h1 2021 canadian venture capital market overview
TRANSCRIPT
H1 2021CANADIANVENTURE CAPITALMARKET OVERVIEW
Contents
ABOUT CVCAOUR VISIONA thriving Canadian economy driven by private capital
OUR MISSION CVCA’s mission is to help our members fuel the economy of the future by growing the businesses of today. We do this by supporting and connecting a vibrant private capital industry with advocacy, research, and education.
CVCA is also the nation’s ultimate resource for data on Canadian private capital investments.
ABOUT CVCA ............................................................................................................................................................. 1
MESSAGE FROM THE CEO .................................................................................................................................3
H1 2021 HIGHLIGHTS ............................................................................................................................................ 4
VENTURE CAPITAL HEAT MAP ........................................................................................................................7
VENTURE CAPITAL INVESTMENT ACTIVITY ...................................................................................12-13
ACTIVITY QUARTER OVER QUARTER ...............................................................................................12
ACTIVITY BY DEAL SIZE ........................................................................................................................... 13
TOP 10 DISCLOSED CANADIAN VC DEALS ............................................................................................ 18
TOP 10 CANADIAN CITIES/ADMINISTRATIVE CENTRES ................................................................ 19
VC SECTOR BREAKDOWN ...............................................................................................................................20
VC STAGE BREAKDOWN .................................................................................................................................. 21
VENTURE DEBT HEAT MAP ............................................................................................................................22
VC EXITS ....................................................................................................................................................................24
TOP DISCLOSED VC EXITS ..............................................................................................................................25
MOST ACTIVE VC FIRMS & FUNDS ............................................................................................................26
MOST ACTIVE FOREIGN VCS IN CANADA ..............................................................................................28
PARTICIPATING DATA CONTRIBUTORS ...................................................................................................26
CVCA METHODOLOGY ......................................................................................................................................28
H1 2021 HIGHLIGHTS
With $8.3B invested over 394 deals H1 2021 making it the strongest half on record, VC investment in 2021 has already eclipsed previous years
Canadian VC activity continues post-pandemic recovery and on pace with the momentum set in the previous quarter
39 Mega-deals (+50M) in H1’21 valued at $6.2B accounting for three-quarters of all dollars invested in the half
Including 6 deals in Q2 valued +$200M that led the record-setting half
Q2 saw the largest deals on record with fintech Wealthsimple’s $750M and regtech Trulioo’s $476M growth rounds
Average growth stage investment more than 3x in the last three years as a maturing Canadian venture ecosystem supports more growth-stage companies
Average deal size continue to rise steadily in H1 ($21M) surpassing 5-year average of $8.21M
One-third of all invested dollars was evenly distributed to early, later and growth stage deals respectively
Vancouver’s edtech Thinkific Labs listed on the TSX for $232M with the 2nd venture-backed IPO this year following Dialogue in Q1
Thinkific’s IPO was backed by a consortium of investors including Rhino Ventures, Kensington Capital Partners and Conexus Venture Capital
H1 2021 HIGHLIGHTS | 5
H1 saw a record-high level of foreign VCs investing in Canadian companies, with investments from US, UK, Switzerland, Germany, Singapore and Australia
As Canadian-grown companies become more attractive targets for global investors, Canadian VCs operate in a more competitive investing environment
MESSAGE FROM THE CEO
KIM FURLONG CEO CANADIAN VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION
Wow!! That is the first word that will come to you as you glance over the figures for the first half of 2021.
There has been astonishing growth for venture capital (VC) investing in Canada. We are continuing to see the results of the government of Canada’s Venture Capital Catalyst Initiative (VCCI) and the impact of Canada’s maturing technology ecosystem.
In 2019, before the pandemic hit, VC investment in Canada reached CAD $6.2B while the market in the United States was at USD $130B. Our ambition for the Canadian market is to reach $13B annually, or about one-tenth the size of the United States. We are certainly on-track to reach that milestone and as the US market grows, so should that Canadian trajectory for VC dollars flowing to entrepreneurs.
