Canadian venture capital activity closed 2025 with a record fourth quarter, as startups raised $3.8 billion across 165 deals, according to the Canadian Venture Capital and Private Equity Association.
For the full year, companies secured $8 billion over 571 deals, down six per cent from 2024 while deal count fell 12 per cent. The data shows capital concentrating into fewer, larger rounds. Early-stage funding slipped slightly, Series A and B deals declined sharply, and later-stage and growth rounds rose 25 and 60 per cent respectively. With no IPOs and fewer exits, investors have less capital to recycle into startups, dampening ecosystem liquidity.
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