While the amount of venture capital flowing into Canadian cities continued its brisk pace in the first quarter, Ottawa failed to crack the top 10 centres for VC raises.
After a down year in 2020, startups in the Ottawa region bounced back last year when it came to their ability to attract early stage investment rounds, a new report says.
The rankings mark a bounceback for Ottawa, which had been a fixture on the top-10 list for several years until it found itself out in the cold in 2021's first-half report.
It’s a far cry from the first half of 2020, when Ottawa ranked fifth in the total number of VC transactions with 16 on record.
Funding to locally based companies is down more than 50 per cent year-over-year to $9 million.
Local companies landed a combined $111 million in fresh venture capital last year, putting Ottawa in 11th place among all Canadian cities.
In Ottawa, 24 companies have landed a combined $91 million in VC funding from January to the end of September, according to the latest Canadian Venture Capital Report compiled by CPE Analytics.
A total of 16 local companies landed VC financing in the first six months of this year, up from a dozen in the first half of 2019.
Capital's VC haul down more than 75 per cent from the first quarter of last year.