Two Small Fish Ventures
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.
- Company typePrivate
- Founded2017
- HeadquartersToronto, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Two Small Fish Ventures firmographics
Firmographics- 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
Two Small Fish Ventures industry classification
Industry- 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
Where Two Small Fish Ventures is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Two Small Fish Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- 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
Two Small Fish Ventures product offering
Product offeringCore 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
Companies that use Two Small Fish Ventures
Customer profileNamed customers7 records
Segments5 records
Ideal customer profiles1 record
Two Small Fish Ventures technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Two Small Fish Ventures partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Canadian Robotics Council (CRC)coreFounding 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 ChencoreAlbert Chen joined as Venture Partner in January 2025, bringing additional expertise to the team.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Two Small Fish Ventures competitors and assessment
Company assessmentDirect 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
Two Small Fish Ventures social profiles
Digital presenceTwo Small Fish Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Two Small Fish Ventures leadership team
Management profileNumber of profiles
Two Small Fish Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Two Small Fish Ventures M&A and investment
M&A and investmentM&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
What does Two Small Fish Ventures do?
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.
Is Two Small Fish Ventures a public or private company?
Two Small Fish Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Two Small Fish Ventures founded?
Two Small Fish Ventures was founded in 2017. It employs 1 to 10 people.
Where is Two Small Fish Ventures based?
Two Small Fish Ventures is headquartered in Toronto, Canada, in the North America region.
How does Two Small Fish Ventures make money?
One revenue line is on record: venture Capital Fund Management.
Who are Two Small Fish Ventures's main competitors?
Direct peers on record are Version One Ventures, Garage Capital, Radical Ventures, Inovia Capital, Real Ventures, Panache Ventures and Golden Ventures. Broad incumbents are BDC Capital, Lux Capital and DCVC (Data Collective).
Does Two Small Fish Ventures have an API?
No public API is recorded for Two Small Fish Ventures.
What industry is Two Small Fish Ventures in?
Two Small Fish Ventures's product category is Deep Tech Venture Capital Fund Management. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAI, Micro-VC & Angel Funds. Its NAICS code is 5259.