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VENTURE CAPITAL CANADIAN MARKET OVERVIEW
// 2019
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 2
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CONTENTS
PARTICIPATING DATA CONTRIBUTORS .......................................................................3 FOREWORD ......................................................................................................................4 VENTURE CAPITAL HIGHLIGHTS ..................................................................................5 DATA VISUALIZATIONS ...................................................................................................6 VENTURE CAPITAL HEAT MAP ................................................................................................................. 6 QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY ................................................................. 7 VC ACTIVITY BY DEAL SIZE ...................................................................................................................... 8 TOP 10 DISCLOSED CANADIAN VC DEALS...........................................................................................9 TOP 10 CANADIAN CITIES // ADMINISTRATIVE CENTRES ............................................................. 10 VC SECTOR BREAKDOWN ....................................................................................................................... 11 VC STAGE BREAKDOWN .......................................................................................................................... 12 VENTURE DEBT HEAT MAP ..................................................................................................................... 13 VC EXITS ....................................................................................................................................................... 14 TOP DISCLOSED VC EXITS ..................................................................................................................... 15MOST ACTIVE VC FIRMS // FUNDS ....................................................................................................... 16
VENTURE CAPITAL METHODOLOGY ......................................................................... 17 AUTHORS, ABOUT CVCA AND CONTACT INFO ..................................................... 18
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 3
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PARTICIPATING DATA CONTRIBUTORS CVCA thanks the following firms
who participated in its 2019 survey.
If you would like to have your firm included in future reports, please contact dkornacki@cvca.ca
7 Gate Ventures
Accelerate Fund
AmorChem Fund
Anges Quebec
Anges Quebec Capital
AVAC Ltd.
BCF Ventures
Brightspark Ventures
Build Ventures
CIBC Innovation Banking
CIC Capital Ventures
Conexus Venture Capital
CTI Life Sciences
Cycle Capital Management/EcoFuel
Dash40 Ventures
Espresso Capital Ltd.
Evok Innovations
Fight Against Cancer Innovation Trust
First Ascent Ventures
Fonds Innovexport
Framework Ventures
Freycinet Ventures
Good News Ventures
GreenSoil Investments
iGan Partners
Information Venture Partners
Innovacorp
inovia Capital
Ironbridge Equity Partners
Island Capital Partners
Luge Capital
Lumira Ventures
MaRS Catalyst Fund
MaRS IAF
McRock Capital
New Brunswick Innovation Foundation
OMERS Ventures
Ontario Capital Growth Corporation
Panache Ventures
Pangaea Ventures
Portag3 Ventures
Quantius
Quark Venture
Radical Ventures
Real Ventures
Relay Ventures
Rhino Ventures
Ripple Ventures
Roadmap Capital
Round 13 Capital
Ryerson Futures
Sectoral Asset Management Inc.
StandUp Ventures
Tandem Expansion
TandemLaunch
TELUS Ventures
Top Renergy
V3-Ventures
Vanedge Capital Partners
Venbridge Ltd.
VentureLink Funds
Versant Ventures
White Star Capital
Yaletown Partners
Venture Capital Firms32 Degrees Capital
AIP Private Capital
ARC Financial
Ardenton Capital Corporation
BDC Growth Equity
BMO Capital Partners
Canadian Business Growth Fund
Capital Financière Agricole
Clairvest Group Inc.
Clearspring Capital Partners
First West Capital
InstarAGF Asset Management
Kayne Capital
Killick Capital Inc.
Mink Capital
Mosaic Capital Corporation
Novacap Management Inc.
OMERS Private Equity
PenderFund Capital Management
Persistence Capital Partners
PFM Capital Inc
PRIVEQ Capital Funds
Seafort Capital
TorQuest Partners
TriWest Capital Partners
Vistara Capital Partners
Westcap Mgt. Ltd
Western Investment Company of Canada Limited
Private Equity & LSVCC FirmsAlberta Enterprise Corporation
Alberta Teachers’ Retirement Fund (ATRF)
BDC Capital
Bluesky Equities
Caisse de depot et placement du Quebec
Dancap Private Equity Inc
Desjardins Capital
Fondaction
Fonds de solidarite FTQ
Fonds de solidarité FTQ (Regional)
Kensington Capital Partners Ltd.
