Montreal is officially Canada’s leader in venture capital dollars.
According to a report released by PwC Canada and CB Insights, companies based in Montreal raised $800 million USD in venture capital (VC) in 2017. This is more than any other Canadian city.
Montreal’s venture capitalist investments in 2017 saw a 64% increase from the previous year.
The two biggest of 2017 VC investments in Canada involved Montreal companies. Cloud-based point-of-sale software company Lightspeed raised $166-million USD in October and Element AI raised $102-million USD in June.
“2017 was another record year. Investment in Canada’s technology sector surpassed itself once again with a total of $2.7B. Average deal size increased from $8.3M to $10.9M – a rise of 31% from 2016 – clearly shows consistent and sustained growth,” said Chris Dulny, National Technology Industry Leader, PwC Canada, in a release.
“With a deep talent pool and a growing technology sector, Canada is just getting started when it comes to attracting capital.”