Canadian venture funding reached its highest level since early 2022, with companies raising US$2.8 billion in the third quarter of 2024, according to PitchBook data.
Major deals drove the surge, including a US$500-million round for AI firm Cohere and a US$900-million deal for legal software company Clio, which accounted for half of the total capital raised. However, the number of deals dropped, with just 165 companies securing funding, down from 235 in the previous quarter. Investors noted that while the quality of startups is improving, VC firms continue to face challenges raising new funds.
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