CIBC Tech & Innovation Market Update – July 2025

Canadian technology sector performance and valuation

Source: FactSet and Pitchbook as at June 30, 2025; in C$ unless otherwise noted. 

Canadian venture capital market monthly recap

June 2025

Aggregate deal value

$244M
(vs. $273M in May-25)²
YTD: $1.84B
(vs. $1.49B YTD-24)³

Number of deals

36
(vs. 57 in May-25)
YTD: 382
(vs. 834 YTD-24)

Avg. deal value

$12M
(vs. $10M in May-25)²
YTD: $12M
(vs. $5M YTD-24)³

Most active province by value ($ / #)

Ontario
($32M / 16)
YTD: Ontario
($1.13B / 169)

Most active province by count ($ / #)

British Columbia
($72M / 4)
YTD: Ontario
($1.13B / 169)

Most active sector

Software
(54% of funds raised)
YTD: Software
(68%)

2 16 deals in June-25 and 31 deals in May-25 with no announced values are omitted from deal values.
3 228 deals in YTD-25 and 548 deals in YTD-24 with no announced values are omitted from deal values. 

Noteworthy Canadian deals

CompanySizeFinancing roundSub-sectorLead investors
Conquest Planning Inc.US$80MSeries BSoftware - FinTechGrowth Equity at Goldman Sachs Alternatives
BotPressUS$25MSeries BSoftware - AIFramework
UniUniUS$70MSeries CE-commerce LogisticsBessener Venture Partners

T&I @ CIBC

Deal activity

Wint

Undisclosed
Debt Financing
CIBC Innovation Banking acted as Sole Provider

Wint – Debt Financing

CIBC Innovation Banking provided debt financing to support Norvestor’s acquisition of Wint, a Swedish technology company offering an automated accounting and payroll solution for micro and small businesses.

Carefull

Undisclosed
Growth Capital Financing
CIBC Innovation Banking acted as Sole Provider

Carefull – Growth Capital Financing

CIBC Innovation Banking provided growth capital financing to Carefull, a leading financial safety platform focused on protecting aging adults from financial fraud and exploitation. This financing will further accelerate the company’s expansion, bringing its innovative financial protection solution to more families, financial institutions, and wealth managers.

Work Truck Solutions

Undisclosed
Growth Capital Financing
CIBC Innovation Banking acted as Sole Provider

Work Truck Solutions – Growth Capital Financing

CIBC Innovation Banking provided growth financing to Work Truck Solutions, a leading provider of software solutions for the commercial vehicle industry. The funding will be used to further develop their SaaS platform and expand market presence.

CyberQP

Undisclosed
Debt Financing
CIBC Innovation Banking acted as Sole Provider

CyberQP – Debt Financing

CIBC Innovation Banking provided funding to CyberQP, a leading provider of Zero Trust Helpdesk Security solutions. The support comes as CyberQP scales its operations globally and accelerates its mission to transform how IT teams secure access and streamline operational workflows.

ZestyAI

$15 Million
Debt Financing
CIBC Innovation Banking acted as Sole Provider

ZestyAI – Debt Financing

CIBC Innovation Banking provided funding to ZestyAI, a leading provider of AI-driven risk analytics for the property and casualty insurance industry. The $15 million credit facility enhances ZestyAI’s financial flexibility as the company scales adoption of its climate and property risk models.

Rubrik, Inc.

US$1.2 Billion
Convertible Senior Notes Offering
CIBC acted as a Joint Bookrunner

Rubrik, Inc. – Convertible Senior Notes Offering

CIBC acted as a Joint Bookrunner in Rubrik, Inc.’s US$1.2 billion offering of convertible senior notes. Rubrik, a leader in Zero Trust Data Security™, is leveraging this offering to further strengthen its financial position and accelerate its growth initiatives as it continues to deliver cutting-edge data security solutions to its global customer base.

Thinkific Inc.

