Waterloo
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Startup funnel
Waterloo's startup funnel
Companies headquartered in Waterloo at each stage today, by total VC raised. Hover or tap a bar for the split.
Source: Dealroom.co
Quarterly report
Waterloo's latest quarter in venture capital
Venture capital raised by Waterloo-headquartered companies each quarter since 2020, split by round size, with detail on the latest complete quarter.
Latest complete quarter
Loading VC raised by Waterloo-headquartered companies…
Enterprise value
How much Waterloo’s VC-backed companies are worth
Combined enterprise value of VC-backed companies headquartered in Waterloo, founded since 1990 and still operating, at the end of each year. Companies stay in the total after they list or are acquired.
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.
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
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 | 44.9× | 2 | $85.7M | 398 |
| 2 | Toronto-Waterloo | $141B | 7.4× | 35 | $3.1B | 3,663 |
| 3 | Toronto | $113B | 9.6× | 29 | $3B | 2,739 |
| 4 | Vancouver | $71.7B | 9.5× | 21 | $1.8B | 1,736 |
| 5 | Montréal | $58.3B | 3.4× | 15 | $865.5M | 1,097 |
| 6 | Calgary | $18.4B | 10.2× | 5 | $276.3M | 711 |
| 7 | Hamilton | $7.6B | 5.4× | 3 | $13.7M | 116 |
| 8 | Waterloo | $6.7B | 2.5× | 4 | $45.1M | 194 |
| 9 | Edmonton | $6.4B | 1.9× | 3 | $95.9M | 403 |
| 10 | Mississauga | $6.4B | 7.0× | 1 | $40.6M | 228 |
| 11 | Halifax | $2B | 5.7× | 0 | $132.4M | 190 |
| 12 | Vaughan | $821.7M | — | 0 | $0 | 47 |
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.