Calgary companies raised $449.6 million in venture capital across 39 deals in the first nine months of 2026, putting the city third in Canada for dollars invested. Only Toronto and Montreal attracted more capital, according to Calgary Economic Development’s breakdown of the latest figures from the Canadian Venture Capital and Private Equity Association (CVCA).
The city accounted for nearly 92 per cent of Alberta’s venture dollars and three-quarters of its deals through September. Across the province, companies raised $489.8 million in 52 deals, already ahead of the $466 million invested in all of 2025.
One Calgary company accounted for nearly a third of the city’s total. Kanin Energy’s $139.5-million financing was Alberta’s largest round and the fourth-largest in Canada over the period. Backed by S2G Investments and Canada Growth Fund, Kanin develops projects that turn waste heat from industrial facilities into electricity.
Even with Kanin’s financing taken out, Calgary companies raised roughly $310 million across the other 38 deals. The city ranked fourth nationally by deal count.
Alberta reached its full-year milestone in a largely flat Canadian market. Nationally, companies raised $4.3 billion across 397 deals through September, compared with $4.4 billion across 411 deals in the same period last year, according to CVCA’s November 10 report.
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