OBIO Invests in Women-Led Startups, Tackles Health Tech Funding Gap

By Alexander Harris

TORONTO, ON – March 31, 2026 – In a decisive move to foster female leadership in Canada's health sector, the Ontario Bioscience Innovation Organization (OBIO®) has announced a significant investment in a pioneering cancer therapy company and the launch of a new entrepreneurship program for women in STEM. The initiatives, unveiled during a celebration of International Women’s Month, underscore a concentrated effort to dismantle the financial and structural barriers that have historically hindered women-led companies in the life sciences and health technology industries.

The event, supported by EY and FACIT, featured a pitch competition where Block Biosciences, a Hamilton-based startup, secured a $100,000 investment. This funding, coupled with the new training partnership with the University of Toronto, signals OBIO's deepening commitment to cultivating a more equitable and innovative health ecosystem.

A Strategic Investment in Cancer Prevention

The centerpiece of the announcement was the $100,000 investment awarded to Block Biosciences, a standout from the third cohort of the OBIO® Women in Health Initiative (WiHI) Seed Program. The company is developing first-in-class therapeutics designed to intercept the spread of cancer to the brain, a devastating complication with a grim prognosis. Brain metastasis is a common and highly lethal form of cancer, with current treatments being largely palliative. Block Biosciences aims to shift this paradigm from treatment to prevention, a goal that captured the attention of the judges.

“Participating in the OBIO® WiHI Seed Program has been an incredible opportunity for Block Biosciences. The mentorship, network access, and commercialization support have helped accelerate our progress and strengthen our path to market,” said Amie Phinney, CEO and Co-Founder of Block Biosciences. “We’re honoured to receive this investment from OBIO®, which will allow us to continue advancing our technology and scaling our impact. Programs like WiHI are critical for supporting women founders and ensuring innovative health technologies can reach patients who need them most.”

The WiHI Seed Program, established in 2023, provides nine women-led companies with six months of intensive advisory services, access to expert networks, and non-dilutive funding. The audience at the event also recognized Arche Biotechnologies with a $10,000 non-dilutive Audience Choice Award for its innovative real-time fluid monitoring solution designed to enhance patient safety and care efficiency.

Addressing a Systemic Funding Disparity

OBIO's initiatives are a direct response to a well-documented and persistent challenge: the venture capital funding gap. In Canada, companies founded by women receive only a small fraction—often cited as around 2%—of total venture capital investment. This disparity is particularly acute in capital-intensive sectors like life sciences and health tech, where significant early-stage funding is crucial for navigating long research and development cycles.

The WiHI program was created to address this very issue. Its success is evident in its alumni, who have collectively raised over $28 million in subsequent local and international investment. This track record demonstrates that targeted support, combining capital with strategic mentorship, can effectively de-risk investments and unlock the potential of women-led ventures.

Support for this approach extends to the highest levels of government. “Women are driving some of the most promising advances in Canada’s life sciences and health technology sectors, yet many still face barriers to growing their companies,” said the Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation. “This third cohort shows how targeted programs can unlock talent, strengthen our innovation economy, and bring new health solutions to Canadians.”

The Honourable Charmaine Williams, Associate Minister of Women's Social and Economic Opportunity, echoed this sentiment. “When we invest in women, we invest in stronger communities, a more inclusive economy, and a healthier future for all Ontarians. I look forward to seeing the continued impact of these remarkable companies and the inspiration they will provide to the next generation of women leaders.”

Building the Next Generation of Founders

Beyond funding existing companies, OBIO is looking to build a sustainable pipeline of future leaders. The organization announced a new partnership with the University of Toronto's PRiME initiative and BioLabs - University of Toronto to deliver an Entrepreneurship Training Program for Women in STEM. The program, scheduled to run from March to June 2026, will provide essential commercialization training to 25-30 female innovators, including graduate students, post-docs, and academic researchers.

The curriculum is designed to bridge the often-daunting gap between the laboratory and the marketplace, covering topics from intellectual property and corporate governance to fundraising and pitching to investors. “Canada is home to extraordinary women in science and engineering, particularly in life sciences and health technologies,” said Molly Shoichet, Scientific Director at PRiME. “The opportunity now is to help more of these innovators see entrepreneurship as a natural extension of their research.”

This sentiment was shared by Allison Brown, Site Head at BioLabs University of Toronto, who noted the challenges in transitioning from researcher to entrepreneur are “often accentuated for aspiring women founders.” She emphasized that the partnership will allow participants to “leverage BioLabs U of T’s community of startups to help build their networks and develop meaningful connections to learn from other women founders.”

A Collaborative Ecosystem for Growth

The event also marked the first anniversary of the Women’s Synergistic Entrepreneurship and Economic Development (WeSEED) program, a joint initiative between OBIO® and FACIT. This collaboration exemplifies the ecosystem-wide approach needed to create lasting change. FACIT, a seed venture firm, boasts an impressive portfolio where over 40% of its oncology innovations are women-led or founded, attracting more than a third of its investment dollars—far exceeding the venture capital industry average.

“The WeSEED program demonstrates how collaboration across Ontario’s life sciences ecosystem can expand opportunities for women entrepreneurs,” said Dr. Connie Chen, Senior Director, Strategy and Corporate Development at FACIT. “WeSEED brings together complementary expertise, capital, and commercialization support to provide women-entrepreneurs with the training, advisory networks, and venture funding needed to grow their companies.”

This web of interconnected support—from government and non-profits to academic institutions and venture firms—is creating a powerful continuum of support for women in health innovation. “Now in its third year, the OBIO® WiHI Seed Program continues to demonstrate the tremendous potential of women-led companies in life sciences and health technology,” said Dr. Maura Campbell, President and CEO of OBIO®. "WiHI alumni companies have raised more than $28 million in local and international investment, demonstrating the strength of their innovations and the importance of targeted support for women entrepreneurs. We are proud to celebrate the achievements of this year’s cohort and to see Block Biosciences recognized with this investment. At the same time, we know there is tremendous talent among women in science and engineering, but the gap often lies in the transition from researcher to founder. Through our new Entrepreneurship Training Program for Women in STEM, delivered in partnership with the University of Toronto’s PRiME and BioLabs – University of Toronto, we are helping build the pipeline and ensure more women see founding a company as a realistic next step."