We don’t think, act or speak like your typical VC
...because we aren't one
a uniquely qualified Deep Tech Venture firm
Most VCs lack real-world startup experience, but not us. We’re massively successful serial entrepreneurs with multiple exits under our belt.
Our Deep Tech Approach
We invest in the next frontier of computing and its applications, reshaping large-scale behaviour, driven by the collapsing cost of intelligence and defensible through tech and data moats.
Specifically, we invest in five key areas: Vertical AI Platforms, Physical AI, AI Infrastructure, Advanced Computing Hardware, and Smart Energy.
We are based in Toronto, with a presence in Montreal and NYC, and invest globally in deep tech. We actively write 5-7 cheques per year, with our sweet spot being in the $1M to $3M USD range.
Revenue is not required. We focus on supporting pre-seed and seed-stage founders and design our approach around what’s best for them. We’re ready to lead rounds but are also happy to co-lead or join other early-stage investors with the capacity to follow-on with existing investments.
What we are ultimately looking for are companies with the potential to become uniquely world-class: category-defining businesses with the ability to set the standard in important markets. In deep tech, that usually means a product or platform built on something extremely hard to build and extremely hard to copy, with a durable technology moat, data moat, or both.
In short, we are looking to invest with high conviction in accordance with our deep tech thesis.
The best outcome for founders
For us, investing is more than writing a cheque. We only invest when we have deep domain expertise to help a startup scale. If we can’t offer meaningful value beyond cash, we pass on the opportunity.
Once an investment is made, we’re along for the ride. We provide ongoing mentorship and coaching grounded in our real-life entrepreneurial experience to help you navigate every step of your journey.
We know where technology is headed
From the PC revolution to the rise of the internet to mobile computing and now AI, we’ve seen several technology trends and platform shifts come and go. Understanding these transformational shifts helped us decide where to work and what to build. And now, they help us zero in on where to invest.
Our US$30 million third fund invests in the next frontier of computing and its applications. We’re excited to back the bold deep tech visionaries, disruptors and category-creators who are leveraging recent trends to build something massive and new for the future.
What founders are saying
Liran Belenzon, Benchsci
Co-founder & CEO
“Eva is well-regarded and well-connected in the ecosystem. Her expertise in proprietary data sets and how to monetize them as well as her industry connections are why we decided to work with TSF.”
Seung Yoon Lee, Story Protocol
Founder & CEO
“Allen is probably the most legendary founder in the world of content platform startups. Having Two Small Fish on our cap table means we have a built-in advisor who knows the game and plays it well.”
We know how to turn a bold idea into a prototype, and then transform it into a disruptive product while building a massively successful business in the process.
MetroCentre - King Tower
225 King Street West, Toronto
Espace CDPQ
3 Place Ville Marie, Montreal
120 East 23rd Street - 4th Floor
Manhattan, New York
© Two Small Fish Ventures. 2026
Site Credit: Nothing Design Studio™
MetroCentre - King Tower
225 King Street West, Toronto
Espace CDPQ
3 Place Ville Marie, Montreal
120 East 23rd Street - 4th Floor
Manhattan, New York
© Two Small Fish Ventures. 2026
Site Credit: Nothing Design Studio™