Calgary continues to strengthen its position as one of Canada’s leading innovation hubs. According to new data from the Canadian Venture Capital and Private Equity Association (CVCA), the Blue Sky City ranked third among major Canadian cities for venture capital investment — with $341 million invested across 43 deals so far this year.
Calgary’s total dollars invested have moderated in 2025 compared to the first three quarters of 2024 ($423 million across 46 deals) — as did much of the Canadian venture capital (VC) scene. However, the city reclaimed its spot as the top investment city in Western Canada — beating Vancouver in both deal volume and number.
“The fact that Calgary is outpacing Vancouver speaks volumes about how far our innovation ecosystem has come,” said Brad Parry, President and CEO, Calgary Economic Development.
“It has matured to a point where investors are taking notice, not just of what’s here today, but of the future we’re building. Through foresight and long-term strategic planning — like our economic action plan, Uplook, and Calgary’s Innovation Strategy — we’re ensuring that Calgary remains a place where bold ideas turn into lasting opportunity.”
With 58 venture capital deals so far in 2025 — 15 per cent of all Canadian deal flow — Alberta reached its highest national share in recent years, signaling rising investor confidence in the province’s innovation economy.
Cleantech anchors Calgary's ascent
Calgary’s energy expertise continues to evolve as an innovation advantage. Calgary-based Eavor Technologies Inc., a global leader in geothermal energy, secured $89 million in later-stage funding this spring, ranking among the top 10 largest VC deals in the country this year. The investment underscores the growing investor appetite for cleantech ventures developing local solutions for the energy transition.
Beyond cleantech, Alberta’s life sciences and information and communications technology (ICT) sectors accounted for 29 of the province’s 58 VC deals, half of total activity so far this year. This diversification signals a broader economic shift — from traditional energy to technology-driven industries shaping the future.
Calgary: the heart of Alberta’s investment story
With more than 80 per cent of Alberta’s total VC dollars flowing through Calgary, the city remains the province’s innovation and investment engine. For the last two years in a row, CBRE data showed Calgary as the fastest-growing tech talent workforce in North America — surging 61 per cent between 2021 and 2024 to almost 65,000 workers. According to provincial data, more Albertans work in tech than in oil and gas — a powerful symbol of economic transformation.
From cleantech leaders to fintech and AI trailblazers, Calgary’s startups are scaling under the city’s blue sky — proving this is where companies come to build, grow and lead.
Learn more about our bold vision for Calgary’s future through our economic action plan, Uplook.