TORONTO, Ontario — May 5, 2026 — Leads & Copy — The Cancer Breakthrough Fund, a Canadian venture capital fund focused on funding innovative cancer companies, has announced an oversubscribed first close, just one year after its launch.
Founding partners Lumira Ventures and the Terry Fox Foundation said initial commitments to the fund have exceeded the original $30 million target. The partners aim to reach a hard cap of $50 million at final close.
The Cancer Breakthrough Fund aims to combine venture capital investment expertise with the scientific network of leading Canadian cancer charities. It also seeks to provide the capital needed to translate scientific advances into products for cancer patients.
According to the announcement, the success of the first close reflects the shared vision of the fund’s founders and investors, including the Terry Fox Foundation, the Canadian Cancer Society, Rally Assets (Realize Fund I), Boann Social Impact, Northpine Foundation, and several family offices.
Lumira Ventures’ Executive Chairman Peter van der Velden said the oversubscribed close validates the market’s recognition of the mission-driven investment opportunity and the need for cross-sector collaboration in Canada.
Terry Fox Foundation CEO Michael Mazza said the fund brings together cancer charities with Lumira’s venture capital expertise to transform research into real impact for patients.
Canadian Cancer Society CEO Andrea Seale added that the fund helps move ideas from the lab into the lives of people who need them by building on the organization’s history of investing in cancer research and collaborating with the Terry Fox Foundation and Lumira Ventures.
Realize Fund I Portfolio Manager Lars Boggild said the Cancer Breakthrough Fund brings together the vision and networks of leading Canadian cancer philanthropies with Lumira Ventures’ expertise.
The fund has already approved its first investment in a Canadian company and is advancing a pipeline of cancer-focused opportunities.
For more information about the Cancer Breakthrough Fund, those interested can contact Michael Mazza (CEO, Terry Fox Foundation) or Peter van der Velden (Executive Chairman, Lumira Ventures).
Lumira Ventures is a healthcare investment firm with offices in Toronto, Montréal, Vancouver, and Boston. The firm invests in biotechnology and medical device companies across North America, focusing on transformative healthcare solutions.
The Terry Fox Foundation raises funds for cancer research. The foundation engages volunteers and students in fundraising events across the country.
The Canadian Cancer Society invests in research, provides support, and advocates for policies to create a healthier future.
Source: Lumira Ventures
