It seems to me that the early-stage investment market in Canada is pretty terrible. And getting investment in a consumer oriented internet startup is notoriously difficult here. Most Canadian VC's want deals in lower risk, late stage, highly defensible IP kind of companies, and they almost always invest in syndicate so they don't have to take all the blame if things go wrong.

I get the impression that SV VC's are a lot more willing to take risks on innovative internet companies.