Toronto, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Toronto Metropolitan University's DMZ held its sixth annual Black Innovation Summit presented by Scotiabank, where 10 Black-led startups from across Canada pitched their businesses for a chance to secure $170,000 in funding to accelerate their growth.
The Summit is the marquee event for DMZ’s Black Innovation Programs (BIP), launched in 2019 as the first initiative of its kind in Canada. Since then, BIP has supported more than 2,500 Black founders and distributed over $3.2 million in grants and services.
This year’s pitch competition featured 10 Black-led startups from across Canada spanning AI, cleantech, edtech, fintech, health tech, medtech and enterprise software. Half of the finalist companies were women-led, with founders representing communities across the country. Together, the cohort showcased the diversity of talent and entrepreneurial ambition driving Canada’s Black tech ecosystem forward.
Under the returning theme ‘Black Means Business’, the Summit welcomed more than 300 guests from the Black entrepreneurial community to celebrate Black excellence and reinforce a clear message: investing in Black founders is a strategic imperative that drives economic growth and powers the startup economy.
This year’s Summit highlighted the impact of past investments, welcoming back David Owasi, CEO of OutreachGenius and recipient of the top investment prize at the 2025 Black Innovation Summit. Since securing the investment last year, Owasi has gone on to raise a $1.7 million funding round.
Returning to the stage, he shared insights from his fundraising journey, including the realities of raising capital and what it takes to secure investment. He was joined by Lise Birikundavyi, Managing Partner and Co-Founder of BKR Capital, who brought an investor’s perspective on what makes a startup investment-ready and where new opportunities are emerging for Black founders in Canada.
The investments were led by DMZ Ventures, DMZ’s for-profit arm, and the grants were made possible by the Black Founders Network and Pitch Better. The investment funds are now proceeding to finalize investment terms.
- Hey Cleo, a voice-based assessment platform that lets schools evaluate student understanding through interactive conversations, giving teachers deeper insight without extra marking, received $100,000 in investment from DMZ Ventures and $10,000 in grant funding from the Black Founders Network.
- Curvis, an AI-powered platform that automates post-discharge care workflows so health systems can cut administrative delays and streamline care transitions, received $50,000 in investment from DMZ Ventures.
- Carbon Saver, which helps architects automate building carbon assessments and regulatory compliance directly within their design software, received $10,000 in grant funding from Pitch Better.
“This was my first time ever pitching, so walking away with this outcome means a lot,” said Josh Ekundayo, Co-Founder and CEO of Hey Cleo. “The Black Innovation Summit put us in front of investors and a community that believes in what we’re building, and the DMZ team has backed us at every step. We plan to use this funding to grow our engineering team so we can keep building out the platform.”
“Black-led startups received just 0.15% of venture capital in Canada last year. That’s a gap we need to close,” said Rotimi Tijani, Black Innovation Programs Manager at DMZ. “As Canada looks closer to home to build what’s next, we need to make sure Black founders have the capital and opportunities to lead. Through DMZ Ventures, we’re putting that commitment into action by investing directly in promising Black-led startups. That’s what Black Means Business is all about: recognizing the value these entrepreneurs bring to our economy and putting real investment behind their potential.”
DMZ's Black Innovation Programs were created to increase the number of Black-led startups in the tech ecosystem and break the cycle of inequity. Black founders in DMZ's Black Innovation Programs receive additional opportunities and specialized support, such as free legal services, subsidized hiring grants, professional development opportunities, mentorship, a peer network, exclusive events, and connections to investors dedicated to supporting Black-led innovation—on top of the standard programming all DMZ founders receive.
DMZ is now accepting applications for its BIP Validator Program, a 10-week incubation program for Black founders in the earliest stages of building a business. Applications close November 20, 2026. Interested founders can learn more and apply at dmz.to/validator.
DMZ is proud to have brought the Summit to life in collaboration with presenting partner Scotiabank, investment partner DMZ Ventures, contributing partners Black Founders Network and Pitch Better, and community partners BDC, BKR Capital, CILAR, the Federation of Black Canadians, Nobellum and the Black Business Ventures Association.
-30-
About DMZ
DMZ is a tech incubator and startup ecosystem that fuels entrepreneurship in Canada and beyond. Through its award-winning programs, DMZ empowers founders to scale high-impact ventures, helps students develop entrepreneurial mindsets and equips professionals to thrive in today’s fast-moving economy. By offering tailored support, world-class resources and expansive networks, DMZ nurtures bold ideas, drives business growth and creates global economic impact.
To date, DMZ has supported 800+ venture-scaled startups that have collectively raised $3.25+ billion in capital, while its broader programs have supported 5,273 entrepreneurs and helped create more than 25,400 jobs. Headquartered in Toronto, DMZ operates a global network of hubs spanning 15+ countries, enabling entrepreneurs to access diverse markets, collaborate internationally and drive global innovation.
Attachment