Investissement Quebec
Northleaf Capital Partners
Ontario Teachers’ Pension Plan (OTPP)
Teralys Capital
Limited Partners
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 4
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FOREWORD
Record Breaking CAD $6.2B Invested in 2019
Following years of consistent investment growth across all stages in the ecosystem, Canadian venture capital investment reached impressive new heights in 2019 with a record CAD $6.2B invested over 539 deals. This is 69% more than the CAD $3.7B invested in 2018 and three times more than when the CVCA began market analysis in 2013. Q4 2019 significantly contributed to the year’s total, with CAD $1.6B invested over 144 deals.
The exit environment was healthy in 2019, with 40 VC-backed exits (the same amount in 2018) valued at CAD $3B, triple the value from 2018. There were three notable exits on the public markets:Lightspeed POS Inc.’s unicorn-level debut on TMX with a market cap
of $1.1B. The company was backed by Caisse de dépôt et placement du Québec (CDPQ), iNovia Capital and Teralys Capital
Milestone Pharmaceuticals Inc. went public on NASDAQ valued at $468M and backed by investors that included BDC Healthcare Fund, Fonds de solidarité FTQ and inovia Capital
Lumira Ventures-backed Edesa Biotech’s Reverse-Takeover (RTO) now listed on NASDAQ with a market cap of $49M
“The performance of venture capital investment in 2019 is beyond positive and an indication of sustained confidence in the Canadian ecosystem,” said Kim Furlong, Chief Executive Officer, Canadian Venture Capital and Private Equity Association. “Canadian entrepreneurs have continued to aggressively grow their companies and Canadian VCs are helping push Canadian innovation forward.”
Excluding mega-deals (CAD $50M+), the average deal size in 2019 was $5.6M, an 11% increase from $5M the previous year. Signalling the strength of the Canadian VC market: ten of the 28 mega-deals were over $100M and included five which exceeded $200M:$515M VC growth financing of St. John’s-based Verafin from a
syndicate of investors that included Information Venture Partners, BDC Co-Investments, Northleaf Capital and Teralys Capital
$332M series D round in Vancouver-based Clio by US investors$265M series A round in Toronto-based 1Password by a syndicate
of US Investors$227M growth financing of Quebec City-based Coveo Solutions Inc.
by a syndicate which included Fonds de solidarité FTQ, and OMERS Growth Equity
Montreal-based Element AI’s $200M series B round from investors that included Caisse de dépôt et placement du Québec (CDPQ), BDC Capital Co-Investments and Real Ventures
Canadian information and communication technology (ICT) companies continued to take in the majority of investment, receiving 66% (CAD $4.1B over 308 deals) of total VC dollars in 2019. Life sciences received a 17% share (CAD $1.1B over 177 deals) while cleantech companies took a 7% share (CAD $407M over 29 deals).
40 venture capital-backed exits in 2019 were valued at CAD $3B; triple the amount in 2018
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VENTURE CAPITAL HIGHLIGHTS // 2019
Key Findings
For the third successive quarter in a row, Canadian VC investment crossed the $1B mark with $1.6B invested over 144 deals bringing the year to a record $6.2B over 539 deals, 69% more than the $3.7B in 2018 and three times more than in 2014
The average deal size reflected this sharp increase and ended the year at $11.6M, almost double the average for the previous 5-year period from 2014-2018 ($6.1M)
A record high 28 $50M+ mega-deals accounted for 54% of total VC investments, up from its 33% share in 2018.
