CVCA’s public quarterly market overview reports provide a deep analysis of the Canadian market, offering a panoramic view of private capital trends and investments. These comprehensive reports utilize data from the CVCA Intelligence platform, Canada’s foremost private capital database. They highlight performance indicators, emerging sectors, and strategic shifts, empowering stakeholders with crucial insights for informed decision-making.

H1 2026 at a glance:

In the first half of 2026, CAD $2.69 billion was invested across 250 venture capital deals in Canada. Dollars rose 17% against the $2.30 billion recorded in the first half of 2025, the first year-over-year increase in first-half capital since 2021. Deal count fell 8.8%, from 274 to 250, the fifth consecutive first-half decline and the smallest of the five.

The increase came early in the year. The first quarter recorded $1.39 billion across 114 deals, and the second $1.29 billion across 136. CVCA’s first-quarter figures have been restated to include Beacon Software’s $313 million Series C, the largest financing of the half, which closed in January but was not announced until June.

“Canadian investors kept capital moving through a period that would have halted most markets,” said Benjamin Bergen, Chief Executive Officer of the CVCA. “As rounds get larger, more of the world’s investors come to the table, a sign of how much Canadian companies can attract at scale. The work ahead is building more of the capacity to lead those rounds at home, so Canada captures more of the upside.”

Sixteen financings of $50 million or more accounted for $1.57 billion, 59% of capital deployed. Five rounds exceeded $100 million. Rounds below $20 million made up 89% of disclosed deals and 29% of dollars.

Early-stage financing came to $1.18 billion across 68 deals, up 24% in dollars on a flat deal count, led by Dominion Dynamics’ $139 million Series A. Later-stage investment reached $984 million across 18 deals, the lowest later-stage deal count in any first half CVCA has recorded. Growth-stage financing totalled $127 million across three deals, most of it Nesto’s $107 million round. Seed financing fell to $285 million across 82 deals, down 31% in dollars year over year.

Rounds financed entirely by Canadian investors made up 66% of transactions, in line with the first half of 2025. Foreign investors were increasingly present in the largest rounds: 56% of later-stage rounds involved a foreign investor, up from 30% a year earlier, and 44% involved a U.S. investor, up from 19%.

Information and communications technology captured 65% of capital, $1.75 billion across 137 deals, up 41% in dollars year over year, and was the largest source of both dollars and deal flow. Life sciences fell to $258 million across 49 deals, down 39% and the lowest first-half total in the series. Cleantech held at $336 million across 18 deals, up 4% in dollars on eight fewer transactions, with Mangrove Lithium’s $118 million round the largest in the sector.

Venture debt financing totalled $276 million across 11 facilities, concentrated in the first quarter, which recorded seven facilities at $256 million. The second quarter recorded four at $20.7 million, the lowest quarterly total across CVCA’s records.

Disclosed value across venture-backed exits totalled $716 million over 18 exits, fueled entirely by exits via mergers and acquisitions. No initial public offerings occurred, consistent with 2024 and 2025.

H1 2026 at a glance:

In the first half of 2026, CAD $12.7 billion was invested across 252 private equity transactions in Canada. Deal count fell 24% against the 332 transactions recorded in the first half of 2025. The second quarter recorded 106 transactions, the fewest in any quarter on CVCA record. 

In the first half of 2026, CAD $12.7 billion was invested across 252 private equity transactions in Canada. Deal count fell 24% against the 332 transactions recorded in the first half of 2025. The second quarter recorded 106 transactions, the fewest in any quarter on CVCA record.
Four take-private transactions accounted for $7.25 billion, 57% of all capital deployed: the $3.3 billion privatization of dentalcorp (Canada Pension Plan Investment Board and GTCR), the $1.9 billion privatization of ECN Capital (Warburg Pincus), the $1.2 billion privatization of Information Services Corporation (La Caisse), and the $850 million privatization of Blackline Safety (Francisco Partners). The three largest were half of all capital in the period. Six transactions above $500 million accounted for 72%.

“A few very large take-privates shaped the half, with global and domestic capital both deploying into Canadian companies at scale,” said Benjamin Bergen, Chief Executive Officer of the CVCA. “That tells you something about the appetite for Canadian assets. The opening now is the mid-market, where most Canadian companies are built.”

Buyouts and add-ons totalled $8.4 billion across 52 transactions, 66% of capital. Dollars rose against the $7.2 billion recorded in the first half of 2025 even as the count fell from 91. Minority investments, comprising growth and follow-on financings, totalled $1.65 billion across 59 transactions. Deal count fell from 88 while disclosed dollars rose 27%, lifted by Nemaska Lithium’s $677 million follow-on from Investissement Québec and Rio Tinto. Growth financings on their own totalled $584 million across 40 transactions.

Life sciences led all sectors at $3.7 billion across 25 transactions, most of which from the dentalcorp privatization. Information and communications technology followed at $2.5 billion across 30 transactions, including Stay22’s $167 million growth round from Summit Partners. Industrial and manufacturing recorded the highest deal count, 92 transactions, for $1.4 billion, 11% of capital.

Ontario led on dollars at $5.4 billion across 30 transactions, 42% of capital on 12% of deal flow, concentrated in Toronto ($5.3 billion across 21 transactions). Quebec recorded the highest deal count, 170 transactions at $5.0 billion, with Montreal accounting for $1.7 billion across 38. Saskatchewan placed third on dollars on the Information Services transaction alone. Alberta recorded $952 million, concentrated in Calgary. British Columbia recorded 26 transactions at $142 million in disclosed value.

Exits generated $10.8 billion across 33 transactions. The half’s most notable was Apotex’s $4.0 billion initial public offering on the Toronto Stock Exchange (TSX:APTX), the first major private-equity-backed IPO in Canada in years and a sign that public markets are reopening to large Canadian listings. The largest exit by value was the $4.6 billion sale of Amica Senior Lifestyles, with Previan at $1.5 billion; together with Apotex, carried most of the disclosed total. The balance ran through mergers and acquisitions.