News > RBC to mobilize $1.4 billion to back Canada’s next global technology champions and advance nation-building efforts

RBC to mobilize $1.4 billion to back Canada’s next global technology champions and advance nation-building efforts

Unveiled ahead of the Canada Investment Summit, the RBCx Growth Fund I will combine disciplined late-stage investing with RBC’s scale, connectivity and advisory capabilities to help Canadian companies grow into global leaders

TORONTO, September 9, 2026 — RBC today announced a $1.4 billion (US$1 billion)[1] initiative to invest in Canadian technology companies with the potential to scale into global powerhouses. As part of that initiative, the new RBCx Growth Fund I will primarily focus on making direct equity investments in Canadian companies whose growth RBC is uniquely positioned to identify and accelerate.

RBC will invest up to $416 million (US$300 million)[2] and give investee companies access to commercialization opportunities, strategic partnerships and expansion support that are often unavailable through traditional investors. The fund aims to generate attractive returns through investments in sectors where Canada’s strengths—energy, agriculture, AI, healthcare and frontier technologies—intersect with its world-class R&D and talent pool. RBC will bring its market knowledge, expertise and network to identify top opportunities across the country and help the companies it invests in outperform.

“Our ambition is simple: a future where more of the world’s next great companies build in Canada and stay in Canada,” said Dave McKay, President and Chief Executive Officer, RBC. “For decades, Canada has produced an outsized share of world-class entrepreneurs and tech talent who want to build global companies at home. But when they’re ready to scale, too often they get pulled elsewhere. The RBCx Growth Fund I is about changing that by putting capital and partnership behind our most promising homegrown innovators. Because a fundamental part of nation building is ensuring your best builders never have to leave to succeed.”

The growth fund will be led by Sid Paquette, Head of RBCx, the technology and innovation arm of RBC dedicated to helping both startups and scaleups unlock growth across every stage of their journey. In early discussions, RBCx has already attracted significant interest in the fund from investors who are drawn to Canada’s world-class innovators and the growing confidence in the country as one of the world’s best places for long-term investment[3].

Despite similar growth-stage capital intensity in the U.S., Canada lags dramatically in domestic leadership of late-stage deals. Over the past decade, approximately 74 per cent of U.S. growth rounds have been led by U.S. investors. In Canada, by comparison, just 33 per cent of growth rounds are led by Canadian investors, with foreign investors filling the gap[4]. This is the opportunity the RBCx Growth Fund I is built to capture—keeping more of the ownership, influence and economic upside of scaling world-class companies right here in Canada.

To help accelerate the growth of the companies held by the fund, RBC will bring together its unmatched market connectivity, globally recognized talent advantage, deep and broad sector and asset management expertise, and the scale and reach of its commercial banking, capital markets and public-sector relationships.

“When Canadian companies grow and scale at home, the effects compound. We see them attract further investment, build ecosystems around them and spawn offshoots,” said Sid Paquette, Head of RBCx. “We want to amplify that effect—where success breeds success—and we’ll use our strong relationships and specialized expertise across many client segments to do so. That’s how we build a durable, more globally competitive economy.”

Where the RBCx Growth Fund I will prioritize its technology investments:

Enterprise Software with a focus on applied AI, cybersecurity and data and analytics.
Health Tech with a focus on digital health, care delivery platforms and clinical software.
Frontier Tech with a focus on aerospace, dual-use defence, quantum and advanced computing.
Energy and Climate Tech with a focus on carbon management and energy transition.
Ag Tech with a focus on precision agriculture, field automation and supply chain.

