The money came in via 509 deals. That’s the second-highest year logged by the Canadian Venture Capital & Private Equity Association, down from a record $6.2 billion across 560 rounds in 2019. (The Logic)
Talking point: Ontario (44 per cent), Quebec (23 per cent) and British Columbia (20 per cent) continued to account for the vast majority of funds raised. Alberta led the three provinces in which VC funding grew year over year, with 51 deals worth a combined $455 million, double the $227 million across 39 rounds in 2019. “Traditionally, we have been very heavy loaded in the earlier stage-type of company” at or before Series A, said Kristina Williams, CEO of Alberta Enterprise, in an interview. Local startups are now attracting larger sums—Williams cited Edmonton’s Jobber (US$60 million) and Calgary’s Symend ($73 million). “We’re starting to hit, proportionally, the amount of dollars and the amount of companies” that Alberta’s population relative to the rest of the country would suggest, she said. VC funds backed by the provincial fund-of-funds were involved in about half the deals; the agency has begun to allocate the $175 million in additional capital from the province.