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Government of Ontario Launches a $15 Million Life Sciences Innovation Fund

Published on
November 3, 2022

Today, the Honourable Vic Fedeli, Minister of Economic Development, Job Creation and Trade launched a $15 million Life Sciences Innovation Fund(LSFI) to support life sciences entrepreneurs develop innovative and capital-intensive ideas and investments from a conceptual stage through to commercialization. This is a new and early stage funding program as part of the province’s Life Sciences Strategy, Taking Life Sciences to the Next Level, which was introduced earlier this year.

The program will be delivered by the Ontario Centre of Innovation (OCI) to continue building on the province’s thriving research ecosystem, including strengthening its competitiveness in key areas such as cancer treatment, regenerative medicine, neuroscience, and medical technologies.

The LSFI will support early-stage companies in life sciences and healthcare technologies sectors with a focus on human health, targeting investments into Ontario or Canadian private companies, and not-for-profits that realize revenue, headquartered in Ontario raising pre-seed or seed investments.

Companies will be eligible to receive up to $500,000 to scale up their made-in-Ontario health solutions both at home and in global markets. Eligible companies must have:

  • Been incorporated for no more than five years (Ontario or Canadian for-profit incorporation) and have principal operations in Ontario.
  • Raised less than $3 million in third-party capital.
  • Support early-stage companies raising pre-seed and seed investments (total round sizes range from $1 million to $5 million).
  • Propel Ontario- generated IP, talent, and expertise into new emerging areas of life sciences that offer significant growth opportunities.

Companies interested in understanding more about this opportunity are encouraged to submit an interest form to the program and reach out to an OCI investment lead.  Additional information about eligibility and investment criteria can be found here.

Ontario is the largest life sciences jurisdiction in Canada generating 59 per cent of Canada’s overall life sciences revenue and employing 54 per cent of industry personnel. As the government continues with its plan to build Ontario and promote made-in-Ontario technologies, this new program will allow companies, innovators, and entrepreneurs to have access to the support they need to grow and advance next-generation health technologies.  

Happy to help.

Please feel free to reach out to our team with any questions about this funding program and what it may mean for you.

Sadaf Abbasi, Director, Ontario Government Relations


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