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2024 Canadian VC, 3rd best in history, Q4 crash points to uncertain 2025

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All dollar ($) figures in Canadian dollars unless otherwise noted.

TORONTO, March 5, 2025 /CNW/ – Canadian venture capital (VC) in 2024 totalled $8.89 billion* from 739 financings.

Summary

2024 disbursement $8.89 billion is the third best in Canadian VC history, behind 2021’s $14.2 billion and 2022’s $9.71 billion.Q3 2024 disbursement $3.57 billion is the second best behind Q2 2021’s $4.90 billion.Q4 2024 disbursement $1.19 billion is the second worst quarterly result since 2021 just ahead of Q3 2023’s $1.17 billion.

CPE Analytics tracks capital that flows directly into the companies and excludes known secondary portions of transaction rounds, in which no money went to the companies to help them grow and scale.  CPE Analytics provides Canada’s only reliable benchmark on Canadian VC investment activities.  With the inclusion of secondaries, substantially large sums in recent years, other providers’ data are of little use and relevance to truly and accurately measure and benchmark the state of Canadian VC ecosystem.

Key Observations

I.  USA, South Korea China, UK top four funding sources
USA, South Korea, China and UK are top four funding sources for Canadian companies, together accounting for 62% of capital flowing into Canadian companies.

____________________________
* * * CPE Analytics’ dataset is distinguished by a rigorous application of proper methodological practice which, for instance, does not include M&A transactions completed by VC-backed portfolio companies or other secondaries transactions. For example, Clio itself did not receive US $900 million of the total funding. A substantial of the funding went to company’s management and employees, and to existing investors.

II.  Asian investors led by South Korea, China, Japan increased their shares of funding sources 
Investors from Asia invested $842 million or 9% in Canadian companies. Top five Asian investor were from South Korea, China, Japan, Taiwan and Hong Kong. There was no investment from Indian investors. Asian investors’ share could  be higher if some of their investments made from the offshore locations had been disclosed.   In comparison, Asian investors invested $343 million for 5% share of total Canadian disbursements in 2023.

III.  Governments continue to out-invest Canadian private VCs 
Canadian governments invested $941 million, our-investing Canadian private VC by $235 million.  In comparison, governments and private VC invested $847 million and $496 million in 2023 respectively, for a differential of almost $351 million

IV.  Q4 crash points to an uncertain 2025
Canadian companies attracted $1.19 billion in Q4 2024, a precipitous fall of 67% from Q3 2024.  Q3 being the second best quarterly Canadian results has made the matter even worse.  Not considering of Q3, 2024, Q4 2024 reported the second lowest quarterly results since 2021, barely bettering Q3 2023 by $18 million. There is still plenty time to fully account the quarter, Q1, 2025 has yet to show any sight of turning round.

V.  VC fund fundraising continues to lag
58 funds raised $2.64 billion, ahead the historic low of $1.72 billion in 2023, still far behind fundraising in 2022 in which 48 funds raised $4.74 billion.   

” The 2024 data starkly reveal the dependence of Canada’s innovation industries on foreign VC investment, particularly that originating from the US which alone accounted for 53% of all VC investment dollars in Canada. At a time of hyper-nationalism in the US federal administration today and with fears of economic warfare across multiple fronts surging in Canada and elsewhere this over-reliance on US VC constitutes a strategic weakness of Canada in the competition for scarce investment dollars. The US federal government’s focus on securing American technological leadership will likely result in it actively promoting US VC investment into domestic firms while looking askance at foreign ventures. As a result, Canada will need to prepare for a material decline in US VC investment over the short to medium term and which will need to be met with increased VC supply from Canadian sources including private, corporate and government,” commented Richard Rémillard, President of Rémillard Consulting Group (RCG).

” The 2024 data show the increasing proportion of investment dollars going into ICT, driven largely by AI. As Marc Andreessen famously said, “Software is eating the world”, compared to 2017, the data starkly reveal how Biotech and Cleantech have reversed positions as Biotech has plummeted as a proportion of VC investments while Cleantech has reached new heights.  Fintech investments, as a proportion overall, continue to stagnate,” added Rémillard,

2024 Highlights

Top 10 municipal cities
The top 10 cities collectively raised $8.13 billion, accounting for 91% of the total disbursements.  

