Capital Under Pressure:
2025 Report on Canadian VC Fundraising

Discover where investors are deploying capital, how we got here, and why the current Canadian market’s behaviour is defying the data of the past.

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Highlights at a glance

$2B Raised by Canadian VC Firms

$2B Raised by Canadian VC Firms

Canadian venture capital firms have raised just over $2 billion in 2025. With totals tracking below the long-term average, this indicates a weak fundraising year.

Emerging Managers Raised Only $192M

Emerging Managers Raise Only $249M

With approximately $249 million raised in 2025, emerging managers marked their lowest annual fundraising on record, reflecting the challenges faced by new VC firms.

Top 5 Funds Dominate with 83% Share

Top 5 Funds Dominate with 83% Share

The 5 largest funds captured around 83% of all capital raised in 2025, indicating a trend towards capital concentration.

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What’s Inside

Capital Under Pressure: RBCx Report on Canadian VC Fundraising is designed to help founders and VCs navigate 2026 and beyond. Building on the insights and trends identified in our inaugural report in 2024, this year’s report explores the evolving Canadian venture capital landscape in more detail, providing comprehensive data and analysis of current market conditions.
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Capital Under Pressure

Why RBCx?

RBCx banks, builds, and invests in the innovation ecosystem – backed by the institutional strength and stability of the Royal Bank of Canada (RBC). With specialized financial solutions, portfolio building experience, and a collective of specialists that provide powerful support, we help startups and scaleups unlock growth across every stage of their journey.