Two Small Fish Ventures

What Two Small Fish Ventures does

Two Small Fish Ventures is a Toronto-based, early-stage deep technology venture capital firm founded in 2017 by Eva Lau and Allen Lau, the co-founders of Wattpad (acquired by Naver for approximately $600M). The firm manages venture capital funds—most recently Fund III at $41 million CAD (~$30M USD), closed in June 2024—with a thesis-driven mandate covering five interconnected areas of next-generation computing: vertical AI platforms, physical AI, AI infrastructure, advanced computing hardware, and smart energy. Investments are targeted at the seed and seed-plus stages of primarily Canadian startups, with selected U.S. exposure through a New York office.

The firm deploys capital through direct equity investments, typically leading or co-leading priced rounds (e.g., $2.5M USD seed in Qubic, $3.9M USD in YScope, $16M CAD seed-plus in Haply Robotics), and provides portfolio support through operator mentoring, fundraising assistance, and the "School of Fish" founder community. Its portfolio of 25+ companies includes notable outcomes such as Ada (AI customer service), BenchSci (AI drug discovery), Ideogram (AI image generation), SkipTheDishes, Printify, and Story Protocol, with a recent exit via the acquisition of Sequence (formerly Horizon Blockchain Games) by Polygon Labs. The firm is a founding member of the Canadian Robotics Council Capital Committee and employs 1–10 people across offices in Toronto, Montreal, and New York.

Revenue is generated through conventional venture fund management economics: management fees on committed/invested capital and carried interest on realized exits. The firm does not publicly disclose revenue or pricing, and operational scale is intentionally small for a thesis-led seed investor.

Name

Two Small Fish Ventures

Legal name

Two Small Fish Ventures

Website

https://twosmallfish.vc

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Two Small Fish Ventures is a Toronto-based early-stage deep tech venture capital firm founded in 2017 by Wattpad co-founders Eva and Allen Lau, investing at seed and seed-plus stages across AI, quantum, robotics, and smart energy, primarily in Canadian startups.

Ownership category

akta.pro rank

Product category

Deep Tech Venture Capital Fund Management

NAICS

Other Investment Pools and Funds (5259)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Deep tech venture capital
• Early-stage seed investing
• AI startup funding
• Venture capital fund management
• Technology startup investing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Venture Capital Fund Management: Two Small Fish Ventures generates returns through management of venture capital funds, deploying capital into early-stage deep tech startups and earning carried interest on successful exits. Fund III was closed at $41 million CAD ($30 million USD).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Two Small Fish Ventures is an early-stage deep tech venture capital firm that invests capital into founding-stage startups across five thematic areas: Vertical AI Platforms, Physical AI, AI Infrastructure, Advanced Computing Hardware, and Smart Energy. The firm deploys capital through seed and seed-plus rounds (e.g., $2.5M USD in Qubic, $3.9M USD in YScope, $16M CAD in Haply Robotics) and provides operator mentorship, board support, and portfolio community access to founders from inception through scale.

Product overview

Two Small Fish Ventures is an early-stage deep tech venture capital firm that invests in the next frontier of computing and its applications. The firm focuses on five key investment areas: Vertical AI Platforms, Physical AI, AI Infrastructure, Advanced Computing Hardware, and Smart Energy. Rather than offering products or services in the traditional sense, the firm provides capital, expertise, and support to early-stage tech founders. The firm has deployed over $150 million into Canadian robotics companies and manages Fund III at $41 million (US$30 million).

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Fund III closed at $41M CAD to deploy into next frontier of computing
• +1 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Canadian Robotics Council (CRC)coreStrategic or Co-development Partner · 28 April 2026Founding member of CRC's Capital Committee alongside BDC, Garage Capital, Inovia Capital, RBC, and Version One Ventures. Committee aims to attract more investment to Canada's robotics sector, with founding members having collectively deployed over $150M into Canadian robotics companies.
• Albert ChencoreOthers · 16 January 2026Albert Chen joined as Venture Partner in January 2025, bringing additional expertise to the team.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Version One Ventures: Early-stage Canadian VC investing in consumer, enterprise, and frontier tech. Highly comparable as a fellow Canadian seed-stage fund co-founding the Canadian Robotics Council Capital Committee alongside Two Small Fish.
• Garage Capital: Toronto-based pre-seed and seed fund backing Canadian technical founders. Directly comparable as a fellow early-stage Canadian deep-tech investor and co-investor with Two Small Fish on ENVGO and the CRC Capital Committee.
• Radical Ventures: Toronto-based early-stage VC focused on applied AI and machine learning. Directly comparable given overlapping AI-focused thesis and shared Canadian deep-tech ecosystem focus.
• Inovia Capital: Canadian early and growth-stage VC investing in SaaS, AI, and consumer. Comparable as a Canadian venture peer and co-founding member of the CRC Capital Committee alongside Two Small Fish, though generally writing larger checks at later stages.
• Real Ventures: Montreal-based early-stage Canadian VC investing across AI, fintech, and emerging tech. Comparable as another Canadian seed/Series A fund operating from the same cities Two Small Fish operates in.
• Panache Ventures: Canadian pre-seed/seed fund backing Canadian technical founders across the country. Comparable as a similarly sized early-stage Canadian fund with overlapping geographic focus and stage.
• Golden Ventures: Toronto-based early-stage Canadian VC investing in technical founders. Comparable as another Canadian seed-stage fund with overlapping thesis areas and co-investment relationships with Two Small Fish.

Broad incumbents

• BDC Capital: Canadian government's business development bank, operating deep-tech, climate, and growth equity funds. Comparable as a much larger Canadian deep-tech capital provider and co-investor with Two Small Fish, including on the CRC Capital Committee.
• Lux Capital: U.S.-based deep-tech VC investing in frontier science, AI, robotics, and energy. Comparable as a deep-tech specialist investor with overlapping thesis areas (physical AI, advanced compute, smart energy), though operating at larger fund sizes and U.S. focus.
• DCVC (Data Collective): U.S.-based deep-tech VC investing in computational biology, AI infrastructure, and advanced computing. Comparable as a deep-tech specialist fund with overlapping hardware and AI infrastructure thesis areas.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/two-small-fish-ventures
• Xx.com/twosmallfishvc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments48 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Two Small Fish Ventures