Municipal City

Province

# Fin’s

$ Millions

Toronto

Ontario

201

3,345

Montreal

Quebec

66

1,159

Vancouver

British Colombia

118

1080

Burnaby

British Columbia

9

906

Calgary

Alberta

79

765

Quebec City

Quebec

19

286

Kitchener

Ontario

14

197

Mississauga

Ontario

13

159

Ottawa

Ontario

31

128

Richmond

British Columbia

6

102

556

8,128

Top 10 foreign funding sources
Investors from the top 10 countries accounted 66% of total capital flow into Canadian companies.

Country

$ Millions

United States

4,693

South Korea

454

China

168

United Kingdom

164

Japan

123

Switzerland

100

Netherlands

64

Sweden

57

Germany

51

France

42

Top 10 Investor types
Top 10 types of investors accounted of 91% of the total disbursements into Canadian companies.

Investor Type

$ Millions

Private VC – US

2,091

Mutual/Hedge Fund – US

1,327

Corporate – Foreign

962

Government – CDN

941

Corporate – US

836

Private VC – CDN

706

Private VC – Foreign

352

Corporate – CDN

301

Private Investors – CDN

261

Family Office – CDN

249

Top 10 VC law firms
48 law firms were tracked or reported to participate in Canadian VC financings in the first nine months of 2024.  

Law Firm

# Companies

# Financings

$ Millions

Osler, Hoskin & Harcourt LLP

28

59

2,201

Fasken Martineau DuMoulin LLP

19

70

450

LaBarge Weinstein LLP

14

32

196

Blake, Cassels & Graydon LLP

8

13

475

Dentons Canada LLP

8

15

49

McCarthy Tétrault LLP

6

15

107

Mintz LLP

5

22

50

McInnes Cooper

5

16

33

Borden Ladner Gervais LLP

5

23

28

Norton Rose Fulbright Canada LLP

4

8

13

Summary report
Summary report can be downloaded from financings.ca website:  https://www.financings.ca/reports/

Methodology
Included

Equity and quasi-equity investments in companies directly.

Excluded

Secondary transactions (investor/shareholder exit events) in which companies received no money.Acquisition for expansions (M&As)PE transactionsFinancing by foreign headquartered/domiciled companies with Canadian subsidiaries.

Rémillard Consulting Group (RCG)
Rémillard Consulting Group (RCG) is a unique, Ottawa-based, bilingual consulting firm specializing in providing private sector, government & trade association clients with creative, research-grounded solutions to business issues and public policies involving the Canadian financial services industry. For more information: rremillard@bellnet.ca

CPE Analytics
With 108,900 financing transactions, and growing continuously and rapidly to its all Canadian Financings database, CPE Analytics is Canada’s undisputed leader in financing intelligence.  We provide comprehensive, verified, unbiased and unmatched insights and intelligence on private and public financings, initial public offerings (IPOs), M&As, professional investment firm fundraising activities.

We cover all aspects of VC information, not limited to but including Canada’s only information on VC firm fundraising, VC funding sources (where all the VC came from and from which types of investors).

CPE Analytics is the data analytics division of CPE Media & Data Company.  More Info: https://cpeanalytics.cahttps://financings.ca

CPE Media & Data Company
Founded by Canada’s the most experienced private capital and financing research experts, CPE Media & Data Company is Canada’s leading all financing news and intelligence provider. More information: https://cpecompany.ca/

 

SOURCE CPE Media & Data Company

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Purina Films Docuseries A Different Breed Earns Three Daytime Emmy® Award Nominations

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Emmy®-nominated series celebrates the extraordinary bond between people and pets through the world of canine competition

ST. LOUIS, July 21, 2026 /PRNewswire/ — When pet lovers see the human-pet bond in action, it creates connection and deepens the appreciation they have for the animals in their own lives. That connection recently led Purina to dive deeper into the world of canine competition through a docuseries that is now receiving critical acclaim. Today, Purina is celebrating three Daytime Emmy® Award nominations for A Different Breed, its original nine-episode documentary series produced through Purina Films in partnership with InkBlot Narratives and WPP Media, including recognition for Outstanding Lifestyle Program, Outstanding Editing and Outstanding Directing.

