🦊/Investors

Flow Capital

Venture debt

Toronto · Growth–Late Stage · 1 people tracked

Find your way into Flow Capital

233 people in our graph share verified history with the Flow Capital team — schools, employers, funds. One of them is your warm intro.

Aryo Tehranianunlockedknows Alex Baluta · together at Schulich School of Business - York University
×6knows the team · via Schulich School of Business - York University
×5knows the team · via University of Manitoba
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Investment thesis

Flow Capital offers growth capital designed to help entrepreneurs scale their companies. It positions its financing as a middle-ground option that is more flexible than conventional bank debt while being less dilutive and less expensive than raising venture capital equity, targeting founders who want to grow with confidence.

Source: firm website, verified Sep 5, 2026.

Stage
Growth–Late Stage
HQ
Toronto, ON, CA
Instruments
Debt · Equity
Last 12 months
1 investment
Tracked investments
55
Unicorns
1
IPOs
1

Team · 1 people

from the firm's website
Alex Baluta· Chief Executive Officerin

What they invest in

from 47 of 55 portfolio companies

SaaS ×19AI & Machine Learning ×18Enterprise Software ×17Fintech ×10Consumer ×7Healthtech ×7Data & Infrastructure ×6Marketing Tech ×5

HQs:United States×25Canada×10United Kingdom×2Australia×1

Who they back

founder profiles across 20 portfolio companies
40%
solo founders
8 of 20 mapped founding teams
48%
repeat founders
of 23 founders with career history

Founding team size:solo founder×82 founders×93 founders×14+ founders×2

Where their founders studiedfrom 23 founders with education data

Harvard Business School ×2Massachusetts Institute of Technology ×2University of Calgary ×2University of Waterloo ×2

What their founders studiedfrom 22 founders with field-of-study data

Computer Science ×5Business & Management ×4Design & Architecture ×2Engineering ×2Finance & Accounting ×2Politics & Policy ×2

Where their founders worked beforefrom 23 founders with career history

Doxly ×3High Alpha ×3High Alpha Capital ×3High Alpha Studio ×3Loupe Software ×3Quantifi ×3Casted ×2DemandWell ×2

2 founders hold a PhD · 5 hold an MBA (of 22 with degree data)

Investments · 55 tracked

founders shown can be your intro path

By year:2026 · 12022 · 22021 · 12019 · 26 dated

Trugolftrugolf.com𝕏NASDAQ: TRUG

TruGolf manufactures golf launch monitors and golf simulator systems that measure ball flight data and provide indoor golfing experiences for consumers and golf facilities.

ConsumerGamingHardwareSports Tech

Christopher (Chris) Jones(Chief Executive Officer, Interim Chief Financial Officer, President and Chairman, Director)Brenner Adams(Chief Growth Officer)inNathan E. Larsen(Chief Experience Officer)Steven R. Johnson(Chief Hardware Officer)

42Crunch42crunch.comin𝕏

42Crunch provides an API security platform that secures how AI agents interact with enterprise APIs.

AI & Machine LearningCybersecurityDeveloper ToolsEnterprise SoftwareSan Francisco, US

Co-investorsEnergy Impact PartnersAdara Ventures

AliasWirealiaswire.comin

Aliaswire provides payments and receivables solutions for financial institutions and enterprises, including DirectBiller for integrated billing management and DirectEmbed for vertical SaaS platform providers seeking growth and revenue acceleration.

Enterprise SoftwareFintechSaaS

Co-investorsPartners for GrowthPartners for Growth (PFG)Stage 1 VenturesBigfoot Capital

Askvetaskvet.app

AskVERAai provides AI-powered veterinary consultations and customer engagement automation for veterinary practices.

AI & Machine LearningHealthtech

AskVetask.vetNov 2021

AskVet offers an AI assistant (VERAai) that provides veterinary expertise and automates sales, marketing, and client communications for veterinary businesses.

AI & Machine LearningHealthtechSaaS

Co-investorsHealthtech CapitalLaunchCapital

Aurora Designsaurora-designs.cain

Aurora Designs provides AI-powered business optimization for established companies, focusing on automating routine operational tasks to save time and increase capacity in areas like reporting, pipeline management, and campaign execution.

AI & Machine LearningEnterprise SoftwareSaaSToronto, CA

Jon BlackinAriel Loboin

AvantStayavantstay.comin𝕏

AvantStay operates a collection of fully furnished, design-forward vacation rental homes in sought-after U.S. destinations, offering short- and long-term stays with amenities like concierge service, Wi-Fi, and smart locks.

