Year-End 2024 VC & PE Canadian Market Overview

Unleashing the Power of CVCA Intelligence

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.

Venture Capital Investments Reach $7.86 Billion Across 592 Deals

Access the Venture Capital report here.

The year’s performance was largely influenced by a handful of major transactions, with later-stage deals accounting for a significant share of total investment. 

While 2024 saw major funding rounds such as Clio’s CAD $1.24 billion growth-stage investment, early-stage activity — especially at the pre-seed and seed levels — remained under pressure. With just CAD $510 million invested across 201 seed-stage deals, down from CAD $958 million the previous year, the trend suggests continued challenges in securing early-stage capital. 

The information and communications technology (ICT) sector led the way, attracting CAD $4.49 billion across 285 deals. Life sciences followed with CAD $1.38 billion, while cleantech secured CAD $1.07 billion in investments. 

“There’s no question that capital is available for later-stage companies, and we continue to see investors backing more mature companies and proven Canadian innovators,” said Kim Furlong, CEO of CVCA. ​“However, we are seeing ongoing constraints at the pre-seed and seed stages. This decrease is significant for future rounds of financing, ensuring a healthy pipeline of early-stage companies is critical to long-term ecosystem strength.” 

Exit activity reached $5.17 billion across 40 transactions, with M&A transactions driving the majority of exits. The $3.26 billion acquisition of Fusion Pharmaceuticals by AstraZeneca was the year’s largest disclosed exit. 

Private Equity Private Equity in Canada Reaches $27.5 Billion in 2024

Access the Private Equity report here.

Q42024 set a historic record as the highest quarter in a decade, with seven $1B+ deals driving 65% of total PE dollars invested for the year. 

The information and communications technology (ICT) sector remained the most active, attracting CAD $15.3 billion in investment, followed by consumer & retail (CAD $4.1 billion) and automotive & transportation (CAD $1.6 billion). The continued dominance of ICT signals the increasing presence of growth funds focused on scaling Canadian technology companies. 

“Private equity is playing a critical role in unlocking liquidity and driving growth through strategic acquisitions,” said Kim Furlong, Chief Executive Officer, CVCA. ​“We’re seeing firms take a disciplined approach to investment, balancing large-cap deals with targeted mid-market activity. The strength of Canada’s M&A landscape, combined with robust secondary buyout activity, continues to provide essential liquidity and value realization for investors.” 

Despite the record-setting mega-deals, the majority of PE transactions in 2024 were valued under CAD $25 million, reflecting continued strength in the mid-market segment. However, fewer deals were completed in the CAD $25M-$100M range compared to previous years, indicating a more selective capital deployment strategy. 

PE exit activity remained strong, with 86 total exits with disclosed value reaching CAD $6.7 billion for the year. M&A transactions accounted for 74% of all exits, while secondary buyouts continued to be a critical source of liquidity, making up 25% of all PE exits. No PE-backed IPOs were recorded in 2024, reinforcing the ongoing preference for private-market transactions over public listings.