As we look back at a challenging 2024—a year marked by global economic headwinds and tighter capital flows—Canada’s startup ecosystem still managed to demonstrate remarkable resilience. Even in an environment where investors exercised greater caution, several Canadian companies attracted impressive funding rounds, underscoring the country’s continued rise as a hub for innovation and entrepreneurship. From electric vehicle infrastructure to cutting-edge surveillance solutions, these funding rounds highlight the diversity and potential of Canadian startups. In this article, we explore the most noteworthy deals of 2024, showcasing the companies that are positioned to make a lasting impact on both Canadian and global markets.

Clio

Clio, a Canadian legal technology company founded in 2007 by Jack Newton and Rian Gauvreau, specializes in cloud-based practice management software for law firms. Headquartered in Burnaby, British Columbia, the company provides solutions for client intake, case management, document handling, and legal payments. In 2024, Clio secured $900 million in Series F funding at a $3 billion valuation, led by New Enterprise Associates (NEA) with participation from Goldman Sachs Asset Management, Sixth Street Growth, and others. This funding will support Clio's expansion into AI-driven solutions and its rapid international growth.

Cohere

Cohere, a Canadian AI startup founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst, specializes in developing large language models and generative AI solutions for enterprises. Headquartered in Toronto, the company has quickly grown to a $5.5 billion valuation following a $500 million Series D funding round in 2024. This round, which brings Cohere’s total funding to $970 million, was led by Cisco, AMD, and Fujitsu, with additional support from PSP Investments and EDC. Cohere’s AI platform is designed for businesses, offering secure, flexible, and cloud-agnostic solutions that enhance efficiency and innovation across various sectors.

Hostaway

Hostaway, a vacation rental management software company founded in 2015 by Marcus Räder, Saber Kordestanchi, and Mikko Nurminen, provides an all-in-one platform for property managers to streamline operations across various online channels like Airbnb, Vrbo, and Booking.com. Headquartered in Miami, the company serves clients in over 90 countries worldwide. In December 2024, Hostaway secured a $365 million strategic growth investment led by General Atlantic, with participation from PSG Equity. This funding will support Hostaway's international expansion, product development, and AI initiatives, marking the largest capital raise in the company's market segment.

Neo Financial

Neo Financial, a Canadian fintech company founded in 2019 by Andrew Chau, Jeff Adamson, and Kris Read, offers a suite of innovative financial services, including spending, savings, investing, and mortgages. Headquartered in Calgary, Neo partners with leading financial institutions to provide secure banking products and solutions for both consumers and businesses. In 2024, Neo Financial raised $258 million in debt and equity funding, backed by notable investors such as Tobi Lütke, Stewart Butterfield, David Baszucki, and Mike Wessinger, along with existing investors like Valar Ventures and Golden Ventures. The company plans to use the funds to accelerate the expansion of its product offerings across Canada.

Blockstream

Blockstream, a blockchain technology company founded in 2014 by Adam Back, Gregory Maxwell, and Pieter Wuille, specializes in Bitcoin and blockchain infrastructure solutions. Headquartered in Victoria, British Columbia, the company offers a suite of products, including the Liquid and Lightning networks, and focuses on enabling secure financial transactions and asset tokenization. In 2024, Blockstream secured $210 million in a convertible note financing round led by Fulgur Ventures. The company plans to use the funds to drive the adoption of its layer-2 technologies, expand its Bitcoin mining operations, and significantly grow its Bitcoin Treasury, positioning itself as a global leader in Bitcoin-powered financial infrastructure.

Waabi

Waabi, a Canadian company founded by AI visionary Raquel Urtasun, specializes in generative AI technology for autonomous trucking. In June 2024, Waabi raised $200 million in a Series B funding round, bringing its total investment to over $280 million. The round was led by Uber and Khosla Ventures, with participation from strategic investors including NVIDIA, Volvo Group Venture Capital, Porsche Automobil Holding SE, and others. Waabi's innovative AI system, which enables fully driverless, generative AI-powered trucks, is set to launch in 2025.

Alpha-9 Oncology Inc

Alpha-9 Oncology Inc., a clinical-stage biopharmaceutical company founded in 2019, focuses on developing targeted radiopharmaceuticals aimed at improving cancer treatment. Headquartered in Vancouver, the company leverages proprietary technologies to design bespoke molecules that deliver radiation selectively to tumor sites while minimizing damage to healthy tissues. In October 2024, Alpha-9 raised $175 million in an oversubscribed Series C round, led by Lightspeed Venture Partners and Ascenta Capital. The funding, which also saw participation from General Catalyst, a16z Bio + Health, RA Capital Management, and others, will accelerate the clinical development of its pipeline, expand research capabilities, and enhance its manufacturing and supply chain infrastructure.

Borealis Biosciences

Borealis Biosciences, a biotechnology company founded in 2024, focuses on developing RNA-based medicines for kidney diseases. Headquartered in Vancouver, the company emerged from the success of Chinook Therapeutics, which was acquired by Novartis for up to $3.5 billion. Borealis aims to leverage advancements in RNA therapeutics to address significant unmet needs in treating chronic kidney diseases. In August 2024, Borealis raised $150 million in Series A funding from Versant Ventures and Novartis, alongside a strategic research collaboration. The funding will support the company's efforts to develop RNA medicines for kidney diseases and enhance targeted drug delivery.

Vosker

VOSKER, a leading provider of innovative surveillance solutions, was founded in 2018 by Danny Angers, Jimmy Angers, and Yan Gagnon in Victoriaville, Quebec. The company specializes in mobile security cameras that operate independently of traditional power sources, making them ideal for remote locations. In 2024, VOSKER secured $125 million in senior debt financing, a milestone that will enable the company to recapitalize its debt structure and fund future growth initiatives. The financing round was oversubscribed and led by the Royal Bank of Canada (RBC) as the sole lead and bookrunner. The capital will support VOSKER's ambition to become a global leader in the surveillance technology industry.

Flo

FLO, a leading North American electric vehicle (EV) charging network operator and smart charging solutions provider, was originally founded as AddÉnergie Technologies Inc. in 2009 before rebranding to FLO. The company focuses on deploying reliable EV charging infrastructure across the U.S. and Canada, helping accelerate the adoption of electric vehicles. In June 2024, FLO secured $99 million in financing, the largest in its history, through a Series E equity round led by Export Development Canada (EDC). The funding will support FLO's growth and expansion, as well as the rollout of new products such as the FLO Ultra DC fast charger and next-generation residential chargers. FLO aims to meet the growing demand for EV charging infrastructure, positioning itself as a leader in the clean-tech space.

Now that we’ve turned the page to 2025, it’s evident that raising capital continues to pose challenges for startups worldwide. Nonetheless, the standout funding rounds achieved by companies like FLO and VOSKER in 2024 demonstrate that compelling market potential and innovative solutions can still attract significant investment—even during tough times. While the macroeconomic climate may remain uncertain, these startups prove that resilience, creativity, and a strong value proposition can help Canadian technology ventures secure the resources they need to thrive. Looking ahead, we can anticipate even more breakthroughs from these groundbreaking companies, reinforcing Canada’s status as a rising force in the global innovation arena.