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Published Sep 06, 2025 • Last updated 32 minutes ago • 4 minute read
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Winnipeg skyline taken on March 29, 2025. Photo by David P. Stein /Winnipeg SunArticle content
Winnipeg, Manitoba, a city better known for its cultural heritage and prairie grit, is stepping into an unexpected spotlight: Technology and innovation.
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According to the Canadian Venture Capital & Private Equity Association (CVCA) H1 2025 Market Report, Canadian startups attracted CAD $2.9 billion across 254 deals in the first half of this year. While Toronto, Vancouver and Montreal have long dominated Canada’s technology landscape, Winnipeg made an unexpected breakthrough, recording six deals worth $125 million and propelling the city onto Canada’s national “tech map.” This achievement placed the city 7th nationwide in deal volume and an even more impressive 5th in total investment value, ahead of several larger Canadian tech centres.
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This momentum signals a growing recognition of Winnipeg’s innovation potential. With its combination of established industries, an emerging startup ecosystem, lower operating costs compared to Toronto and Vancouver, and access to top-tier talent from Manitoba’s universities, the city is positioning itself as a serious hub for technology and venture capital (VC) activity. New early-stage VC fund Trillick Ventures launched early this year aspiring to bring funding to “underrepresented” Manitoba.
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According to Tracxn, a global technology research firm, Canada is now home to 31 unicorns — startups valued at more than USD $1 billion. More than half of these unicorns are concentrated in Ontario, with Toronto serving as headquarters for the majority. Here lies the irony: Every city ranked above Winnipeg in the CVCA report already hosts at least one homegrown unicorn. Winnipeg, however, has none. Neither does the province of Manitoba. Edmonton, which also lacks a unicorn, is often grouped with its neighbour Calgary, which now boasts five unicorns and has openly pitched itself as Canada’s “next major tech hub” according to Madison McLauchlan’s article in BetaKit titled Calgary says it has the makings of an innovation capital. Yet despite lacking a billion-dollar startup, Winnipeg has quietly leapfrogged Edmonton, attracting $125 million in venture capital compared to Edmonton’s $82 million.
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That’s why, according to BetaKit’s lead reporter Josh Scott: “Geographically, Manitoba stood out. The province has already blown past its 2024 VC funding totals.” For a city without a unicorn, that’s no small distinction.
Part of Winnipeg’s rise is linked to new political vision. On November 13, 2024, the Government of Manitoba created a dedicated Department of Innovation and New Technology, appointing MLA Mike Moroz as its first Minister. In this statement, Manitoba Premier Wab Kinew declared, “Hope lives here in Manitoba… our government is working to give Manitobans a reason to hope for a better future.” That “future” is increasingly digital and tech focused. According to the government, this new department will help grow Manitoba’s technology industry, support businesses and foster innovation.
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Economic Development Winnipeg echoes this vision, branding the city on its website as “The Winnipeg Advantage: A Hub for Tech Innovation.” Its President & CEO Ryan Kuffner highlights that “investing in people and productivity” is a key strategy to fuel Winnipeg’s economic growth. And he’s right: The people who build startups are the lifeblood of any emerging tech city.
Globally, technology startups are more than just new businesses. They play a significant role in driving innovation, economic growth and job creation. According to the World Economic Forum (WEF), “the value that startups create is nearly on par with the Gross Domestic Product (GDP) of a G7 economy and the amount of startup funding in 2021 surpassed $600 billion, shattering funding records.”
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In Winnipeg, much of that energy flows through North Forge, a prestigious startup incubator, accelerator and state-of-the-art fabrication lab. Within weeks of his appointment, Minister Moroz visited the facility, which carries the bold motto “Dare to Do.” And entrepreneurs do dare to do — dare to risk everything to build their startups despite the odds being against them. Organizations like North Forge play a pivotal role in nurturing startups by providing mentorship, resources and a collaborative environment where entrepreneurs take risks and, in turn, attract the venture capital needed to grow. This year’s investment figures prove that Winnipeg has the right ingredients. What it needs now are more entrepreneurs willing to bet on the city as a launchpad for their companies.
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In May 2025, the province established an Innovation and Productivity (IP) Task Force co-chaired by Minister Moroz and Jim Balsillie, the former co-CEO of BlackBerry maker Research In Motion. Its goal is to accelerate Manitoba’s productivity through technologies such as artificial intelligence, sovereign cloud strategies and intellectual property development.
Winnipeg may not yet have its first unicorn, but the groundwork is being laid. Fittingly, Manitoba’s coat of arms already features a unicorn — a symbol of what might be possible if startups take root, scale up and attract global investment.
Winnipeg’s challenge is clear. The city does not yet have the startup density of Toronto or Vancouver. It will need to keep investing in talent, infrastructure and support systems to sustain momentum. However, with government backing, local incubators and increasing investor attention, the building blocks are in place.
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This year, Winnipeg showed it could attract venture capital. The question now is whether bold entrepreneurs will seize the opportunity to build companies that scale — perhaps even to unicorn status. Because if there is one lesson from the global startup economy, it is this: Great companies can come from unexpected places. And the next billion-dollar Canadian startup just might be stamped with a label few saw coming: Made in Winnipeg.
— Jason Pereira is the founder & CEO of ezMakaan and a guest writer for Klein Media.
Have thoughts on what’s going on in Winnipeg, Manitoba, Canada, or across the world? Send us a letter to the editor at wpgsun.letters@kleinmedia.ca.
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