Outside each year’s three largest deals, Alberta’s reported venture capital fell 31.6% in 2025, from CAD 354.9 million in 2024 to CAD 242.9 million. Reported capital means money raised in deals where the amount was available.
For investors and program teams, this means the largest transactions alone cannot explain the decline. A response focused only on large deals would miss the decline across the remaining transactions. Reported funding counts money raised only where the deal amount was available.
Large deals account for most of the drop
Alberta’s total reported funding fell 49.6%, from CAD 947.0 million in 2024 to CAD 477.4 million in 2025. Recorded deals fell from 53 to 49.
The three largest deals totalled CAD 592.1 million in 2024 and CAD 234.5 million in 2025. That difference accounts for 76.1% of the overall dollar decline. The largest three are selected separately each year, so this comparison covers different transactions.
In 2024, those three deals involved two companies: Neo Financial and ClearSky Global. Neo’s CAD 250 million venture debt deal was a loan. The funding total therefore includes more than equity investment.
The remaining deals also raised less
Outside the largest three, reported funding fell by CAD 112.1 million. There were fewer deals with reported amounts in this group: 35 in 2025, down from 41 in 2024. Their average amount fell from CAD 8.7 million to CAD 6.9 million.
The chart separates each year’s largest three deals from all other reported funding. Both groups declined in 2025.
Keep the reporting gaps in view
Amounts were available for 44 of Alberta’s 53 recorded deals in 2024 and 38 of 49 in 2025. Missing amounts are excluded from funding totals but included in recorded deal counts. Changes in reporting coverage may affect the measured decline.
These are full-year comparisons. They do not explain the separate decline in H1 2026 (January–June), establish why funding fell, or show how much financing companies sought.
Where to look next
Before deciding what support companies need, compare the remaining deals by company stage, sector, and financing type, and check the reporting gaps. The decline extended beyond the largest transactions. Finding where it was concentrated is the next step toward a useful response.
Source: CVCA data. All amounts are in Canadian dollars. Calculations use unrounded reported amounts.