From Belgium to Montreal: Seido Capital’s New Chapter in Life Sciences Venture Capital

In a bold move to capitalize on North America’s growing life sciences sector, the Belgian venture capital (“VC”) firm, Theodorus, has rebranded to Seido Capital (“Seido”) and relocated its headquarters to Montreal. The firm has chosen to exit Europe entirely and focus exclusively on early-stage life sciences startups in Canada and the US. With a fresh identity and new strategy, Seido Capital is ready to become a major player in North America.
Founded in 2003, Seido made its mark in Europe, investing in early-stage companies in the life sciences sector. It raised $6.8 million, $8.1 million, and $30.3 million in its first, second and third funds respectively. In 2018, the firm expanded to Canada for the first time. Its $62.9-million fourth fund led to the opening of an office in Montreal. As the firm recognized increasing opportunities in North America, it decided to relocate to Canada because of its strong research community and its proximity to the U.S. market.
With the launch of its fifth fund (“Fund V”), Seido has secured an additional $45 million, with the goal of reaching $70 million within the next 12 months. Its limited partner base includes returning investors, such as Fonds de solidarité FTQ and Investissement Québec, as well as new investors from Canadian family offices and life sciences entrepreneurs. With a particular interest in the convergence of artificial intelligence, software and biopharma, this fund will be used to support startups at the pre-seed, seed, and Series A stages. Seido has committed to investing 80% of Fund V’s capital in Canadian startups, with the remaining 20% allocated to U.S. startups. This North American-only focus marks a significant departure from the firm’s European roots, but Seido is confident that the firm’s track record of strong returns will continue in this new context.
Canada’s life sciences sector has become a hotbed of innovation, with notable exits generating significant value. It will be interesting to see how Seido’s European-influenced investment approach will fit into the North American life sciences venture capital ecosystem. Théo Risopoulos, co-founder and partner at Seido, explained that the firm focuses on exit potential from the very beginning. As Europe sees fewer late-stage financing rounds, European VCs tend to sell earlier than their Canadian counterparts. As Risopoulos notes, Canada excels at research but has historically struggled with commercialization. Seido’s mission is to bridge this gap by providing the necessary capital and expertise to bring promising technologies to market and ensure their success.
Author: Carina Leung, 2024-2025 Articling Student-At-Law
Image by https://unsplash.com/@sangharsh_l
Image by https://unsplash.com/@sangharsh_l
Expertise
Insights
-
Energy
Supreme Court of Canada Interprets the Telecommunications Act
In Telus Communications Inc. v. Federation of Canadian Municipalities, the Supreme Court of Canada considered the correct interpretation of the term “transmission line”, as used in sections 43 and… -
Technology
FlexPro Gets a Grip on Baseball Pitchers’ Injuries
Ulnar collateral ligament (“UCL”) injuries – tears of damages to the inner elbow ligament - have been a challenge for baseball pitchers of all skill levels since the sport’s inception. Baseball fans… -
Technology
Securing Canada’s Digital Future
As digital threats become increasingly sophisticated, protecting Canada’s defence supply chains has never been more important. To address this challenge, the Government of Canada introduced the… -
Technology
Canadian Legal Tech Company, Clio, Acquires UK-based ShareDo
In a strategic move to expand its services to large law firms, BC-based legal technology company Clio has acquired UK-based ShareDo. Founded in 2011, ShareDo is a provider of adaptive work management… -
Technology
The 2025 TSX Venture 50 List
The 2025 TSX Venture 50 list has been released, showcasing the top 50 best-performing companies on the TSX Venture Exchange (“TSXV”) over the past year. This year’s list was compiled based on a new… -
Litigation and Dispute Resolution
Court Declines to Rule Out Duty of Care Owed by Social Media Platforms to School Boards
In Toronto District School Board v. Meta Platforms Inc. et al. (2025 ONSC 1499), Ontario Superior Court Justice Leiper dismissed a motion to strike a lawsuit commenced by the Toronto District School…