United States vs Canada: startup funding compared

The United States. Since 2 June 2025, startups in the United States raised $487.4B across 2,833 rounds, against $4.8B across 114 rounds in Canada, 101.2 times more. That is 70% and 0.7% of all the capital FundraiseBase tracked worldwide over the period.

2,833 rounds in the United States and 114 rounds in Canada since 2 June 2025, about 157 and 6 a month.

The median round is $20M in the United States and $6M in Canada, and the average round $172M and $42.2M. The median shows the typical round; the average is pulled up by a few very large ones.

The biggest startup rounds in the United States since 2 June 2025 are OpenAI ($122B, 31 Mar 2026), Anthropic ($65B, Series H, 28 May 2026) and Anthropic ($30B, Series G, 12 Feb 2026).

The biggest startup rounds in Canada since 2 June 2025 are Waabi ($750M, 30 Jan 2026), Clio ($500M, Series G, 10 Nov 2025) and Cohere ($500M, 14 Aug 2025).

In the United States, AI ($381.8B, 78% of the capital), Robotics & Hardware ($25.4B, 5%) and Health ($21.5B, 4%) lead. In Canada, AI ($2.1B, 43% of the capital), Robotics & Hardware ($1.2B, 25%) and Enterprise software ($372M, 8%) lead.

Early-stage rounds (Pre-Seed, Seed and Series A) make up 57% of rounds in the United States and 55% in Canada. The United States recorded 883 Pre-Seed or Seed rounds and Canada 45 Pre-Seed or Seed rounds, with a median of $6M and $3.3M.

Startups in the United States raised $232.3B in 711 Series B or later rounds, 48% of the country's capital. In Canada, $1.9B in 20 rounds, 39% of the capital.

Y Combinator (178 rounds, 16 led), Andreessen Horowitz (130 rounds, 65 led) and General Catalyst (110 rounds, 39 led) are the most active investors in the United States.

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.

140 investors joined rounds in both countries. The most active: Y Combinator (178 in the United States, 3 in Canada), Andreessen Horowitz (130 in the United States, 1 in Canada), General Catalyst (110 in the United States, 2 in Canada), Lightspeed Venture Partners (81 in the United States, 1 in Canada) and Khosla Ventures (77 in the United States, 5 in Canada).

San Francisco leads the United States with $133.5B across 529 rounds, ahead of New York ($26.1B). Toronto leads Canada with $2.3B across 37 rounds, ahead of Vancouver ($903M).

In the United States, March 2026 ($133.9B). In Canada, January 2026 ($1.2B).

In the 90 days to 12 Nov 2026, startups in the United States raised $49.4B across 397 rounds and in Canada $274M across 9 rounds.

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.