Excluding mega-deals, the average deal size in 2019 was $5.6M, a 11% increase from $5M the previous year. A barometer of the strength of the Canadian VC market was that 10 of these 28 mega-deals were over $100M and included 5 which exceeded $200M:
$515M VC growth financing of St. John’s-based Verafin from a syndicate of investors that included Information Venture Partners, BDC Co-Investments, Northleaf Capital and Teralys Capital
$332M series D round in Vancouver-based Clio by US investors
$265M series A round in Toronto-based 1Password by a syndicate of US Investors
$227M growth financing of Quebec City-based Coveo Solutions Inc. by a syndicate which included Fonds de solidarité FTQ, and OMERS Growth Equity
Montreal-based Element AI’s $200M series B round from investors that included Caisse de dépôt et placement du Québec (CDPQ), BDC Capital Co-Investments and Real Ventures
There were 42 deals between $20M-$50M totaling $1.3B or a fifth of total VC dollars invested, 121 deals between $5M-$20M totaled $1.1B (18% share) and 161 deals between $1M-$5M totaling $375M (6% share)
Ontario-based companies received 39% of investment ($2.4B); Quebec-based companies received 25% ($1.6B) followed by BC-based companies with a 20% share ($1.3B)
Toronto-based companies received 30% ($1.9B over 157 deals) of total dollars disbursed, with Montreal-based companies ($1.1B over 128 deals) and Vancouver-based companies ($1.1B over 58 deals) each receiving a 17% share
ICT companies grabbed 66% of total dollars invested this year ($4.1B over 308 deals) with life sciences
receiving a 17% share ($1.1B over 117 deals). Cleantech companies received a 7% share ($407M over 29 deals)
Early stage companies received 43% ($2.7B over 244 deals) of total investment; growth equity deals accounted for 28% ($1.7B over 24 deals) and later stage 23% ($1.4B over 82 deals)
It was a very healthy year with 40 VC-backed exits (same as in 2018) with a total value of $3B tripled the amount from last year. These included 3 IPOs:
Lightspeed POS Inc.’s unicorn-level debut on TMX with a market cap of $1.1B. The company was backed by Caisse de dépôt et placement du Québec (CDPQ), iNovia Capital and Teralys Capital
Milestone Pharmaceuticals Inc. went public on NASDAQ valued at $468M and backed by investors that included BDC Healthcare Fund, Fonds de solidarité FTQ and inovia Capital
Lumira Ventures-backed Edesa’s RTO on NASDAQ with a market cap of $49M
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 6
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2
6
11
15
16577
39
199$1.6b
$2.4bOntario
$1.3BC
$1MYukon
$227MAlberta
Québec
Nova Scotia$67M
New Brunswick$16M
$114MSaskatchewan
$4MManitoba
Prince EdwardIsland
$1M
Newfoundlandand Labrador
$524M
1
1
23
VENTURE CAPITAL HEAT MAP // 2019
$6.2btotal 539 deals
total #
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QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
0
20
40
60
80
100
120
140
160
180
200
Q4Q3Q2Q1
$431
$656
$618
$619
133
Q2Q1
$940
$703
Q3
$717
Q4$8
39Q2Q1
$592
$864
Q3
$1,11
4
Q4
$1,0
55
