Calgary companies raise $449.6M in venture capital in nine months, third in Canada

Calgary companies raised $449.6 million in venture capital across 39 deals in the first nine months of 2026, ranking third in Canada for dollars invested, behind Toronto and Montreal and ahead of Vancouver. The figures come from the Canadian Venture Capital and Private Equity Association (CVCA) report published November 10, as broken down by Calgary Economic Development.

Nearly 92 per cent of Alberta's venture dollars

Calgary accounted for nearly 92 per cent of Alberta's venture capital investment and 75 per cent of the province's deals. Alberta's venture total for the first nine months of the year has already passed last year's full-year figure, Calgary.Tech reported. By deal count, Calgary ranked fourth nationally.

The largest round was Kanin Energy's $139.5-million growth-stage financing this fall — Alberta's largest deal and the fourth-largest in Canada — backed by S2G Ventures and the Canada Growth Fund, to develop waste-heat-to-power projects across North America.

Other rounds and the national picture

Other rounds included US$10 million for CURA Climate to advance low-carbon cement production, and more than $13 million for Ultimarii to scale its AI-powered infrastructure permitting platform.

Across Canada, venture capital investment reached $4.3 billion across 397 deals through the third quarter, compared with $4.4 billion across 411 deals in the same period last year, on CVCA figures.

For context, Startup Genome's 2026 Global Startup Ecosystem Report puts Calgary's startup ecosystem at $7 billion, up 115 per cent in value over five years, and CBRE says the city's technology workforce grew 56 per cent between 2022 and 2025, the fastest growth among the 50 North American markets it studied. Other 2026 milestones include Ecolab's approximately US$4.75-billion acquisition of Calgary-founded liquid-cooling company CoolIT Systems, and Blackline Safety's going-private transaction with Francisco Partners valued at up to $850 million.

Sources: Calgary Economic Development, CVCA, Calgary.Tech, Dealroom.