Looking more closely at the numbers for H1, the increase in larger exits has prompted an increased interest for more capital into Canadian funds and higher funding rounds into Canadian companies.
More than half of the VC dollars in the first half of the year have gone towards later stage or growth opportunities, including in the record Wealthsimple investment. Specific growth opportunities like these have helped to make this quarter spectacular.
For readers new to our reports, CVCA Intelligence is the most comprehensive private capital data for the Canadian market. As the voice of Canadian private capital, the CVCA began collecting industry data in 2013. Our quarterly reporting summarizes the results of quarterly surveys and presents the data in a historical context.
Access to high-quality data, analysis, and tools is central to our members and the industry’s ability to operate in the dynamic private capital environment. We invite interested private capital organizations to join us in our efforts. If you would like to have your firm included in future reports, please contact CVCA’s Manager of Research and Product, David Kornacki.
14993
6639
$1.31b$4.48BOntario
$1.83BBritish
Columbia $286MAlberta
Québec
Nova Scotia$42M
New Brunswick$126M$44M
Manitoba
Newfoundlandand Labrador
$2M
14 14
510
2
2
Prince EdwardIsland
N/A
$171MSaskatchewan
H1 2021VENTURE CAPITALHEAT MAP
TOP SECTORS PER PROVINCE
Ontario, British Columbia and Quebec had the highest investment activity, accounting for 92% of all dollars invested in the first half of 2021. Ontario lead with over half of all dollars invested in 2021 ($4.5B). Toronto alone accounted for $3.7B and 107 of those deals. BC saw 22% of all dollars invested, and Quebec received 16%.
The Information, Communications & Technology (ICT) sector received more than 64% of the investment in the first quarter of this year, with $5.3B invested across 232 deals. Life Sciences received 13% of the investment with $1B across 50 deals, and Cleantech received only 4%, with $295M across 22 deals.
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
BRITISH COLUMBIA
BY NUMBER OF DEALS
ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUÉBEC NEW BRUNSWICK NOVA SCOTIA PRINCE EDWARD ISLAND
NEWFOUNDLAND AND LABRADOR
ICT
LIFE SCIENCES
OTHERS39
9
10
ICT
OTHERS
AGRIBUSINESS
16
11
7
ICT
OTHERS
AGRIBUSINESS
8
1
1
ICT
OTHERS
LIFE SCIENCES
94
30
15
ICT
CLEANTECH
AGRIBUSINESS
4
1
1
ICT
LIFE SCIENCES
OTHERS
52
17
11
ICT
OTHERS
AGRIBUSINESS
9
4
1
CLEANTECH
ICT1
1
ICT
LIFE SCIENCES
OTHERS
6
3
2
ICT2
$8.3 BILLION
394 DEALStotal invested into
6
VENTURE CAPITALINVESTMENT ACTIVITY
VENTURE CAPITALINVESTMENT ACTIVITY
ACTIVITY QUARTER-OVER-QUARTER
Canadian VC investment activity continues its remarkable pace in 2021, with a record-breaking $8.3B invested over 394 deals in the first half of this year, making it the strongest year on record already, eclipsing H1 last year with more than 3x the amount invested in H1 2020 ($2.5B).
128
139
119
127
178
120 118
111 108116
151
130
163
0
40
80
60
20
120
100
160
140
200
180
240
220
Q2Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q1 Q2Q2 Q3 Q4 Q3 Q40
$1,000
$500
$2,000
$1,500
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$6,000
$5,500
104
143
128
129
$917
$1,6
95
$592
$864
$1,11
4
$1,0
55
$629
$1,0
70
$710
$1,2
68
$2,6
69
$5,6
17
$897
$1,3
50
$2,4
14
$1,5
06
$848
$1,0
21
216
TOTAL:
453 DEALS$3.6B
TOTAL:
508 DEALS$3.7B
TOTAL:
560 DEALS$6.2B
TOTAL:
513 DEALS$4.5B
TOTAL:
394 DEALS$8.3B
2017 2018 2019 2020 H1 2021
8 | VENTURE CAPITAL INVESTMENT ACTIVITY QUARTER-OVER-QUARTER
$ Millions Invested # Deals
ACTIVITY BY DEAL SIZE
There were 39 megadeals ($50M+) in H1 2021, accounting for 75% of total dollars invested in the half. The average deal size was at a record-setting $21M. 60% of the 394 deals were less than $5M, with the majority of these deals ranging between $1M-5M.
