Canadian venture capital reached $6.41 billion by Q3 2024, with U.S. investors contributing $3.74 billion. British Columbia reclaimed second in VC funding behind Ontario, and biotech surpassed cleantech in sector investment. Financial services struggled, securing just 4.2% of VC disbursements, down from 8.3% in 2023.
Richard Rémillard, President of Rémillard Consulting, emphasized Canada’s need to diversify from U.S. capital due to protectionist trends and limited domestic funding. The report also noted that Canadian government funding ($628 million) exceeded private VC disbursements ($613 million), spotlighting the ongoing challenges facing private Canadian VC fundraising.
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