Canada's 'Back' in Tech, but Who is Actually Getting the Check?
AI-generated image · Bay Street Wire
Industry leaders celebrate a surge in foreign investor interest at the CVCA Growth Forum, but the focus on 'bigger assets' raises questions about who is left behind.
OPINION: The suits are currently patting themselves on the back, claiming a new era of global investment is upon us. But as the champagne flows at high-profile summits, we have to ask: is this capital actually reaching the marginalized founders who have been starved of resources, or is it just the same old boys' club getting a fresh coat of paint?
On Sept. 13, the Canadian Venture Capital & Private Equity Association (CVCA) hosted the Canadian Global Growth Forum in Toronto. The goal was simple: sell foreign investors on the benefits of deploying capital into Canadian tech. As BetaKit first reported, the event served as a high-profile lead-up to Prime Minister Mark Carney’s Canada Investment Summit, featuring a private limited partner (LP) breakfast and curated meetings designed to lure global asset managers.
The rhetoric from the stage was nothing short of triumphant. Sagard chair and CEO Paul Desmarais III proclaimed that "Canada is back," suggesting the country has finally emerged from "10 years of hibernation." Meanwhile, Maverix Private Equity founder and managing partner John Ruffolo told BetaKit that the "clear message" delivered was that Canada is "open for bigger assets."
When the power players talk about "bigger assets," it usually doesn't mean the grassroots, diverse founders fighting for a seat at the table. The sectors highlighted at the forum—AI, space, and quantum computing—featured a roster of established names. According to BetaKit, the stage hosted executives from companies such as Wealthsimple, Waabi, Xanadu, Promise Robotics, Photonic, Nord Quantique, Kepler Communications, and Cohere, as well as leaders from Sagard, HarbourVest Partners, Mubadala, and Brookfield Asset Management.
CVCA CEO Benjamin Bergen pitched Canada's stability and low debt burden to international institutions, noting that 40 international LPs from the U.S., Europe, and the Middle East—including a large delegation from the United Arab Emirates—RSVP'd to the event. While one investor told BetaKit they felt a "genuine excitement" in the room, others were less convinced, expressing disappointment that they didn't encounter more international LPs.
Even the geopolitical crisis is being framed as a win. Brookfield PE group chair Cyrus Madon argued on stage that the U.S. trade war was "the greatest gift" Canada could receive, forcing the nation to focus on "what really matters."
Council of Canadian Innovators CEO Patrick Searle told BetaKit the event covered "access to capital, capital formation, and helping companies scale." But until we see that capital trickle down to the founders who aren't already in the room with the sovereign wealth funds and the big banks, this "return" is only for the few.