U.S. participation in Canadian VC rounds has dropped during the pandemic amid flight to larger deals

Skyscrapers in downtown Toronto’s Financial District. Shutterstock/Ken Felepchuk

U.S. participation in Canadian venture capital deals this year has dropped by nearly a third on an average monthly basis. 

As of October 29, U.S.-based investors participated in 281 venture capital deals in Canadian companies, compared to 462 deals for all of 2019, according to PitchBook data. 

The drop is part of a longer-term trend showing U.S. firms are participating in a smaller share of Canadian VC deals relative to local investors.

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