DMZ Backs Hey Cleo at Black Innovation Summit

Ten Black-led startups pitched at the sixth annual DMZ Black Innovation Summit in Toronto, with three winners sharing $170,000.

Updated on Nov. 2, 2026 in Startups

Empty presentation stage with a wooden platform and rows of empty seats in a brick-and-glass Toronto interior under cool daylight. — Ten Black-led startups pitched at Toronto's DMZ Black Innovation Summit, where Hey Cleo won $100,000 in investment and Cuvris received $50,000. AI Illustration. Upload story photo >

Live Poll

Should Canadian venture capital do more to fund Black-led startups?

DMZ awarded Hey Cleo $100,000 in investment at the sixth annual DMZ Black Innovation Summit, where ten Black-led startups from across Canada pitched before more than 300 guests. Cuvris received $50,000 in investment and Carbon Saver received $10,000 in grant funding.

Why it matters

The Black Startup Funding Report found that 0.15 percent of venture capital deployed in Canada in 2025 went to Black founders, a gap that DMZ says its programs are designed to address. Events like the summit aim to increase the number of Black-led startups in Canada's tech ecosystem.

The Black Startup Funding Report found that Black founders received 0.15 percent of Canadian venture capital in 2025, a 97 percent shortfall against population-proportional investment. The three winners combined to receive $170,000, below the record $400,000 in prizes handed out the prior year.

The players

DMZ

DMZ is a startup incubator housed inside Toronto Metropolitan University that claims to have supported over 2,500 Black-identifying founders and distributed over $3.2 million in grants and services.

Black Founders Network

The Black Founders Network is an organization that provides grant funding to Black-led startups.

The details

Ten Black-led startups pitched at the sixth annual DMZ Black Innovation Summit, a startup incubator housed inside Toronto Metropolitan University. Hey Cleo received $100,000 from DMZ Ventures and $10,000 from the Black Founders Network, while Cuvris received $50,000 from DMZ Ventures and Carbon Saver received $10,000 from Pitch Better.

Earlier in 2026, BKR Capital and Rep Matters released the Black Startup Funding Report.
Last week, the ten startups pitched at the sixth annual summit in Toronto.

Market Landscape

The Black Startup Funding Report documented that just 0.15 percent of Canadian venture capital in 2025 reached Black founders, a gap far below their share of the population. Investments of $100,000 and $50,000 at a single summit remain small against that funding shortfall.

For Black founders across Canada, the summit offers a route to grant funding and investment that the broader venture market has largely not provided. Entrepreneurs seeking early-stage support can look to incubator programs like DMZ and grant sources such as Pitch Better and the Black Founders Network.

The takeaway

Access to capital remains the central constraint for Black founders in Canada, and programs that pair investment with grants and services are one of the few direct levers currently in use. Founders weighing applications to incubators and pitch competitions should compare the terms of investment against non-dilutive grant options.