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Ontario

State · Canada · Pop. 15.6M · #19 region by EV

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

2,830 Pool of Funded Startups

New Startups

929 Annual Startups FoundedAll new ventures

375 Annual Startups FundedReceived investment

get funded 40%

2,283Startups

960 Pre-Seed Startups$100K–1M

736 Seed Startups$1–4M

Pre-Seed to Seed 33%

587 Series A Startups$4–15M

Seed to Series A 27%

461Breakouts

307 Series B Breakouts$15–40M

A to Series B 31%

154 Series C Breakouts$40–100M

B to Series C 32%

86Scaleups

62 Mega Scaleups$100–250M

reach Mega 2.2%

24 Mega+ Scaleups$250M+

reach Mega+ 0.85%

38Valuation Outcomes

33 Unicorns($1–10B valuation)

reach Unicorn 1.2%

4 Decacorns($10–100B valuation)

reach Decacorn 0.14%

1 Centicorns($100B–1T valuation)

reach Centicorn 0.035%

Pre-Seed

960

Seed

736

Series A

587

Series B

307

Series C

154

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 Ontario

A live treemap of the largest VC rounds. Each cell is one round into Ontario-headquartered companies, grouped by Dealroom sector.

Largest rounds in Ontario - 2026

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

- rounds · - raised

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Top sub-locations

Inside Ontario: top 6 metros

Metros inside Ontario ranked by combined enterprise value, paired with their 5-year growth multiplier.

By enterprise value

1 Toronto $119B

2 Hamilton $7.6B

3 Waterloo $6.5B

4 Mississauga $6.4B

5 Vaughan $821M

6 Brampton $96.5M

By 5-yr EV growth

1 Toronto 9.3×

2 Mississauga 7×

3 Hamilton 5.5×

4 Brampton 3.2×

5 Waterloo 2.5×

VC investment

How much venture capital flows into Ontario

VC investment into Ontario-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.

Academia

Ontario's academic flywheel

Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Ontario.

University-linked startup formation

745

University spinouts

3,831

Total alumni-founded companies

2,445

Of which startups (<$15M raised)

1,020

Breakouts ($15M-100M)

366

Scaleups ($100M+)

Location comparison

How Ontario stacks up

Compare Ontario 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.

Ontario

$384B

British Columbia

$79.4B

Quebec

$67.4B

Alberta

$25.2B

Newfoundland and Labrador

$3.9B

Nova Scotia

$3B

New Brunswick

$1.5B

Saskatchewan

$1.5B

Combined enterprise value of each ecosystem.

Top regions in Canada ranked by combined EV. Ontario's row is highlighted (#1).

#	Ecosystem	Combined EV	EV growth	Unicorns	VC invested	Tracked startups
1	Ontario	$384B	14.4×	38	$3.1B	4,393
2	British Columbia	$79.4B	9.1×	23	$1.8B	2,070
3	Quebec	$67.4B	3.6×	16	$1B	1,391
4	Alberta	$25.2B	4.8×	8	$373.7M	1,186
5	Newfoundland and Labrador	$3.9B	68.4×	1	$86.2M	59
6	Nova Scotia	$3B	6.2×	0	$163.3M	246
7	New Brunswick	$1.5B	3.3×	0	$5.4M	95
8	Saskatchewan	$1.5B	13.9×	0	$4M	76
9	Manitoba	$1.4B	4.2×	0	$107.7M	80
10	Prince Edward Island	$104.6M	—	0	$5.4M	17

More data

Explore Dealroom data →

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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