If Atlantic Canada were to be ranked as an ecosystem, it would be #66 in the Emerging Ecosystems rankings.
"Atlantic Canada attracted us with venture capital, non-dilutive dollars, research partners, talent, ocean access and an incredibly welcoming business community. This is the ideal region for us to develop our ocean climate technology."
Atlantic Canada — made up of the eastern provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island — continues to demonstrate that it is a fast-growing and successful ecosystem, boasting innovation in Oceantech and several other sectors. The region is producing globally leading companies such as CarbonCure Technologies, a Carbon Xprize winner that has been touted by its investor Bill Gates on CBS’s 60 Minutes. SaaS platform Introhive has raised over $125 million and was listed in the Deloitte Technology Fast 500 ranking for three consecutive years.
The ecosystem is home to 16 universities and many support programs that provide startups with a wealth of resources to support their growth. More than 80% of graduates from Innovacorp’s acceleration program have secured early-stage equity investment. PEI BioAlliance is adding a bioscience manufacturing incubator to the resources it offers its flourishing bioscience cluster. Industrial biotech companies are coming from around the world to join the AscendBio scale up program. CDL Oceans is a global ocean technology accelerator. A company from its most recent cohort, Planetary Technologies, won a $1 million Xprize Carbon Removal Milestone Award in April 2022.
Female-focused seed-stage fund Sandpiper Ventures is the newest venture capital fund based in Atlantic Canada. It closed the first CA$10 million ($8 million) of a planned CA$20 million ($16 million) funding round for its flagship SV Fund in September 2021.
Recent Atlantic Canada fundraising success stories include Newfoundland-based Mysa’s November 2021 $20.3 million Series B, and in January 2022, Saint John, New Brunswick-based TrojAI raised a CA$3 million ($2.4 million) seed round.
Ecosystem by the Numbers
The Canadian Institute of Cybersecurity, based at the University of New Brunswick, is home to a host of Cybersecurity companies including Sonrai Security, which raised $50 million in an October 2021 Series C round. Fraud detection unicorn Verafin was founded in St. John’s, Newfoundland, and was acquired by Nasdaq for $2.75 billion in February 2021.
Reasons to Move Your Startup to Atlantic Canada
Selected Startup Organizations
Startup Genome Members
Atlantic Canada Opportunities Agency
Innovacorp is Nova Scotia's early stage venture capital organization. Early stage investment is at the core of their business model. They also give entrepreneurs access to world-class incubation facilities, expert advice and other support to help accelerate their companies. Target industries include information technology, clean technology, life sciences and ocean technology.
Key Ecosystem Players
News from the Ecosystem
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