The dealmaking practices of over 200 Canadian venture capital
financings, and how they align with U.S. deal terms, were analysed
in our inaugural industry study.
Get our deep dive on the most common deal terms in the Canadian
startup ecosystem, how the pandemic affected financing
negotiations, and what's next for the industry in the latest
commentary from Torys' Emerging Companies and Venture
Capital team.
Download our Venture Financing Report
Executive Summary
The events of 2020 resulted in a series of knock-on effects for
businesses and investors in Canada, and the venture capital and
startup ecosystems were no exception. Unsurprisingly, investors
gained a higher degree of leverage amid the uncertainty brought
upon by the global pandemic. The implications of this included a
short-term increase in investor-friendly terms during Q2 and Q3.
Specifically, throughout Q2 and Q3, we saw a higher concentration
of senior liquidation preferences, participation
