Q1 2021 CANADIAN VENTURE CAPITAL MARKET OVERVIEW - VC Investment in Q1 2021 closes at $2.7B - The Highest Q1 on Record - Canadian Venture Capital ...
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Q1 2021 CANADIAN VENTURE CAPITAL MARKET OVERVIEW VC Investment in Q1 2021 closes at $2.7B – The Highest Q1 on Record
ABOUT CVCA OUR VISION A 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.
Contents
ABOUT CVCA.............................................................................................................................................................. 1
MESSAGE FROM THE CEO................................................................................................................................. 4
Q1 2021 HIGHLIGHTS............................................................................................................................................ 5
VENTURE CAPITAL HEAT MAP........................................................................................................................ 6
VENTURE CAPITAL INVESTMENT ACTIVITY........................................................................................ 8-9
ACTIVITY QUARTER OVER QUARTER..................................................................................................8
ACTIVITY BY DEAL SIZE..............................................................................................................................9
TOP 10 DISCLOSED CANADIAN VC DEALS............................................................................................. 10
TOP 10 CANADIAN CITIES/ADMINISTRATIVE CENTRES.................................................................. 11
VC SECTOR BREAKDOWN................................................................................................................................ 12
VC STAGE BREAKDOWN................................................................................................................................... 14
VENTURE DEBT HEAT MAP............................................................................................................................. 15
VC EXITS..................................................................................................................................................................... 16
TOP DISCLOSED VC EXITS................................................................................................................................17
MOST ACTIVE VC FIRMS & FUNDS............................................................................................................. 18
FOREIGN VCS IN CANADA................................................................................................................................20
THE NARWHAL LIST: TOP 25 COMPANIES ............................................................................................22
PARTICIPATING DATA CONTRIBUTORS....................................................................................................24
CVCA METHODOLOGY.......................................................................................................................................26MESSAGE
FROM THE CEO
Dollars flowing to Canadian start-ups, large rounds being deployed to grow our companies,
unicorns emerging on a regular basis, IPO and M&A exits at solid valuation and the announcement
of a third federal VC program to sustain the growth of Canadian venture capital are the elements
required to propel our innovative ecosystem. The first two federal programs, the Venture Capital
Action Plan (VCAP) and Venture Capital Catalyst Initiative (VCCI), were instrumental in the results
we are seeing in Q1 today. While Canada’s fundraising environment is still emerging, the third
program positions us to capitalize on the solid foundation that VCAP and VCCI have established for
our innovation economy.
It is a great privilege to be the source of the most accurate private capital data for the Canadian
market. As the voice of Canadian private capital, the Canadian Venture Capital and Private Equity
Association (CVCA) began collecting Canadian venture capital and private equity industry data in
2013. Our quarterly reporting summarizes the results of quarterly surveys and presents the data in a
historical context.
Q1 2021 was the strongest quarter on record with CAD $2.7B invested which was propelled by
late-stage deals with an increase in investments in Canada’s best-performing companies. VCs are
willing to stay the course across all stages of the startup life cycle. This rise of growth is contributing
to the current IPO rage which is expected to continue throughout 2021. It’s an exciting time for
Canada’s innovation sector and a testament to the role VCs play in our economy.
For a deeper look into the performance of Q1 as well as the trends uncovered in 2020, the
Canadian private capital industry will be gathering for CVCA’s Invest Canada ’21 on June 8 and
9. This year, there are several expert-led panels dedicated to exploring current themes including
behind the IPO boom, the increase in SPACs, and industry and investment perspectives featuring
Kewsong Lee, CEO, The Carlyle Group. For more information, visit the Invest Canada website.
Access to high-quality data, analysis, and tools are 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 click here.
KIM FURLONG
CEO
CANADIAN VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATIONQ1 2021
HIGHLIGHTS
Q1 2021 was the strongest quarter Early stage (Series A and B) saw a
on record for VC investment 115% YoY increase in investment
With $2.7B invested over 178 deals in the first value with the same number of
three months, Canadian VC activity is off to a deals
strong start in 2021.
