Figure 16: Series A Round Sizes, 75th Percentile ($M USD)
NB: 2024 data is unreliable because of the long lag in seed data capture by funding databases
Similar conclusions can be drawn for the 90th percentile, too, with a gap of about $3.2M between Canada Tier1 and US Tier1 over the past 5 years. Interestingly, we note that this segment of the startup population typically has greater interest from US investors, without whom the gap would be even larger: Figure 17: Series A Round Sizes, 90th Percentile ($M USD)
3.7. Fundraising is also slower in Canada Additionally, we can also look at time to funding. The charts below show median time between formation and seed, median time between formation and Series A, and also the median time between seed and Series A.
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