Calgary Companies Raise Nearly $450 Million as Alberta Passes Last Year’s Venture Total

Calgary companies raised $449.6 million in venture capital across 39 deals in the first nine months of 2026, placing the city third in Canada for dollars invested. Only Toronto and Montreal attracted more capital, according to Calgary Economic Development's breakdown of the latest figures from the Canadian Venture Capital and Private Equity Association (CVCA). The city accounted for nearly 92 per cent of Alberta's venture dollars and three-quarters of the province's deals through September.

Across Alberta, companies raised $489.8 million in 52 deals during the period, already ahead of the $466 million invested across the province in all of 2025. The milestone was reached in a largely flat national market, where companies raised $4.3 billion across 397 deals through September, compared with $4.4 billion across 411 deals in the same period last year, according to CVCA's November 10 report.

Concentration was a defining feature of the Calgary total. Kanin Energy's $139.5 million financing was Alberta's largest round and the fourth-largest in Canada over the period, representing nearly a third of the city's total. Backed by S2G Investments and Canada Growth Fund, Kanin develops projects that convert waste heat from industrial facilities into electricity. Excluding that round, Calgary companies raised roughly $310 million across the other 38 deals, and the city ranked fourth nationally by deal count.