Total technology industry venture financing deals worth $616.8m were announced in Canada in May 2021, led by $130m venture financing of Ada Support, according to GlobalData’s deals database.

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The value marked an increase of 17.2% over the previous month of $526.47m and a rise of 169.1% when compared with the last 12-month average of $229.24m.

Canada held a 3.05% share of the global technology industry venture financing deal value that totalled $20.25bn in May 2021.

In terms of venture financing deal activity, Canada recorded 26 deals during May 2021, marking an increase of 8.33% over the previous month and a rise of 13.04% over the 12-month average.

Canada technology industry venture financing deals in May 2021: Top deals

The top five technology industry venture financing deals accounted for 73.3% of the overall value during May 2021.

The combined value of the top five technology venture financing deals stood at $451.85m, against the overall value of $616.8m recorded for the month.

The top five technology industry venture financing deals of May 2021 tracked by GlobalData were:

1) Accel, Bessemer Venture Partners, Burst Capital, FirstMark Capital, Spark Capital, Tiger Global Management and Version One Ventures’ $130m venture financing of Ada Support

2) The $100m venture financing of Xanadu Quantum Technologies by BDC Capital, Bessemer Venture Partners, Capricorn Venture Partners, Georgian Partners Growth, In-Q-Tel, Ontario Municipal Employees Retirement System, Tiger Global Management and Tim Draper

3) Lugard Road Capital and Nicola Wealth Management’s $98.85m venture financing of VendAsta Technologies

4) The $80m venture financing of Dooly.ai by Boldstart Ventures, BoxGroup, GreenSpring Ventures, Lachy Groom, Spark Capital and Tiger Global Management

5) David Northington, Delta-v Capital, Gary DiOrio, Jeff Rich and Salesforce Ventures’ venture financing of OSF Global Services for $43m.