VENTURE CAPITAL INVESTMENT ACTIVITY BY DEAL SIZE | 9
Total transactions $ Millions
< $100K
$100K - $500K
$500K - $1M
$1M - $5M
$5M - $20M
$20M - $50M
$50M +
13
24
25
125
96
28
39
$1
$7
$17
$312
$949
$784
$6,217
MEGA DEALS ($50M+) ACCOUNTED FOR THREE QUARTERS
OF ALL DOLLARS INVESTED
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
TOP 10DISCLOSEDCANADIAN VC DEALSCOMPANY NAME PROVINCE DISCLOSED VC FIRM(S) SECTOR STAGE $ MIL
WEALTHSIMPLE FINANCIAL INC. ONTARIO
HARBOURVEST PARTNERS, LLC, INOVIA CAPITAL INC., GREYLOCK PARTNERS, SAGARD HOLDINGS ULC, DST GLOBAL, ICONIQ CAPITAL, DRAGONEER INVESTMENT GROUP, TECHNOLOGY CROSSOVER VENTURES (TCV), ALLIANZ X, BASE10 PARTNERS, REDPOINT VENTURES, STEADFAST, ALKEON CAPITAL MANAGEMENT, PLUS CAPITAL, MERITECH
FINANCIAL GROWTH $750
TRULIOO INFORMATION SERVICES INC.
BRITISH COLUMBIA
HARBOURVEST PARTNERS, LLC, BLUMBERG CAPITAL, MOURO CAPITAL, CITIGROUP INC., AMERICAN EXPRESS VENTURES, GOLDMAN SACHS ASSET MANAGEMENT, SANTANDER GROUP, BDC CAPITAL INC., TECHNOLOGY CROSSOVER VENTURES
ICT GROWTH $476
APPLYBOARD ONTARIO
BDC CAPITAL INC., FMR LLC (FIDELITY), HARMONIC GROWTH PARTNERS, INDEX VENTURES, GARAGE CAPITAL, BLUE CLOUD VENTURES, ONTARIO TEACHERS' PENSION PLAN (OTPP)
ICT LATER STAGE $375
VENA SOLUTIONS CANADA INC. ONTARIO VISTA EQUITY PARTNERS ICT GROWTH $300
FRACTION TECHNOLOGIES
BRITISH COLUMBIA
IMPRESSION VENTURES, PANACHE VENTURES, PRIMETIME PARTNERS, GLOBAL FOUNDERS CAPITAL FINANCIAL LATER
STAGE $289
LOOPIO INC. ONTARIO SUMERU EQUITY PARTNERS ICT GROWTH $252
TENSTORRENT INC ONTARIOECLIPSE VC, EPIC CAPITAL MANAGEMENT INC., MOORE CAPITAL MANAGEMENT, REAL VENTURES, FMR LLC (FIDELITY)
ICT LATER STAGE $241
ALAYA CARE INC. QUÉBEC
INVESTISSEMENT QUEBEC, GENERATION IM, INOVIA CAPITAL INC., CAISSE DE DÉPÔT ET PLACEMENT DU QUEBEC (CDPQ), KLASS CAPITAL CORPORATION NORTHLEAF CAPITAL PARTNERS, DESJARDINS CAPITAL, GENERATION INVESTMENT MANAGEMENT LLP
LIFE SCIENCES
LATER STAGE $225
HOPPER QUÉBEC INOVIA CAPITAL, CAPITAL ONE, GS GROWTH, WESTCAP GROUP, CITI VENTURES ICT LATER
STAGE $215
TOP HAT ONTARIO GEORGIAN ICT GROWTH $163
ADA SUPPORT ONTARIOVERSION ONE VENTURES, TIGER GLOBAL MANAGEMENT LLC, ACCEL, BESSEMER VENTURE PARTNERS, FIRSTMARK CAPITAL, LLC, BURST, SPARK CAPITAL
ICT LATER STAGE $158
10 | TOP 10 DISCLOSED CANADIAN VC DEALS
TOP 10CANADIAN CITIES/ADMINISTRATIVE CENTRES
Total Deals $ Millions
1. Toronto
2. Montréal
3. Vancouver
4. Calgary
5. Halifax
6. Kitchener, Waterloo, Cambridge
7. Edmonton
8. Ottawa
9. Fredericton
10. Victoria
107
59
45
29
14
9
8
7
7
5
$3,692
$953
$808
$252
$42
$447
$33
$45
$123
$19
1
5
4
6
29
8
