Nearly 90 per cent of investment deals publicly disclosed by Canadian venture capital funds over the past five years went to companies founded exclusively by men.

An analysis by The Logic of Canadian VCs with the most investment deals recorded globally over the past five years, according to the Canadian Venture Capital and Private Equity Association (CVCA), found that 103 of the 884 publicly announced investment deals went to companies with at least one woman founder or co-founder. That amounts to just 11.7 per cent of investments.

Of the 18 firms identified, just one—BDC Capital—confirmed it tracks the number of investments that go to companies founded by women.

Cycle Capital Management invested in the highest number of companies with at least one woman founder, at 24.3 per cent. Two VCs had not invested in woman-founded companies at all, according to publicly available data.

The Logic’s analysis is broken down by each firm below.