q3 2021 canadian venture capital market overview

Q3 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

YTD Q3 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

YTD Q3 2021 HIGHLIGHTS

In Q3, 2021 is already the strongest year of VC investment on record, with $11.8B invested over 568 deals

Despite a drop in activity compared to Q2, Q3 is the second highest quarter on record

15 additional mega-deals (50M+) closed in Q3, adding to the total of 55 Mega-deals valued at $8.7B, accounting for three-quarters of all dollars invested

Megadeals in Q3 include Vancouver-based blockchain company Dapper Labs closing $319M from a consortium of investors, including Version One Ventures

Q3 saw 2 more VC-Backed IPOs, increasing the total count of IPOs in 2021 to 4

IPOs included Burlington-based cleantech Anaergia Inc. and Toronto-based healthtech LifeSpeak Inc., both listing on the TSX

Toronto received a record amount of funding year-to-date with $4.9B invested across 154 deals

Biggest deals in Q3 include investments into Clearco for $270M, Deep Genomics for $226M and 1Password for $127M

Average deal size nearly doubled since 2019, the previous highest year on record; later stage deals saw 4x in average deal size over the last two years

Later stage investments accounted for 40% of all dollars invested, early stage received 32% and growth stage 24%

YTD Q3 2021 HIGHLIGHTS | 5

Largest deal in Q3 was Vancouver-based blockchain company Dapper Labs for $319M

Q3 also saw an increase of M&A activity as VC-backed companies acquire other VC-backed companies, including Hootsuite’s acquisition of Montreal-based Heyday

MESSAGE FROM THE CEO

KIM FURLONG CEO CANADIAN VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION

Move over doom and gloom: investment in Canada’s startups has never been stronger. The ecosystem defied fears of slowing down in investment due to the pandemic and as we shift into recovery, there continues to be spectacular growth for venture capital investing.

With the recent crop up of new continuation funds and the average growth stage investment rising, we are seeing a willingness to hold with investors as they stay the course in their investments — a testament to the maturing Canadian venture ecosystem.

As we move into the tail end of the year, all signs point to the investment environment increasing in momentum.

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.

http://bit.ly/CVCA_Data_Contribution


218144

7961

$2.5b$6.1BOntario

$2.3BBritish

Columbia $480MAlberta

Québec

Nova Scotia$51M

New Brunswick$126M$57M

Manitoba

Newfoundlandand Labrador

$3M

1823

713

2

3

Prince EdwardIsland

N/A

$201MSaskatchewan

YTD Q3 2021VENTURE CAPITALHEAT MAP

TOP SECTORS PER PROVINCE

Ontario, Quebec and British Columbia had the highest investment activity, accounting for 92% of all dollars invested year-to-date, with Ontario leading with over half of all dollars invested in 2021 ($10.9B). Toronto alone accounted for $4.9B and 154 of those deals. Quebec saw 21% of all dollars invested, and British Columbia received 20%. A notable mention is to Saskatchewan, which has already experienced the highest year of investment on record, with $201M invested across 13 deals.

The Information, Communications & Technology (ICT) sector received more than 63% of the investment year-to-date, with $7.5B invested across 328 deals. Life Sciences received 13% of the investment with $1.5B across 77 deals, and Cleantech received only 3%, with $380M across 33 deals.

CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q3 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

OTHERS48

9

11

ICT

OTHERS

LIFE SCIENCES

27

15

11

ICT

OTHERS

AGRIBUSINESS

10

2

1

ICT

OTHERS

LIFE SCIENCES

134

46

22

ICT

CLEANTECH

AGRIBUSINESS

6

1

1

ICT

LIFE SCIENCES

OTHERS

82

29

14

ICT

OTHERS

AGRIBUSINESS

9

6

2

CLEANTECH

ICT1

1

ICT

LIFE SCIENCES

OTHERS

8

6

4

ICT

LIFE SCIENCES2

1

$11.8 BILLION

568 DEALStotal invested into

6

VENTURE CAPITALINVESTMENT ACTIVITY

VENTURE CAPITALINVESTMENT ACTIVITY

ACTIVITY QUARTER-OVER-QUARTER

Canadian VC investment activity continues its remarkable pace in Q3, adding 174 deals and $3.5B to the already staggering total set in H1 2021. With a record-breaking $11.8B invested over 568 deals year-to-date, 2021 is the strongest year on record, already eclipsing the previous record set in 2019 ($6.2B across 560 deals).