7
103
#1 TORONTO$3.7B107 DEALS
TOP 10 CANADIAN CITIES/ADMINISTRATIVE CENTRES | 11
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
VC SECTORBREAKDOWNInformation, Communications & Technology (ICT) sector received 64% of the total VC investment in the first half of 2021, with $5.3B invested across 232 deals, already surpassing last year’s total of $2.5B by 114%.
Life Sciences continues to see high levels of investment following 2020’s trend, comprising 13% of the investment this half with $1B across 50 deals in H1. The sector is on track to match last year’s record-levels in deal count and exceed total dollars invested.
Cleantech investment value continues to experience the strongest year-over-year growth across all sectors, receiving about 4% of total investment in H1 with $295M across 22 deals, already surpassing the previous year by 191% in the first half of 2021.
0
40
80
120
160
200
240
280
320
400
360
0
$1,000
$500
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$5,000
400$5,500
$4,500
2018 2019 2019 201920192017 20182017 201820172017 2018 2020 202020202020 H12021
H12021
H12021
H12021
$2,
259
$2,
428
$4,
028
$2,
469
$5,2
74
$67
2
$41
4
$64
6 $1,0
45
92 95
119
$1,1
58
89
28 27
2250
22 222929
2019
49
288300
316
269
232
$1,0
51
$27
8
$40
0
$10
1
$29
5
$94 $
185
$80
$97
$15
8
$ Millions Invested # Deals
ICT LIFE SCIENCES CLEANTECH AGRIBUSINESS
12 | VC SECTOR BREAKDOWN
VC STAGEBREAKDOWNAverage growth stage investment more than tripled in the last three years as a maturing Canadian venture ecosystem supports more growth-stage companies. VC funding was almost evenly distributed in the first half of this year, with nearly a third of all invested dollars going to early, later and growth stage deals respectively. Average round sizes at the seed stage have grown only moderately in comparison to the other stages, with a 32% increase in average round size with the 5 year average ($2.03M vs. $1.54M). By comparison, average deal sizes across all other stages have at least doubled in H1 compared to the 5 year average, early stage (series A and B) investment saw a 158% increase in investment amount compared to H1 2020 with 29% more deals ($991M over 119 deals).
As a result of rising deal sizes across all stages, average VC deal size in H1 2021 has more than doubled the five-year average ($21.03M vs. $8.21M). Notable deals in H1 include Toronto-based fintech Wealthsimple with $750M and Vancouver-based regtech Trulioo with $476. The growth in late stage VC investment also signals that more Canadian companies may be preparing for IPO later this year.
