Toronto-Waterloo
Metro area · Canada · Pop. 6.7M · #41 city by EV
Enterprise value
How much Toronto-Waterloo’s VC-backed companies are worth
Combined enterprise value of VC-backed companies headquartered in Toronto-Waterloo, founded since 1990 and still operating, at the end of each year. Companies stay in the total after they list or are acquired.
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.
Startup funnel
Toronto-Waterloo's startup funnel
Companies headquartered in Toronto-Waterloo at each stage today, by total VC raised. Hover a bar for the split.
Source: Dealroom.co
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
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 | $231B | 44.6× | 2 | $85.7M | 398 |
| 2 | Toronto-Waterloo | $141B | 7.4× | 34 | $3.1B | 3,661 |
| 3 | Toronto | $113B | 9.7× | 28 | $3B | 2,737 |
| 4 | Vancouver | $71.6B | 9.5× | 21 | $1.8B | 1,737 |
| 5 | Montréal | $58.3B | 3.4× | 15 | $865.5M | 1,095 |
| 6 | Calgary | $18.4B | 10.2× | 5 | $276.3M | 710 |
| 7 | Hamilton | $7.6B | 5.4× | 3 | $13.7M | 116 |
| 8 | Waterloo | $6.7B | 2.5× | 4 | $45.1M | 194 |
| 9 | Edmonton | $6.4B | 1.9× | 3 | $95.9M | 403 |
| 10 | Mississauga | $6.4B | 7.0× | 1 | $40.6M | 228 |
| 11 | Halifax | $2B | 5.7× | 0 | $132.4M | 190 |
| 12 | Vaughan | $821.7M | — | 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.