Toronto-based biotech company Notch
Therapeutics was the largest early stage deal,
raising $108M led by Lumira Ventures.
16 Mega-deals (+50M) this quarter
comprised more than two-thirds
of all investments at $1.8B total The largest exit in Q1 was St.
Year-over-year comparison demonstrates John’s-based fintech company
recovery in investment activity after a pandemic Verafin, acquired by Nasdaq for
year; there were no mega deals in Q1 last year.
$3.5B
This marks Verafin as the 2nd largest exit on
record after Abcellera, and the largest exit
Later stage investments received led by Canadian VCs including IVP, Northleaf
half of all VC funding in this Capital, BDC Capital & Teralys Capital.
quarter with the largest average
deal size on record, as more
companies prepare to go public Montreal-based Dialogue Health
With YoY increase of 277% in dollars invested
Technologies listed on the TSX for
and 71% in deal count, the rise in late stage $779M
investment signals the evolving maturation of The e-health company followed 2020’s trend of
the ecosystem. Canadian life sciences companies going public
during the COVID-19 pandemic.
Q1 2021 HIGHLIGHTS | 5Q1 2021
VENTURE CAPITAL
HEAT MAP
Ontario, British Columbia and Quebec had the
highest investment activities, accounting for nearly
90% of the investment in this quarter, with Ontario
leading with $1.2B or 44% of total dollars invested
in 2020. Toronto accounted for $920M and 41 of
those deals. BC saw 23% of all dollars, and Quebec
received 20% of total dollars invested. 29
The Information, Communications & Technology
(ICT) sector received more than 54% of the
19
investment in the first quarter of this year, with $1.4B 4
invested across 103 deals. Life Sciences received 3
12% of the investment with $324M across 24 deals,
and Cleantech received about 10%, with $261M
across 9 deals.
$709M
British $218M
Columbia Alberta
$11M
Saskatchewan $4
Man
TOP SECTORS PER PROVINCE BRITISH COLUMBIA ALBERTA SASKATCHEWAN MANI
BY NUMBER OF DEALS ICT ICT ICT ICT
16 8 3 3
LIFE SCIENCES OTHERS OTHERS
5 5 1
6 OTHERS LIFE SCIENCES
4 4CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
$2.7 BILLION
total invested into
178 DEALS
2
3
39 $2M
Newfoundland
and Labrador
67 8 7
$19M
$14M Nova Scotia
44M
nitoba New Brunswick
$1185M $468M
Ontario Québec
ITOBA ONTARIO QUÉBEC NEW BRUNSWICK NOVA SCOTIA NEWFOUNDLAND
AND LABRADOR
ICT ICT OTHERS LIFE SCIENCES ICT
41 23 4 3 2
OTHERS LIFE SCIENCES ICT ICT
13 5 3 2
LIFE SCIENCES OTHERS AGRIBUSINESS OTHERS
8 4 1 1VENTURE CAPITAL
INVESTMENT ACTIVITY
ACTIVITY QUARTER-OVER-QUARTER
Canadian VC investment activity is off to a strong start in 2021, with
$2.7B invested over 178 deals in the first quarter of this year, making
it the strongest quarter on record, more than 2x the amount QoQ (up
161%) and nearly 3x the amount invested during Q1 last year.