128

139

119

127

178

174

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 Q2 Q3Q2 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

$3,4

88

$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:

568 DEALS$11.8B

2017 2018 2019 2020 YTD Q3 2021

8 | VENTURE CAPITAL INVESTMENT ACTIVITY QUARTER-OVER-QUARTER

$ Millions Invested # Deals

ACTIVITY BY DEAL SIZE

There were 55 megadeals ($50M+) year-to-date, accounting for 74% of total dollars invested in the year so far. The average deal size was at a record-setting $20.7M. 50% of the total 568 deals were less than $5M, with the majority of these deals (61%) ranging between $1M-5M.

Notable megadeals in Q3 include Vancouver-based blockchain company Dapper Labs closing $319M, Toronto-Based fintech Clearco’s $270M funding round and the investment made in Montréal-based blockchain company Blockstream for $265M.

VENTURE CAPITAL INVESTMENT ACTIVITY BY DEAL SIZE | 9

# Rounds $ Millions

< $100K

$100K - $500K

$500K - $1M

$1M - $5M

$5M - $20M

$20M - $50M

$50M +

44

30

36

173

128

47

55

$1

$8

$24

$429

$1,278

$1,341

$8,692

MEGA DEALS ($50M+) ACCOUNTED FOR 74% OF ALL DOLLARS INVESTED


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 IT FUND, TECHNOLOGY CROSSOVER VENTURES (TCV)

ICT GROWTH $476

APPLYBOARD ONTARIO

BDC CAPITAL GROWTH VENTURE CO-INVESTMENT FUND, FMR LLC (FIDELITY), HARMONIC GROWTH PARTNERS, INDEX VENTURES, GARAGE CAPITAL, BLUE CLOUD VENTURES, ONTARIO TEACHERS' PENSION PLAN (OTPP)

ICT LATER STAGE $375

DAPPER LABS BRITISH COLUMBIA

VERSION ONE VENTURES, COATUE MANAGEMENT, L.L.C., ANDREESSEN HOROWITZ, GV ICT LATER

STAGE $319

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

CLEARCO ONTARIO SOFTBANK FINANCIAL LATER STAGE $270

BLOCKSTREAM CORPORATION QUEBEC BAILLIE GIFFORD, IFINEX INC. ICT LATER

STAGE $265

LOOPIO INC. ONTARIO SUMERU EQUITY PARTNERS ICT GROWTH $252

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. Ottawa

7. Edmonton

8. Kitchener, Waterloo, Cambridge

9. Fredericton

10. Victoria

154

107

55

46

22

15

13

12

9

6

$4,906

$1,846

$1,731

$426

$48

$316

$53

$464

$123

$19

1

5

4

8

29

6

7

103

#1 TORONTO$4.9B154 DEALS

TOP 10 CANADIAN CITIES/ADMINISTRATIVE CENTRES | 11


VC SECTORBREAKDOWNThe Information, Communications & Technology (ICT) sector received 63% of the total VC investment year-to-date 2021, with $7.5B invested across 328 deals, already surpassing last year’s total of $2.5B by 202%.

Investment activity in Life Sciences has normalized, following 2020’s trend, comprising 13% of the investment so far this year with $1.5B across 77 deals. The sector is on track to match last year’s record-levels in deal count and has already exceeded total dollars invested.

Cleantech investment value continues to experience the strongest year-over-year growth across all sectors, receiving about 3% of total investment year-to-date with $380M across 33 deals, more than tripling the previous year’s amount of dollars invested ($101M).

