Canadian Manufacturing

Canada’s tech companies had a $1.1B venture capital windfall in Q3, says PwC

A new report from PwC Canada says AI firms and so-called "fintech" companies led the way, as the third quarter of 2017 saw venture capital investment hit a two-year high


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TORONTO—A new report says Canada’s venture capitalists backed companies received about $1.1 billion from investors in the third quarter of the year, with artificial intelligence firms bringing in a record amount so far this year.

The PwC Canada report says 81 deals in the quarter accounted for a 21 per cent jump in activity and 110 per cent increase in funding from the previous quarter.

The growth comes after two quarters of declining investment, and the quarter represents a two-year high.

PwC Canada says artificial intelligence companies have received a record year of funding in 2017’s first three quarters, accounting for roughly $244 million in 22 deals.

Fintech companies have received about $256 million in 27 deals so far in 2017.

PwC’s national technology sector leader Chris Dulny says in a statement the firm looks forward to a strong ending to the year.


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