$ Millions Invested # Deals
$2,750 220
$2,500 200
178
$2,250 180
163
$2,000 151 160
143
139
$1,750 128 129 140
120 118
$1,500 111 130 128 127 120
116 119
$1,250 108 100
104
$1,000 80
$750 60
$500 40
$1,506
$1,268
$1,350
$1,055
$2,414
$1,695
$2669
$1,070
$250 20
$592
$629
$1,114
$864
$985
$897
$847
$916
$710
$0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020 2021
TOTAL: TOTAL: TOTAL: TOTAL: TOTAL:
453 DEALS 508 DEALS 560 DEALS 513 DEALS 178 DEALS
$3.6B $3.7B $6.2B $4.5B $2.7B
8 | VENTURE CAPITAL INVESTMENT ACTIVITY QUARTER-OVER-QUARTERCVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
VENTURE CAPITAL
INVESTMENT ACTIVITY
ACTIVITY BY DEAL SIZE
There were 16 megadeals ($50M+) in Q1 2021, accounting for 67% of
total dollars invested in the quarter. The average deal size was $15M.
Over 57% of the 178 deals were less than $5M, with most of these
deals ranging between $1M-5M.
Total Deals $ Millions
< $100K 4 $1
$100K - $500K 15 $4
$500K - $1M 15 $10
$1M - $5M 57 $137
$5M - $20M 52 $509
$20M - $50M 9 $226
$50M + 16 $1,782
43% OF deal flow was above $5m
VENTURE CAPITAL INVESTMENT ACTIVITY BY DEAL SIZE | 9TOP 10
DISCLOSED
CANADIAN VC DEALS
COMPANY
PROVINCE DISCLOSED VC FIRM(S) SECTOR STAGE $ MIL
NAME
FRACTION BRITISH IMPRESSION VENTURES, PANACHE VENTURES, LATER
FINANCIAL $289
TECHNOLOGIES COLUMBIA PRIMETIME PARTNERS, GLOBAL FOUNDERS CAPITAL STAGE
LATER
HOPPER QUÉBEC INOVIA CAPITAL ICT $215
STAGE
TOP HAT ONTARIO GEORGIAN ICT GROWTH $163
LATER
ILOBBY ONTARIO INSIGHT PARTNERS ICT $127
STAGE
LATER
CLEARBANC ONTARIO HARBOURVEST PARTNERS, OAK CAPITAL ICT $126
STAGE
EXPORT DEVELOPMENT CANADA, FORT CAPITAL
PARTNERS, OGCI CLIMATE INVESTMENTS, BDC
BRITISH LATER
SVANTE CLEANTECH PRACTICE, CHEVRON TECHNOLOGY CLEANTECH $125
COLUMBIA STAGE
VENTURES, THE RODA GROUP, CHRYSALIX VENTURE
CAPITAL, TEMASEK, STRATEGIC CORPORATE INVESTORS
INOVIA CAPITAL, LION CAPITAL, ACREW DCF, THAYER
SNAP LATER
ONTARIO VENTURES, FULL IN PARTNERS, TELSTRA VENTURES, BEE ICT $108
COMMERCE STAGE
PARTNERS
LUMIRA VENTURES, ALLOGENE THERAPEUTICS, CCRM
NOTCH LIFE EARLY
ONTARIO ENTERPRISES HOLDINGS, ECOR1 CAPITAL, CASDIN $108
THERAPEUTICS SCIENCES STAGE
CAPITAL, SAMSARA BIOCAPITAL, AMPLITUDE VENTURES
KOHO LATER
ONTARIO PORTAG3 VENTURES, DRIVE CAPITAL, TTV CAPITAL FINANCIAL $70
FINANCIAL STAGE
CORVISTA AMBIX LIFE SCIENCE FUND I L.P. MEDVENTURE LIFE LATER
ONTARIO $65
HEALTH PARTNERS INC. SCIENCES STAGE
10 | TOP 10 DISCLOSED CANADIAN VC DEALSCVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
TOP 10
CANADIAN CITIES/
ADMINISTRATIVE CENTRES Total Deals $ Millions
1. Toronto 41 $920
2. Montréal 26 $322
3. Vancouver 17 $203
4. Calgary 15 $206
5. Halifax 7 $19
6. Ottawa 4 $9
7. Edmonton 3 $12
8. Fredericton 3 $10
9. Kitchener, Waterloo, Cambridge 2 $4
10. St. John’s, NL 2 $2
#1 TORONTO
$920M 3
7 10
41 DEALS 4
2 8 5
6
9 1
TOP 10 CANADIAN CITIES/ADMINISTRATIVE CENTRES | 11VC SECTOR
BREAKDOWN
Cleantech investment value experienced the strongest year-over-year growth across all sectors, already
surpassing the previous year by 158% in the first three months of 2021 with $261M invested across 9 deals.
