The State of Corporate Venture Capital in Canada 2026 (Deloitte)

Summary

• Total deals by Canadian CVCs declined to 60, down 20% year over year and 58% from the 2022 peak.p.5
• Average deal size for Canadian CVC investments increased 39% to $32M in 2025, while the median reached $21M.p.6
• AI investments represented 48% of all Canadian CVC deals in 2025, with 29 AI deals in total.p.7
• Early stage deals represented 67% of Canadian CVC deal volume in 2025, while late stage deals were just 10%.p.8
• CVC firms participated in 13% of Canadian-headquartered venture financings, up from 11% in 2024, with 74 deals.p.9
• Only 26% of large Canadian public companies made a VC investment in the last 5 years, compared with 72% for S&P 500 companies.p.11

Key insights

1. US-based deals declined 9% to 30 but remained the largest segment at 50% of all Canadian CVC deals.p.5
2. Canadian-based deals fell to a 5-year low of 20 deals, down 23% year over year.p.5
3. US-based AI investments grew to 55% of all Canadian CVC AI deals in 2025, up from 52% in 2024.p.7
4. Seed deals rebounded to 24%, up from 20% in 2024, but remain far below the ~35% seen at US CVCs.p.8
5. The three most active CVCs saw their combined deal count fall by 13 deals, about 87% of the total net market decline.p.10
6. 80% of active Canadian CVCs reduced their deal count year over year, and only three of 15 active funds increased activity.p.10