VC STAGE BREAKDOWN | 13
$ Millions Invested # Deals
SEED EARLY STAGE LATER STAGE GROWTH EQUITY
$0
$250
$500$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
20182017
$1,9
53
2019
232
192
242
154
79
85
$1,4
22
59$236
2020 H12021
20182017 2019 2020 H12021
20182017 2019 2020 H12021
2019 2020 H12021
$310
$251
$1,5
64
$1,3
68
$2,0
28
$147
$2,4
75
$1,5
45
98
263
154 153171
177194
25 2016
0
30
60
90120
150
180
210
240
300
270
330
360
$2,7
82
$1,7
25
$305
$347
$2,5
52$2,7
42
47
$1,7
02
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
VENTURE DEBT*HEAT MAP
* VC Debt deals are not included in the overall Canadian VC activity
The first half of 2021 saw a total $292M in venture debt invested across 34 deals, which accounts for 77% of all the venture debt investment value in all of last year, and 53% of deal count of 2020.
$4M
$62mOntario
$67MBritish
Columbia $146MAlberta
Québec
$13MNew
Brunswick
NaManitoba
1
215
66
4
$292 MILLION
34 DEALStotal invested into
VENTURE DEBT HEAT MAP | 15
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
14
VCEXITS
The momentum of VC-backed exits continued in the first half of 2021, with a total of 30 exits and $5.9B in total value, which already accounts for almost 80% in number of exits and 60% of total exit value in all of 2020.
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
0
5
10
15
20
25
30
35
40
50
45
2017
$1,0
65
2018
$1,0
33
$1,4
29
2019 2020 H12021
2017 2018 2019 2020 H12021
03
33
3936
3 24
31
$702
$4,6
52
$2,15
0
$1,6
00
$9,2
34
$1,0
11
19
M&A* IPO/RTO**
16 | VC EXITS
$ Millions Invested # Deals
TOPDISCLOSED VC EXITS
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
Vancouver’s edtech Thinkific Labs listed publicly on the TSX with a market cap of $232M, making it the 2nd venture-backed IPO this year following Dialogue in Q1.
TOP DISCLOSED VC EXITS | 17
SELLERS COMPANY BUYER CLOSE DATE $ MIL
SPECTRUM EQUITY, INFORMATION VENTURE PARTNERS, NORTHLEAF CAPITAL PARTNERS, BDC CAPITAL, TERALYS CAPITAL
VERAFIN INC. NASDAQ 2021-02-08 $3,498
WHITE STAR CAPITAL, PORTAG3 VENTURES, CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, FIRST ASCENT VENTURES, BDC CAPITAL, HV HOLTZBRINK VENTURES, DIAGRAM VENTURES, HACKING HEALTH ACCELERATOR
DIALOGUE HEALTH TECHNOLOGIES INC. IPO ON TSX 2021-03-30 $779
NAVENTURES, REAL VENTURES ELEMENT AI INC. SERVICENOW 2021-01-08 $294
RHINO VENTURES, KENSINGTON CAPITAL PARTNERS LIMITED, CONEXUS VENTURE CAPITAL
THINKIFIC LABS INC. IPO ON TSX 2021-04-27 $232
DESJARDINS CAPITAL, NAVENTURES, FERST CAPITAL PARTNERS, ANGES QUEBEC CAPITAL
MOKA FINANCIAL TECHNOLOGIES MOGO 2021-03-24 $64
YALETOWN VENTURES TASKTOP TECHNOLOGIES INCORPORATED
SUMERU EQUITY PARTNERS 2021-03-31 $25
* Includes transactions with undisclosed values** IPO valuation
MOST ACTIVEVC FIRMS & FUNDS
# Rounds
BDC Capital
Inovia Capital