Investment in the ICT sector is also off to a strong start in Q1, with $1.4B invested across 103 deals, it is on
pace to surpass last year’s total of $2.5B on an annualized basis by 117% should this trend continue for the
rest of the year.
Life Sciences continues to see high levels of investment following 2020’s trend - a record-setting year given
the COVID-19 pandemic. With $324M across 24 deals in Q1, investment in this sector is on track to match
last year’s record-levels in both deal count and dollars invested.
During the COVID-19 pandemic last year, the Life Sciences sector received record-high levels of VC
investment, while ICT also saw the 2nd highest level of investment on record as VC dollars flowed towards
companies that focused on e-health, biotechnology, and tech companies that enabled working safely from
home during the global pandemic. 2021 is expected to see a continuation of these trends. As the Canadian
economy recovers from the global health crisis, the Cleantech sector is expected to reemerge as another
area of focus for VC investments to support the global transition to a greener economy.
$ 4,028
$ Millions Invested # Deals
$4,000 480
$3,300 440
$3,000 400
$ 2,469
$ 2,428
$ 2,259
$2,700 360
$2,400 316 320
288
269
$2,100 300 280
$1,800 240
$ 1,340
$1,500 200
$ 1,158
$ 1,051
$1,200 160
$ 646
119
$ 672
$900 120
$ 324
$ 400
$ 278
$ 414
$ 185
$ 158
$600 103 80
$ 80
92 95
$ 101
$ 94
$ 261
89
$ 49
$300 28 49 27 22 22 29 29
19
40
9 9
24
$0 0
2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021
ICT LIFE SCIENCES CLEANTECH AGRIBUSINESS
12 | VC SECTOR BREAKDOWNCVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
VC STAGE
BREAKDOWN
Later stage investments received half of all the VC funding in this quarter with $1.3B over 24
deals, an increase of 71% in deal count and 277% increase in dollars invested compared to
Q1 2020. Average deal size nearly doubled the five-year average. Notable later stage deals
include Vancouver-based fintech company Fraction and Montreal-based travel app Hopper.
The growth in later stage VC investment is a signal that more Canadian companies may
be preparing for IPO. Early stage (series A and B) investment also saw a 115% increase in
investment amount compared to the same quarter in 2020 with around the same number
of deals (with $899M over 75 deals). Notable deals include Ontario-based Life Sciences
company Notch Therapeutics.
$ Millions Invested # Deals
$2,742
$3,000 360
$2,750 330
$1,702
$2,500 300
$1,953
$2,027
$2,250 263 270
242
232
$1,725
$1,564
$2,000 240
$1,545
$1,422
$1,750 210
$1,368
194
$1,294
192
177
$1,500 180
156
$1,250 150
$899
154
$1,000 98 120
85 90
$750 71
75
$305
$310
$198
$500 79 60
$251
$236
$147
59
$149
25
$250 10 4 30
24
$0 0
2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021 2019 2020 Q1 2021
SEED EARLY STAGE LATER STAGE GROWTH
EQUITY
VC STAGE BREAKDOWN | 13VENTURE DEBT*
HEAT MAP
The first quarter of 2021 saw a total $214M in
venture debt invested across 14 deals, which
accounts for 57% of all the venture debt investment
value in all of last year, and 22% of deal count of
2020.
