Kim Furlong to step down as CVCA CEO after Invest Canada 2025, leaving amid challenges in Canada’s venture capital landscape.
Canadian Venture Capital and Private Equity Association (CVCA) CEO Kim Furlong has announced her decision to step down following this year’s Invest Canada Conference. Her departure, scheduled for July 4, marks the end of a transformative tenure during a period of considerable turbulence for Canada’s VC industry.
“Time for Someone Else to Step In”
Furlong, who assumed the CEO role in January 2019, said she made the decision earlier this year as CVCA nears the end of its current strategic cycle. “I didn’t see myself doing it for another five years,” she told BetaKit. “For me, but also for the organization, it was time for someone else to step in.”
Although she hasn’t disclosed her next move, she confirmed her post-CVCA plans are already in place. “It was a privilege to serve this industry for the past six-and-a-half years,” she said.
Steering Through Industry Highs and Lows
Under Furlong’s leadership, the CVCA navigated the peaks of pandemic-fueled investment booms and the troughs of ongoing macroeconomic challenges. She championed major policy initiatives, including the Venture Capital Catalyst Initiative (VCCI), diversity efforts, and resistance to proposed tax hikes on capital gains.
Board Chair Jeanette Wiltse praised Furlong’s impact, stating, “The legacy of her work will continue to shape the association and the industry for years to come.”
Departure Amid a Sector-Wide Reckoning
Furlong’s exit comes as Canada’s VC sector wrestles with an identity crisis. Q1 2025 data revealed a five-year low in VC deal volume, sluggish seed-stage investment, and an exodus of emerging fund managers. Industry insiders are grappling with weak domestic funding, reliance on U.S. capital, and concerns about Canada’s narrative as a declining VC ecosystem.
“It’s a nervous time,” Furlong acknowledged. “But the foundation is solid, and it’s here to stay.”
Pushing Policy Until the Final Day
With an impending federal election, CVCA recently released a white paper advocating for measures to boost domestic investment. Key recommendations include a temporary capital gains tax inclusion rate reduction, recapitalization of VCCI, reforms to SR&ED, and pension fund engagement.
Furlong confirmed ongoing talks with the Department of Finance and emphasized she will continue lobbying “until my final day in office.”
A Lasting Influence
Despite the challenges, Furlong noted that Canada’s VC ecosystem has evolved significantly since 2019—with more sophisticated firms and a larger pool of promising startups. Still, she stressed the need for better investment mechanisms and continued public-private collaboration.
“There’s work to be done,” she said, “but this industry is strategically important for Canada’s future.”
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