With the exception of firms like Shopify, Canada has struggled to create global tech firms, and has nothing on the scale of Apple or Alphabet.
When Miles Schwartz co-founded payment company Zum Rails in Montreal in 2019, he knocked on almost every Canadian venture capitalist’s door looking for funds. They all turned him down. So by 2024, Zum Rails was working on a U.S. expansion, and Schwartz moved to Miami.
The company raised 10.5 million Canadian dollars ($7.5 million) from U.S.-based growth equity firm Arthur Ventures that year.
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