The people
Open roles via the TechTO Job Board
Working at Two Small Fish Ventures
Browse open roles across the community on the TechTO Job Board — Canada’s most connected tech network. Two Small Fish Ventures’s roles show up here whenever they post.
Open roles on the TechTO Job Board ↗Or their own careers page: twosmallfish.vc/careers ↗Jobs live on jobs.techto.org — the only structured source. We link to it rather than scraping career sites, so the board is always the source of truth.
On the TechTO stage
Network Effect is Your Asset
Watch on YouTube ↗
Tech Entrepreneurship: The Wildest Ride
Watch on YouTube ↗Every talk is searchable — ask the archive about Two Small Fish Ventures ↗
About
Eva and Allen Lau started Two Small Fish in 2014, while Allen was still running Wattpad, as an angel operation: The Globe and Mail reported it had backed 22 companies by 2019 with cheques of $20,000 to $50,000. The first institutional fund followed in 2019 at $9 million against a $15 million goal. Fund III, announced in October 2022 with a $24 million CAD initial close, reached a $41 million CAD final close in June 2024 against a $40 million CAD target — the point at which the firm began leading deals and taking board seats, with initial cheques of $500,000 to $2 million. The thesis has narrowed over that decade. Eva Lau's 2017 TechTO talk described a fund investing only in companies with network effects, a pattern she had taken out of Wattpad. The firm now describes itself as investing in the next frontier of computing across five areas: vertical AI platforms, physical AI, AI infrastructure, advanced computing hardware, and smart energy. Portfolio names it lists include Ideogram, BenchSci, Ada, Printify, SkipTheDishes, Story Protocol, Blumind, Qubic, and Glif. Exits since 2014 include SkipTheDishes, CalendarHero, and Semantic Health. Eva Lau is general partner; Allen Lau is operating partner. The firm is headquartered in Toronto and also lists offices in Montreal and New York.
Backers
Two Small Fish is a venture firm rather than a venture-backed company. Its limited partners in Fund III, as reported by BetaKit at the June 2024 final close, are Northleaf, BDC Capital, the New Brunswick Innovation Foundation, Relay Ventures, Inovia Capital, and CIBC Innovation Banking, alongside private high-net-worth individuals and family offices.
More from TechTO ×6
Quick answers
What does Two Small Fish Ventures invest in?
Early-stage deep tech — the firm frames it as the next frontier of computing and its applications, across vertical AI platforms, physical AI, AI infrastructure, advanced computing hardware, and smart energy. The through-line from its earlier years is defensibility: Eva Lau's 2017 TechTO talk laid out an 'ASSET' framework for network effects and she said then that she invested only in network-effect companies. Portfolio names include Ideogram, BenchSci, Ada, Printify, SkipTheDishes, Story Protocol, Blumind, Qubic, and Glif.
Who founded Two Small Fish Ventures?
Eva Lau and Allen Lau, husband and wife, in 2014. Eva Lau was head of community at Wattpad and is the fund's general partner; Allen Lau co-founded Wattpad and ran it as CEO until 2022, and is the fund's operating partner. Eva Lau is one of very few women to have started a venture fund in Canada.
How big is Two Small Fish Ventures and what does it write?
Fund III closed at $41 million CAD in June 2024, above its $40 million CAD target, following a $24 million CAD initial close in October 2022. The firm's first venture fund, in 2019, raised $9 million against a $15 million goal. Initial cheques are $500,000 to $2 million as of Fund III — the firm's first fund large enough to lead deals and take board seats. Before that it wrote $20,000 to $50,000 angel cheques.