In the first quarter of 2023, Canadian venture capital (VC) faced a perfect storm amid a turbulent public market, higher interest rates, recession concerns, global tensions, and the sudden demise of Silicon Valley Bank. Despite these challenges, Canadian VC disbursements exceeded $1 billion, with funding sources undergoing significant shifts.
In the first quarter of 2023, Canadian venture capital (VC) faced a perfect storm amid a turbulent public market, higher interest rates, recession concerns, global tensions, and the sudden demise of Silicon Valley Bank. Despite these challenges, Canadian VC disbursements exceeded $1 billion, with funding sources undergoing significant shifts.
US and international investors contributed $479 million and $107 million, accounting for 45% and 10% of total disbursements, respectively. Canadian investors increased their investment to match the 45% share. Notably, Quebec surpassed Ontario as the leading VC funder, investing $214 million compared to Ontario's $165 million.
