Anecdotal examples of highly successful companies that received local angel investor funding and remained in Canada include Shopify (Ottawa), Verafin (St. John’s), and Wealthsimple (Toronto). By contrast, Slack, acquired by Salesforce in 2021 for US$27.7 billion, raised its first US$1.5 million seed round largely from U.S. investors and subsequently moved its headquarters from Vancouver to the San Francisco Bay Area. In summary, local angel networks are foundational infrastructure for Canada’s innovation economy. They expand the pipeline of investment-ready firms, anchor companies locally, and recycle capital across generations of entrepreneurs.
Key Sources:
National Angel Capital Organization. 2025 Annual Report on Angel Investing in Canada. Toronto: NACO, 2025. Moreira, P., & Mullen, A. 2024 Atlantic Canada Startup Data Report. Halifax: Entrevestor, 2025. Startup Genome & NACO. Canada’s Innovation Capital Gap: Analysis and Recommendations. Forthcoming, 2025. Angel Capital Association. 2025 Angel Funders Report. Kansas City: ACA, 2025. Mason, C. (2020). “The Geography of Business Angel Investment.” Journal of Economic Geography, 20(4). Weik, S., Achleitner, A.-K., & Braun, R. (2024). “Venture capital and the international relocation of startups.” Research Policy, 53(7), Article 105031. Amsterdam: Elsevier. Shi, Y., Sorenson, O., & Waguespack, D. (2024). “The new argonauts: The international migration of venture-backed companies.” Strategic Management Journal.
Additional note:
Shopify received its first cheque from Ottawa-based angel investor John Phillips (Globe and Mail, 2013). Verafin, founded in St. John’s, was backed by Atlantic Canadian investors and was acquired by Nasdaq in 2020 while maintaining its operations in Newfoundland. Wealthsimple, founded in Toronto, benefited early from angel support by Joe Canavan and later secured a major investment from Power Financial (Globe and Mail, 2020). By contrast, Slack raised its initial US$1.5 million seed round primarily from U.S. firms Accel Partners and Andreessen Horowitz (TechCrunch, 2009), moved its headquarters to San Francisco soon after, and was ultimately acquired by Salesforce in 2021 for US$27.7 billion.
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