An analysis of the 214 Canadian public companies with more than $1 billion in annual revenue found that just six per cent invested venture capital in 2023, compared to 40 per cent for equivalent U.S. companies, according to a report by Deloitte Ventures and BDC Capital. (The Logic)

Talking point: Corporate VCs in Canada invest most of their money (53 per cent in 2023) outside the country, the report found. Their rates of international investment were highest in 2021 and 2022—64 per cent and 60 per cent, respectively—as so-called tourist VC investors flooded the market. Global corporations, meanwhile, have shown strong participation in Canadian companies, investing in 12 per cent to 18 per cent of all deals over the past five years. Deloitte is among the few Canadian corporations that has maintained a dedicated VC business, along with firms like Canadian Tire and Thomson Reuters. The report suggests corporations may be compromising their competitive advantage by abstaining from VC deals.