The Daytime Emmy® Awards recognize excellence in daytime television and streaming programming across lifestyle, documentary, instructional, travel, culinary and children’s content. A Different Breed is nominated alongside productions from some of the entertainment industry’s leading studios, networks and streaming platforms.

Streaming on Prime Video, A Different Breed follows 18 teams on the road to the Purina Pro Plan Incredible Dog Challenge National Finals, putting the spotlight on the competitors, their dogs and the extraordinary relationships that drive them. The series marks an intentional shift from traditional brand-led content toward storytelling that entertains, inspires and fosters meaningful connections – all in new channels and formats that resonate with the viewing habits of today’s consumer.

“The way people discover and engage with content continues to evolve, and we’re evolving with them,” said Andrea Faccio, President and Chief Growth Officer at Purina. “At Purina, we’ve always believed the bond between people and pets is full of inspiring stories. A Different Breed gave us the opportunity to share those stories in a way people actively choose to experience, and we’re incredibly proud to see them recognized alongside some of the industry’s most celebrated programs.”

Through Purina Films, Purina is evolving how it connects with pet lovers taking a more entertainment-led approach to storytelling, creating premium content that highlights the meaningful role pets play in people’s lives. By inviting viewers behind the scenes of the Purina Pro Plan Incredible Dog Challenge and into competitors’ lives and homes, A Different Breed tells the kinds of emotionally rich stories today’s audiences actively seek out.

The backdrop of the series is the Purina Pro Plan Incredible Dog Challenge, a premier canine performance sports competition that has showcased extraordinary canine athletes and their handlers for nearly 30 years. The competition features a variety of events, including high-flying disc routines, agility courses, weave pole racing and diving dog competitions.

The National Academy of Television Arts & Sciences will announce the winners of the Daytime Emmy Awards on October 30, 2026.

All nine episodes of A Different Breed are available to stream exclusively on Prime Video in the U.S. at no additional cost with a Prime membership. The second season of the Emmy®-nominated series is in production, continuing Purina’s commitment to bring audiences authentic stories that celebrate the incredible bond between people and pets.

About Nestlé Purina PetCare 
Nestlé Purina PetCare creates richer lives for pets and the people who love them. Founded in 1894, Purina has helped dogs and cats live longer, healthier lives by offering scientifically based nutritional innovations.

Purina manufactures some of the world’s most trusted and popular pet care products, including Dog Chow, Purina ONE, Pro Plan, Friskies and Tidy Cats. Our more than 11,000 U.S. associates take pride in our trusted pet food, treat and litter brands that feed 46 million dogs and 68 million cats every year. Nearly 500 Purina scientists, veterinarians, and pet care experts ensure our commitment to unsurpassed quality and nutrition.

Over the past five years, Purina has contributed more than $150 million towards organizations that bring, and keep, people and pets together, as well as those that help our communities and environment thrive.

Purina is part of Nestlé, a global leader in Nutrition, Health and Wellness. For more information, visit purina.com or subscribe here to get the latest Purina news.

View original content to download multimedia:https://www.prnewswire.com/news-releases/purina-films-docuseries-a-different-breed-earns-three-daytime-emmy-award-nominations-302831018.html

SOURCE Purina

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Toy Foundation Partners with Build-A-Bear & Chuck E. Cheese to Raise $100,000 for Children in Need

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The International Day of Play-themed cause marketing campaigns engaged consumers through promotions, exclusive product, & pin pad donations.

NEW YORK, July 21, 2026 /PRNewswire/ — The Toy Foundation™, the philanthropic arm of The Toy Association™, celebrated the United Nation’s International Day of Play (June 11) with two cause marketing campaigns with Build-A-Bear Foundation and Chuck E. Cheese. Together, the campaigns raised over $100,000, as families across the country and around the world supported The Toy Foundation’s mission to deliver the power of play to children in need.

