About EdTech sector in Canada
The EdTech sector in Canada comprises 2.04K companies, including 255 funded companies having collectively raised $1.82B in venture capital money and private equity. Out of these, 95 are Series A+ funded, and 1 has achieved unicorn status.
EdTech sector in Canada has seen 64 acquisitions and 10 IPOs.
This sector includes companies that provide technology based education industry solutions to both consumers and businesses.
EdTech sector is also known as Education IT, Online Education or Digital Education.
Companies that provide technology based solutions to students(Pre-K, K-12, Higher education and Professionals) for education. Also, companies that rovide software solutions to education related businesses are included in this sector. Companies that provide offline solutions to the education industry. Also, sports and fitness related solutions to athletes are excluded.
Top EdTech Companies in Canada
There are 2,042 EdTech startups in Canada which include D2L, Prodigy, Top Hat, Thinkific, CFI. Out of these, 255 startups are funded, with 95 having secured Series A+ funding, and 1 achieving unicorn status.
Over the past 10 years, an average of 116 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and Harvard University.
Here is the list of top EdTech startups in Canada
1. D2L
Provider of LMS systems for multiple sectors. It offers virtual and professional learning solutions. It provides blended,virtual,professional,customer,employes and partner training for corporates. They also provides products with tools for the management of classroom learning and the workplace.
Key facts about D2L
- Founded Year: 1999
- Location: Kitchener (Canada)
- Stage: Public
- Total Funding till date: $244M
- Investors: New Enterprise Associates, OMERS and 6 Others
- Latest Funding Round: Conventional Debt, Aug 14, 2014, $*****
- Tracxn Score: 73/100 What is this?
- Competitors Rank: 5 of 3,858 Competitors
2. Prodigy
Developer of adaptive learning games for math and English education. The platform provides standards-aligned skills practice through engaging gameplay experiences for students. It offers tools for teachers to adjust content and track student development. Parent accounts provide insights into classroom progress and motivate learning.
Key facts about Prodigy
- Founded Year: 2011
- Location: Oakville (Canada)
- Stage: Series B
- Total Funding till date: $125M
- Investors: TPG, Canadian Business Growth Fund and 2 Others
- Latest Funding Round: Series B, Jan 12, 2021, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 1 of 191 Competitors
3. Top Hat
Provider of interactive digital platform and content for higher education. The platform offers tools for educators to create engaging learning experiences. It includes features for student response, assessment, discussions, and attendance tracking. The platform also provides customizable content, interactive textbooks, and integration with learning management systems.
Key facts about Top Hat
- Founded Year: 2009
- Location: Toronto (Canada)
- Stage: Series E
- Total Funding till date: $200M
- Investors: Georgian, Emergence Capital and 17 Others
- Latest Funding Round: Series E, Feb 04, 2021, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 1 of 14 Competitors
4. Thinkific
Provider of online academy builder. It enables users to create online courses, digital products, and communities that actually sell. It works on a premium model with revenue generated from transaction fees and subscriptions.
Key facts about Thinkific
- Founded Year: 2012
- Location: Vancouver (Canada)
- Stage: Public
- Total Funding till date: $25M
- Investors: Rhino Ventures, Radian Capital and 5 Others
- Latest Funding Round: Series A, Sep 29, 2020, $*****
- Tracxn Score: 67/100 What is this?
- Competitors Rank: 4 of 1,174 Competitors
5. CFI
Online finance and banking training and certifications. It offers various certifications in areas such as financial modeling, business intelligence, commercial banking, and capital markets. Its training includes courses, learning paths, and access to templates and resources. It develops practical skills and enhances professional credibility in the finance industry, delivered through video lessons, interactive exercises, and skill validation assessments.
Key facts about CFI
- Founded Year: 2016
- Location: Vancouver (Canada)
- Stage: Series B
- Total Funding till date: $48M
- Investors: Elephant Venture Capital and Arthur Ventures
- Latest Funding Round: Series B, Mar 21, 2021, $*****
- Tracxn Score: 67/100 What is this?
- Competitors Rank: 1 of 1,306 Competitors
Companies founded year-on-year in the EdTech sector in Canada
275 EdTech startups in Canada were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | 2 |
2024 | 24 |
2023 | 89 |
2022 | 95 |
2021 | 168 |
2020 | 275 |
2019 | 167 |
2018 | 125 |
2017 | 103 |
2016 | 118 |
Stage-wise distribution of EdTech sector companies in Canada
Out of the total 2,042 EdTech companies in Canada, 255 have secured funding. Among them, 95 have reached Series A or higher, and 83 to Series B or beyond.
