venture capital canadian market overview // 2019 · 2020-03-13 · venture capital canadian market...

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


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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 [email protected]

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


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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


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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


source:

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


source:

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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7

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


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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



source:

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


SEED LATER STAGEEARLY STAGE GROWTH EQUITY


source:

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


source:

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*


source:

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


source:

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


source:

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 [email protected]

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 [email protected] | 416-487-0519 ext. 208

david kornacki associate, research & [email protected] | 416-487-0519 ext. 202

jon jackson head of [email protected] | 416-487-0519 ext. 201

venture capital canadian market overview // 2019 · 2020-03-13 · venture capital canadian market...

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