Cross-Border Impact Ventures Research
Investment Thesis
Cross-Border Impact Ventures (CBIV) is a Toronto-based, women-led impact venture capital firm on a mission to revolutionize venture investing in health technology. CBIV backs audacious companies commercializing globally relevant medical devices, diagnostics, therapeutics and digital health innovations that address large, historically underfunded market opportunities in women's, children's and adolescent health. The firm believes positive impact and financial returns are not mutually exclusive, and it holds itself to the highest standard of impact investing, implementing recognized impact management processes with an explicit gender and diversity lens. CBIV estimates its focus areas represent a roughly $625 billion current market opportunity, growing to $1.1 trillion by 2035.
Sector Focus
CBIV concentrates on four sectors: sexual and reproductive health; maternal, newborn and child health; general health including chronic disease; and health software infrastructure. It values real-world and clinical data and prioritizes companies addressing gender health inequalities, with growing interest in AI-enabled diagnostics and digital health tools.
Stage Focus
CBIV primarily targets Series A and Series B companies, though with Fund II it may invest earlier in select companies with significant potential.
Recent Activity
CBIV launched its first fund in 2021 and closed it in January 2024 at just over $90 million ($135M CAD), after reviewing more than 2,000 opportunities and selecting 11 healthcare technology companies across maternal/fetal health, neonatal care, cardiovascular disease, oncology, respiratory health, reproductive health and gut health. In August 2026, CBIV announced a US$58 million first close of its Women's and Children's Health Technology Fund II, targeting a total of $125 million with a final close expected in 2027. Fund II expands the original thesis with an integrated climate lens and a strengthened health-impact measurement approach. Limited partners include KfW (on behalf of the German Federal Ministry for Economic Cooperation and Development), the Skoll Foundation (via Capricorn Investment Group), Ceniarth, Equality Fund (via RockCreek Group), Wire Group, family offices and high-net-worth individuals.
Portfolio Highlights
Fund I's portfolio has reached more than 356,000 women and children across 32 countries. Notable outcomes include Sonio, an AI-powered fetal ultrasound software company acquired by Samsung Medison in 2024 for roughly $92.7M; Cardiosense, which received FDA De Novo authorization for its non-invasive PCWP heart-failure monitoring software; mOm Incubators, which received FDA clearance for its portable neonatal incubator and has reached an estimated 18,000 patients; and Daye, whose diagnostic tampon for HPV and vaginal-health screening was named to Time's Best Inventions of 2024 and is piloting through the UK's NHS. Other portfolio companies include TidalSense (AI-powered COPD breath test), Oxford Cancer Analytics (proteomics/AI lung-cancer diagnostics), Bactolife (gut-health binding proteins), Oncolens (multidisciplinary cancer-care platform), and Raydiant Oximetry (non-invasive fetal pulse oximetry). CBIV's investment and impact practices received BlueMark Platinum status in 2024, and the firm complies with Article 9 of the EU's Sustainable Finance Disclosure Regulation. CBIV won the Wealth & Finance International "Best HealthTech Investment Company 2024 – Canada" award.
Team
- Annie Thériault, PhD, CFA, ICD.D — Managing Partner
- Donna Parr, MBA, ICD.D — Managing Partner
- Femke Smeets, MSc — Managing Director of Emerging Markets
- Megan Dover, MBA, P.Eng — Partner (also referred to publicly as Founding Partner)
- Issy Gordon, MiM — Investment Director
- Pooja Sikka, MD (MBBS), MBA — Venture Partner
- Hannah Sharpe, MES — ESG and Health Impact Associate
- Juanita Cortés, CPA — Chief Financial Officer
- Tasha Noronha — Partnerships & Operations Manager
The firm also maintains a Strategic Advisory Board and a Scientific Advisory Board of clinicians and industry executives.
Decision Process
CBIV operates as a partnership led by co-Managing Partners Annie Thériault and Donna Parr, supported by a broader investment and operations team; there is no indication of a solo-GP or committee-only structure.
Founder Preferences
CBIV favors technical and clinical founders building medical devices, diagnostics, therapeutics and digital health products with strong real-world/clinical data, addressing large global markets in women's, children's and adolescent health, and open to CBIV's hands-on, board-level support with commercialization, regulatory strategy, market expansion and non-dilutive financing.
Geographic Focus
CBIV is headquartered in Toronto and invests across North America, Europe and global/emerging markets, with portfolio companies expanding into more than 30 countries including underserved markets in Sub-Saharan Africa and South Asia.