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Toronto venture funding in Q3 rebounds following disappointing first half of 2020

Following two disappointing quarters for venture funding of startups in the Greater Toronto Area (GTA), funding in the region reached a yearly high in Q3 2020, according to a new ecosystem report by Hockeystick. After lagging behind several Canadian ecosystems last quarter during a record period of venture funding, the GTA saw its highest levels of both funding and deal count in Q3 2020. Due to an increase in later-stage funding, Q3 funding in the GTA has once again surged past $450 million, suggesting funding in the ecosystem might be bouncing back. One notable FinTech round during Q3 2020 was Nest Wealth’s $50 million strategic investment from NAventures, the venture arm of National Bank of Canada. The deal caused debt financing to represent a sizable chunk of total funding in the GTA over Q3 2020.

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