on ambition. The slow bleed of opportunity. Every week of delay costs us innovation, exports, and credibility. We’ve built a system that moves slower than the science it governs. - PMRA reviews can take years. - Novel food approvals drag on. - Interprovincial trade barriers make it easier to sell abroad than at home. We are funding companies to wait out the regulatory clock. An incredible waste of assets that could be going into new ideas and new innovations We are losing ground, not because we lack ideas, but because our systems can’t keep up. Here’s the opportunity: Canada can lead the world in agile, trusted, evidence-based regulation, the kind that protects people and accelerates innovation in agriculture, biotech, and climate tech. We don’t need less regulation. We need regulation that leads, continuously learns and takes on weighted risk alongside our innovators. I’m calling on entrepreneurs, policymakers, investors, and innovators. I’m compiling a national record of what’s working - and particularly what isn’t. If you’ve experienced: - Delays or duplications in PMRA, CFIA, or environmental approvals - Interprovincial trade barriers or inspection bottlenecks - Lost deals or stalled projects because of regulatory uncertainty ** Share your story** Comment, DM, or tag colleagues and organizations who have lived this reality. This is not another report, this is a call to action and I will be asking my friends and colleagues to amplify This continues the work I began with Canada’s Economic Strategy Tables more than 8 years ago promising agile regulatory environment. We built the case for growth in our Agrifood system. Now we need the courage for reform. Let’s align those ready to lead change, including: Council of Canadian Innovators | Conseil canadien des innovateurs (CCI) Business Council of Alberta Canadian Chamber of Commerce Creative Destruction Lab Canadian Agri-Food Policy Institute (CAPI) Agriculture and Agri-Food Canada/ Agriculture et Agroalimentaire Canada Help map Canada’s real regulatory roadblocks. I’m collecting: - Case studies and examples of approval delays - Stories of lost deals or stalled projects - Practical ideas for reform ➡️ Comment or DM me your experience. ➡️ Tag colleagues and orgs who’ve lived this.

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