Q1
$629
Q2 Q3
$1,0
70
$710
Q4
$1,2
72
Q1
$893
Q2
$1,3
48
Q3
$2,4
15
Q4
$1,5
80
135141
128
125
145
124
134
104
120 118111
127
143
108
129
117
148
130
144
TOTAL:537 DEALS
$2.3B
TOTAL:528 DEALS
$3.2B
TOTAL:453 DEALS
$3.6B
TOTAL:507 DEALS
$3.7B
TOTAL:539 DEALS
$6.2B
$ Millions Invested # Deals
20162015 2017 2018 2019
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 8
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VC ACTIVITY BY DEAL SIZE // 2019
Total Deals $ Millions
< $100K
$100K - $500K
$500K - $1M
$1M - $5M
$5M - $20M
$20M - $50M
$50M +
23
53
40
161
121
42
28
$1
$13
$27
$375
$1,135
$1,292
$3,392
$200mfive of the 28 mega-deals
were over
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TOP 10 DISCLOSED CANADIAN VC DEALS // 2019
company name province Disclosed VC Firm(s) sector stage $ mil
VERAFIN INC. NEWFOUNDLAND AND LABRADOR
BDC CO-INVESTMENTS, INFORMATION VENTURE PARTNERS INC., NORTHLEAF CAPITAL PARTNERS, SCOTIABANK BANK OF NOVA SCOTIA, SPECTRUM EQUITY INVESTORS, LP, TERALYS CAPITAL, WELLS FARGO & COMPANY
ICT GROWTH EQUITY $515
CLIO BC JMI EQUITY, TECHNOLOGY CROSSOVER VENTURES (TCV) ICT GROWTH EQUITY $332
1PASSWORD ONTARIO ACCEL, SLACK TECHNOLOGIES, CDN PRIVATE INVESTORS ICT EARLY STAGE $265
COVEO SOLUTIONS INC. QUÉBEC EVERGREEN COAST CAPITAL CORP., FONDS DE SOLIDARITÉ FTQ, INVESTISSEMENT QUÉBEC, OMERS GROWTH EQUITY ICT GROWTH EQUITY $227
ELEMENT AI INC. QUÉBECBDC CAPITAL CO-INVESTMENTS, CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), DATA COLLECTIVE, HANWHA INVESTMENT CORP, INVESTISSEMENT QUÉBEC, MCKINSEY & COMPANY, REAL VENTURES
ICT EARLY STAGE $200
TOUCHBISTRO INC. ONTARIO
BDC IT VENTURE FUND, BMO CAPITAL PARTNERS, J.P. MORGAN PARTNERS, KENSINGTON CAPITAL PARTNERS LIMITED, NAPIER PARK FINANCIAL PARTNERS, OMERS GROWTH EQUITY, OMERS VENTURES, RBC VENTURE PARTNERS, RECRUIT HOLDINGS CO., LTD.
ICT GROWTH EQUITY $158
FUSION PHARMACEUTICALS INC. ONTARIO
ADAMS STREET PARTNERS, LLC, FIGHT AGAINST CANCER INNOVATION TRUST (FACIT), GENESYS CAPITAL MANAGEMENT INC., HEALTHCAP, JOHNSON & JOHNSON DEVELOPMENT CORPORATION, ORBIMED ADVISORS, LLC, PERCEPTIVE ADVISORS, LLC, PIVOTAL BIOVENTURE PARTNERS LLC., ROCK SPRINGS CAPITAL MANAGEMENT, SEROBA LIFE SCIENCES, TPG BIOTECH, VARIAN MEDICAL SYSTEMS
LIFE SCIENCES EARLY STAGE $140
VENA SOLUTIONS CANADA INC. ONTARIO CENTANA GROWTH PARTNERS, JMI EQUITY ICT GROWTH EQUITY $115
REPARE THERAPEUTICS INC. QUÉBECAMPLITUDE VENTURES, BVF PARTNERS L.P., COWEN HEALTHCARE INVESTMENTS, FONDS DE SOLIDARITÉ FTQ, LOGOS GLOBAL MANAGEMENT LLC, ORBIMED ADVISORS, LLC, REDMILE GROUP, VERSANT VENTURE MANAGEMENT, LLC, MPM CAPITAL
LIFE SCIENCES EARLY STAGE $109
WEALTHSIMPLE FINANCIAL INC. ONTARIO ALLIANZ X, POWER FINANCIAL CORPORATION ICT LATER STAGE $100
There was 1 undisclosed deal that was not included in this table
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TOP 10 CANADIAN CITIES ADMINISTRATIVE CENTRES // 2019
157 DEALSTotal Deals $ Millions
1. Toronto
2. Montréal
3. Vancouver
4. Calgary
5. Ottawa
6. Kitchener, Waterloo, Cambridge
7. Halifax
8. Québec
9. Fredericton
