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VC exits show year-over-year improvement as acquisitions ramp up: CVCA report
Canada VC exits doubled year-over-year as M&A drove $744 million in proceeds through Q3 2026.
Key points
- Disclosed VC exit proceeds in Canada more than doubled compared to 2025 levels.
- Mergers and acquisitions accounted for 26 of 28 venture-backed exits in the first three quarters of 2026.
- No venture-backed IPOs have been recorded in Canada since 2023.
Why it matters. Increased market liquidity helps limited partners receive capital and enables general partners to raise new funds for emerging managers.
Canada's venture capital exits have more than doubled compared to last year as mergers and acquisitions drove the growth. Through the first three quarters of 2026, disclosed exit proceeds reached $744 million CAD across 10 transactions, surpassing the $355 million recorded for all of 2025. Mergers and acquisitions accounted for 26 of the 28 venture-backed exits during this period, with major deals including an $850-million CAD acquisition of Blackline Safety and a reported $400-million USD purchase of LiveBarn.
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VC exits show year-over-year improvement as acquisitions ramp up: CVCA report
According to the Canadian Venture Capital & Private Equity Association's Q3 2026 report, disclosed exit proceeds in Canada have more than doubled compared to the full year of 2025. Through the first three quarters of 2026, a total of $4.3 billion CAD was invested across 397 deals, with mergers and acquisitions accounting for 26 of the 28 venture-backed exits. This activity contrasts with 2025, which saw only 29 exits generating $355 million CAD in disclosed value, while 2026 proceeds from ten transactions reached $744 million CAD. Notable transactions included an $850-million CAD go-private deal for Calgary's Blackline Safety and a reported $400-million USD purchase of Montréal's LiveBarn. Despite this year-over-year improvement, the number of exits in 2026 remains below the 30+ recorded in both 2023 and 2024.
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