Investissement Québec
Desjardins Capital
Real Ventures
Panache Ventures
New Brunswick Innovation Foundation
Golden Ventures
AQC Capital
Bluesky Equities
5825191918171513119
Size of Total Rounds* ($M)
$1,421 $2,096 $455 $414 $497 $366 $145 $230 $49$8
MOST ACTIVE PRIVATE INDEPENDENT FIRMS # ROUNDS SIZE OF TOTAL ROUNDS*(CDN$ MIL)
INOVIA CAPITAL 25 $2,096
REAL VENTURES 18 $497
PANACHE VENTURES 17 $366
GOLDEN VENTURES 13 $230
BLUESKY EQUITIES 9 $8
BRIGHTSPARK VENTURES 7 $38
GLOBAL FOUNDERS CAPITAL 6 $384
WHITECAP VENTURE PARTNERS 6 $81
WHITE STAR CAPITAL 5 $76
ROUND13 CAPITAL 5 $48
18 | MOST ACTIVE FIRMS & FUNDS
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
MOST ACTIVE GOVERNMENT FUNDS # ROUNDS SIZE OF TOTAL ROUNDS*(CDN$ MIL)
BDC CAPITAL 58 $1,421
INVESTISSEMENT QUÉBEC 19 $455
NEW BRUNSWICK INNOVATION FOUNDATION 15 $145
EXPORT DEVELOPMENT CANADA 9 $214
BDC CAPITAL INDUSTRIAL, CLEAN AND ENERGY TECH-NOLOGY VENTURE FUND 6 $48
INNOVACORP 6 $22
MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS # ROUNDS SIZE OF TOTAL ROUNDS*
(CDN$ MIL)
DESJARDINS CAPITAL 19 $414
CONEXUS VENTURE CAPITAL 8 $77
FONDS DE SOLIDARITÉ FTQ 7 $435
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 4 $534
OMERS VENTURES 4 $261
NAVENTURES 4 $46
TELUS VENTURES 4 $38
FONDS INNOVEXPORT 3 $18
WESTCAP MGT. LTD 3 $9
CHEVRON TECHNOLOGY VENTURES 2 $176
MOST ACTIVE FIRMS IN VC DEBT DEALS # ROUNDS SIZE OF TOTAL ROUNDS*(CDN$ MIL)
VENBRIDGE 15 $4
CIBC INNOVATION BANKING 9 $119
ESPRESSO CAPITAL LTD. 2 $28
OLD KENT ROAD FINANCIAL (OKR) 2 $1
MOST ACTIVE FIRMS & FUNDS | 19* Total deal values - includes all participating investors
MOST ACTIVE FOREIGN VCsin canada
20 MOST ACTIVE FOREIGN VCs IN CANADA | 21
CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | H1 2021
Investor State Number of Deals
Size of Total Rounds ($M)
EAST NORTH CENTRALDRIVE CAPITAL OH 5 $77
EAST SOUTH CENTRALFINTOP CAPITAL TN 2 $16
DYNAMO VENTURES TN 2 $8
MIDDLE ATLANTICWHITE STAR CAPITAL NY 6 $76
BESSEMER VENTURE PARTNERS NY 5 $311
TIGER GLOBAL MANAGEMENT NY 3 $375
MOUNTAINFACTOR[E] VENTURES CO 2 NA
NEW ENGLANDHARVOURVEST PARTNERS MA 5 $991
SPARK CAPITAL MA 4 $509
OAK HC/FT CT 2 $251
PACIFICY COMBINATOR CA 4 $18
KHOSLA VENTURES CA 3 $122
TRIBE CAPITAL CA 3 $163
SOUTH ATLANTICT. ROWE PRICE ASSOCIATES MD 2 $272
LEGION 3 CAPITAL FL 2 $6
NURTURE VENTURES DE 2 $5
WEST SOUTH CENTRALCHEVRON TECHNOLOGY VENTURES TX 2 $176
NEXT VENTURES TX 2 $8
QUANTUM ENERGY PARTNERS TX 2 $0
UNITED STATES Investor Number of Deals
Size of Total Rounds ($M)
THEODORUS INVESTMENT FUNDS 2 $5
BELGIUM
Investor Number of Deals
Size of Total Rounds ($M)
INDEX VENTURES 2 $424
SWITZERLAND
Investor Number of Deals
Size of Total Rounds ($M)
GREENSOIL PROTECH VENTURES 2 $10
ISRAEL
Investor Number of Deals
Size of Total Rounds ($M)
HASHED 2 $5
South Korea
Investor Number of Deals
