H1 2021 CANADIAN VENTURE CAPITAL MARKET OVERVIEW

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.

mailto:dkornacki%40cvca.ca?subject=



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


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)


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


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


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


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


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


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


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


TOPDISCLOSED VC EXITS


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


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


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


THEODORUS INVESTMENT FUNDS 2 $5

BELGIUM

Investor Number of Deals


INDEX VENTURES 2 $424

SWITZERLAND



GREENSOIL PROTECH VENTURES 2 $10

ISRAEL



HASHED 2 $5

South Korea



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



SOSVENTURES INVESTMENTS 2 $7

IRELANDInvestor Number

of DealsSize of Total Rounds ($M)

TELEGRAPH HILL CAPITAL 2 NA

SPAIN



TEMASEK 2 $176

SINGAPORE



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)

http://bit.ly/CVCA_Data_Contribution

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

Documents

H1 2021 CANADIAN VENTURE CAPITAL MARKET OVERVIEW