Just one year after launch, the Fund was oversubscribed with participation from leading Canadian cancer charities, impact investors, institutional investors and family offices.
May 5, 2026 (Toronto, ON) – Founding partners Lumira Ventures and the Terry Fox Foundation today announced an oversubscribed first close of the Cancer Breakthrough Fund, a first-of-its-kind-in-Canada, mission-driven venture capital fund, with a goal of funding innovative cancer companies. The Cancer Breakthrough Fund brings together the investment and company-building expertise of venture capital along with the vast scientific network supported by two of Canada’s leading cancer charities, and the capital needed to achieve a shared goal: turning scientific advances into impactful products for people with cancer.
Initial commitments to the Fund have exceeded the original $30 million target, and the partners now aim to build on this momentum to reach a hard cap of $50 million at final close. The success of this first close reflects the shared vision of the Fund’s founders and investors, including the Terry Fox Foundation, the Canadian Cancer Society (which has joined as a foundational partner), impact- and mission-driven foundations and investors including Rally Assets (Realize Fund I), Boann Social Impact, Northpine Foundation, as well as several family offices. All capital committed to date represents new funding for the innovative life sciences sector and underscores a collective desire to translate more Canadian life sciences innovation into transformative outcomes for patients. The Fund has already approved its first investment in a Canadian company and is advancing a robust pipeline of cancer-focused opportunities that have the potential to deliver both strong economic returns and meaningful impact for patients.
“Surpassing our initial target and closing oversubscribed in just twelve months is a powerful validation that the market recognizes both the strength of this mission-driven investment opportunity and the urgent need for cross-sector collaboration in Canada,” says Peter van der Velden, Executive Chairman, Lumira Ventures. “The Fund was built on the belief that uniting philanthropic mission with venture capital expertise to support cancer innovation would offer the potential to unlock transformative outcomes for patients, and today’s milestone highlights the tremendous power of this model.”
“Just as Terry unites all Canadians, the Cancer Breakthrough Fund now brings together two of Canada’s leading cancer charities with Lumira’s venture capital expertise to transform the most innovative research in Canada into real impact for patients,” says Michael Mazza, Chief Executive Officer, Terry Fox Foundation. “The impact of great breakthroughs is felt when scientists, entrepreneurs and investors collaborate to successfully translate innovation into products for patients. The Cancer Breakthrough Fund is doing just that by breaking down traditional silos and bringing together the best in research with commercialization expertise to improve patient outcomes.”
“Canadians facing cancer deserve access to the newest and best care as quickly as possible—and that requires stronger support for scientific innovation and commercialization,” says Andrea Seale, Chief Executive Officer, Canadian Cancer Society. “Building on our long history of investing in cancer research, and together with the strength and legacy of the Terry Fox Foundation and the venture capital expertise of Lumira Ventures, the Cancer Breakthrough Fund helps move bold ideas out of the lab and into the lives of people who need them. This kind of cross-sector collaboration is essential to driving real progress against cancer in Canada.”
Lars Boggild, Portfolio Manager, Realize Fund I says: “As a wholesaler of the federal Social Finance Fund, we work to grow Canada’s impact investing market strengthening the ability of entrepreneurial leaders to access the resources they need to create healthier communities and healthier individuals. We believe the Cancer Breakthrough Fund does exactly this. It brings together the vision and networks of some of Canada’s leading cancer philanthropies with the deep health sector investment expertise of Lumira Ventures. We believe this is a promising model for enabling the commercialization of mission-driven, Canadian solutions to the needs of cancer patients. We are proud to be a key investor in this fund.”
For more information about the Cancer Breakthrough Fund and how to get involved as a donor or investor, please contact Michael Mazza (CEO, Terry Fox Foundation, michael.mazza@terryfox.org) or Peter van der Velden (Executive Chairman, Lumira Ventures, plv@lumira.vc).
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MEDIA CONTACT
Denise Dias
Chief Marketing & Communications Officer, Terry Fox Foundation
denise.dias@terryfox.org
416-988-0747
About Lumira Ventures
Lumira Ventures is a leading multi-stage healthcare investment firm with partners in Toronto, Montréal, Vancouver, and Boston. As Canada’s largest and most active dedicated life sciences venture capital investor, Lumira invests in biotechnology and medical device companies developing best-in-class products, often located in secondary venture capital markets across North America. The firm partners with mission-driven entrepreneurs to develop transformative healthcare solutions while generating strong financial returns and societal impact. Lumira’s portfolio companies have brought dozens of biomedical innovations to market, improving the lives of millions of patients worldwide. For more information, visit www.lumiraventures.com.
About Terry Fox Foundation
The Terry Fox Foundation honours the vision and spirit of an iconic Canadian while raising critical funds for cancer research. As a leading national charitable organization, the Foundation plays a vital role in building community, engaging more than 20,000 volunteers and 3.5 million students in nearly 10,000 annual fundraising events across the country.
People around the world of all ages, backgrounds, and abilities have been inspired by Terry’s enduring legacy. Through the generous support of donors, partners, and volunteers, the Terry Fox Foundation has raised more than $1 billion for cancer research, bringing hope and better health to millions of Canadians. Visit terryfox.org for more information and to learn how you can help carry Terry’s Marathon of Hope across the finish line.
About Canadian Cancer Society
The Canadian Cancer Society works tirelessly to save lives, improve lives, and drive collective action against cancer. Together with patients, volunteers, donors, and communities across the country, the organization invests in transformative research, provides a caring support system for everyone affected by cancer, and advocates for policies that create a healthier future for all. It takes a society to take on cancer – and the Canadian Cancer Society is leading the way. Help us make a difference. Call 1-888-939-3333 or visit cancer.ca today.