3
* VC Debt deals are not included in the overall
Canadian VC activity 3
$50M
British
Columbia $127M
Alberta
14CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
$214 MILLION
total invested into
14 DEALS
7 1
$36m
Ontario
NA
Québec
VENTURE DEBT HEAT MAP | 15VC
EXITS
The momentum of VC-backed exits in the first quarter of 2020, with a total of 11 exits and
$4.8B in total value, to comparable to 30% of number of exits and almost 50% of total exit
value in all of 2020.
$ Millions Invested # Deals
$9,234
$10,000 50
$9,000 45
$8,000 39 40
36
$7,000 33 35
31
$6,000 30
$3,868
$5,000 25
$4,000 20
$2,150
$3,000 15
$1,600
$1,429
$1,065
$1,033
$2,000 10
$799
$702
4
$1,000 6 3 3 5
0 1
$0 0
2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021
M&A* IPO/RTO**
* Includes transactions with undisclosed values
** IPO valuation
16 | VC EXITSCVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
TOP
DISCLOSED VC EXITS
The largest exit this quarter was St. John’s-based fintech company Verafin, acquired by
the NASDAQ Corp for $3.5B, the second largest exit on record, with participation from
IVP, Northleaf Capital, & Teralys Capital.
Also notable is Dialogue Health Technologies’s IPO, listing on the TSX for $779M, the
Montreal-based ehealth company followed 2020’s trend of Canadian life sciences
companies going public during the COVID-19 pandemic.
CLOSE
SELLERS COMPANY BUYER $ MIL
DATE
SPECTRUM EQUITY, INFORMATION VENTURE
PARTNERS, NORTHLEAF CAPITAL PARTNERS, VERAFIN INC. NASDAQ 2021-02-08 $3,498
TERALYS CAPITAL
WHITE STAR CAPITAL, PORTAG3 VENTURES,
CAISSE DE DÉPÔT ET PLACEMENT DU
QUÉBEC, FIRST ASCENT VENTURES, BDC DIALOGUE HEALTH
IPO ON TSX 2021-03-30 $779
CAPITAL, HV HOLTZBRINK VENTURES, TECHNOLOGIES INC.
DIAGRAM VENTURES, HACKING HEALTH
ACCELERATOR
NAVENTURES, REAL VENTURES ELEMENT AI INC. SERVICENOW 2021-01-08 $294
DESJARDINS CAPITAL, NAVENTURES, FERST MOKA FINANCIAL
MOGO 2021-03-24 $64
CAPITAL PARTNERS, ANGES QUEBEC CAPITAL TECHNOLOGIES
TASKTOP TECHNOLOGIES SUMERU EQUITY
YALETOWN PARTNERS 2021-03-31 $25
INCORPORATED PARTNERS
* There were 14 undisclosed VC Exits totalling $141M
TOP DISCLOSED VC EXITS | 17MOST ACTIVE
VC FIRMS & FUNDS
# Rounds Size of Total Rounds* ($M)
BDC Capital 32 $435
Inovia Capital 15 $576
Real Ventures 11 $124
Panache Ventures 10 $329
Golden Ventures 8 $132
Investissement Québec 7 $115
New Brunswick Innovation Foundation 6 $12
Desjardins Capital 6 $78
Bluesky Equities 5 $3
Global Founders Capital 4 $358
SIZE OF TOTAL ROUNDS*
MOST ACTIVE PRIVATE INDEPENDENT FIRMS # ROUNDS