Size of Total Rounds ($M)
GLOBAL FOUNDERS CAPITAL 6 $384
GERMANYInvestor Number
of DealsSize of Total Rounds ($M)
GENERATION INVESTMENT MANAGEMENT
2 $450
HOMEBREW 2 $19
ILLUMINATE FINANCIAL MANAGEMENT 2 $2
UNITED KINGDOM
Investor Number of Deals
Size of Total Rounds ($M)
SOSVENTURES INVESTMENTS 2 $7
IRELANDInvestor Number
of DealsSize of Total Rounds ($M)
TELEGRAPH HILL CAPITAL 2 NA
SPAIN
Investor Number of Deals
Size of Total Rounds ($M)
TEMASEK 2 $176
SINGAPORE
Investor Number of Deals
Size of Total Rounds ($M)
TELSTRA VENTURES 2 $118
AUSTRALIA
22 PARTICIPATING DATA CONTRIBUTORS | 23
PARTICIPATINGDATA CONTRIBUTORSCVCA thanks the following firms who participated in its Q2 2021 survey.
Venture Capital FIRMS2150 Ventures
7 Gate Ventures
Active Impact Investments
adMare Bioinnovations
Alate Partners Inc.
AmorChem Fund
Amplify Capital
Amplitude Ventures
Anges Quebec
AQC Capital
Anzu Partners
AQC Capital
ArcTern Ventures
AVAC Ltd.
BCF Ventures
Bioindustrial Innovation Canada
Black Innovation Capital
Boreal Ventures
Brightspark Ventures
CIBC Innovation Banking
CIC Capital Ventures
Clanton Capital
Conexus Venture Capital
CTI Life Sciences
Cycle Capital Management
Dash40 Ventures
Espresso Capital Ltd.
Evok Innovations
FACIT
Fastbreak Ventures
Ferst Capital
FINTOP Capital
First Ascent Ventures
Flow Capital
Fonds Innovexport
Framework Ventures
Freycinet Ventures
Georgian
Good News Ventures
Grand Ventures
GreenSky Capital Inc.
Greensoil PropTech Ventures
Hikma Ventures
Information Venture Partners
Innovacorp
inovia Capital
Investeco Capital Corp.
KJSM Ventures Canada
Klass Capital
Lumira Ventures
MaRS IAF
McRock Capital
Metiquity
Mistral VP
MKB Growth Equity
Momenta Ventures
N49P Ventures
Natural Products Canada Ventures (NPC Ventures)
Naventures (National Bank of Canada)
New Brunswick Innovation Foundation
Nimbus Synergies
Northumberland CFDC
OKR Financial
Old Kent Road Financial (OKR)
OMERS Ventures Management Inc.
Outsized Ventures
Panache Ventures
Pangaea Ventures Ltd.
Pender Ventures
Quark Venture
Radical Ventures
Raiven Capital
Raven Indigenous Capital Partners
Real Ventures
Relay Ventures
Renewal Funds
Rhino Ventures
Roadmap Capital
Round 13 Capital
Samsung Venture Investment
Sand Hill North
StandUp Ventures
Tactico Inc.
Tandem Expansion
TandemLaunch Inc.
TELUS Pollinator Fund
TELUS Ventures
Top Renergy
Uncork Capital
Venbridge
Versant Ventures
Version One Ventures
White Star Capital
Yaletown Partners
If you would like to have your firm included in future reports, please click here.
PRIVATE EQUITY & LSPEC FIRMSAIP Private Equity
ARC Financial
Ardenton Capital Corporation
ATB Private Equity
BDC Growth & Transition Capital (BDC GTC)
BDC Growth Equity
BMO Capital Partners
Cachet Sustainability Inc.
CAI Capital Partners
Canadian Business Growth Fund
Capital Financière Agricole Inc.
