A first-of-its-kind collaboration in Canada between a philanthropic organization and a venture capital firm with a mission to invest in best-in-class cancer-focused companies.
Toronto, ON – April 10, 2025 – The Terry Fox Foundation (“Terry Fox”) and Lumira Ventures (“Lumira”) have partnered to launch The Cancer Breakthrough Fund (the “Fund”). There is a growing recognition of the need for cross-sector collaborations that can bridge the gap between research funded by governments and philanthropic organizations and private sector skills, expertise, and connectivity. This remains crucial to accelerate research towards commercialization through building and scaling transformative companies that can deliver impactful products for patients.
The Fund is that bridge and pairs the Terry Fox Foundation’s extensive network of leading cancer researchers pioneering scientific breakthroughs with Lumira’s deep investor networks and proven track record of building companies that deliver innovative therapies to patients. The Fund, which will be managed by Lumira Ventures, will invest in companies led by mission-driven entrepreneurs focused on the goal of delivering novel therapies to patients in the fight against cancer.
“In terms of real returns, the life sciences sector has outperformed all other sectors of the innovation economy for much of the past decade both in Canada and the US”, said Peter van der Velden, Managing General Partner, Lumira Ventures. ”Equally importantly, VC-backed healthcare companies have directly and indirectly accounted for over 50% of the novel products approved by the FDA and delivered to patients over the past decade. Unfortunately, despite that investment out-performance and patient impact, the sector has remained chronically under-funded in Canada. As a result, much of the value capture resulting from the building of life science companies based on Canadian innovation has largely accrued to foreign investors. As Canadians, we are committed to finding ways to support and celebrate innovators across our country. Our collaboration with the Terry Fox Foundation is, in our view, a best-in-class model for bringing more much needed catalytic capital to the process of building companies that can deliver transformative products for patients, create high-value jobs for Canadians, and provide significant returns for Canadian investors.”
The Fund will focus on investing in companies addressing some of cancer’s biggest challenges today. While survival rates have improved across certain cancer types, cancer remains the leading cause of death in Canada where it is estimated that 1 in 4 Canadians will die from cancer. Despite significant advances in innovative therapies and care, as global populations age, incidence of cancer worldwide is projected to grow by >75%, adding 35M new patients by 2050. As a result, investing in groundbreaking cancer treatments has never been more critical as it has the potential to save millions of lives and transform the future of healthcare.
“Over the last two decades, scientific discoveries and technological advances have helped us better understand the molecular drivers of cancer,” says Suman Rao, PhD, Principal, Lumira Ventures. “This has resulted in the development of a number of novel therapies improving survival rates across several cancers. However, given the complexity of the disease, there still remains a huge unmet need across multiple cancer types.”
“In the forty-five years since Terry’s Marathon of Hope, the Terry Fox Foundation has been making innovative, transformational moves in our approach to funding cancer research – a reflection of the bold mission Terry set out to achieve,” says Michael Mazza, Executive Director, Terry Fox Foundation. “This partnership with Lumira Ventures is an evolution of the traditional philanthropic model in medical research, bringing together the best of charitable organizations and the private sector to accelerate progress and help finish Terry’s fight against cancer.”
For more information about the Fund and how to get involved either as a donor or as an investor, please contact Michael Mazza (CEO, Terry Fox Foundation, michael.mazza@terryfox.org) or Peter van der Velden (Managing General Partner, Lumira Ventures, plv@lumira.vc).
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About Lumira Ventures
Lumira Ventures is a leading life sciences venture capital firm which has a long and deep track record of partnering with like-minded investors and mission driven entrepreneurs to build and scale transformative companies that positively impact patient lives, while generating strong returns for its investors. In the past 6 quarters, Lumira has participated in $1.4B of financings, added 8 new companies to its portfolio, enjoyed 5 exits/realizations and its portfolio companies have received 5 FDA approvals for novel therapies – three of them targeting cancer. Lumira is actively raising the strategic Cancer Breakthrough Fund in parallel with its core fund, Lumira Ventures Fund V.
About The Terry Fox Foundation
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 Terry Fox Foundation plays a vital role in building community, engaging more than 20,000 passionate 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 our donors, partners, and volunteers, the Terry Fox Foundation has raised more than $950 million and funded over 1,300 innovative cancer research projects, bringing hope and health to millions of Canadians. Visit terryfox.org for more information and to learn how you can help take Terry’s Marathon of Hope across the finish line.