(CDN$ MIL)
INOVIA CAPITAL 15 $576
REAL VENTURES 11 $124
PANACHE VENTURES 10 $329
GOLDEN VENTURES 8 $132
BLUESKY EQUITIES 5 $3
GLOBAL FOUNDERS CAPITAL 4 $358
WHITECAP VENTURE PARTNERS 4 $69
WHITE STAR CAPITAL 4 $57
BRIGHTSPARK VENTURES 4 $14
PORTAG3 VENTURES 3 $114
ROUND13 CAPITAL 3 $43
18 | MOST ACTIVE FIRMS & FUNDSCVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
MOST ACTIVE PENSION, RETAIL, CORPORATE SIZE OF TOTAL ROUNDS*
# ROUNDS
& OTHER PUBLIC FUNDS (CDN$ MIL)
DESJARDINS CAPITAL 6 $78
CONEXUS VENTURE CAPITAL 4 $6
TELUS VENTURES 3 $35
WESTCAP MGT. LTD 3 $9
CHEVRON TECHNOLOGY VENTURES 2 $176
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 2 $53
NAVENTURES 2 $44
OMERS VENTURES 2 $41
FONDS INNOVEXPORT 2 $13
SIZE OF TOTAL ROUNDS*
MOST ACTIVE GOVERNMENT FUNDS # ROUNDS
(CDN$ MIL)
BDC CAPITAL 32 $435
INVESTISSEMENT QUÉBEC 7 $115
NEW BRUNSWICK INNOVATION FOUNDATION 6 $12
EXPORT DEVELOPMENT CANADA 4 $154
INNOVACORP 4 $7
BDC CAPITAL INDUSTRIAL, CLEAN AND ENERGY TECH-
3 $12
NOLOGY VENTURE FUND
SIZE OF TOTAL ROUNDS*
MOST ACTIVE FIRMS IN VC DEBT DEALS # ROUNDS
(CDN$ MIL)
VENBRIDGE LTD. 7 $1
CIBC INNOVATION BANKING 4 $65
BREVET CAPITAL 1 $127
SILICON VALLEY BANK 1 $20
MOST ACTIVE FIRMS & FUNDS | 19FOREIGN VCs
in canada
UNITED STATES
WEST
Size of Total
Number
Investor State Rounds
of Deals
($M)
FJ LABS CA 2 $123
BEE PARTNERS CA 2 $110
AFORE CAPITAL CA 2 $76
CYBER MENTOR FUND CA 2 $30
HIKE VENTURES CA 2 $19
COINBASE VENTURES CA 2 $6
Y COMBINATOR CA 2 $5
EAST
Size of Total
Number
Investor State Rounds
of Deals
($M)
WHITE STAR CAPITAL INC. NY 4 $57
IMPACT ENGINE IL 2 $44
CENTRAL
Size of Total
Number
Investor State Rounds
of Deals
($M)
CHEVRON TECHNOLOGY
TX 2 $176
VENTURES
20CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
GERMANY
Size of Total
Number
Investor Rounds
of Deals
($M)
GLOBAL FOUNDERS
4 $358
CAPITAL
SINGAPORE
Size of Total
Number
Investor Rounds
of Deals
($M)
TEMASEK 2 $176
AUSTRALIA
Size of Total
Number
Investor Rounds
of Deals
($M)
TELSTRA VENTURES 2 $118
FOREIGN VCs IN CANADA | 21The narwhal list:
top 25 companies
These are Canada’s top companies as presented by
The Narwhal Project, collectively these companies have
raised approximately $4.8B CAD in total funding, and
are poised to become Canada’s next Unicorns (valuation
of $1B+) following the footsteps of Shopify, Kik, and
Lightspeed POS.
The list uses three metrics to identify leading firms:
Financial Velocity, Growth and Firm Size.
To read the full report, click here.
