Venture capital investment into Victoria proved strong in the first half of the 2022 fiscal year, according to the The Canadian Venture Capital and Private Equity Association's venture capital market overview. This was spearheaded by Certn, which raised $65 million to scale its background-check solutions, but well-supported by Audette ($12.8 million for building decarbonization) and Origen Air ($1.5 million for plant-based air purification).

The report found that investment values have normalized across the country, returning to pre-pandemic levels found in Q2 of 2019. Among top Canadian cities for VC deals, Victoria ranked ninth, with six deals valued at $101 million. However, the city punches well above its weight considering the value of dealflow relative to the city's population. Victoria's VC investment was up to four-times greater in value than larger cities that hosted more deals, such as Edmonton (11 deals at $30 million) and Ottawa (eight deals at $23 million).

Victoria is becoming a notable city for both founders and investors, as Michelle Scarborough, managing partner at the Business Development Bank of Canada (BDC), told Victoria Tech Journal: "Victoria is a burgeoning market. The tech scene is starting to get really, really hot there, which is really interesting to see." 

As the macroeconomic environment continues to tighten — with anticipated lower investments in later- and growth-stage ventures — we'll have to see how private capital continues to invest in Victoria tech during the second half of the 2022 fiscal year.