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Canadian VC Money Consolidates In 2025

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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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CVCA Names Bergen CEO Amid Capital Crunch

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Benjamin Bergen, longtime president and CEO of the Council of Canadian Innovators, will become the next chief executive of the Canadian Venture Capital and Private Equity Association on January 5. Bergen, who helped CCI become a dominant policy voice for Canada’s 175 scaleups, said the move reflects a desire to focus on the investor ecosystem amid shrinking early-stage pipelines and renewed capital shortages.

CVCA, which has been without a leader since May, represents more than 350 VC and private equity firms. Bergen will craft the association’s next three-year strategy as Canada confronts economic headwinds and declining investment activity.

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Canada’s Top 50 Venture Capital Firms Powering Growth in 2025

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The CVCA’s The 50 (2025) report highlights the top 50 Canadian venture capital (VC) firms driving innovation across sectors like cleantech, life sciences, and artificial intelligence. In 2024, Canadian VCs invested $6.5 billion across 426 deals, marking a significant rebound in venture funding. Ontario, British Columbia, and Quebec dominated activity, reflecting strong regional ecosystems.

Major deals included Clio’s $1.24 billion round, showcasing investor confidence in legal tech. The report underscores Canada’s leadership in sustainable innovation and its growing global influence.

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In Canada, Investors ‘Continue to Navigate the Environment Cautiously’: Report

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Venture capital investments in Canada in the first half of 2024 reached $3.6 billion across 279 deals, uplifted by a major boost of dollars invested in Q2, a CVCA report finds. Despite this, overall deal volume sits at its lowest since 2020. Seed investments have particularly struggled, raising concerns about Canada’s future pipeline.

“The second quarter of 2024 continued the momentum we saw earlier in the year,” stated CVCA CEO Kim Furlong. “This performance is driven by investors doubling down on companies with proven track records and strong fundamentals, as they continue to navigate the environment cautiously.”

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