Cohere closes first tranche of Series E targeting up to C$7B at a C$35.7B valuation, with Canada taking an equity stake of up to C$1.6B
On October 29, Cohere announced the initial close of a Series E targeting up to C$7 billion at a C$35.7 billion valuation, led by Schwarz Group with NVIDIA, Bell Ventures and others, which Cohere calls the largest private round in Canadian startup history. The same day Prime Minister Mark Carney said the government will make a staged equity investment of up to about C$1.6 billion; Cohere commits to keep its Canadian incorporation and headquarters and to invest more than C$4 billion and add 1,500+ jobs in Canada through 2031.

Key Takeaways
- Round: Series E targeting up to C$7B at a C$35.7B valuation, led by Schwarz Group with Bell Ventures, Bullhound, Inovia, NVIDIA, Prosperity7 and the Government of Canada (Cohere blog, vendor figures)
- Government stake: up to about C$1.6B, paid in stages with regular reporting on jobs and investment, framed as a commercial investment (PM news release)
- Conditions: at least 1,000 new technical jobs and at least C$1.7B of added compute in Canada by 2030, plus Canadian incorporation and headquarters
- Cohere pledge: more than C$4B in R&D and AI infrastructure in Canada from 2024 to 2031, 1,500+ new roles, and 250+ paid student roles by 2029 (Cohere blog)
- Positioning: privately deployable "sovereign AI" plus cyber defense, with AISLE becoming Cohere Cyber; no new model or benchmark was announced



