Tech-active · Toronto, ON

Two Small Fish Ventures

Toronto deeptech seed, Wattpad alum-led.

← Investors in Ontario
Cheque
$1.4M to $4.1M
Role
Can lead a round
Pace
Actively deploying
Kind
Tech-active
Based in
Toronto, ON
Vehicle size
$41M
Founded
2014
Works in
EN
Last deal seen
June 2026
Stages
Pre-seed, Seed
Sectors
AI and machine learning, Deeptech and hardware, Developer tools and infrastructure, SaaS, Climate and energy

Their thesis, in full

Two Small Fish Ventures is a Toronto-based deep tech seed fund led by Eva Lau (Wattpad co-founder) and Allen Lau. Fund III closed at US$30M (about C$41M) in 2024, focused on the next frontier of computing: AI, semiconductors, robotics and related applications. Early backer of Canadian deep tech founders, with a hands-on, operator-led approach from a serial founder background. Notable holdings include Ada and Applied Brain Research.

What they bring past the cheque

  • Wattpad operator experience
  • Network effects expertise
  • Deep tech sector depth
  • Female-led GP
  • Toronto, Montreal and New York presence

Questions they usually ask

Have an answer ready for each one before the first call.

  1. What is the network effect or compounding moat embedded in your technical architecture?
  2. How does your roadmap exploit the current shift in computing (AI, semiconductors, robotics)?
  3. What would a Wattpad-style scaling playbook look like for your business?

Follow-on

Two Small Fish is ready to lead rounds but is also happy to co-lead or join other early-stage investors, and keeps the capacity to follow on with existing investments. Recent rounds were shared with a16z and Union Square Ventures at Glif, and with Quantacet, UCeed and the University of California Investment Fund at Qubic. Operator-led support continues through follow-on rounds.

Who to talk to

Portfolio

Names they back, most notable first.

  • QubicSeed · 2026
  • Applied Brain ResearchSeed · 2021
  • AdaSeed · 2017
  • SkipTheDishesSeed · 2014

Often in the same rounds

Investors seen alongside them in past rounds.

  • a16z
  • Union Square Ventures
  • Quantacet
  • UCeed
  • University of California Investment Fund

Similar investors

Overlapping sectors and stages. Useful to build a list of 10 to 20 names for one round.

See how they fit your round

Set your stage, sector and amount once. Fractal App tells you if Two Small Fish Ventures can lead it, tracks every follow-up, and counts the days of silence. Free, no card.

Open in the app →

Checked September 2026 from public sources. source ↗ · Website ↗ · LinkedIn ↗