0

$2,000

$1,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

0

100

50

150

200

250

300

350

400

2018 2019 2019 201920192017 20182017 201820172017 2018 2020 202020202020 YTDQ3 2021

YTDQ3 2021

YTDQ3 2021

YTDQ3 2021

$2,

259

$2,

428

$4,

028

$2,

469

$7,4

67

$67

2

$64

6

$1,0

51 $1,5

37

$41

4

$40

0

$38

0

$16

2

269288

300316

328

8992

28

49

27 2233

9577

119

$1,1

58

$27

8

2229 29

1931

$10

1

$94

$15

8

$18

5

$80


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 has begun to shift to later & growth stage investments, with investments into later & growth stage companies now receiving 63% of total VC dollars invested, a significant increase from years prior (2019: 50%, 2020: 49%).

Average round sizes at the seed stage have grown only moderately in comparison to the other stages, with a 29% increase in average round size with the 5 year average ($1.99M vs. $1.54M). By comparison, average deal sizes across all other stages have at least doubled in H1 compared to the 5 year average, with early stage (series A and B) investment and later stage investment seeing a 106% and 245% increase respectively.

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 ($20.7M vs. $8.21M). The growth in late stage VC investment also signals that more Canadian companies may be preparing for IPO later in the year or early-2022.

VC STAGE BREAKDOWN | 13


SEED EARLY STAGE LATER STAGE GROWTH EQUITY

20182017 2019 2020 YTDQ3 2021

20182017 2019 2020 YTDQ3 2021

20182017 2019 2020 YTDQ3 2021

2018 2019 2020 YTDQ3 2021

0

30

60

90

120

150

180

210

240

300

270

194177

156

0

$1,000

$500

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$236

$310

$251

$305 $4

87

$1,9

53

$1,5

64

$2,7

42

$1,7

02

$3,6

78

$1,4

22

$1,5

45

$1,3

68

$2,0

28

$4,6

21

$219

$1,7

25

$147

$2,8

30

154

245232

263

242

223

59

98

7969

25 22105

85

192


VENTURE DEBT*HEAT MAP

* VC Debt deals are not included in the overall Canadian VC activity

The first half of 2021 saw a total of $447M in venture debt invested across 74 deals, also surpassing previous years on record, in both deals and dollars disbursed.

$26M$163mOntario

$85MBritish

Columbia $159MAlberta

Québec

$13MNew

Brunswick

$1MManitoba

3

2

27

14

1216

$447 MILLION

74 DEALStotal invested into

VENTURE DEBT HEAT MAP | 15


14

VCEXITS

M&A activity continues the momentum from earlier this year (15 additional M&A exits), for a total of 34 M&A exits completed year-to-date (+3 exits compared to 2020), for a record high value of $5B (7 times more than 2020 levels). Notable M&A exits include Saanichton, BC-based Redlen Technologies, backed by Pangaea Ventures, acquired by Canon in September.

There were 2 additional VC-Backed IPOs in Q3, Burlington-based cleantech Anaergia Inc. and Toronto-based healthtech LifeSpeak Inc., both listing on the TSX, for a total of 4 VC-backed IPOs year-to-date.

$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 YTDQ3 2021

2017 2018 2019 2020 YTDQ3 2021

03

33

3936

34 4

31

$702

$5,0

26

$2,15

0

$1,6

00

$9,2

34

$1,3

3534

M&A* IPO/RTO**

16 | VC EXITS


TOPDISCLOSED VC EXITS


TOP DISCLOSED VC EXITS | 17

SELLERS COMPANY BUYER CLOSE DATE $ MIL

SPECTRUM EQUITY, INFORMATION VENTURE PARTNERS, NORTHLEAF CAPITAL PARTNERS, BDC CAPITAL GROWTH VENTURE CO-INVESTMENT FUND, 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, HV HOLTZBRINK VENTURES, DIAGRAM VENTURES, HACKING HEALTH ACCELERATOR

