Waterloo
Metro area · Canada · Pop. 121K
* Conversion rates are derived from current counts.
Largest rounds
Largest funding rounds in Waterloo
A live treemap of the largest VC rounds. Each cell is one round into Waterloo-headquartered companies, grouped by Dealroom sector.
Largest rounds in Waterloo - 2026
VC investment
How much venture capital flows into Waterloo
VC investment into Waterloo-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.
Academia
Waterloo's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Waterloo.
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Notable alumni-founded: OpenTextFaire
Location comparison
How Waterloo stacks up
Compare 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. Waterloo's row is highlighted (#8).
| # | 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
Explore Dealroom data →Get the full Waterloo ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.