Canadian venture financing hit a five-year high in 2025, even amid interest rate cuts and a sharp shift in US trade policy. Investors kept committing capital, and the year’s deal data reflects that.
Osler, Hoskin & Harcourt LLP’s Deal Points Report provides unique analysis of that data. It doesn’t rely solely on public filings but draws on anonymized information from the firm’s own transactions, including British Columbia financings that rarely surface in other datasets. The result is a more complete picture of how terms and capital are actually moving across the Canadian market.
The fifth annual report covers 140 preferred share financings worth roughly US$4.5 billion, the largest annual total the report has tracked. It found that artificial intelligence drove much of last year’s activity, taking in 54% of all capital invested, up from about a quarter the year before. Valuations held up well, with up rounds far outnumbering down rounds, and early-stage companies continued to account for the bulk of financings.
For a comprehensive breakdown of valuations, deal structures, financing terms and convertible securities, download the 2025 Deal Points Report today.
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As a partner in Osler’s Emerging and High Growth Companies group, Michael Grantmyre advises both technology companies and a wide range of investors in connection with a variety of transactions including acquisitions and divestitures, venture capital, growth equity and private equity financings, recapitalizations, joint ventures and strategic alliances, all in addition to supporting the day-to-day corporate needs of the companies that he acts for. Michael plays a central role with Osler’s relationship with the League of Innovators, who are a national Canadian charity that offer accessible programs, education and events for young entrepreneurs, from discovery through to acceleration.
Ryan Unruch is a partner in Osler’s Emerging and High Growth Companies group. His practice focuses on venture capital financings, mergers and acquisitions, corporate governance, structuring and reorganization transactions. He regularly advises entrepreneurs, start-ups, strategic investors, venture capital, growth equity, private equity and pension fund investors on domestic and cross-border transactions. Ryan’s expertise includes advising on deals in the technology, fintech, biotech and life sciences industries. He is also experienced in negotiating a variety of commercial agreements.