Key Findings: H1-2023

PE: The participation rate of deals involving US investors reached 15%, a level not observed since 2015.

US investor engagement was largely concentrated in Ontario, taking part in 9% of all transactions (30) within the province.

PE: Continued interest rate increases are affecting Canadian PE, leading to an absence of large deals.

Q2’s largest disclosed deal was a minority investment made in Toronto-based Hostaway for $238M from a US-based investor.

VC: Canadian VC soars compared to the United States.

Compared to the US which saw its lowest quarter since Q2 2020, Canadian investment activity in Q2 is just shy of levels seen in 2021. Q2 2023 saw a 140% rise in dollars invested and 3% in deal count Q-o-Q.

VC: Investment activity in 2023 rebounded in Q2

H1 2023 is now the third-highest first half on record in both deal count and total deal value, just behind 2021 and 2022.

VC Experiences Strong Rebound — An Impressive Performance in H1-2023