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Toronto

Metro area · Canada · Pop. 2.8M · #45 city by EV

A public taster of the full Toronto ecosystem on Dealroom — request a demo for live deal flow, founder pedigrees, AI-talent maps, and the full cap table for every company below.

1,751 Pool of Funded Startups

New Startups

561 Annual Startups FoundedAll new ventures

240 Annual Startups FundedReceived investment

get funded 43%

1,403Startups

569 Pre-Seed Startups$100K–1M

458 Seed Startups$1–4M

Pre-Seed to Seed 31%

376 Series A Startups$4–15M

Seed to Series A 28%

292Breakouts

188 Series B Breakouts$15–40M

A to Series B 38%

104 Series C Breakouts$40–100M

B to Series C 35%

56Scaleups

39 Mega Scaleups$100–250M

reach Mega 2.2%

17 Mega+ Scaleups$250M+

reach Mega+ 0.97%

28Valuation Outcomes

25 Unicorns($1–10B valuation)

reach Unicorn 1.4%

3 Decacorns($10–100B valuation)

reach Decacorn 0.17%

Pre-Seed

569

Seed

458

Series A

376

Series B

188

Series C

104

Unicorn

Decacorn

* 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.

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

Every $40M+ VC round into Toronto-headquartered companies in 2026, grouped by Dealroom sector.

- rounds · - raised

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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-linked startup formation

491

University spinouts

1,472

Total alumni-founded companies

933

Of which startups (<$15M raised)

390

Breakouts ($15M-100M)

149

Scaleups ($100M+)

Top universities producing founders tied to Toronto

🇨🇦 University of Toronto Toronto · 65 alumni unicorns

Notable alumni-founded: Shopify (founder team)CohereWealthsimple
🇨🇦 Waterloo Waterloo · 55 alumni unicorns

Notable alumni-founded: OpenTextFaire

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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.

Ottawa–Gatineau

$231B

Toronto-Waterloo

$146B

Toronto

$119B

Vancouver

$71.8B

Montréal

$58.4B

Calgary

$18.4B

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	$231B	44.4×	2	$85.6M	393
2	Toronto-Waterloo	$146B	7.3×	34	$2.9B	3,622
3	Toronto	$119B	9.3×	28	$2.7B	2,709
4	Vancouver	$71.8B	9.6×	21	$1.8B	1,710
5	Montréal	$58.4B	3.5×	13	$977.4M	1,075
6	Calgary	$18.4B	10.2×	5	$276.3M	708
7	Hamilton	$7.6B	5.5×	3	$13.7M	112
8	Waterloo	$6.5B	2.5×	4	$45M	190
9	Edmonton	$6.4B	1.9×	3	$95.9M	401
10	Mississauga	$6.4B	7.0×	1	$40.6M	228
11	Halifax	$2B	5.7×	0	$132.4M	191
12	Vaughan	$821M	—	0	$0	46

More data

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Country Canada North America · Pop. 41.3M · #6 startup ecosystem by EV Region North America Continent / region · Pop. 60M · #2 region by EV

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