Hey Cleo lands $71.7K top prize at DMZ’s Black Innovation Summit
What’s the deal? Edtech startup Hey Cleo won the top prize at DMZDealroom has a profile for this one. Try Dealroom →’s sixth-annual Black Innovation Summit, securing a US$73.3K (≈$71,700) investment from DMZ VenturesDealroom has a profile for this one. Try Dealroom → plus a US$7.33K grant from the Black Founders NetworkDealroom has a profile for this one. Try Dealroom →. The Toronto event saw 10 Black-led startups pitch to more than 300 guests.
What does it build? Hey Cleo runs a conversational assessment platform for education. The award is early-stage backing through DMZ, the startup incubator housed inside Toronto Metropolitan University.
Who else won? Healthtech platform CuvrisDealroom has a profile for this one. Try Dealroom →, which automates transitional care follow-ups, took a US$36.7K DMZ Ventures investment. Carbon SaverDealroom has a profile for this one. Try Dealroom →, which automates building carbon assessments for architects, received a US$7.33K grant from Pitch Better, bringing total winnings across the three to US$124.7K.
Why it matters: A Black Startup Funding Report from BKR CapitalDealroom has a profile for this one. Try Dealroom → and Rep Matters found just 0.15% of all venture capital deployed in Canada in 2025 went to Black founders — 97% below where it would sit if proportional to the Black population.
By the numbers: This year’s prize pool trailed 2025’s record US$293.3K but topped the US$44K or less typical of earlier years. DMZ says it has supported over 2,500 Black-identifying founders and distributed more than US$2.35M in grants and services.
What could go wrong? The win is seed-stage support, not proof of traction. A past summit winner, OutreachGeniusDealroom has a profile for this one. Try Dealroom →, later raised a $1.7 million round — a sign the event can open investor doors, but one Hey Cleo has yet to follow.
The signal: The award underscores both a persistent funding gap for Black founders and the role targeted programs play in narrowing it. DMZ framed the summit around the idea that “investing in Black founders is a strategic imperative that drives economic growth and powers the startup economy.”
Read more: betakit.com
Image credit: Web Summit
