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Country comparison

Canada vs Mexico: startup funding compared

Since 5 June 2025, startups in Canada raised $4.8B across 114 rounds, 3.7 times Mexico's $1.3B.

CanadavsMexico
$4.8BCapital raised$1.3B
114Rounds23
$6MMedian round$13M
0.7%Share of all capital0.2%
55%Early-stage rounds61%

Capital raised running total by month

$4.8B$2.4B Canada, end of Jun 25: $206MCanada, end of Jul: $392MCanada, end of Aug: $1.1BCanada, end of Sept: $1.1BCanada, end of Oct: $1.2BCanada, end of Nov: $2BCanada, end of Dec: $2BCanada, end of Jan 26: $3.2BCanada, end of Feb: $3.7BCanada, end of Mar: $3.9BCanada, end of Apr: $3.9BCanada, end of May: $4BCanada, end of Jun: $4.5BCanada, end of Jul: $4.5BCanada, end of Aug: $4.7BCanada, end of Sept: $4.7BCanada, end of Nov: $4.8BMexico, end of Jun 25: $14.6MMexico, end of Jul: $191MMexico, end of Aug: $214MMexico, end of Sept: $314MMexico, end of Oct: $337MMexico, end of Nov: $344MMexico, end of Dec: $358MMexico, end of Jan 26: $382MMexico, end of Feb: $692MMexico, end of Mar: $700MMexico, end of Apr: $1.1BMexico, end of May: $1.1BMexico, end of Jun: $1.1BMexico, end of Jul: $1.1BMexico, end of Aug: $1.1BMexico, end of Sept: $1.3BMexico, end of Nov: $1.3B Jun 25SeptDecMarJunSept
CanadaMexico
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Where the money goes share of capital by sector

Canada

  • AI43%$2.1B
  • Robotics & Hardware25%$1.2B
  • Other13%$611M
  • Enterprise software8%$372M
  • Fintech4%$190M
  • Health4%$181M

Mexico

  • Fintech45%$596M
  • Other32%$420M
  • AI20%$263M
  • Health3%$35.8M
  • Consumer0%$2M

Biggest rounds

Canada

  1. Waabi $750M 1
  2. Clio $500M 2
  3. Cohere $500M 3

Mexico

  1. Plata $405M 1
  2. Kavak $300M 2
  3. Klar $170M 3

Stage mix share of rounds

CanadaMexico
39%Pre-Seed and Seed26%
16%Series A35%
10%Series B0%
8%Series C and later22%
27%Other or undisclosed17%

Most active investors rounds joined

InvestorCanadaMexico
BDC Capital6·
Garage Capital6·
Inovia Capital6·
Investissement Québec5·
Khosla Ventures5·
General Catalyst22
Graphite Ventures4·
Panache Ventures4·
Amiral Ventures3·
Andreessen Horowitz12
Anges Québec3·
AQC Capital3·

Startup hubs rounds and capital by city

Canada

  • Toronto37$2.3B
  • Vancouver15$903M
  • Montreal25$535M
  • Montréal1$302M
  • Calgary9$155M
  • Richmond3$122M

Mexico

  • Mexico City12$867M
  • Guadalajara1$7.8M

Latest rounds

Questions

Which country raised more startup funding, Canada or Mexico?

Canada. Since 5 June 2025, startups in Canada raised $4.8B across 114 rounds, against $1.3B across 23 rounds in Mexico, 3.7 times more. That is 0.7% and 0.2% of all the capital FundraiseBase tracked worldwide over the period.

How many startup funding rounds were announced in Canada and Mexico?

114 rounds in Canada and 23 rounds in Mexico since 5 June 2025, about 7 and 1 a month.

Are startup rounds bigger in Canada or Mexico?

The median round is $6M in Canada and $13M in Mexico, and the average round $42.2M and $57.3M. The median shows the typical round; the average is pulled up by a few very large ones.

What is the biggest startup round in Canada?

The biggest startup rounds in Canada since 5 June 2025 are Waabi ($750M, 30 Jan 2026), Clio ($500M, Series G, 10 Nov 2025) and Cohere ($500M, 14 Aug 2025).

What is the biggest startup round in Mexico?

The biggest startup rounds in Mexico since 5 June 2025 are Plata ($405M, Series C, 17 Apr 2026), Kavak ($300M, Series F, 17 Feb 2026) and Klar ($170M, Series C, 1 Jul 2025).

Which sectors attract the most startup funding in Canada and Mexico?

In Canada, AI ($2.1B, 43% of the capital), Robotics & Hardware ($1.2B, 25%) and Enterprise software ($372M, 8%) lead. In Mexico, Fintech ($596M, 45% of the capital), AI ($263M, 20%) and Health ($35.8M, 3%) lead.

Is Canada or Mexico better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 55% of rounds in Canada and 61% in Mexico. Canada recorded 45 Pre-Seed or Seed rounds and Mexico 6 Pre-Seed or Seed rounds, with a median of $3.3M and $4.8M.

How much growth funding (Series B and later) goes to Canada and Mexico?

Startups in Canada raised $1.9B in 20 Series B or later rounds, 39% of the country's capital. In Mexico, $1B in 5 rounds, 79% of the capital.

Who are the most active startup investors in Canada?

BDC Capital (6 rounds, 2 led), Inovia Capital (6 rounds, 1 led) and Garage Capital (6 rounds, 1 led) are the most active investors in Canada.

Who are the most active startup investors in Mexico?

Kaszek (2 rounds, 2 led), Andreessen Horowitz (2 rounds, 1 led) and Monashees (2 rounds, 1 led) are the most active investors in Mexico.

Which investors back startups in both Canada and Mexico?

6 investors joined rounds in both countries. The most active: General Catalyst (2 in Canada, 2 in Mexico), White Star Capital (2 in Canada, 1 in Mexico), Gaingels (2 in Canada, 1 in Mexico), Andreessen Horowitz (1 in Canada, 2 in Mexico) and Accel (1 in Canada, 1 in Mexico).

Which cities lead startup funding in Canada and Mexico?

Toronto leads Canada with $2.3B across 37 rounds, ahead of Vancouver ($903M). Mexico City leads Mexico with $867M across 12 rounds, ahead of Guadalajara ($7.8M).

Which month brought the most startup funding?

In Canada, January 2026 ($1.2B). In Mexico, April 2026 ($405M).

How much did startups in Canada and Mexico raise in the last 90 days?

In the 90 days to 10 Nov 2026, startups in Canada raised $274M across 9 rounds and in Mexico $190M across 2 rounds.

Where does this data come from?

FundraiseBase lists startup funding rounds from public announcements: press releases, company posts and news coverage, checked and updated every day. Amounts are in US dollars. Some rounds are never announced, so the figures show what was made public, not every round. Corrections are welcome.

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