DIALOGUE HEALTH TECHNOLOGIES INC. IPO ON TSX 2021-03-30 $779

PANGAEA VENTURES REDLEN TECHNOLOGIES CANON 2021-09-29 $345

NAVENTURES, REAL VENTURES, BDC CAPITAL GROWTH VENTURE CO-INVESTMENT FUND, BDC CAPITAL IT FUND

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

Real Ventures

Panache Ventures

Desjardins Capital

New Brunswick Innovation Foundation

Golden Ventures

AQC Capital

Bluesky Equities

8233282827262118149

Size of Total Rounds* ($M)

$1,802 $2,471 $668 $535 $404 $663 $145 $342 $54$8

MOST ACTIVE PRIVATE INDEPENDENT FIRMS # ROUNDS SIZE OF TOTAL ROUNDS*(CDN$ MIL)

INOVIA CAPITAL 33 $2,471

REAL VENTURES 28 $535

PANACHE VENTURES 27 $404

GOLDEN VENTURES 18 $342

BRIGHTSPARK VENTURES 10 $54

BLUESKY EQUITIES 9 $8

GLOBAL FOUNDERS CAPITAL 8 $395

WHITECAP VENTURE PARTNERS 8 $87

WHITE STAR CAPITAL 8 $83

ROUND13 CAPITAL 8 $68

18 | MOST ACTIVE FIRMS & FUNDS


MOST ACTIVE GOVERNMENT FUNDS # ROUNDS SIZE OF TOTAL ROUNDS*(CDN$ MIL)

BDC CAPITAL 82 $1,802

INVESTISSEMENT QUÉBEC 28 $668

NEW BRUNSWICK INNOVATION FOUNDATION 21 $145

EXPORT DEVELOPMENT CANADA 11 $258

INNOVACORP 8 $22

MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS # ROUNDS SIZE OF TOTAL ROUNDS*

(CDN$ MIL)

DESJARDINS CAPITAL 26 $663

CONEXUS VENTURE CAPITAL 12 $112

FONDS DE SOLIDARITÉ FTQ 10 $566

TELUS VENTURES 6 $61

CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 4 $534

OMERS VENTURES 4 $261

NAVENTURES 4 $46

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 26 $8

OLD KENT ROAD FINANCIAL (OKR) 19 $5

CIBC INNOVATION BANKING 13 $180

ESPRESSO CAPITAL LTD. 2 $28

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


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 8 $83

BESSEMER VENTURE PARTNERS NY 7 $442

TIGER GLOBAL MANAGEMENT LLC NY 5 $500

MOUNTAINFACTOR[E] VENTURES CO 2 NA

NEW ENGLANDHARBOURVEST PARTNERS, LLC MA 6 $1,005

SPARK CAPITAL MA 4 $509

ACCOMPLICE, LLC MA 3 $335

OAK HC/FT CT 2 $251

YORK IE NH 2 $6

PACIFICY COMBINATOR CA 7 $38

FUSE WA 4 $18

TRIBE CAPITAL CA 3 $163

KHOSLA VENTURES CA 3 $122

SOUTH ATLANTICT. ROWE PRICE ASSOCIATES, INC. MD 2 $272

LEGION 3 CAPITAL FL 2 $6

NURTURE VENTURES DE 2 $5

BLU VENTURES VA 2 $4

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


THEODORUS INVESTMENT FUNDS 2 $5

BELGIUM



INDEX VENTURES 2 $424

SWITZERLAND



GREENSOIL PROTECH VENTURES 2 $10

ISRAEL



HASHED 2 $5

South Korea



GLOBAL FOUNDERS CAPITAL 8 $395

GERMANYInvestor Number

of DealsSize of Total Rounds ($M)

