1. INTRODUCTION
Note: all figures in USD
1.1. About this report This report was prepared by Startup Genome, for Canada's National Angel Capital Organization (NACO). It examines the venture capital (VC) landscape of Canada, including angel investing, providing a detailed comparison with peer ecosystems. Through this comparison, we assess whether Canadian startups face funding gaps in order to inform the proposed allocation of public capital to Fund of Funds, with a stronger scrutiny on seed funding (which for the purpose of this report includes pre-seed). In terms of structure, the report first discusses the ‘attrition funnel’ of Canada versus US peers, which provides a top-level indication of funding success at different stages. It then examines the ratio of total funding at different stages, before turning to size of rounds and timing. Across those lenses, it quantifies whether funding gaps exist in Canada relative to the peers, before making specific recommendations as to how these should be addressed. 1.2. About Startup Genome Startup Genome is the world-leading policy advisory and research organisation for public and private organisations committed to accelerating the success of their startup ecosystem. We have advised more than 155 clients across six continents in 45+ countries to date. Our mission is to accelerate startup success and ecosystem performance everywhere. 1.3. About National Angel Capital Organization (NACO) The National Angel Capital Organization (NACO) is Canada's national infrastructure for early-stage capital. Established in 2002, NACO represents over 4,000 individual investors and serves as the national umbrella for more than 100 member organizations, including angel networks, syndicates, and early-stage venture funds — from coast to coast to coast.
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