Canada’s leading startup hubs have missed out on an estimated US$66 billion in value since 2019 due to slower growth than global peers, according to a report from the National Angel Capital Organization and Startup Genome.
The study finds Toronto-Waterloo, Vancouver, and Montreal grew at just 2.2% annually, compared to nine to 17% elsewhere. Smaller seed rounds—about 40% below comparable U.S. hubs—and longer fundraising timelines are limiting scaleups. The shortfall translates into roughly 133,000 fewer startup jobs and weaker public-market outcomes. NACO says strengthening early-stage capital is critical to reversing the cascading funding gaps.
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