GENERATION INVESTMENT MANAGEMENT

2 $450

HOMEBREW 2 $19

ILLUMINATE FINANCIAL MANAGEMENT 2 $2

UNITED KINGDOM



SOSVENTURES INVESTMENTS 2 $7

IRELAND



TELEGRAPH HILL CAPITAL 3 $2

SPAINInvestor Number

of DealsSize of Total Rounds ($M)

ARGONAUTIC VENTURES 2 $6

CAYMAN ISLANDS



TEMASEK 2 $176

SINGAPORE



TELSTRA VENTURES 2 $118

AUSTRALIA

22 PARTICIPATING DATA CONTRIBUTORS | 23

PARTICIPATINGDATA CONTRIBUTORSCVCA thanks the following firms who participated in its Q3 2021 survey.

Venture Capital FIRMS2150 Ventures

7 Gate Ventures

Accelerate Fund

Active Impact Investments

Alate Partners Inc.

AmorChem Fund

Amplify Capital

Amplitude Ventures

Anges Quebec

Anzu Partners

AQC Capital

BCF Ventures

BDC Cleantech Practice

BDC Intellectual Property-Backed Financing

Bioindustrial Innovation Canada

Black Innovation Capital

Boreal Ventures

Brightspark Ventures

CIBC Innovation Banking

CIC Capital Ventures

Clanton Capital

Clocktower Technology Ventures

Conexus Venture Capital

CTI Life Sciences

Emerald Technology Ventures

Espresso Capital Ltd.

Evok Innovations

FACIT

Fastbreak Ventures

Ferst Capital

FINTOP Capital

Fonds Innovexport

Framework Ventures

Freycinet Ventures

Golden Ventures

Good News Ventures

Grand Ventures

GreenSky Capital Inc.

Greensoil PropTech Ventures

Highline Beta

Hike Ventures

Information Venture Partners

Innovacorp

inovia Capital

KJSM Ventures Canada

Luge Capital

Lumira Ventures

MaRS IAF

McRock Capital

Metiquity

MKB

Momenta Ventures

NAventures

New Brunswick Innovation Foundation

Northumberland CFDC

OKR Financial

OMERS Ventures

Outsized Ventures

Panache Ventures

Pangaea Ventures

Pender Ventures

Quark Venture

Radical Ventures

Real Ventures

Relay Ventures

Renewal Funds

Roadmap Capital

Round 13 Capital

Sand Hill North

StandUp Ventures

Tandem Expansion

TandemLaunch

TELUS Ventures

Top Renergy

Uncork Capital

Venbridge Ltd.

Voyager Capital

Wesley Clover International

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 Capital

ARC Financial

Ardenton Capital Corporation

ATB Private Equity

BDC Growth & Transition Capital (BDC GTC)

BDC Growth Equity

Birch Hill Equity Partners

BMO Capital Partners

Bond Capital

CAI Capital Partners

Canadian Business Growth Fund

Capital Financière Agricole

CIC Capital Canada

Clairvest Group Inc.

Fengate Real Asset Investments

First West Capital

Founders Group of Food Companies Inc.

Fulcrum Capital Partners

Highland West Capital

Instar Asset Management Inc.

Ironbridge Equity Partners

Kayne Capital

Killick Capital Inc.

m2s Capital

Mink Capital

Mosaic Capital Corporation

Novacap Management Inc.

Peloton Capital Management

Persistence Capital Partners

PFM Capital Inc

PRIVEQ Capital Funds

Searchlight Capital Partners

Tricor Pacific Capital Ltd.

TriWest Capital Partners

Upper Stage Ventures

VERTU Capital

Westcap Mgt. Ltd

LIMITED PARTNERSAlberta Enterprise Corporation

BDC 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)

Teralys Capital


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

[email protected]

JON JACKSONHEAD OF COMMUNICATIONS

[email protected]

David kornackiMANAGER, RESEARCH & PRODUCT

[email protected]

IZADELLA STA. ROMANAMARKETING & BRAND COORDINATOR

[email protected]

cvca.ca

https://cvca.ca

q3 2021 canadian venture capital market overview

Documents