The Toy Foundation’s partnership with Chuck E. Cheese included a three-part fundraising campaign throughout the month of June. At nearly 500 Chuck E. Cheese locations, families who donated $5 at checkout received 500 tickets to use toward prizes, turning a charitable gift into extra fun. Families also had the option to make a $1 or $3 donation directly at the pin pad, powered by FreedomPay’s Gateway to Giving™ — a charitable program that enables seamless giving at the point of sale, creating another opportunity to support a child in need. At select fun centers, families could also purchase a Chuck E. Cheese x Crazy Aaron’s Limited-Edition Thinking Putty, with one hundred percent of the purchase price benefitting The Toy Foundation.

“Partnering with The Toy Foundation this International Day of Play allowed us to make a real difference through the power of play,” said Scott Drake, CEO of CEC Entertainment. “Play is at the heart of everything we do, and we are deeply grateful to the families that joined us in supporting this great cause. Together, we are giving back in a meaningful way that inspires pride across our entire community.”

Build-A-Bear brought its signature warmth to workshops across the U.S. and the UK with a weeklong fundraising campaign held June 8 to 12. Shoppers made donations in amounts of their choosing at checkout, both in stores and online, with every dollar supporting The Toy Foundation’s work to deliver play to children in need.

“Build-A-Bear Foundation is proud to partner with The Toy Foundation in advancing the shared belief that play has the power to positively impact children’s lives,” said David Henderson, president of Build-A-Bear Foundation. “From toy donations and sponsorship support to this International Day of Play fundraising campaign, we are committed to helping create more moments of joy for children and families in need. We are so grateful to our guests and partners whose generosity continues to make that impact possible.”

These fundraising campaigns complimented The Toy Foundation’s International Day of Play toy collection initiative, which resulted in nearly 20 companies donating $5.7 million in toys. The toy donations are being distributed to more than 450,000 children in under-resourced communities, schools, and hospitals around the world.

“We are grateful to Build-A-Bear Foundation and Chuck E. Cheese for their support, collaboration, and partnership in hosting two successful cause marketing campaigns, and to the companies that generously donated toys in honor of International Day of Play,” said Pam Mastrota, executive director of The Toy Foundation. “Together, we are making a lasting impact, transforming children’s lives with the power of play.”

The Toy Foundation partners with companies and retailers to create tailored cause marketing campaigns that engage consumers and support children through play.

Campaign opportunities include:

Retail campaigns that donate a portion of proceeds from select productsPoint-of-sale donation campaignsCo-branded products featuring cause-related messagingCustomized campaigns tailored to a company’s goals

To learn more and get involved in advancing the toy industry’s collective impact, visit toyfoundation.org or contact The Toy Foundation team.

About The Toy Foundation™ www.toyfoundation.org
The Toy Foundation™ is a 501(c)(3) children’s charity and philanthropic arm of The Toy Association. The uniting force for the collective philanthropy of the toy industry, The Toy Foundation is dedicated to creating a world where every child experiences the comfort, joy, and extraordinary benefits of play. The Toy Foundation works toward this vision through two program areas, Toy Chest, a toy distribution initiative, and Play Fund, a grant distribution initiative. By working together, The Toy Foundation has delivered the power of play to 38 million children in need worldwide. To learn more about The Toy Foundation, visit toyfoundation.org.

About Build‑A‑Bear Workshop, Inc.
Founded in 1997, Build‑A‑Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable “heart ceremony” that creates moments of connection for people of all ages.

Over the years, Build‑A‑Bear has grown into a multi‑generational phenomenon, positioned at the intersection of pop‑culture trends. Beyond its signature retail experience, the brand also offers pre‑stuffed plush, gifting, partnerships with best‑in‑class licensed and collectible characters, and original storytelling through Build‑A‑Bear Entertainment, LLC. Build‑A‑Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments.

Today, Build‑A‑Bear operates more than 650 company-owned, partner-operated and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build‑A‑Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the company’s 5th consecutive year of record results. Learn more at the Investor Relations section of buildabear.com.

About Chuck E. Cheese
Chuck E. Cheese is where over 550,000 happy birthdays are celebrated every year. For nearly 50 years, Chuck E. Cheese has been the place Where A Kid Can Be A Kid®, making birthday kids the star of the show through its interactive experiences, arcade games and the beloved Chuck E. Cheese character. The brand operates more than 500 locations globally and remains committed to providing a fun, safe and inclusive environment through industry-leading programs such as Kid Check® and its partnership with Autism Speaks. As a strong advocate for local communities, Chuck E. Cheese has donated more than $24 million to schools and nonprofits through its fundraising programs. For more information, visit www.chuckecheese.com.