B2B MarketplacesFuture of WorkMarketplacesPropTechTravel & HospitalityCulver City, US

Sean Breuner(Executive Officer, Director, Promoter)inReuben Doetsch(Executive Officer, Director, Promoter)inJesse Suarez(Executive Officer)inJodi Kessler(Director)

BoardShawn Colo(Director)Eric Wiesen(Director)in

Co-investorsAbstract VenturesBlue Ivy VenturesBullpen CapitalConvivialité VenturesDaft CapitalEvolution VC Partners+7 more

Ballotreadyballotready.orgin

BallotReady provides nonpartisan data on ballots, elections, and elected officials, along with tools for voter registration, polling place lookup, contacting officials, and running for office.

ConsumerData & InfrastructureGovTechImpact & Social GoodSaaSChicago, US

Aviva Rosman(Founder)Alex Niemczewski(Founder)in

Co-investors37 AngelsHigher Ground LabsInvestHER VenturesWakestream Ventures

Bearabybearaby.com𝕏

Bearaby makes weighted blankets and related sleep and wellness products, including cooling sheets, pillows, sleep masks, heated wraps, and weighted plushies.

ConsumerDirect to ConsumerWellness & Fitness

Kathrin Hamm(Founder)in

Co-investorsAssembled Brands

Bluedropbluedrop.com

Bluedrop operates two business divisions: one providing integrated skills management solutions, and another offering complex equipment and mission training services.

EdTechEnterprise Software

Co-investorsEnterprise IrelandEuropean Innovation Council FundFurthr VCWestern Development Commission

Boardwalktechboardwalktech.comin

Boardwalk Technologies offers a platform for managing business operations and client relations.

AI & Machine LearningEnterprise SoftwareSaaSCupertino, US

Steven Parry(Director)Dharmesh Dadbhala(Executive Officer)Ravi (Ganesh) Krishnan(Executive Officer, Director)Sarang Kulkarni(Executive Officer)James B Kuppe(Executive Officer)Glenn Cordingley(Executive Officer)

Co-investorsMontage CapitalSQN Venture Partners, LLC

Canvacanva.com

Design platform; Blackbird invested when it was just an idea and in every round since.

SocialSurry Hills, Nsw, AU

Melanie Perkins(Co-founder & CEO)inClifford Obrecht(Executive Officer, Director)Cliff Obrecht(Co-founder & COO)inCameron Adams(Co-founder & CPO)inIan LeeJeffrey Story

Co-investors500 GlobalAirTree VenturesAlkeon InnovationAlpha Square GroupAltra VentureAthletic Ventures+40 more

Clearbluetechnologiesclearbluetechnologies.comin𝕏

Clear Blue Technologies develops Smart Off-Grid power technology and Energy-as-a-Service solutions for cost-efficient, remotely managed power systems serving municipal lighting, telecom infrastructure, and satellite internet across 55+ countries.

CleantechEnergyIoTToronto, CA

Miriam Tuerk(Co-Founder & Chief Executive Officer)John Tuerk(Co-Founder & Chief Power Officer)Mark Windrim(Co-Founder & Chief Technology Officer)

Commonwealthretirementcommonwealthretirement.comin𝕏

Common Wealth provides a digital-first group retirement platform that integrates savings, investing, and annuities management for employers, members, and advisors in Canada.

Enterprise SoftwareFintechSaaSCanada, CA

Co-investorsBlackRock

Congruity360congruity360.comin

Congruity360 provides unstructured data management and governance software for enterprises managing large, dispersed datasets across multiple storage systems.

AI & Machine LearningCloud ComputingData & InfrastructureEnterprise SoftwareFall River, US

Co-investorsG20 VenturesSchooner Capital

ConnectAndSellconnectandsell.comin𝕏

ConnectAndSell provides a cloud-based sales acceleration platform that combines human agents and AI to connect B2B sales teams directly with hard-to-reach decision-makers, bypassing gatekeepers and voicemail.

AI & Machine LearningSaaSSales TechLos Gatos, US

Shawn McLaren(Founder)inChris Beall(CEO)inWilliam McLaren(Director)

BoardRoger Lang(Director)Jonathan Buckheit(Director)Stephen King(Director)

Co-investorsMontage CapitalPartners for GrowthPartners for Growth (PFG)IVP (Institutional Venture Partners)

CrowdPropertycrowdproperty.comin

CrowdProperty is a property investment platform offering property-backed lending opportunities where investors earn interest on projects secured by a first legal charge, with features like AutoInvest and an IFISA.

