Business Development Bank of Canada (BDC) said Wednesday venture capital lending dropped in 2022 and is expected to remain slow as companies grapple with higher interest rates, a wave of tech layoffs and the fallout from the collapse of the Silicon Valley Bank.
Canada's venture capitalists settled into a new normal marked by fewer and more cautious investments last year -- and a new report suggests the pattern will continue.
"We've entered into a more challenging time," said Jerome Nycz, executive vice-president at BDC Capital. The new outlook has come after a bull market produced more than 100 Canadian unicorns -- startups with $1-billion valuations -- in the last 25 years.
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