10. Saskatoon
157
128
58
19
19
17
16
12
10
9
$1,886
$1,059
$1,051
$136
$99
$199
$48
$306
$12
$107
16
4
2
109
5
8
#1 toronto $1.9b
3
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 11
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VC SECTOR BREAKDOWN // 2015–2019
0
40
80120
160
200
240
280
320
400
360
440
480
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
$2,400
$2,700
$3,000
$3,300
$4,000
$2,
304
2016 2017 2017 201720172015 20162015 201620152015
$1,9
62
$20
8
$18
5
2016 2018 201820182018 2019 2019 20192019
323 330
271
112103
$72
2
$67
1
$1,3
77
91 96117
204329
4927 29
2922 2846
$42
$27
8
$42
2
$94
298 308
$65
1
$13
3
$2,
366
$4,
087
$1,0
85
$71
7
$18
6
$15
7
$40
7
ICT CLEANTECHLIFE SCIENCES AGRIBUSINESS
$ Millions Invested # Deals
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VC STAGE BREAKDOWN // 2015–2019
$0
$250
$500$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
20162015 20162015
$159 $2
12
$1,5
94
$1,9
53
$1,3
53
20172017
220
262
232
191
244
126
85
82
$1,4
22
59$236
2018 2019
$310
$344
2018 2019 20162015 2017 2018 2019 2019
$1,5
67
$1,4
20
$1,5
45
98
180 178
154173
194
24
0
30
60
90120
150
180
210
240
300
270
330
360
$1,2
10
$2,6
62
$926
$1,7
25
$ Millions Invested # Deals
SEED LATER STAGEEARLY STAGE GROWTH EQUITY
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7
4318
$54M
$76mOntario
$36MBC
$1MAlberta
Québec
New Brunswick$7M
$3MSaskatchewan
2
13
36
naManitoba
1
Newfoundlandand Labrador
$1M
VENTURE DEBT* HEAT MAP // 2019
$177mtotal 111 deals
total #
* VC Debt deals are not included in the overall Canadian VC activity
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VC EXITS // 2015–2019
IPO/RTO**
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
$2,400
$2,700
$3,000
0
5
10
15
20
25
30
35
40
50
45
20162015 20162015
$1,5
24
$584
$1,2
91
20172017
$1,0
33
$1,4
192018 2019 2018 2019
43
32
6
0 0 3
35
3937
3
$2,15
0
$2,9
45
$1,6
00
Exit Value ($ Millions) # Exits * Includes transactions with undisclosed values ** IPO valuation
M&A*
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TOP DISCLOSED VC EXITS // 2019
There were 32 additional exits totalling $184M
vc investors company sector exit transaction acquired by close date $ mil.CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), INOVIA CAPITAL INC., TERALYS CAPITAL, INVESTISSEMENT QUÉBEC, ACCEL
LIGHTSPEED POS INC. ICT IPO IPO ON TMX 2019-03-08 $1,083
BDC IT VENTURE FUND, CHARLES RIVER VENTURES (CRV), EXHIBITION VENTURES, HARBOURVEST PARTNERS, LLC, OMERS VENTURES, OURCROWD MANAGEMENT LIMITED, PORTAG3 VENTURES
WAVE ACCOUNTING INC. ICT M&A H&R BLOCK 2019-07-01 $538
BDC HEALTCARE FUND, FONDS DE SOLIDARITÉ FTQ, INOVIA CAPITAL, DOMAIN ASSOCIATES LLC, VENROCK ASSOCIATES, NOVO NORDISK A/S, FORBION CAPITAL, GO CAPITAL LLC, PAPPAS CAPITAL
MILESTONE PHARMACEUTICALS INC. LIFE SCIENCES IPO IPO ON NASDAQ 2019-05-08 $468
MARS IAF, SUMMIT PARTNERS AERYON LABS INC. ICT M&A FLIR SYSTEMS 2019-01-28 $265
FONDS DE SOLIDARITÉ FTQ, INVESTISSEMENT QUÉBEC, MCROCK CAPITAL CORPORATION, MUNICH RE / HSB VENTURES, WHITE STAR CAPITAL INC.