Contact: Erin Wright
The Toy Foundation
646.520.4851
ewright@toyfoundation.org

View original content:https://www.prnewswire.com/news-releases/toy-foundation-partners-with-build-a-bear–chuck-e-cheese-to-raise-100-000-for-children-in-need-302831086.html

SOURCE The Toy Foundation

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Play a Video Game Against a Dish of Living Neurons: Intactis Bio Launches “Biostack”

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Served from a rack mountable Biohybrid Processing Unit (BPU) to lower AI energy usage. 

SALT LAKE CITY, July 21, 2026 /PRNewswire/ — Intactis Bio launched the Biostack Alpha, a video game in which allows anyone to compete against living human neurons grown in the lab. A player sits on one side of the web-browser. On the other is Biohybrid Intelligence: a small population of neurons in a dish that receives the game board as patterns of electrical stimulation. These neurons then answer, move by move, where to drop the next piece.

 

Play a video game against living neurons in rack mountable Biohybrid Processing Unit (BPU) to lower AI energy usage.

Biocomputation is a field focused on curbing the AI energy crises by replacing inefficient silicon chips with low energy biological processors. Biostack is the most tactile and publicly accessible demonstration yet to emerge from the field of biocomputation. Play today at play.intactis.bio. 

A biocomputer you can rack

Biostack runs on the Intactis BPU (Biohybrid Processing Unit), a biocomputer built into the same form factor as the GPUs widely distributed in data centers today. Living neurons at its core are wrapped in the cooling, life support, and signal hardware needed to keep the neurons healthy while they compute. The unit pairs the living substrate with silicon and rack mountable networking, which allows the systems to scale out using existing data center infrastructure.

The map that makes neurons playable

What makes the tissue controllable is a computational neuroscience model. Intactis ran a comprehensive screen to map how electrical stimulus drives neural outputs, cataloguing more than 150 statistically significant relationships and accounting for up to 96% of the tissue’s response. “Biocomputation is not a black box. We have the actual equation,” said Daniel Rodriguez-Granrose, PhD, Founder and CEO of Intactis Bio. This design space lets the company map neural responses onto specific game controls, so the biocomputer can directly learn the Biostack board state and ideal responses in a closed loop.

How a dish of neurons plays

Each turn, Biostack compresses the board (the current piece, the height of every column, and any gaps) into a compact code and delivers it to the tissue as a timed sequence of electrical pulses. The neurons respond, and the system reads their answer as a six-bit placement: four bits choose one of ten columns, two bits choose one of four rotations. Together this represents over 1000 unique electrical inputs to encode the board space and up to 40 possible destinations for every piece. Intactis has successfully transmitted this information to the neurons, and mapped their response back to the live game. In this demo, game performance held and even improved across overnight gaps between sessions. The living network is genuinely shaped by use.

Why a game matters

The stakes reach well beyond the screen. AI’s appetite for electricity is on track to outrun global electricity production. A supercomputer can draw on the order of 20 megawatts; a human brain runs on about 20 watts. The company projects energy-cost reductions around 95%, total-cost reductions around 90%, and data center footprint reductions around 88% versus exaflop-scale silicon.

From demo to business

Intactis sells the capability as Cloud Biocompute as a Service, targeting gaming, robotics, AI and LLM developers already spending $20,000 or more per month on GPUs. The company has secured more than $1 million in early capital and non-dilutive support and is raising a $5 million seed round to bring the BPU to data center partners. Intactis is built by a team with more than $900 million in prior exits.

About Intactis Bio

Intactis Bio builds biohybrid computers that run living human neurons alongside silicon to deliver compute with dramatically lower energy, cost, and footprint. Its rack-mountable Biohybrid Processing Unit (BPU) targets the widening gap between AI compute demand and available power. Learn more at intactis.bio.

View original content to download multimedia:https://www.prnewswire.com/news-releases/play-a-video-game-against-a-dish-of-living-neurons-intactis-bio-launches-biostack-302831095.html

SOURCE Intactis Bio Corp

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