Canadian angel groups invested $113.8M across 490 deals in 2025, a 22% drop in dollars invested and 20% fewer transactions compared to the prior year, marking the lowest level in five years according to the National Angel Capital Organization. The decline continues a downward trend since activity peaked in 2021 with $262M invested across 635 deals, and follows last week's CVCA report that venture investment fell to a nine-year low in Q1 2026 with late-stage deals nearly drying up. The report arrives as Ottawa weighs how to deploy the $750M earmarked in the 2025 federal budget to support startups, with industry groups debating whether the funding should focus on early-stage or late-stage companies.
