Toronto
Metro area · Canada · Pop. 2.8M · #45 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's latest quarter in venture capital
VC raised by Toronto-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-headquartered companies…
Largest rounds
Largest funding rounds in Toronto
A live treemap of the largest VC rounds. Each cell is one round into Toronto-headquartered companies, grouped by Dealroom sector.
Largest rounds in Toronto - 2026
VC investment
How much venture capital flows into Toronto
VC investment into Toronto-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.
Academia
Toronto's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Toronto.
| # | University | City | Based here | Companies |
|---|---|---|---|---|
| 1 | 🇨🇦University of Toronto | Toronto | 30 | 3,454 |
| 2 | 🇨🇦Waterloo | Waterloo | 16 | 2,326 |
Location comparison
How Toronto stacks up
Compare Toronto 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's row is highlighted (#3).
| # | Ecosystem | Combined EV | EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | Ottawa–Gatineau | $235B | 42.9× | 2 | $85.7M | 395 |
| 2 | Toronto-Waterloo | $141B | 7.4× | 35 | $3.1B | 3,638 |
| 3 | Toronto | $113B | 9.7× | 29 | $3B | 2,717 |
| 4 | Vancouver | $73.7B | 10.4× | 21 | $1.8B | 1,728 |
| 5 | Montréal | $57.4B | 3.5× | 13 | $977.4M | 1,084 |
| 6 | Calgary | $17.5B | 12.0× | 5 | $276.3M | 711 |
| 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 | 402 |
| 11 | Halifax | $2B | 5.6× | 0 | $132.4M | 190 |
| 12 | Vaughan | $822.4M | — | 0 | $0 | 47 |
More data
Explore Dealroom data →Get the full Toronto ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.