The startup investment arms of major firms did 60 deals last year, down 20 per cent year over year, according to an analysis by Deloitte Ventures. Of those, 20 were Canadian companies, a 23 per cent annual drop, while 30 were U.S.-based investments, down nine per cent. (The Logic)

Talking point: Canadian corporate funds have always looked south for deals, but both the absolute number and share of domestic investments hit a five-year low in 2025. In particular, AI firms are “continuing to draw capital south of the border,” the report said. Overall deal flow has also fallen off to less than half of the 144 investments recorded in 2022. Most of last year’s drop is down to the country’s three most active corporate deal makers—Telus Global Ventures, Thomson Reuters Ventures and Shopify—cutting back, per Deloitte Ventures, which is part of the Canadian branch of the consulting giant. Telus has been joining larger deals, including Waabi’s US$750-million round in January. Shopify, meanwhile, went on a deal-making spree during the pandemic but has since slowed.