Genesys Capital is Closing its Largest Fund to Date – Genesys Ventures IV LP

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TORONTO & MONTREAL — Genesys Capital ('Genesys') is pleased to announce the upcoming closing of Genesys Ventures IV LP ('Fund IV' or the 'fund') to continue its successful track record of building Canadian life science companies in both the medtech and biotech sectors.
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Genesys welcomes new Limited Partners into Fund IV and thanks returning LP's that engaged early, maintained unwavering support through the fundraising process, and provided catalytic commitments of scale to the fund, in the current context of an unprecedented, ever-changing macro environment. Fund IV institutional investors include: BDC Capital, Export Development Canada (EDC), Fonds de solidarité de la Fédération des travailleurs et travailleuses du Québec (FTQ), HarbourVest, Royal Bank of Canada, Teralys Capital, Venture Ontario, and the Government of Canada's Venture Capital Catalyst Initiative (VCCI), which is administered by BDC Capital under its Life Sciences Stream. Limited Partner commitment to the Genesys franchise and the Genesys investment thesis of co-creating and investing in disruptive Canadian life science opportunities has paid off as Genesys has delivered class leading performance and increasing DPI across its successive funds.
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Genesys' value-added, partnership approach to working with scientific founders provides both capital and expertise to create companies that compete on a global scale. This has anchored Genesys as a local trusted source of deal flow for global syndicate partners and a first point of contact for repeat entrepreneurs. The team at Genesys has mastered its strategy that takes advantage of the opportunity that the innovation in Canada provides.
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Genesys has a distinguished history of delivering upper quartile returns across its previous funds and has stepped up into upper decile in its third fund. Notable recent exits include Inversago Pharma, which was acquired by Novo Nordisk for $1.4 billion, and Fusion Pharmaceuticals, which exited to AstraZeneca for $3.3 billion. These successes highlight Genesys' ability to generate fund level returns driven by local Canadian innovation.
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With this fund, Genesys Capital will continue to set the standard for life sciences venture capital in Canada, with a commitment to building world-class companies and delivering exceptional returns for its investors.
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'EDC is proud to support Genesys Capital, an important funder of companies advancing life sciences in Canada. As healthcare continues its rapid global expansion, Canada stands out with its skilled talent base, early-stage research and development capacity, and strong presence in medtech and biotech. Genesys' approach of building anchor companies will foster enduring ecosystem clusters in Canada, help drive innovation and strengthen Canada's global competitiveness in this growing sector. We look forward to seeing the transformative impact of this fund.'
Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC. 'The Fonds de solidarité FTQ's reinvestment in Genesys Capital demonstrates our confidence in a strategic player in life sciences venture capital. With its in-depth knowledge of the Quebec ecosystem and its ongoing support for emerging local companies in biotechnology, Genesys actively contributes to the sector's competitiveness and innovation.'
Maxime Pesant, Vice-President, Private Equity and Impact Investing – Life Sciences, at the Fonds de solidarité FTQ. 'Accessing Canadian life sciences investments through a long-term partner like Genesys supports innovation in the market. It is also a strategic move to diversify the Canadian economy and ensure global competitiveness in health and biotechnology, sectors that we believe have historically delivered competitive returns for our investors.'
Senia Rapisarda, Managing Director, HarbourVest Partners. 'It is a great time to be investing out of a new fund, and we are looking forward to continuing to create best in class biopharmaceutical and medical technology companies that leverage local innovations.'
Damian Lamb, Co-founder and Managing Director, Genesys Capital. 'We are pleased to recommit to the Genesys team and vision. Ontario is recognized as a leader in the life sciences sector and home to some of the sector's most innovative start-ups. The Genesys team, headquartered in Ontario, has a unique ability to identify high-potential companies and support them in becoming global leaders. We are excited about this continued partnership.'
Steve Romanyshyn, President and Chief Executive Officer at Venture Ontario. 'Congratulations to the Genesys team. The government's approach of co-investing alongside private VC funds through the Venture Capital Catalyst Initiative is helping boost investment in emerging sectors. Today's announcement shows that Canadian life sciences innovation is going strong and getting the support it needs to compete.'
The Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions. About Genesys Genesys Capital is a Venture Capital Fund based in Toronto, investing in early-stage life sciences opportunities in areas of unmet medical need. With over 25 years of investment experience adhering to a consistent company creation investment strategy, Genesys has become the most successful life sciences venture firm in Canada.
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Ottawa extends refugee jobs pilot program on day it was due to expire

Globe and Mail

13 minutes ago

Globe and Mail

Ottawa extends refugee jobs pilot program on day it was due to expire

Ottawa has extended a pilot program that matches skilled refugees with job vacancies in Canada on the day it was due to lapse, after an outcry from employers, including universities, about its imminent expiry. Immigration, Refugees and Citizenship Canada has extended its Economic Mobility Pathways Pilot, which was founded in 2018 as a route to permanent residence, until the end of the year, saying it is helping employers in critical sectors meet labour market shortages. Since 2019, 970 people have come to Canada through the pilot program, which offers a route to permanent residence for refugees with skills Canadian employers want. The decision to extend the program until Dec. 31 was welcomed by employers. Earlier this week, after The Globe and Mail disclosed how the pilot program was about to expire, universities wrote to Immigration Minister Lena Diab urging her to extend the program. The former immigration minister Marc Miller had said the pilot would be made permanent last year, but only days before it was due to expire employers were distraught about hearing no word from the government about its future. Carleton University, based in Ottawa, has hired a refugee from the civil war in Sudan as a visiting professor, to help with research into artificial intelligence, through the pilot pathway. Abeer, who fled to Somalia, holds a PhD in wireless communications and network engineering. She has researched the impact of AI and machine-learning-based algorithms on wireless communication systems. The Globe and Mail is not publishing her full name owing to fears for the safety of family members in her home country. She is still waiting for biometric checks and the university said it was keen for her to arrive soon to help with a research project being run by a Carleton professor. Carney's aim to cut immigration marred by undercounting of temporary migrants, economists warn Norah Vollmer, manager of faculty affairs at Carleton, said the university is 'very pleased to hear that the EMPP is extended.' She hoped the pilot program would be put 'on a permanent footing' and that processing times for applications to come here from refugees who have been offered jobs would be sped up. IRCC said in a statement announcing the pilot's continuation that the program had helped fill job vacancies, including in construction. More than 30 per cent of refugees accepted to come here through the pilot are working in health care. From 2019 to the end of March 2025, 970 people have been admitted to Canada, under the program, it said. It said it would cap applications for refugees offered jobs at 950 this year. Groups mount legal challenge against Ottawa over refugee treaty with U.S. 'The extension will allow more workers in essential sectors such as health care to benefit from the pilot's pathway to permanent residence and continue to contribute to our economy,' it said. Dana Wagner, co-founder of TalentLift, a non-profit international recruitment company that matches displaced people with employers, said the renewal was 'fantastic' but said the cap at 950 was 'very low' with 'no word about a permanent program.' 'It will be important to quickly move from a pilot to a permanent program as the Liberals have pledged,' she said. 'We want to see predictability, fast processing times that work for employers, and room to grow – this is a demand-driven program, and levels should reflect Canada's skills demand and the potential of talented individuals in refugee situations to meet it.'