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ARTICLE · 14 MARCH 2024

Venture Financing Report 2024

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As Canada's economy continued to face headwinds in 2023, the fundraising landscape for startups remained tight, with venture capitalists choosing a more selective investment...

CanadaCorporate/Commercial Law
Konata Lake
Konata Lake
Mohammed Muraj
Mohammed Muraj
Tyler Cassack
Tyler Cassack
Max Schwartz-Labell
Max Schwartz-Labell
Rivannah Brown
Rivannah Brown
Patricia McMahon
Patricia McMahon
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2023 Financing Activity in Canada

As Canada's economy continued to face headwinds in 2023, the fundraising landscape for startups remained tight, with venture capitalists choosing a more selective investment approach that favoured existing portfolio companies.

1) Deal Activity

The overall number of deals in 2023 (127) was down approximately 13% from 2022 (146). This decline was felt more in the early and mid-stages (Series Seed, Series A and Series B), which saw deal numbers fall compared to last year, while later-stage financings (Series C and onwards) saw an uptick.

With a lower number of financings, and a significant number of later-stage down rounds in 2023, we saw companies facing the end of their runways being forced to embark on later-stage fundraising in a less than favorable environment for terms and valuations.

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