Tech startups in Canada have long complained about how hard it is to secure funding—but that’s changed. Overall, venture capital spending in Canada shot up by more than 30% in 2013, and Ontario, Quebec and British Columbia are now among the Top 9 destinations for VC funding in North America. Not bad considering B.C. didn’t even crack the Top 20 in 2012.
1. California | $15.2 billion
In 2013 the Golden State grabbed 47% of North American VC market share, down from 50% in 2012.
2. Massachusetts | $3.2 billion
3. New York | $3 billion
New York’s take of the VC market grew the most in North America in 2013, up 2.6%, likely due to the fact that the tech industry is now the second-biggest sector in the Empire State.
4. Texas | $1.3 billion
5. Maryland | $680 million
6. Ontario | $676 million
The clean-tech and info-tech sectors attract the lion’s share of VC funding. That’s certainly true in Ontario, which is home to three of the five largest companies receiving VC funds in Canada, including a $100-million investment in the e-commerce website provider Shopify and a $47.5-million deal for the renewable energy company Anaergia.
7. Virginia | $614 million
8. Quebec | $589 million
Quebec grew its VC market share by just 0.4%, but it was enough to move it into the Top 10.
9. British Columbia | $478 million
More than one-third of all VC money invested in B.C. in 2013 went to a single company. Investors sank $171 million into social-media company HootSuite. It wasn’t just the biggest deal in the province; it was the biggest deal in the country in 2013.
Source: Canada’s Venture Capital & Private Equity Association