$14.5 Million
Secondary Equity Offering
CIBC acted as a Joint Bookrunner

Thinkific Inc. – Secondary Equity Offering

CIBC acted as a Joint Bookrunner in Thinkific Labs Inc.’s secondary equity offering of approximately C$14.5 million of shares held by Rhino Group. Thinkific, a leading platform for creating, marketing, and selling online courses, continues to empower entrepreneurs and businesses worldwide with innovative tools to scale their online education offerings.

Technology & Innovation in‘sites’ with CIBC Equity Research

T&I 'Bits and Bytes'

Digitize & modernize – 76% of survey respondents view digitization as the most impactful trend for organizations.

CGI released findings from a survey of over 1,800 business and technology executives, aimed at identifying trends in organizational priorities and investment plans. The survey included in-depth interviews with executives across various industries and geographies, such as banking, communication and media, energy, government, healthcare, retail, and transportation. Key themes emerging from the interviews include accelerating digitization, implementing AI and GenAI, modernizing legacy systems, and increasing reliance on managed services.

When AI imitates art – Disney and Universal sue Midjourney

Disney and Universal have filed a lawsuit against the AI photo generation company Midjourney, accusing it of copyright infringement. The studios claim that Midjourney trained its AI models using their intellectual property, and that the resulting images featuring famous characters violate copyright law. The lawsuit represents the first significant confrontation between Hollywood studios and a generative AI company, but is by no means the first copyright lawsuit in the age of AI.

Scaling Intelligence – Meta is investing - $15B in scale AI

Meta has agreed to invest $14.8B in Scale AI for a 49% ownership stake. This investment will grant Meta greater access to Scale AI’s services, including data labeling for AI models and chatbot intelligence enhancement. Additionally, Scale AI’s CEO, Alexandr Wang, will join Meta in a senior leadership role. Meta has been trailing its big-tech peers in generative AI despite comparable capital expenditures. This partnership with Scale AI appears to be a strategic move to bolster Meta’s AI capabilities and attract top-tier AI talent.

Recent technology news

Shopify Inc. president, Harley Finkelstein, and Cohere co-founder, Aidan Gomez, are calling on the country’s tech sector to prioritize growth within Canada rather than relocating abroad. In this article, CEO Aidan Gomez emphasizes that building and scaling businesses at home is essential for fostering innovation and ensuring Canada remains competitive on the global stage.

Read the full article on the Globe and Mail.

AI agents are rapidly improving at writing and debugging code, but experts warn this progress comes with risks. This article explores how these tools could “accelerate innovation” while also being exploited for hacking, raising urgent questions about balancing advancement with cybersecurity.

Read the full article on Wired.

Canada has delayed its proposed Digital Services Tax to prevent disruptions in trade negotiations with the United States. According to Finance Minister François-Philippe Champagne, withdrawing the tax will help advance discussions on a renewed economic and security partnership with the U.S., fostering job creation and economic growth for Canadians.

Read the full article on Betakit.

Clio has announced a definitive agreement to acquire vLex, a global provider of legal research and technology. This strategic move aims to enhance Clio’s offerings by integrating advanced legal research tools, further empowering legal professionals with innovative solutions to streamline their work.

Read the full article on Clio.

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Tech & Innovation Key Contacts

Roman Dubczak
Deputy Chair
Kevin Li
Managing Director and Head, Global Investment Banking

Global Investment Banking

Kathy Butler
Vice Chair and Head of CIBC Capital Markets – B.C.
Colin Ryan
Managing Director, Head of Technology & Innovation, Global Investment Banking
Adam Noily
Managing Director, Head of U.S. Technology & Innovation, Global Investment Banking
Daniel Lee
Managing Director, Technology & Innovation, Global Investment Banking
Emilie Bissonnette
Managing Director, Global Investment Banking
Rob Magwood
Managing Director, Equity Capital Markets

Innovation Banking

Paul McKinlay
Executive Managing Director and Co-Head
Patrick Martin
Executive Managing Director and Co-Head
Amy Olah
Managing Director, Head of Canada & US West Coast Venture Banking, Innovation Banking

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