FintechMarketplacesPropTech

Co-investorsSeedrs

Directscaledirectscale.comin𝕏

Exigo (DirectScale) provides a cloud-based software platform for direct selling and multi-level marketing companies, supporting operations, commissions, analytics, and customer management.

Enterprise SoftwareSaaSSales TechLindon, US

Jim Marks(Executive Officer, Director)inRodger Smith(Executive Officer, Director)inGary Fitzgerald(Chief Executive Officer)Beau Coplin(President)Tyler Mortensen(Chief Revenue Officer)Matt Eastman(Chief Operating Officer)

Co-investorsKickstartService Provider Capital

Echoboxechobox.comin𝕏May 2022

Echobox is an AI-powered social media management platform designed for publishers that automates content posting across multiple social networks by analyzing real-time and historical data to optimize timing and engagement.

AI & Machine LearningMarketing TechMedia & EntertainmentNew York, US

Co-investorsMangrove Capital PartnersLocalGlobe

Escribemeetingsescribemeetings.com

eScribe is a meeting management platform for city clerks that covers the full meeting cycle — from agenda drafting and report routing to AI-drafted minutes, capturing motions, votes, and public comment, plus publishing and video streaming.

AI & Machine LearningGovTechSaaS

EverWasheverwash.comin𝕏Feb 2022

EverWash offers a subscription service that partners with local car washes to provide members unlimited washes for a monthly fee through an app.

AI & Machine LearningConsumerMarketplacesMobility & TransportationSaaSPhiladelphia, US

Scott Caplan(Co-CEO, Treasurer, Secretary)inJohn Cassady(Co-CEO)inRaymond Wong(Director)Jerry Goldstein(Director)

Co-investorsSpring Mountain Capital

Exigoexigo.comin

Exigo builds custom and pre-configured software for direct selling companies, offering e-commerce, back-office, and commission management on a single platform.

E-commerceEnterprise SoftwareMarketing TechSaaS

Gary Fitzgeraldin

Co-investorsKickstart

Factor_factor75.com

Factor is a meal delivery service offering 100+ chef-prepared, dietitian-approved ready-to-eat meals across preferences like Keto, High Protein, Calorie Smart, and Vegan, plus 70+ add-on items such as snacks and smoothies.

ConsumerDirect to ConsumerFoodTechWellness & Fitness

Nick Wernimont(Founder)in

Co-investorsBluestein VenturesListen VenturesHyde Park Angels

Guardifyguardify.comin𝕏Dec 2019

Guardify is a digital evidence management platform used by legal and social service organizations—including prosecution offices, law enforcement, child advocacy centers, and defense offices—to upload, store, share, and archive audio, video, photo, and document evidence.

Cloud ComputingGovTechLegalTechSaaSOmaha, US

Ben Jackson(Executive Officer, Director)inShelly Kurtz(Director)Luis J. Salazar(Executive Officer, Director)in

BoardDusty Davidson(Director)Alexander Gounares(Director)Annette Smith(Director)

Co-investorsInvest Nebraska

Herettoheretto.comin𝕏

Heretto is a cloud-based, DITA-powered content operations platform with a component content management system (CCMS), Deploy API, and portal tools that let enterprises create, distribute, and personalize product documentation and self-service help sites.

AI & Machine LearningEnterprise SoftwareMarketing TechSaaSRochester, US

Co-investorsArmory Square Ventures

High Alphahighalpha.com

High Alpha is a venture studio that co-creates and funds enterprise software startups, partnering with founders to launch and build new companies.

Enterprise SoftwareSaaSIndianapolis, US

Scott D. Dorsey(Member of Board of Managers.)inKristian Andersen(Co-founder)inScott Dorsey(Co-founder)inEric Tobias(Co-founder)Mike Fitzgerald(Co-founder)in

Co-investorsEmergence Capital PartnersFoundryHyde Park Venture PartnersEmergence CapitalGravityGreycroft+4 more

Hybridfinancialhybridfinancial.comin

Hybrid Financial is an outreach and awareness agency that helps financial services companies build brands and launch products across Canadian and U.S. markets.

Data & InfrastructureFintechMarketing TechToronto, CA

InteriorMarkinteriormark.comin

InteriorMark is a company led by an executive team spanning customer service, data, finance, and web/app development.