22CVCA | CANADIAN VENTURE CAPITAL MARKET OVERVIEW | Q1 2021
Funding Scale-Up
Rank Company Founded Location
$US Score
1 APPLYBOARD 2015 $178M 87.9 WATERLOO, ONTARIO
2 SYMEND 2016 $53M 82.2 CALGARY, ALBERTA
VANCOUVER, BRITISH
3 HOOTSUITE 2008 $300M 71.7
COLUMBIA
4 WEALTHSIMPLE 2014 $290M 69.9 TORONTO, ONTARIO
5 CSI SOLAR 2001 $260M 67.1 GUELPH, ONTARIO
6 GEOTAB 2000 NA 60.7 OAKVILLE, ONTARIO
7 POINTCLICKCARE 1995 $230M 60.4 MISSISSAUGA, ONTARIO
8 NEUVOO 2011 $51M 54.4 MONTRÉAL, QUÉBEC
9 MEDCHART 2015 $5M 53.2 TORONTO, ONTARIO
10 1PASSWORD 2005 $200M 52.3 TORONTO, ONTARIO
11 COVEO 2005 $339M 50.4 QUÉBEC CITY, QUÉBEC
12 DIALOGUE 2016 $89M 48.1 MONTRÉAL, QUÉBEC
VANCOUVER, BRITISH
13 CLIO 2008 $276M 47
COLUMBIA
14 SOTI INC. 1995 NA 46.9 MISSISSAUGA, ONTARIO
15 ALAYACARE 2014 $111M 44.2 MONTRÉAL, QUÉBEC
16 D2L 1999 $169M 44.1 KITCHENER, ONTARIO
STEMCELL VANCOUVER, BRITISH
17 TECHNOLOGIES
1993 $15M 42.3
COLUMBIA
18 MAPLE 2015 $74M 42.2 TORONTO, ONTARIO
19 PARTNERSTACK 2015 $7M 40.9 TORONTO, ONTARIO
20 VENA SOLUTIONS 2011 $176M 40.4 TORONTO, ONTARIO
21 ADA 2014 $61M 40 TORONTO, ONTARIO
22 ENERKEM 2000 $655M 39.5 MONTRÉAL, QUÉBEC
23 VENTION 2016 $44M 39.3 MONTRÉAL, QUÉBEC
24 THINKIFIC 2012 $22M 38.4 VANCOUVER, BRITISH
COLUMBIA
25 Q4 2006 $91M 37.9 TORONTO, ONTARIO
Source: https://narwhalproject.org/
THE NARWHAL LIST: TOP 25 COMPANIES | 23PARTICIPATING
DATA CONTRIBUTORS
CVCA thanks the following firms who participated in its Q1 2021 survey.
VENTURE CAPITAL FIRMS
7 Gate Ventures Dash40 Ventures inovia Capital Radical Ventures
Accelerate Fund Emerald Technology Island Capital Partners Real Ventures
Ventures
AmorChem Klass Capital Relay Ventures
EnerTech Capital
Amplify Capital Luge Capital Renewal Funds
Espresso Capital Ltd.
Amplitude Ventures Lumira Ventures Rhino Ventures
Evok Innovations
Anges Quebec MaRS IAF Ripple Ventures
Fastbreak Ventures
Anges Quebec Capital McRock Capital Roadmap Capital
Ferst Capital
AVAC Ltd. MEDTEQ Round 13 Capital
FACIT
Azure Capital Partners Metiquity ScaleUP Ventures
First Ascent Ventures
BCF Ventures Mistral VP Sectoral Asset
Fonds Innovexport Management Inc.
Boreal Ventures MKB Growth Equity
Framework Ventures StandUp Ventures
Brightspark Capital NAventures
Freycinet Ventures Tactico Inc.
Build Ventures New Brunswick Innovation
Georgian Foundation Tandem Expansion
CIBC Innovation Banking
Good News Ventures Northumberland CFDC TandemLaunch
CIC Capital Ventures
Highline Beta Panache Ventures TELUS Ventures
Clanton Capital Inc.
Hike Ventures Pangaea Ventures Venbridge Ltd.
Conexus Venture Capital
Information Venture Plank Ventures White Star Capital
CTI Life Sciences Partners
Quark Venture Yaletown Partners
Cycle Capital Management Innovacorp
24PRIVATE EQUITY & LSVCC FIRMS
AIP Private Capital Capital Financière Agricole Kayne Capital Roynat Capital Inc.
