Calgary pulls in US$329.7M in VC, ranking third in Canada
What's the deal? Calgary companies raised US$329.7M across 39 venture capital deals through September 2026, ranking third nationally for total investment, according to the Canadian Venture Capital and Private Equity Association (CVCA). The city trailed only Toronto and Montreal in capital invested, outperforming Vancouver, while placing fourth for deal count.
Who's driving it? Kanin EnergyDealroom has a profile for this one. Try Dealroom → secured US$102.3M in growth-stage financing this autumn — Alberta's largest deal and the fourth-largest in Canada this year. Backed by S2G VenturesDealroom has a profile for this one. Try Dealroom → and the Canada Growth FundDealroom has a profile for this one. Try Dealroom →, it will fund waste-heat-to-power projects across North America.
Other rounds include US$10 million for CURA Climate's low-carbon cement work and US$9.53M for UltimariiDealroom has a profile for this one. Try Dealroom →'s AI-powered infrastructure permitting platform. Cleantech and enterprise tech are pulling in most of the capital.
Why now? Calgary accounted for nearly 92% of Alberta's venture capital investment and 75% of the province's deals. Its startup ecosystem has grown 115% in value over five years to US$5.13B, per Startup Genome, while its tech workforce expanded 56% between 2022 and 2025 to more than 80,000 workers, CBRE found.
What's the endgame? Calgary's Innovation Strategy aims to connect talent, research, industry, and investment through a network of innovation hubs. The goal is to help more local companies commercialise technologies and scale globally.
The signal: Calgary's showing comes against a subdued national backdrop, with Canadian VC reaching US$3.15B across 397 deals through Q3 — below its five-year average. With the local total concentrated in a few large growth rounds, the figures point to capital flowing to selected companies rather than a broad funding boom.
Read more: calgaryeconomicdevelopment.com
Image credit: Calgary Economic Development
