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What are some of the top cities in Canada to launch a startup in 2024? Each city has its own unique ecosystem, and some are more favorable for startups than others. As the saying goes, “it really takes a village to raise a startup”. In this post, we present the top cities to launch a startup. We considered factors such as cost of living (20%), access to funding (25%), startup ecosystem (20%), talent pool (20%), and notable companies (15%).

Some cities, such as Calgary, are emerging as new tech hubs, with the rise of companies like ZayZoon, Standard Field Systems, and many more. For the complete list of Canada’s top companies, check out the full coverage here.

1. Toronto

Toronto’s scale is unmatched across Canada. With growing companies such as Index Exchange, Shopify, and others, Toronto’s ecosystem continues to thrive. One factor that may be holding the city back is its high housing prices. If these prices don’t decrease, they could significantly impact Toronto’s standing. When it comes to entrepreneurship, we need a lower cost of living in Canada.

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2. Waterloo

Waterloo is known as Canada’s ultimate tech hub. With its smaller population, Waterloo offers a close-knit, small-town feel that can foster the growth of startups into scale-ups. The city also benefits from top technical talent emerging from the University of Waterloo.

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3. Vancouver

With Web Summit moving to Vancouver, the city is gaining more attention. Vancouver has produced many homegrown success stories and continues to be a leading city for startups.

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4. Montreal

Montreal’s cost of living is more favorable for startups. With lower costs, we may see more risk-taking from entrepreneurs. Montreal is also becoming a significant hub for AI development.

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5. Calgary

Calgary is a rising tech hub with enormous potential to become a leader in Canada’s tech ecosystem.

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6. Edmonton

Edmonton is quickly growing in prominence as a technology and innovation hub. The city benefits from the presence of the University of Alberta, which ranks among the top research universities in the country, contributing to the city’s AI and health tech sectors. Startups in Edmonton are also gaining support from local incubators, accelerators, and organizations like Startup Edmonton. Its affordable cost of living and increasing access to funding make it an attractive destination for entrepreneurs.

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7. Ottawa

Ottawa is often overlooked, but it’s one of Canada’s most promising cities for startups, especially in the SaaS (Software as a Service) sector. The nation’s capital has a rich talent pool, thanks to the presence of institutions like the University of Ottawa and Carleton University. The city is also home to leading companies such as Shopify, which continues to inspire the local startup ecosystem. With the Canadian government being a significant employer and client, Ottawa offers unique opportunities for businesses targeting public sector innovation.

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8. Victoria

Victoria, BC is rapidly establishing itself as a dynamic tech hub, especially for startups focused on software, gaming, and clean tech. With a vibrant local economy, excellent quality of life, and a supportive business environment, the city offers a nurturing ecosystem for new ventures. Companies like FreshWorks Studio (acquired by EY) have grown rapidly, helping to put Victoria on the map as a growing tech city. Additionally, its proximity to Vancouver and the U.S. West Coast provides strategic access to larger markets while maintaining lower operational costs.

9. Hamilton

Hamilton’s housing market offers more advantages compared to Toronto, making it more attractive to startups. The city is ideal for healthcare startups, as it hosts a strong healthcare innovation hub.

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10. Mississauga

Mississauga is strategically located in the Greater Toronto Area. With the opening of new innovation hubs and programs, it’s becoming a better place to launch a startup.

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In which city are you launching a startup in Canada? Let us know!

Fundraising in Canada is one of the most challenging tasks for founders. Canada’s landscape is radically different from its U.S. counterpart. In the latest report mapping out Canada’s Startup Ecosystem, which we released last week, there are more startup accelerators and incubators in Canada than venture capital firms. Canada needs more full-time entrepreneurs than ever, and funding at the very early stage massively helps the whole ecosystem. Early-stage funding fuels the next generation of companies in Canada, creating new jobs and economic growth in the community.

In this post, we bring you the list of Venture Capital Firms in Canada. This list aims to act as a guide for founders as they start their fundraising efforts and navigate the Canadian startup ecosystem. Each venture capital firm is unique in its thesis and how it works with startups. Check it out below.

In this post, we bring you the list of Venture Capital Firms in Canada. This list aims to act as a guide for founders as they start their fundraising effort and navigate the Canadian startup ecosystem. Each venture capital firm is unique in their thesis and how they work with startups. Check out it below here.

For partnership opportunities, join the largest community for founders, accelerators, and venture capital firms.

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1. IX Labs

There’s no doubt that AI is the biggest revolution of our time. IX Labs is the venture capital arm of Index Exchange that invests in pre-seed and seed-stage startups using data and artificial intelligence to solve problems. It is led by Mayuran Yogarajah, who previously led the Engineering team at Index Exchange. Mayuran also writes an editorial column on AI and startups for FoundersPress.

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2. Thin Air Labs

Founded by James Lochrie, who previously found success with the Wave accounting software platform, Thin Air Labs is based in Calgary and invests in numerous tech companies in the area.

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3. Archangel Network of Funds

Archangel Network of Funds is a network that invests in startups. One of the major funds is Phoenix Fire, an angel-stage investment fund that applies a systematic, disciplined approach to investing in women entrepreneurs across Canada. This fund is led by Danielle Brewin Graham who previously led the Fierce Founders Program for female founders.

