Toronto-Waterloo
Metro area · Canada · Pop. 6.7M · #39 city by EV
* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.
Quarterly report
Toronto-Waterloo's latest quarter in venture capital
VC raised by Toronto-Waterloo-headquartered companies in the quarter shown, against the quarter before and the same quarter a year earlier.
Latest complete quarter
Loading VC raised by Toronto-Waterloo-headquartered companies…
Largest rounds
Largest funding rounds in Toronto-Waterloo
A live treemap of the largest VC rounds. Each cell is one round into Toronto-Waterloo-headquartered companies, grouped by Dealroom sector.
Largest rounds in Toronto-Waterloo - 2026
VC investment
How much venture capital flows into Toronto-Waterloo
VC investment into Toronto-Waterloo-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.
Academia
Toronto-Waterloo's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Toronto-Waterloo.
Location comparison
How Toronto-Waterloo stacks up
Compare Toronto-Waterloo with peers from the same country (Canada) — switch between combined EV, EV growth, and a growth × size view. Expand the table for the full ranking.
Combined enterprise value of each ecosystem.
Top cities in Canada ranked by combined EV. Toronto-Waterloo's row is highlighted (#2).
| # | Ecosystem | Combined EV | EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | Ottawa–Gatineau | $235B | 42.9× | 2 | $85.7M | 396 |
| 2 | Toronto-Waterloo | $141B | 7.5× | 35 | $3.1B | 3,639 |
| 3 | Toronto | $113B | 9.9× | 29 | $3B | 2,719 |
| 4 | Vancouver | $73.7B | 10.4× | 21 | $1.8B | 1,728 |
| 5 | Montréal | $57.4B | 3.5× | 13 | $977.4M | 1,085 |
| 6 | Calgary | $17.5B | 12.0× | 5 | $276.3M | 710 |
| 7 | Hamilton | $7.8B | 5.5× | 3 | $13.7M | 115 |
| 8 | Waterloo | $6.7B | 2.5× | 4 | $45M | 191 |
| 9 | Mississauga | $6.5B | 7.1× | 1 | $40.6M | 229 |
| 10 | Edmonton | $6.4B | 1.9× | 3 | $95.9M | 403 |
| 11 | Halifax | $2B | 5.6× | 0 | $132.4M | 190 |
| 12 | Vaughan | $822.4M | — | 0 | $0 | 47 |
Sector concentration
Where Toronto-Waterloo punches above its weight
Sectors in which Toronto-Waterloo's share of the global unicorn pool is bigger than its overall share. A 5× over-index means Toronto-Waterloo is 5× more represented in that sector than in the global average. Source: top-hub aggregation across the 18 simplified sectors.
More data
Explore Dealroom data →Get the full Toronto-Waterloo ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.