funding counts. The other reason could be seed funding amounts. How do these compare? Is there a gap here, too?
Figure 10: Median (50th percentile) Seed Round Sizes ($M USD)
Examining median seed round sizes, as shown in the chart above, the answer is clearly yes: seed rounds for Canada Tier 1 are noticeably smaller than for US Tier 1 and US Tier 2. This has been consistently the case for several years and appears to be widening. Thus Canada’s seed funding gap is a consequence of both fewer seed rounds and smaller seed investments . To expand on this further, we can compare the largest 25% (i.e. 75th percentile), and also the largest 10% (90th percentile), of seed rounds. In each case, it is clear that startups in the US are more likely to raise larger seed rounds than those in Canada – and that this disparity widens as one approaches the largest rounds: Figure 11: Size of 75th Percentile Seed Rounds
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