ConsumerDirect to ConsumerE-commerceSector Agnostic

Peter Goldstein(Co-founder & Chief Executive Officer)Bruce Tucker(Co-founder & Chief Marketing Officer)inMark Shapiro(Chief Financial Officer)in

Jobgetjobget.comin𝕏

JobGet operates a network of mobile-first job marketplaces—including JobGet, Snagajob, Foh & Boh, and Seasoned—that connect hourly and frontline workers with employers using AI-powered skills matching.

AI & Machine LearningHR TechMarketplaces

Tony Liu(Founder)inPeter Lee(Founder)in

Co-investorsData Point CapitalJAZZ Venture PartnersPillar VCEqual Opportunity Ventures

Judijudi.aiin𝕏

JUDI.AI provides AI-driven credit decisioning and cash flow analysis solutions for small business lending to community-based financial institutions.

AI & Machine LearningFintechSaaSVancouver, CA

Co-investorsGeneral Catalyst

Kovokovo.coin𝕏

Kovo+ provides AI-powered process automation solutions focused initially on medical billing and revenue cycle management for healthcare providers, with plans to expand into IT connectivity, energy, and security sectors.

AI & Machine LearningEnterprise SoftwareHealthtech

Leveljumphealthcareleveljumphealthcare.com

LevelJump Healthcare provides emergency teleradiology services—reading MRI, CT, ultrasound, and mammography scans—as well as in-patient diagnostic imaging clinics that work with referring physicians to book scans and deliver radiology reports.

Digital HealthHealthtechMedical Devices

Livekaloslivekalos.com

Kalos operates clinical-grade DEXA body composition scanning locations paired with analyst-led interpretation and personalized training and nutrition guidance.

Digital HealthHealthtechWellness & FitnessSan Francisco, US

Miniluxeminiluxe.comin

MiniLuxe provides nail care and waxing services along with related products, focusing on clean, non-toxic experiences.

ConsumerDirect to ConsumerWellness & FitnessBoston, US

Anthony Tjan(Executive Officer, Director)inPino Anthony(Executive Officer)Andrew Ervin(Executive Officer)inSue Thirlwall(Executive Officer, Director)inJohn Hamel(Executive Officer)in

BoardMats Lederhausen(Director)

Co-investorsKillick Capital

PadSplitpadsplit.comin𝕏

PadSplit is a U.S. coliving marketplace connecting property owners with renters seeking furnished private rooms on all-inclusive weekly terms.

PropTechAtlanta, US

Atticus LeBlanc(Executive Officer, Director)inKathryn Petralia(Director)

BoardArjan Schutte(Director)in

Co-investorsAlate PartnersBase Venture Management, Inc.Core Venture CapitalKapor CapitalKern Venture GroupMetaProp+9 more

Performioperformio.coin

Performio provides sales commission and incentive compensation management software that ingests data from CRM, ERP, HRIS, and finance systems to calculate complex commission plans, with embedded AI and a no-code plan builder.

FintechSaaSSales Tech

Co-investorsJMI Equity

Plantswitchplantswitch.comin

PlantSwitch manufactures home-compostable food packaging and cutlery products from agricultural waste, particularly rice hulls, using a proprietary CompostZero™ bio-resin that breaks down in backyard compost without leaving microplastics.

Circular EconomyFoodTechNew MaterialsSanford, US

MAXIME BLANDIN(Executive Officer, Director)DILLON BAXTER(Executive Officer, Director)in

BoardSamuel Phelps(Director)

Pulseoilcorppulseoilcorp.com

Pulse Oil Corp. is an oil and gas company focused on enhanced oil recovery (EOR) from established reservoirs in West Central Alberta, Canada using NGL solvent injection methodology.

EnergyVancouver, CA

Garth Johnson(Chief Executive Officer)

Pyurepyure.cain𝕏

The Pyure Company manufactures commercial air purifiers that generate hydroxyls and diffuse organic oxidants indoors to reduce pathogens and air pollutants.

Advanced ManufacturingCleantechHardwareHealthtechBoynton Beach, US

Erik Ryden(Founder)inMahyar Khosravi(Executive Officer, Director)Joel Van Dusen(Director)Aki Georgacacos(Director)Cody Church(Director)Lew Lawrick(Director)

Stabilityhealthcarestabilityhealthcare.comin𝕏

Stability Healthcare operates a staffing and recruitment platform for nurses and clinicians, connecting healthcare professionals with employment opportunities at hospitals and facilities nationwide.

