Toronto led the venture-dollar ranking in these CVCA records, but the order of other Canadian cities changed when the comparison focused on smaller deals. The difference matters because deals of CAD 10 million or more accounted for 94.0% of disclosed dollars in the two-year period, while deals below that threshold accounted for most transactions.
From 1 August 2024 to 31 July 2026, the dataset recorded CAD 17,034.4 million across 567 disclosed deals involving 496 companies. This analysis includes all venture stages and the source’s other VC-labelled transaction types, including venture debt. It describes recorded financing by company location, not where companies spent the money. Canada includes Alberta.
Toronto led overall, with different leaders in some industries
Toronto accounted for CAD 8,033.4 million across 173 deals, or 47.2% of the national disclosed total. Vancouver followed with CAD 3,270.2 million across 65 deals, then Montreal with CAD 2,093.9 million across 104 deals. Calgary ranked fourth with CAD 951.4 million across 55 deals.
Those figures show why dollars and deal counts need to be read together. Vancouver recorded more capital than Montreal, but Montreal had more recorded transactions in this disclosed-only population. The two measures answer different questions about the scale and frequency of financing.
Toronto led four of the seven industry groups in total dollars. Vancouver led Health Care, with CAD 1,170.3 million across 15 deals, and Energy & Environment, with CAD 359.3 million across nine deals. Kitchener led Food & Agriculture with CAD 103.3 million across two deals. That last result is a concentrated financing total, not evidence of broad activity across many companies.
Read each column separately. Each city keeps its own colour across the five tables; colour depth does not represent investment size. A city’s percentage is its share of that column’s national disclosed capital. AI overlaps the industry columns.
Below CAD 1 million, Calgary’s position strengthened
The 90 deals below CAD 1 million totalled CAD 34.5 million. Toronto remained first overall with CAD 10.7 million across 24 deals, but Calgary moved to second with CAD 7.3 million across 17 deals. Montreal ranked third with CAD 4.8 million across eight deals, and Vancouver fourth with CAD 2.9 million across 10 deals.
Calgary led four industry groups in this smaller-deal view: Business Technology & Services; Consumer, Media & Learning; Energy & Environment; and Food & Agriculture. Each lead rested on two to four deals. In Food & Agriculture, Calgary’s two deals were the only disclosed transactions below CAD 1 million in the reviewed national group. A first-place rank in such a small sample should be read with that count beside it.
Calgary ranked second overall and led four industry groups by capital. Sparse columns show only the ranks supported by the records.
From CAD 1 million to under CAD 5 million, Montreal ranked second
The CAD 1 million-to-under-CAD-5 million range contained 195 deals and CAD 488.1 million. Toronto led with CAD 146.7 million across 57 deals. Montreal ranked second with CAD 110.8 million across 43 deals, followed by Calgary with CAD 45.2 million across 19 deals and Vancouver with CAD 37.5 million across 17 deals. Edmonton ranked fifth with CAD 20.0 million across eight deals.
Toronto led five industry groups in this view. Montreal led Consumer, Media & Learning with CAD 20.5 million across seven deals. Collingwood led Food & Agriculture with one CAD 4.25 million transaction. That single deal illustrates how an industry ranking can rest on a small number of financing events.
Montreal and Calgary ranked above Vancouver for individual deals from CAD 1 million to under CAD 5 million. This range excludes deals below CAD 1 million.
From CAD 5 million to under CAD 10 million, Toronto and Montreal stayed ahead
The CAD 5 million-to-under-CAD-10 million range contained 74 deals and CAD 495.6 million. Toronto led with CAD 197.0 million across 28 deals. Montreal followed with CAD 90.1 million across 14 deals, then Vancouver with CAD 55.7 million across eight deals and Calgary with CAD 32.4 million across five deals. Together, the three separate ranges below CAD 10 million accounted for 359 transactions, or 63.3% of deals, but only CAD 1,018.3 million, or 6.0% of disclosed capital.
The industry leaders also differed from the total-dollar view. Calgary led Energy & Environment in the CAD 5 million-to-under-CAD-10 million range with CAD 20.1 million across three deals. Vancouver led that group in the total view. Toronto led Health Care in this middle range with CAD 29.4 million across four deals, whereas Vancouver led the total view. These are differences between size filters over the same period, not changes over time.
This range includes CAD 5 million and excludes CAD 10 million. Montreal ranked second overall, and Calgary led Energy & Environment.
Large transactions shaped the total-dollar ranking
The 208 deals of CAD 10 million or more represented 36.7% of transactions and CAD 16,016.1 million, or 94.0% of disclosed dollars. Toronto led this group with CAD 7,679.0 million across 64 deals, followed by Vancouver with CAD 3,174.1 million across 30 deals and Montreal with CAD 1,888.2 million across 39 deals.
Vancouver’s total includes CAD 639.6 million across three deals recorded under North Vancouver. All three were at least CAD 10 million. Coquitlam’s CAD 275.0 million came from two deals, also both in the larger-deal group. Coquitlam had no disclosed deals in any of the three ranges below CAD 10 million. These amounts show how a small number of transactions can shape a dollar ranking.
The largest size range held 94.0% of dollars and explains much of the total-dollar ranking.
AI is a second way to read the same companies
Companies assigned to the AI bucket recorded CAD 5,879.5 million across 124 disclosed deals. Toronto accounted for CAD 4,224.3 million across 51 deals, or 71.8% of the AI total. Below CAD 1 million per deal, Montreal led the AI view with CAD 3.4 million across six deals.
The AI column includes technology providers and companies applying AI in an industry. Each company retains its industry assignment, so the same financing can appear in both columns. AI totals must not be added to industry totals. These amounts are financing received by AI-classified companies, not verified budgets earmarked for AI projects.
How to read these rankings
The four size ranges do not overlap. A deal below CAD 1 million appears only in the first range; CAD 1 million to under CAD 5 million is the second; CAD 5 million to under CAD 10 million is the third; and CAD 10 million or more is the fourth. Deals of exactly CAD 1 million, CAD 5 million, and CAD 10 million enter the second, third, and fourth ranges respectively. These four ranges add to the separate total view. Within each view, cities are ranked by unrounded dollars, and exact ties share a rank. Some industries have fewer than 10 funded cities. Blank cells are not zero-dollar estimates.
City names use a simplified reporting convention. Directional versions of the same city name are combined: North Vancouver is included in Vancouver. Quebec spelling variants are combined as Quebec City. Distinct place names such as Burnaby, Richmond, Coquitlam, and Etobicoke remain separate. These are name-based groups, not metropolitan boundaries. Original CVCA city fields are retained in the research files. Three disclosed records with disputed geography, totalling CAD 5.9 million, remain in national denominators but are held out of city rankings.
The seven industry groups are custom classifications based on company products and customers. Of the 567 deals, 102 retain provisional industry assignments, representing CAD 2,620.5 million. Two deals totalling CAD 3.625 million remain unclassified and appear only in the overall totals. AI assignments require supporting product evidence; an AI name or a generic automation claim alone is insufficient.
Saved descriptions and recovered CVCA addresses may reflect business activity or locations after a financing. Historical industry, AI status, and headquarters at each deal date have not been independently reconstructed. The window ends in July to avoid a partial August, but exhaustive national reporting coverage is not established by the saved files.
The useful comparison is therefore specific: which cities received the most recorded financing in an industry and deal-size range? Start with the size range relevant to the question, then read the dollar rank, deal count, and classification limits together. A total-dollar lead and a broad pattern of smaller transactions are different observations.
Source: CVCA data