Founded - 2,042
Funded - 255
Series A+ - 95
Series B+ - 83
Series C+ - 78
Company Stage | No. of companies |
|---|---|
Founded | 2,042 |
Funded | 255 |
Series A+ | 95 |
Series B+ | 83 |
Series C+ | 78 |
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Funding Trends in the EdTech sector in Canada
Total funding year-on-year in the EdTech sector in Canada
The EdTech sector in Canada saw a total funding of more than $1.48B in the last 10 years. The most amount of funding was in 2021 at more than $773M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $500K |
2024 | $8.39M |
2023 | $3.97M |
2022 | $300M |
2021 | $773M |
2020 | $235M |
2019 | $65.8M |
2018 | $25.6M |
2017 | $50.3M |
Recent Funding Rounds in EdTech in Canada
In the year 2025, till April 2025, EdTech companies in Canada have raised $500K in equity funding across 2 rounds.
In the same period last year (i.e. till February 2024), EdTech companies in Canada had raised $7.08M across 2 rounds.
So, 2025 has seen a 92.94% drop in funding in EdTech companies in Canada as compared to 2024.
Here are some recent, important funding rounds in EdTech companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Unattributed | 4890 | Apr 17, 2025 | ||
Unattributed | 4280 | Feb 21, 2025 | ||
Seed | 7731 | Dec 11, 2024 | - | |
Seed | 7703 | Dec 10, 2024 | - | |
PE | 5412 | Sep 24, 2024 |
Top Investors in EdTech in Canada
Felicis Ventures is the top investor in EdTech companies in Canada based on number of companies invested.
Here are some top investors in EdTech companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Menlo Park (United States) | ||
Waterloo (Canada) | ||
Montreal (Canada) | ||
Sunnyvale (United States) | ||
Toronto (Canada) |
M&A activity in EdTech sector in Canada
In the year 2025, till October 2025, 4 acquisitions happened in EdTech sector in Canada. Last year, in 2024, a total of 5 acquisitions happened in EdTech sector in Canada.
Here are some recent, important acquisitions in EdTech sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 14, 2025 | ||
Business Acquisition | Aug 25, 2025 | ||
Business Acquisition | May 26, 2025 | ||
Business Acquisition | Feb 04, 2025 | ||
Business Acquisition | Nov 13, 2024 |
Acquisition trends in EdTech sector in Canada
Here are the acquisition trends in EdTech sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2025 | 3 |
2024 | 5 |
2023 | 7 |
2022 | 6 |
2021 | 9 |
2020 | 2 |
2019 | 1 |
2018 | 5 |
2017 | 9 |
2016 | 7 |
IPOs in EdTech in Canada
In the year 2022, till January 2022, 1 IPO happened in EdTech sector in Canada.
Here are some recent, important IPOs in EdTech sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Jan 10, 2022 | Canadian Securities Exchange (CSE) | |
Nov 03, 2021 | Toronto Stock Exchange (TSX) | |
Jul 30, 2021 | New York Stock Exchange (NYSE) | |
May 07, 2021 | Frankfurt Stock Exchange (FRA) | |
Apr 27, 2021 | Toronto Stock Exchange (TSX) |
Colleges which produce the most EdTech companies in Canada
Companies founded by alumni from top colleges in the EdTech in Canada
Most number of EdTech startups in Canada have been founded by alumni from University of Toronto, University of Waterloo and Harvard University.
College | No. of companies |
|---|---|
University of Toronto | 33 |
University of Waterloo | 23 |
Harvard University | 5 |
Columbia University | 4 |
Harvard Business School | 3 |
University of Cambridge | 3 |
Yale University | 3 |
Carnegie Mellon University | 2 |
Cornell University | 2 |
INSEAD | 2 |
Total funding in EdTech companies founded by alumni from top colleges in Canada
In the last 10 years, University of Waterloo graduates' EdTech companies in Canada have raised the most funding among top colleges. Carnegie Mellon University alumni are second, and University of Toronto alumni are third.
College | Total Funding |
|---|---|
University of Waterloo | $1.11B |
Carnegie Mellon University | $61.1M |
University of Toronto | $38.5M |
Columbia Business School | $20.9M |
Columbia University | $20.9M |
Harvard University | $14.8M |
Harvard Business School | $13.5M |
Imperial College London | $2.5M |
University of California (Berkeley) | $1.6M |
University of Cambridge | $1.42M |
Top News in EdTech in Canada
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ApplyBoard Launches in Germany, Opening Doors to Europe’s Top Study DestinationFinancial Post•Jan 22, 2025•ApplyBoard
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Ottu Partners With Edunation to Revolutionize Payment Solutions for Educational InstitutionsFintech Finance•Jan 09, 2025•Ottu, Edunation
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Ottu & Edunation Collaborate to Simplify Fee Collection for SchoolsEdTechReview•Jan 09, 2025•Ottu, Edunation