HealthtechHR TechSaaSLos Angeles, US

Jon Chesnik(Co-Founder)inJason Casani(CEO)in

Tnsitnsi.comin𝕏

TNS provides mission-critical infrastructure-as-a-service solutions to financial organizations, telecom enterprises, and payment providers across more than 60 countries through three distinct business markets.

Cloud ComputingData & InfrastructureEnterprise SoftwareFintechReston, US

Mike Keegan(Chief Executive Officer)inMark Cole(Chief Digital Infrastructure Officer)inJim McLaughlin(General Counsel and Secretary)Michael Johnson(Global Managing Director, Payments Market Business)inTom Lazenga(President, Waypoint Trading Solutions)inSeth Walton(General Manager, Communications Market Business)in

Co-investorsSiris

TVision Insightstvisioninsights.comin𝕏

TVision measures TV viewer presence and attention using in-home computer-vision technology, IoT, and data processing applied to a nationally representative household panel, producing second-by-second attention and engagement metrics.

AdTechAI & Machine LearningMarketing TechMedia & EntertainmentCambridge, US

Yanfeng Liu(Executive Officer, Director)Daniel Schiffman(Executive Officer, Director)

BoardBob Mason(Director)in

Co-investorsAccompliceGolden VenturesBantam GroupDG Daiwa VenturesFairhaven Capital PartnersFusion+8 more

Unasoftwareunasoftware.comin

Una is a financial planning and analysis platform that integrates data from CRM, ERP, HRIS, and other enterprise systems to enable real-time forecasting, scenario modeling, and execution tracking.

AI & Machine LearningEnterprise SoftwareFintechSaaS

Don Mal(Co-founder)in

Co-investorsEmerald Development Managers

Wedge Networkswedgenetworks.comin𝕏Nov 2019

Wedge Networks provides an AI-driven security platform that detects novel and known threats, orchestrates network security through software-defined approaches, and deploys edge-based traffic scanning and threat response.

AI & Machine LearningCybersecurityEnterprise Software

Hongwen Zhang(Executive Officer, Director)inHusam Kinawi(Executive Officer)inRob Fong(Executive Officer)in

BoardSheikh Isa bin Khalid Al Khalifa(Director)Hussein Amery(Director)Norman Betts(Director)

Co-investorsVerdex Capital

Wondeurwondeur.ai

Wondeur conducts frontier research on asset valuation using AI systems, focusing on data representativeness across gender, ethnic, cultural, and geographical backgrounds.

AI & Machine LearningData & InfrastructureEnterprise SoftwareFintechToronto, CA

Olivier Berger(Founder)inSophie Perceval(Founder)in

Co-investorsBoxOne Ventures

Worldsourcewealthworldsourcewealth.com

Worldsource Wealth provides tools, resources, and products to support financial advisors in managing client wealth and building advisory practices.

Enterprise SoftwareFintechSaaSCanada, CA

Doce Tomic(Chairman and President)

Wriskwrisk.coin𝕏

Wrist provides customer-centric, data-driven insurance experiences, including subscription-based insurance products and real-time analytics tools for insurance partners.

Data & InfrastructureInsurTechLondon, GB

Darius Kumana(Founder)in

Co-investorsMundi VenturesOxfordQBN CapitalRLC VenturesVolution Ventures

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Best Pitch Deckscustomar image 4Factor 75GetTattleMiniLuxe HoldingTattleTVisionWirkn

Exits · 1

1 IPOs

TrugolfNASDAQ: TRUG

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Flow Capital made?
Flow Capital has 55 tracked investments, 1 of which have exited, including 1 dated in the last 24 months.
What stage does Flow Capital invest at?
Flow Capital invests at the Growth, Late Stage stages.
What sectors does Flow Capital focus on?
Flow Capital focuses on Biotech, Consumer, Fintech, Healthtech, Marketplaces, SaaS, Sector Agnostic.
Where is Flow Capital located?
Flow Capital is headquartered in Toronto, CA.
Who does Flow Capital co-invest with?
Flow Capital most often shares deals with Kickstart, Montage Capital, Partners for Growth, among 106 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Flow Capital (TSX.V: FW) Update with CEO Alex Baluta

Smallcap Discoveries · Alex Baluta

Flow Capital Corp (FW-TSX.V) Interview with CEO Alex Baluta

Smallcap Discoveries · Alex Baluta

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