CIC Capital Canada
Clairvest Group Inc.
Export Development Canada (EDC)
Fengate Capital Management Ltd.
Fengate Real Asset Investments
FirstAngel Capital Corporation
Fonds Manufacturier Québécois
Fulcrum Capital Partners
Highland West Capital Ltd.
InstarAGF Asset Management
Ironbridge Equity Partners
Kayne Capital
Lex Capital Management
m2s Capital
MacKinnon, Bennett & Company Inc. (MKB)
Maverix Private Equity
Mink Capital
Mosaic Capital Corporation
Novacap Investments Inc.
Peloton Capital Management
Persistence Capital Partners
PFM Capital Inc.
PRIVEQ Capital Funds
Seafort Capital
Searchlight Capital Partners
TorQuest Partners
TriWest Capital Partners
Upper Stage Ventures
Western Investment Company of Canada Limited
White Wolf Capital LLC
Whitehorse Liquidity Partners Inc.
Westcap Mgt. Ltd
LIMITED PARTNERSBDC Venture Capital
Bluesky Equities Ltd.
Desjardins Capital
Fondaction
Fonds de solidarite FTQ
Fonds de solidarité FTQ (Regional)
HarbourVest Partners (Canada) Ltd
Investissement Quebec
Kensington Capital Partners Ltd.
Northleaf Capital Partners
Ontario Capital Growth Corporation
Ontario Teachers’ Pension Plan (OTPP)
CVCA METHODOLOGY:VENTURE CAPITALVENTURE CAPITAL DATA:Verified completed equity, quasi-equity venture capital and venture debt deals only (non-equity or project-based government funding, pharmaceutical development deals, venture capital-backed acquisitions, and angel financing are not included). All figures are in CAD unless otherwise specified.
24 | CVCA METHODOLOGY: VENTURE CAPITAL
VC DEVELOPMENT STAGES
VENTURE DEBT SHORT-TO-MEDIUM TERM, NON-DILUTIVE DEBT INSTRUMENT WITH NO EQUITY RIDER.
SEED STAGE COMPANY HAS A CONCEPT OR PRODUCT UNDER DEVELOPMENT, BUT IS PROBABLY NOT FULLY OPERATIONAL.
EARLY STAGE COMPANY HAS A PRODUCT OR SERVICE IN TESTING OR PILOT PRODUCTION. IN SOME CASES, THE PRODUCT MAY BE COMMERCIALLY AVAILABLE.
LATER STAGE PRODUCT OR SERVICE IN PRODUCTION AND COMMERCIALLY AVAILABLE. COMPANY IS GENERATING ON-GOING REVENUE, BUT NOT NECESSARILY, PROFITABLE.
GROWTHSIGNIFICANT MINORITY INVESTMENT TO DRIVE GROWTH AND SCALE WHICH CAN BE COMBINED WITH A SECONDARY TRANSACTION TO FACILITATE LIQUIDITY FOR EXISTING VC INVESTORS
VC SECTORS
ICTCOMPUTER HARDWARE AND SOFTWARE AND SERVICES, INTERNET SOFTWARE OR SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, MOBILE AND TELECOM TECHNOLOGIES AND SERVICES.
LIFE SCIENCES BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND SERVICES, AND OTHER MEDICAL RELATED PRODUCTS AND SERVICES.
CLEANTECHENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, ENVIRONMENTAL TECHNOLOGIES AND OTHER ENERGY AND ENVIRONMENTAL PRODUCTS AND SERVICES.
AGRIBUSINESS TRADITIONAL AND ADVANCED AGRICULTURAL TECHNOLOGIES AND SERVICES
AUTHORSChristiane WherryVICE PRESIDENT, RESEARCH
JON JACKSONHEAD OF COMMUNICATIONS
David kornackiMANAGER, RESEARCH & PRODUCT
IZADELLA STA. ROMANAMARKETING & BRAND COORDINATOR
cvca.ca