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4. Real Ventures

One of the major accelerators in Montreal is called Founder Fuel, led by Real Ventures, a VC firm that believes in supporting founders from day one and helping them scale themselves as they scale their businesses. For more information on Founder Fuel check out the complete guide to Canada’s Startup Accelerators and Incubators.

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5. Diagram Ventures

Based out of Montreal, Diagram Ventures is a venture builder that conceives and launches technology companies in the financial services, insurance, and health industries.

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6. OMERS Ventures

OMERS is Ontario Municipal Employees’ Retirement System. OMERS ventures is a global early-stage tech investor.

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7. Golden Ventures

Golden Ventures is one of the leading seed-stage venture capital fund, investing across North America. Some notable companies from Golden Ventures include Wattpad.

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8. Round13

Founded by Bruce Croxon to address the market opportunity created by the lack of funding available to growth-stage digital companies, Round13 is led by Bruce Croxon, a former Dragon’s Den judge and venture capitalist. The inspiration behind the name comes from boxing.

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9. Alate Partners

Real estate startups are on a rise. Alate is an early-stage venture capital fund focused on real estate technology.

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10. Storytime Capital

Storytime Capital invest in founders who are innovators in the future of work. If you’ve got an exciting idea in this area check out their portfolio companies.

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About the Author

Eric Rafat is a passionate founder with expertise in startups, building high-performing teams, and growth marketing. He is a top ranked tennis player and is always up for a conversation about startups and tech. Connect with Eric here.

Looking to startup a startup in Canada? Look no further as we bring you the most complete guide to Canadian startup ecosystem. This guide contains the complete list of accelerators, incubators, meetups, and venture capital. There are currently 209 startup accelerators and incubators in Canada in major cities. Discover the top resources and programs in Canada to get started.

1. Toronto

Toronto Accelerators & Incubators – 80
Toronto Venture Capital – 65
Toronto  Meetups – 38
Toronto Conferences – 21
Toronto Female Founders Resources – 16
Toronto Venture Studios – 9

Toronto is leading the country with the most number of resources. What’s interesting is that Toronto has more accelerators and incubators than venture capital. Could this be a problem in some ways? There’s no doubt that Canadian startups need more funding opportunities.

2. Waterloo

Waterloo Accelerators & Incubators – 20
Waterloo Conferences – 4
Waterloo Female Founders Resources – 2
Waterloo Meetups – 13
Waterloo Venture Capital – 6

Waterloo has most startups per capita in Canada and the ecosystem seems more balanced. There are currently 20 startup programs and incubators for entrepreneurs.

3. Hamilton

Hamilton Accelerators & Incubators – 5
Hamilton Meetups – 3

There are currently 5 startup accelerators and incubators in Hamilton. The city has a great hub for healthcare startups. The ecosystem is growing and its punching above its weight.

4. Mississauga

Mississauga Accelerators & Incubators – 4
Mississauga Venture Capital – 1

There are currently 4 startup accelerators and incubators in Mississauga. The city recently opened a new innovation hub in Square One.

5. Markham

Markham Accelerators & Incubators – 3
Markham Venture Capital – 2

There are currently 3 startup accelerators and incubators in Markham. Markham’s startup scene can be found at Y space. The city has been developing its programs to help founders build companies in Markham,

6. Ottawa

Ottawa Accelerators & Incubators – 11
Ottawa Conferences – 4
Ottawa Meetups – 5
Ottawa Venture Capital – 3

The most successful Canadian tech company came from Ottawa. The ecosystem has a lot of potential to grow but this starts with keeping the talent in Ottawa.

7. Vancouver

Vancouver Accelerators & Incubators – 28
Vancouver Conferences – 7
Vancouver Female Founders Resources – 3
Vancouver Meetups – 13
Vancouver Venture Capital – 22

There are currently 28 startup accelerators and incubators in Vancouver. Vancouver has a great proximity to Silicon Valley, but is it living to its potential? There are some great companies founded here including Hootsuite and others.

8. Montreal

Montreal Accelerators & Incubators – 45
Montreal Conferences – 4
Montreal Female Founders – 2
Montreal Meetups – 8
Montreal Venture Capital – 21
Montreal Venture Studios – 2

Montreal has a growing AI hub in Canada. The city has a great advantage as rental prices and housing seems to be cheaper in contrast to other parts of Canada. This is more likely to help talent stay in Montreal.

9. Calgary

Calgary Accelerators & Incubators – 15
Calgary Conferences – 1
Calgary Meetups – 6
Calgary Venture Capital – 9
Calgary Venture Studio – 2

Calgary is probably going to the next tech hub in Canada. Favourable housing situation, talent, and growing ecosystem, this makes a top destination to start a startup in Canada.

10. Halifax

Halifax Accelerators & Incubators – 5
Halifax venture capital – 3
Halifax meetups – 4

11. Saskatoon

Saskatoon Accelerators & Incubators – 3

Are you build, growing or scaling a startup? Join the largest community of founders, innovators, and talent here.

About the Author

Eric Rafat is a passionate founder with expertise in startups, building high-performing teams, and growth marketing. He is a top ranked tennis player and always up for a conversation about startups and tech. Connect with Eric here.