Canada as a top destination for long-term investment[5]:

High investor confidence – Canada was ranked 2^nd globally in the 2025 Kearney FDI Confidence Index, indicating a strong likelihood of attracting investment over the next three years.
Stable economy – Canada’s real GDP growth is expected to remain stable among G7 countries in 2025 (2.0 per cent) and 2026 (2.0 per cent) amid elevated uncertainty.
Ease of doing business – Canada is expected to be the 2^nd best country in the G20 for doing business throughout the next five years (2026-2030); it has consistently ranked among the top 10 countries in the last 5 years.
Gateway to the world – Businesses in Canada enjoy advantaged access to 51 markets with a combined GDP of over US$72 trillion, representing 61 per cent of the global economy and home to 1.5 billion consumers.
Highly educated workforce – Canada is ranked 1^st globally for having the most educated workforce, with 65 per cent of all working age adults holding a college or university degree, indicating a greater potential for innovation and economic growth.
Strong R&D culture – Canada ranks 2^nd in the G7 for direct government funding and tax support for business R&D.
Competitive tax policies – At 13 per cent, Canada’s tax treatment for new business investment is the lowest in the G7, below the OECD average and significantly lower than that of the U.S. (16.9 per cent).
Sound financial system – Canada’s financial system is one of the soundest in the world: it ranks 2^nd in the G7 and G20, and 4^th out of 69 countries.

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[1] The fund is denominated in USD. CAD figures converted at the Bank of Canada daily exchange rate as of September 1, 2026.

[2] RBC’s initial commitment to the fund portfolio companies is US$200 million.

[3] Kearney Foreign Direct Investment Confidence Index (2025)

[4] All data sourced from Pitchbook (2026)

[5] Data points are from Government of Canada: Key Facts About Canada’s Competitiveness for Foreign Direct Investment (May 2026). https://international.canada.ca/en/global-affairs/corporate/reports/chief-economist/international-investment/2026-05-key-facts

[1] The fund is denominated in USD. CAD figures converted at the Bank of Canada daily exchange rate as of September 1, 2026.

[2] RBC’s initial commitment to the fund portfolio companies is US$200 million.

[3] Kearney Foreign Direct Investment Confidence Index (2025)

[4] All data sourced from Pitchbook (2026)

Caution regarding forward-looking statements

This press release contains forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this press release may include, but are not limited to, statements with respect to RBCx Growth Fund I’s plans, expectations, estimates and priorities and include statements made by our management. The forward-looking information contained in this press release is presented for the purpose of assisting the holders of our securities and financial analysts in understanding RBCx Growth Fund I and may not be appropriate for other purposes. Forward looking statements are typically identified by words such as “believe”, “expect”, “suggest”, “seek”, “foresee”, “forecast”, “schedule”, “anticipate”, “intend”, “estimate”, “goal”, “commit”, “target”, “objective”, “plan”, “outlook”, “timeline” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “might”, “should”, “could”, “can”, “would” or negative or grammatical variations thereof.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, and that our forward-looking statements, including statements about the plans and expectations of RBCx Growth Fund I, will not be achieved.

We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. Information about these factors can be found in the risk sections of our 2025 Annual Report and the Risk management section of our Q3 2026 Report to Shareholders, as may be updated by subsequent quarterly reports. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic, market and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings in our 2025 Annual Report, as updated by the Economic, market and regulatory review and outlook section of our Q3 2026 Report to Shareholders. Such sections may be updated by subsequent quarterly reports.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect RBCx Growth Fund I. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, as well as the inherent uncertainty of forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this press release are set out in the Economic, market and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings in RBC’s 2025 Annual Report, as updated by the Economic, market and regulatory review and outlook section of RBC’s Q2 2026 Report to Shareholders.

Assumptions about RBCx Growth Fund I’s ability to execute its plan and strategy, the expectation of regulatory stability, the continued favourable economic conditions, RBC’s ability to maintain sufficient liquidity and capital resources, the absence of material unfavourable changes in competition, market conditions or in government monetary, fiscal and economic policies were considered in estimating RBCx Growth Fund I’s plans and expectations, the investment targets of RBCx Growth Fund I and RBC’s expected investment in RBCx Growth Fund I.

Any third-party information contained in this press release is believed to be reasonable and reliable, but no representation or warranty is made by RBC as to accuracy of such information.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof, and except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf.

About RBC

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Media Contacts:

Sharon Wilks, RBC Corporate Communications, sharon.wilks@rbc.com