Cohere opens CAD 7B Series E at CAD 35.7B valuation, led by Schwarz Group, with Canada taking an up-to-CAD-1.6B equity stake

Why it matters

On 2026-10-29 (11:45 ET) Cohere announced the initial close of a Series E targeting up to CAD 7B at a CAD 35.7B valuation — the largest private round in Canadian tech history. Schwarz Group leads; Bell Ventures, Bullhound Capital and the Government of Canada are new investors, with Inovia, NVIDIA and Prosperity7 returning. PM Mark Carney said Ottawa will invest up to ~CAD 1.6B in equity in stages; Cohere commits to keep its Canadian incorporation and HQ, add 1,000+ Canadian technical jobs and at least CAD 1.7B of Canadian compute by 2030. Cohere reports 165% YoY ARR growth at end of Q3 2026 and ~20x customer growth to 300.