By Tinu Alli
Did Alberta’s seed and pre-seed markets move in the same direction? Among Alberta companies raising funding at these stages, reported totals rose in 2025 compared with 2024. But the typical disclosed round sizes moved apart. The pre-seed median fell 16.0%; the seed median rose 35.7%. In H1 2026, meaning January–June, both stages recorded less funding and fewer deals than in H1 2025.
That distinction matters for economic-development and business-support teams. A combined seed total can conceal different changes at the two stages. Separating them helps teams ask more precise questions about the companies and kinds of financing they support.
Disclosed funding means money raised in deals with reported amounts. The median is the middle amount when those deals are ordered by size, or the average of the two middle amounts when the count is even. It describes a typical reported round rather than the total raised.
More money did not mean a larger typical pre-seed round
For full-year 2025, disclosed pre-seed funding rose from CAD 9.7 million in 2024 to CAD 12.3 million, and recorded deals increased from 11 to 13. Yet the median disclosed round fell from CAD 1.0 million to CAD 0.8 million.
Seed funding rose more modestly, from CAD 51.1 million to CAD 53.2 million, with 20 recorded deals in each year. Its disclosed median increased from CAD 1.8 million to CAD 2.4 million.
Start with the chart’s bold median column. Between 2024 and 2025, pre-seed’s median fell and seed’s rose, even though funding totals increased in both stages. Then compare the H1 rows: both stages recorded less funding and fewer deals in H1 2026 than in H1 2025. The final column shows how many deals had reported amounts.
The bars use separate scales for dollars and deals. Each measure uses the same scale across stages. Full-year and half-year rows cover different lengths of time.
Funding and deals fell at both stages in H1 2026
Pre-seed funding fell 26.3%, from CAD 5.3 million in H1 2025 to CAD 3.9 million in H1 2026. Recorded deals fell from 7 to 5. The disclosed median declined from CAD 0.7 million to CAD 0.5 million, a 21.9% fall calculated from unrounded amounts.
Seed funding fell 28.2%, from CAD 30.8 million to CAD 22.2 million, and recorded deals fell from 9 to 7. Its disclosed median was nearly unchanged at CAD 3.0 million in both periods when rounded to one decimal place.
The half-year results therefore differ from the annual comparison. Both stages recorded less money and fewer transactions, but pre-seed’s disclosed median fell more sharply. These are different groups of transactions, not a record of the same companies’ progress.
What program teams should track
Program teams should track funding, deal counts, typical disclosed round sizes, and reporting coverage separately for seed and pre-seed. This helps distinguish a change in the number of recorded deals from a change in their typical size. The data show how funding changed, but do not explain why or establish which companies had unmet financing needs.
Source: CVCA data. All amounts are in Canadian dollars. Full years are compared with full years; H1 covers January–June in both years. Totals and medians exclude missing amounts; recorded deal counts include them. Changes use unrounded values.