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ARTICLE · 24 FEBRUARY 2025

Blakes UpRound™: February 2025

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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Venture debt plays a prominent role in the Canadian venture capital market, and the size of the venture debt market continues to expand.

CanadaCorporate/Commercial Law
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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In this Edition

  • The venture debt market continues to expand and play a prominent role in the Canadian venture capital market.
  • Canadian retail trends from 2024, recent developments in tariffs for 2025, updates on cybersecurity and AI, and other need-to-know topics.
  • The venture market seemed to recover in 2024, but at what cost?

Market Insights

Key Features to Watch for in Venture Debt — Venture debt plays a prominent role in the Canadian venture capital market, and the size of the venture debt market continues to expand. According to the Canadian Venture Capital and Private Equity Association's year-end market report, the Canadian venture debt market totalled C$881-million, exceeding 2023 levels by 99%. Despite a slowdown in 2023 compared to 2022, partly due to the collapse of Silicon Valley Bank and Signature Bank, the recovery of venture debt financing in 2024 signals that venture debt remains a crucial financing option for Canadian startups facing

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