Two Small Fish Ventures

Eva Lau and Allen Lau serve as co-founders and managing partners, jointly leading all investment decisions. Eva Lau, a former engineer and product leader, manages day-to-day fund operations and leads technical diligence. Allen Lau contributes expertise on platform strategy, product-led growth, and network effects drawn from his tenure as Wattpad's CEO. The partnership structure means no single partner can unilaterally commit capital; both must approve each investment.

The firm relies primarily on the founders' network built through Wattpad and the broader Toronto-Waterloo technology ecosystem. Eva Lau's engineering background and Allen Lau's operator profile give them access to founders at the University of Waterloo, Y Combinator alumni circles, and Canadian accelerator cohorts. The firm does not publicly disclose a formal scout program or institutional sourcing partnerships, instead positioning itself as a first-call fund for technical founders with global ambitions who want operators-turned-investors on their cap table.

Yes. The firm reserves capital for follow-on investments in portfolio companies that demonstrate strong product-market fit and capital efficiency. Given the concentrated portfolio model, follow-on capacity varies by fund cycle and company trajectory. The firm typically participates pro-rata in subsequent rounds for breakout portfolio companies, though exact reserve ratios are not publicly disclosed.

Two Small Fish Ventures is an entirely separate entity from Wattpad, though it was founded by Wattpad's co-founder and former CEO Allen Lau and his spouse, Eva Lau, who was an early advisor to the company. Wattpad was acquired by South Korean internet conglomerate Naver for $600 million in 2021 (per the firm's official communications). The Laus' operator experience at Wattpad informs the fund's investment thesis around network effects and user-generated platforms, but there is no formal corporate venture arrangement, shared balance sheet, or exclusive deal flow between the two entities.

The fund concentrates on pre-seed and seed rounds, typically writing first institutional checks into companies with a working product or prototype and early user traction. Average initial check sizes are not publicly disclosed, though the firm has participated in rounds ranging from $1.5 million to $5.5 million based on public filings (per BetaKit coverage). The firm occasionally participates in late-seed or Series A rounds for existing portfolio companies but does not invest at growth stage or later.

Two Small Fish Ventures frequently leads its own seed rounds, a structural choice that differs from many Canadian early-stage funds that depend on US-based lead investors. Eva Lau and Allen Lau take board seats in most cases where they lead, applying an operator-level engagement model. When co-investing alongside US funds, the firm typically positions itself as the local lead providing market access and Canadian ecosystem navigation.

The firm has not publicly disclosed its limited partner base. Based on its structure and public record, capital is understood to include commitments from the founding partners' own wealth derived from the Wattpad exit, alongside institutional and individual limited partners. The firm does not publish fund size, AUM, or LP names, and has not confirmed participation from Canadian government-backed fund-of-funds programs.