Across Canada’s tech sector, it’s no longer unusual for companies to prioritize Europe. With over 450 million consumers and $20 trillion in gross domestic product, Europe’s size and sophistication have long been attractive, but recent global tensions are now accelerating Canadian interest.
Vena’s move to Europe began in earnest in 2019 with the opening of its London office and the hiring of a regional sales leader. At the time, the platform was only available in English, making the United Kingdom and Ireland natural entry points. But from the outset, the company planned to expand into new languages and markets across the continent.
Historically, Canadian tech companies have looked to the US to scale. But trade tensions with the US and broader political shifts have prompted founders and investors to reconsider that default. Calls to build a domestic ecosystem that is less reliant on American markets are growing louder.
Vena’s expansion was driven by demand long before the trade war began, but today, its European division is its fastest-growing business unit. The company, which reached centaur status last year by hitting $100 million USD in annual recurring revenue, is now planning to expand across the DACH region, which comprises Germany, Austria, and Switzerland, through a mix of internal hiring and external partnerships.
“Europe is a key component of our market diversification strategy and will be an important growth lever for us for years to come,” Madeley added.
Beyond market size, Pichette pointed to Europe’s artificial intelligence and FinTech ecosystems as major draws for Canadian startups. In nations like the UK, open banking frameworks have created fertile ground for startups and scaleups—frameworks introduced under the oversight of Canada’s prime minister during his time as Governor of the Bank of England.
Together, these factors have made Europe a compelling alternative to the US for Canadian tech founders with global ambitions.