ARC Financial CIC Capital Canada Killick Capital Inc. Seafort Capital
Ardenton Capital Clairvest Group Inc. Lex Capital Management Searchlight Capital
Corporation Partners
Crédit Mutuel Equity m2s Capital
ATB Private Equity Signal Hill Equity Partners
Clearspring Capital Mink Capital
BDC Growth Equity Partners Tricor Pacific Capital Ltd.
Mosaic Capital Corporation
BDC Growth & Transition First West Capital TriWest Capital Partners
Capital Novacap Management Inc.
Founders Group of Food VERTU Capital
Birch Hill Equity Partners Companies Inc. PenderFund Capital
Management Westcap Mgt. Ltd
BMO Capital Partners Fulcrum Capital Partners
Persistence Capital Western Investment
Bond Capital Highland West Capital Partners Company of Canada
Limited
CAI Capital Partners InstarAGF Asset PFM Capital Inc
Management White Wolf Capital Canada
Canadian Business Growth PRIVEQ Capital Funds Inc
Fund Ironbridge Equity Partners
LIMITED PARTNERS
Alberta Enterprise Corporation Fonds de solidarité FTQ Northleaf Capital Partners
BDC Venture Capital Fonds de solidarité FTQ (Regional) Ontario Teachers’ Pension Plan (OTPP)
Bluesky Equities Ltd. HarbourVest Partners (Canada) Ltd Teralys Capital
Desjardins Capital Investissement Quebec
Fondaction Kensington Capital Partners Ltd.
If you would like to have your firm included in future reports,
please click here.
PARTICIPATING DATA CONTRIBUTORS | 25CVCA 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). All figures are in CAD unless otherwise specified.
VC DEVELOPMENT STAGES
VENTURE DEBT SHORT-TO-MEDIUM TERM, NON-DILUTIVE DEBT INSTRUMENT WITH NO EQUITY RIDER.
COMPANY HAS A CONCEPT OR PRODUCT UNDER DEVELOPMENT, BUT IS PROBABLY NOT
SEED STAGE
FULLY OPERATIONAL.
COMPANY HAS A PRODUCT OR SERVICE IN TESTING OR PILOT PRODUCTION. IN SOME
EARLY STAGE
CASES, THE PRODUCT MAY BE COMMERCIALLY AVAILABLE.
PRODUCT OR SERVICE IN PRODUCTION AND COMMERCIALLY AVAILABLE. COMPANY IS
LATER STAGE
GENERATING ON-GOING REVENUE, BUT NOT NECESSARILY, PROFITABLE.
SIGNIFICANT MINORITY INVESTMENT TO DRIVE GROWTH AND SCALE WHICH CAN BE
GROWTH COMBINED WITH A SECONDARY TRANSACTION TO FACILITATE LIQUIDITY FOR EXISTING
VC INVESTORS
VC SECTORS
COMPUTER HARDWARE AND SOFTWARE AND SERVICES, INTERNET SOFTWARE OR
ICT SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, MOBILE AND TELECOM
TECHNOLOGIES AND SERVICES.
BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND
LIFE SCIENCES
SERVICES, AND OTHER MEDICAL RELATED PRODUCTS AND SERVICES.
ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY,
CLEANTECH ENVIRONMENTAL TECHNOLOGIES AND OTHER ENERGY AND ENVIRONMENTAL PRODUCTS
AND SERVICES.
AGRIBUSINESS TRADITIONAL AND ADVANCED AGRICULTURAL TECHNOLOGIES AND SERVICES
26 | CVCA METHODOLOGY: VENTURE CAPITALAUTHORS Christiane Wherry VICE PRESIDENT, RESEARCH & PRODUCT cwherry@cvca.ca David kornacki MANAGER, RESEARCH & PRODUCT dkornacki@cvca.ca JON JACKSON HEAD OF COMMUNICATIONS jjackson@cvca.ca IZADELLA STA. ROMANA MARKETING & BRAND COORDINATOR istaromana@cvca.ca
cvca.ca
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