2015canadian% venture% capital% - cvca · m&a ipo** total* 2013 2014 2015 #deals $millions 22 4...
TRANSCRIPT
Annual Trend
Page | 2
367 433 536
2013 2014 2015
1,897 2,022 2,259
2013 2014 2015
Up 18%from 2013
Up 24%from 2014
Up 12%from 2014
Up 7%from 2013
# Deals $ Millions
Quarterly Trend
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415 340 601 540 358 411 640 613 419 651 615 574
86 82
10297
110
91
110122
133 137 141
125
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ (Millions) Deals (#)
2014 20152013
Activity by Province – 2015
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ON42%
QC31%
BC20%
AB5%
Atlantic2%
$ Share
ON38%
QC31%
BC16%
Atlantic9%
AB3%
SK-‐MB2%
# Share
Activity by Sectors – 2015
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1,062
272394
14
1,299
479
17727
1,379
647
13542
ICT Life Sciences Clean Tech AgriBusiness
2013 2014 2015
# Deals $ Millions
235
54 396
270
7946
14
325
110
4420
ICT Life Sciences Clean Tech AgriBusiness
2013 2014 2015
ICT Breakdown – 2015
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Internet Software & Services54%eCommerce
22%
Electronic & Semiconductor
7%
Software (Non Internet/Mobile)
7%
Mobile & Telecommunications
5%
Computer Hardware & Services
4%
$ Share
749M
310M
102M
97M
72M
49M
Internet Software & Services
59%eCommerce16%
Electronic & Semiconductor
9%
Mobile & Telecommunications
8%
Software (Non Internet/Mobile)
5%
Computer Hardware & Services4%
# Share
19252
28
25
1612
Activity by Stages – 2015
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85
636
931
61133
794 785
88154
1,160
530
129
Seed Early Stage Later Stage Bridge
2013 2014 2015
# Deals $ Millions
107129
74
27
137158
78
38
178 178
6478
Seed Early Stage Later Stage Bridge
2013 2014 2015
Exit Trend
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665 543
1,343
420
936
1,4571,427
2,957
4,396
M&A IPO** Total*
2013 2014 2015
# Deals $ Millions
22
4
31
25
4
3433
4
42
M&A IPO Total*
2013 2014 2015
2015 TOTAL: 42 exits, $4.4B transaction value*includes transactions with undisclosed values, RTOs and Secondary Sales
** IPO valuation
Top 10 Canadian Deals – 2015
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* PIPE/VC portion of larger private placement/public offering
Company Province Disclosed VC Firm(s) $ MillionsLightspeed POS Inc. Québec Caisse de dépôt et placement du Québec, Investissement Québec, Accel Partners, Teralys, iNovia Capital 79
Clementia Pharmaceuticals Inc. QuébecNew Enterprise Associates (NEA), BDC Capital, EcoR1 Capital, Janus Capital, OrbiMed Advisors, RA Capital, Rock Springs Capital 74
Blockstream Corporation QuébecHorizons Ventures, AXA Strategic Ventures, Digital Garage, Real Ventures, AME Cloud Ventures, BlockchainCapital, Future\Perfect Ventures, Khosla Ventures, Mosaic Ventures, Seven Seas Venture Partners 73
Kik Interactive Inc Ontario Tencent Holdings 66Resverlogix Corp. Alberta Eastern Capital, Shenzhen Hepalink Pharmaceutical Co. 50Cynapsus Therapeutics Inc.* Ontario Aisling Capital, Dexcel Pharma Technologies, OrbiMed Advisors 40
Telesta Therapeutics Inc.* Québec Consonance Capital, Omega Fund Management, Tavistock Group 37
Influitive Corporation Ontario
Georgian Partners, Atlas Venture, BDC Capital, CommonAngels Ventures, Docomo Capital, First Round Capital, Hummer WinbladVenture Partners, Illuminate Ventures, OurCrowd Management, Relay Ventures, Resolute Ventures 36
Coveo Solutions Inc. Québec BDC Capital, Fonds de solidarité, Investissement Québec, Tandem Expansion Fund, Telesystem 35
Scribble Technologies Inc. OntarioGeorgian Partners, OpenText Enterprise Apps Fund, Emerillon Capital, Blue Cloud Ventures, Northleaf Venture Catalyst Fund, Rogers Ventures, Summerhill Venture Partners, EDC, Waterloo Innovation Fund 35
Most Active VC Firms – 2015
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VC Firms # Total Deals $ Millions*
Real Ventures 78 200
iNovia Capital Inc. 39 507
Relay Ventures 26 180
Cycle Capital Management (CCM) Inc. 15 39
Lumira Capital Investment Management Inc. 13 233
Yaletown Venture Partners 13 64
Pangaea Ventures Ltd. 10 101
Avrio Ventures Management Corp. 10 25
Wellington Financial LP 9 58
Georgian Partners Inc. 8 228
Chrysalix Energy Venture Capital 8 105
EnerTech Capital 8 66
Private Independent Firms
*Total deal values – includes all participating investors.