MNUBO INC. ICT M&A ASPEN TECHNOLOGY 2019-07-12 $115
PLAZA VENTURES, AZURE CAPITAL PARTNERS, GIBRALTAR VENTURES FANXCHANGE LIMITED ICT M&A VIVID SEAT 2019-04-11 $80
INVESTISSEMENT QUÉBEC, TELESYSTEM LTD., GRUPO CORPORATIVO FUERTES, DESJARDINS CAPITAL, INNOVATECH QUÉBEC ET CHAUDIÈRE-APPALACHES, ECHO CAPITAL FIER OUTAOUAIS, ACCÈS CAPITAL QUÉBEC, INFU CAPITAL
PREVTEC MICROBIA INC. LIFE SCIENCES M&A ELANCO 2019-08-01 $79
LUMIRA VENTURES, INVERREADY EDESA BIOTECH LIFE SCIENCES RTO RTO ON NASDAQ 2019-06-07 $49
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MOST ACTIVE VC FIRMS // FUNDS // 2019
MOST ACTIVE PRIVATE INDEPENDENT FIRMS # ROUNDSSIZE OF TOTAL
ROUNDS*(CDN$ MIL)
REAL VENTURES 42 $547
PANACHE VENTURES 34 $158
INOVIA CAPITAL INC. 25 $339
iGAN PARTNERS INC. 17 $65
RELAY VENTURES 16 $78
CYCLE CAPITAL MANAGEMENT/ECOFUEL 16 $157
ANGES QUEBEC 15 $56
BLUESKY EQUITY LTD. 11 $33
MOST ACTIVE GOVERNMENT FUNDS # ROUNDSSIZE OF TOTAL
ROUNDS*(CDN$ MIL)
INVESTISSEMENT QUÉBEC 34 $773
BDC CAPITAL 32 $463
MARS IAF 20 $23
NEW BRUNSWICK INNOVATION FOUNDATION (NBIF) 17 $17
BDC GTC (EQUITY) 16 $28
BDC ICE VENTURE FUND 14 $91
BDC IT VENTURE FUND 9 $268
MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS # ROUNDS
SIZE OF TOTAL ROUNDS*
(CDN$ MIL)
DESJARDINS CAPITAL 36 $211
FONDS DE SOLIDARITÉ FTQ 30 $758
ANGES QUÉBEC CAPITAL 15 $48
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) 6 $382
MOST ACTIVE FIRMS IN VC DEBT DEALS # ROUNDSSIZE OF TOTAL
ROUNDS*(CDN$ MIL)
ESPRESSO CAPITAL LTD. 52 $34
CIBC INNOVATION BANKING 19 $88
DESJARDINS CAPITAL 16 $8
QUANTIUS INC. 5 $3
INVESTISSEMENT QUÉBEC 4 $16
FONDS DE SOLIDARITÉ FTQ 4 $8* Total deal values - includes all participating investors
# Rounds
Real Ventures
Desjardins Capital
Panache Ventures
Investissement Québec
BDC Capital
Fonds de solidarité FTQ
inovia Capital Inc.
MaRS IAF
4236343432302520
Size of Total Rounds* (Cdn$ mil)
$547 $211 $158 $773 $463 $758 $339 $23
VENTURE CAPITAL CANADIAN MARKET OVERVIEW // 2019 | 17
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CVCA METHODOLOGY // VENTURE CAPITAL
VENTURE 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)
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.
GROWTH SIGNIFICANT MINORITY INVESTMENT TO DRIVE GROWTH AND SCALE WHICH CAN BE COMBINED WITH A SECONDARY TRANSACTION TO FACILITATE LIQUIDITY FOR EXISTING VC INVESTORS
ICT COMPUTER 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.
CLEANTECH ENERGY 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
vc development stages
vc sectors
ABOUT AND CONTACT To obtain estimates for additional custom CVCA Intelligence data reports please contact dpinto@cvca.ca
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 busi-nesses 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.
Please visit cvca.ca
@CVCACanada CVCA
CVCA - Canadian Venture Capital and Private Equity Association
372 Bay St., Suite 1201 Toronto, ON M5H 2W9
Authorsdarrell pinto vp, research & industry advancementdpinto@cvca.ca | 416-487-0519 ext. 208
david kornacki associate, research & productdkornacki@cvca.ca | 416-487-0519 ext. 202
jon jackson head of communicationsjjackson@cvca.ca | 416-487-0519 ext. 201