While 2023 marked a return to normal after the exuberance of 2020 and 2021, grind, grit, and determination defined Canada’s tech ecosystem in 2024.
This year’s report dives into how the industry adapts to global trends while seizing growth opportunities. From the rise of the AI supercycle fueling a startup boom, to Canada’s leadership in quantum technology, to the strong momentum in Western Canada, and Ontario’s emergence as a global tech talent hub, Canada is punching above its weight on the global stage, with technology driving an increasingly diverse and competitive economy.
Amidst global market stabilization and evolving U.S. trade policies, Canadian tech companies emerged stronger in 2024, fueled by groundbreaking advancements in AI and a steadfast focus on sustainable business fundamentals.
Looking ahead, 2025 brings renewed optimism and an air of reacceleration as late-stage Canadian companies position themselves for M&A, secondaries, and IPOs, potentially sparking a resurgence in liquidity and reinvestment cycles that could drive growth for years.
At Inovia, we are proud to have been on this journey for almost 20 years. Our mission remains unchanged: to support entrepreneurs in building global, sustainable tech companies. This report is a testament to the collective efforts of founders, investors, and limited partners in shaping a globally relevant ecosystem. Canadian tech leaders have a global mindset – and are acting on it.
We hope you find this report insightful and inspiring. As always, we welcome your thoughts and feedback.