Most Active VC Firms – 2015
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VC Firms # Total Deals $ Millions*
Fonds de solidarité FTQ 29 174
Fondaction CSN 13 39
OMERS Ventures Management Inc. 11 106
Desjardins Venture Capital Inc. 7 27
Difference Capital Finance Inc. 6 34
TELUS Ventures 6 27
VC Firms # Total Deals $ Millions*
BDC Capital Inc. 107 587
Investissement Québec 35 164
MaRS IAF 25 26
Innovacorp 21 24
New Brunswick Innovation Foundation (NBIF) 16 7
EDC Equity 12 89
Government FundsPension, Retail, Corporate & Other Public Funds
*Total deal values – includes all participating investors.
Most Active Foreign Firms – 2015
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VC Firms # Total Deals $ Millions*
Horizons Ventures Limited 4 89
ff Asset Management LLC 4 36
OrbiMed Advisors, LLC 3 135
GE Ventures LLC 3 48
Social Starts, LLC 3 15
*Total deal values – includes all participating investors.
Most Active Legal Firms – 2015
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Legal Firms # Total Deals $ Millions*
LaBargeWeinstein LLP 25 182
Gowling Lafleur Henderson LLP 11 164
Osler, Hoskin and Harcourt LLP 10 191
Borden Ladner Gervais LLP 10 30
McCarthy Tétrault LLP 5 47
Cox & Palmer 5 2
Blake, Cassels & Graydon LLP 4 49
Fasken Martineau DuMoulin LLP 3 95
McInnes Cooper 3 3
*Total deal value of disclosed deals.
Top Disclosed Exits – 2015
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VC Backers Company Acquirer $ MillionsInsight Venture Partners, Bessemer Venture Partners, FirstMarkCapital, Georgian Partners, Felicis Ventures, OMERS Ventures, Shopify Inc. IPO 1,604Vivo Capital, Frazier Healthcare Ventures, OrbiMed Advisors, Adams Street Partners, RA Capital Management ProNAi Therapeutics, Inc IPO 634
Highland Capital Partners Davids Tea Inc. IPO 537
Caisse de dépôt et placement du Québec, EDC Equity, EnerTech Capital, Fonds de solidarité, Groupe W, Samsung Venture, Technovator Distech Controls, Inc. Acuity Brands Inc. 318
McLean Watson Capital, Desjardins Venture Capital, GTI Capital SkyWave Mobile Communications Inc. ORBCOMM, Inc. 204
Extreme Venture Partners, iNovia Capital, Rho Canada Ventures, Metamorphic Ventures , Mantella Venture Partners, Metamorphic Ventures Chango Inc. Rubicon Project 155
Fundraising – 2015
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Fund Type # Funds # Closings Raised ($ Millions)Private funds 17 21 1,203Retail funds* 6 6 351Institutional fund 1 2 260Accelerator funds 3 3 20Government or quasi-‐government funds** 3 3 183Total 30 35 2,017
* continuous closing throughout the year, treated as a single closing at year-‐end** quasi-‐government fund -‐ privately managed funds with government funding as main source
Fundraising – 2015
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Source of VC Fundraising ($ Millions) All funds Private funds
Retail investors 351 0
HNWI/Family Offices 231 217
Governments 363 175
Fund of Funds 322 322
Pension Funds 474 264
Corporations 276 225Total 2,017 1,203
Fund Size Closing
Initial Close (10 funds, 10 closings) 86 71
Subsequent Close (9 funds, 11 closings) 85 14
All Funds (17 funds, 21 closings) 85 30
Median ($ Millions, private funds)
CVCA Methodology
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• Dataset includes verified completed equity or quasi-‐equity venture capital deals only.
• Not included are non-‐equity based government funding such as grants from FedDev, project financing from the SD Tech Fund of the Sustainable Development Technology Canada (SDTC), pharmaceutical product development deals, senior debt as part of overall financing package, venture capital-‐backed acquisitions, and angel financing.