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Canada Venture Capital Market OverviewFirst Nine Months of
2015
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Deals by Quarter
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84 80
101 97111
92
109119
135 132143
0
20
40
60
80
100
120
140
160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
# Deals
2013 2014 2015
411
336
601543
360411
648613
405
609 615
0
100
200
300
400
500
600
700
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
$ Millions Invested
2014 20152013
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Deals by Province First 3Q 2015
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ON43%
QC30%
BC18%
AB6%
Atlantic3%
$ Share
ON37%
QC34%
BC15%
Atlantic9%
AB4%
SK-MB1%
# Share
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Top VC Sectors First 3Q 2015
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17
33
36
86
238
0 50 100 150 200 250
AgriBusiness
Others
Clean Tech
Life Sciences
ICT
# Deals
ICT58%
Life Sciences21%
Clean Tech9%
AgriBusiness4%
Others8%
# Share
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Top VC Sectors First 3Q 2015
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ICT58%
Life Sciences31%
Clean Tech5%
Agri Business1%
Other4%
$ Share
20
64
86
511
947
0 200 400 600 800 1,000
Agri Business
Others
Clean Tech
Life Sciences
ICT
$ Millions
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VC Stage Breakdown First 3Q 2015
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65
99
241
381
843
0 200 400 600 800 1,000
Bridge
Seed
Other
Later Stage
Early Stage
$ Millions
Seed132
Early Stage131
Later Stage50
Bridge 63
Others 34
# Deals
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Top 10 Canadian VC Deals First 3Q 2015
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Company Province Disclosed VC Firm(s) $ Millions
Lightspeed POS Inc. Qubec Caisse de dpt et placement du Qubec,
Investissement Qubec, Accel Partners, Teralys, iNoviaCapital
79
Clementia Pharmaceuticals Inc.
Qubec New Enterprise Associates (NEA), BDC Capital, EcoR1
Capital, Janus Capital Management, OrbiMed Advisors, RA Capital,
Rock Springs Capital
74
Kik Interactive Inc Ontario Tencent Holdings 66
Resverlogix Corp. Alberta Eastern Capital, Shenzhen Hepalink
Pharmaceutical Co. 50
Telesta Therapeutics Inc. Qubec Consonance Capital, Omega Fund
Management, Tavistock Group 37
Influitive Corporation Ontario Georgian Partners, Atlas Venture,
BDC Capital, CommonAngels Ventures, Docomo Capital, First Round
Capital, Hummer Winblad Venture Partners, Illuminate Ventures,
OurCrowd Management, Relay Ventures, Resolute Ventures
36
Scribble Technologies Inc. Ontario OpenText Enterprise Apps
Fund, Emerillon Capital, Blue Cloud Ventures, Northleaf Venture
Catalyst Fund, Rogers Ventures, Summerhill Venture Partners,
Georgian Partners, EDC and Waterloo Innovation
35
Cymax Stores Inc. BC BDC Capital, Frind Holdings 33
Highland Therapeutics Inc. Ontario Eastern Capital 31
Real Matters Inc. Ontario Whitecap Venture Partners, Radar
Capital, Urbana Corporation 30
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Most Active VC Firms First 3Q 2015
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VC Firms # Total Deals $ Millions*
Real Ventures 61 106
iNovia Capital Inc. 33 457
Relay Ventures 19 161
Cycle Capital Management (CCM) Inc. 14 33
Yaletown Venture Partners 9 42
Avrio Ventures Management Corp. 9 12
Lumira Capital Investment Management Inc. 8 144
Wellington Financial LP 8 48
Pangaea Ventures Ltd. 7 40
EnerTech Capital 6 47
Vanedge Capital Partners Ltd 6 29
Rho Canada Ventures 6 27
iGan Partners Inc. 6 24
Private Independent Firms
*Total deal values includes all participating investors.
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Most Active VC Firms First 3Q 2015
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VC Firms # Total Deals $ Millions*
Fonds de solidarit FTQ 20 94
OMERS Ventures Management Inc. 8 80
Fondaction CSN 7 6
Difference Capital Financial Inc. 5 32
TELUS Ventures 5 22
Desjardins Venture Capital 5 9
VC Firms # Total Deals $ Millions*
BDC Capital Inc. 75 453
Investissement Qubec 30 112
Innovacorp 17 23
MaRS IAF 15 19
New Brunswick Innovation Foundation (NBIF) 12 6
EDC Equity 8 62
Government FundsPension, Retail, Corporate & Other Public
Funds
*Total deal values includes all participating investors.
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Most Active Foreign Firms First 3Q 2015
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VC Firms# Total Deals
$ Millions*
SR One 8 87
Bessemer Venture Partners 6 78
ff Asset Management LLC 6 69
Domain Associates, L.L.C. 4 72
Nexus Venture Partners 4 40
White Star Capital Inc. 4 18
Atlas Venture 3 51
*Total deal values includes all participating investors.
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Most Active Legal Firms First 3Q 2015
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Legal Firms # Total Deals $ Millions*
LaBarge Weinstein LLP 19 168
Gowling Lafleur Henderson LLP 10 162
Borden Ladner Gervais LLP 9 28
Osler, Hoskin and Harcourt LLP 7 112
Cox & Palmer 4 1
McCarthy Ttrault LLP 4 25
Fasken Martineau DuMoulin LLP 3 95
Blake, Cassels & Graydon LLP 2 6
McInnes Cooper 2 3
blue HF legal services inc. 2 3
*Total deal values includes all participating investors.
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Top Disclosed VC Exits First 3Q 2015
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VC Backers Type Company $ Millions
Insight Venture Partners, Bessemer Venture Partners,
FirstMarkCapital, Georgian Partners, Felicis Ventures, OMERS
Ventures
IPO Shopify Inc. 1,604
Vivo Capital, Frazier Healthcare Ventures, OrbiMed Advisors,
Adams Street Partners, RA Capital Management
IPO ProNAi Therapeutics, Inc
634
Highland Capital Partners IPO Davids Tea Inc. 537
Caisse de dpt et placement du Qubec, EDC Equity,
EnerTechCapital, Fonds de solidarit, Groupe W, Samsung Venture,
Technovator
M&A Distech Controls, Inc. 318
McLean Watson Capital, Desjardins Venture Capital, GTI Capital
M&A SkyWave Mobile Communications Inc.
204
Extreme Venture Partners, iNovia Capital, Rho Canada Ventures,
Metamorphic Ventures , Mantella Venture Partners, Metamorphic
Ventures
M&A Chango Inc. 155
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VC Fundraising First 3Q 2015
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202
221
230
255
430
$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500
Corporations
Fund of Funds
Pension Funds
Governments
Individuals/Family Offices
Source of VC Fundraising ($ Millions) Fund Type # Funds Raised
($M) Median ($M)
Private Funds 14 19 909
Retail Funds 5 13 267
Government Funds**
2 2 162
Total 21 34 1,338
Median ($ Millions, private funds) Fund Size Closing
Initial Close (9 funds, 9 closings) 71 30
Subsequent Close (7 funds, 10 closings) 89 22
All Funds (14 funds, 19 closings) 78 29
**Includes BDC Capital internal allocation to a newly capped IT
fund.
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CVCA Methodology
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Dataset includes verified completed equity or quasi-equity
venture capital deals only.
Not included are non-equity based government funding such as
grants from FedDev, project financing from the SD Tech Fund of the
Sustainable Development Technology Canada (SDTC), pharmaceutical
product development deals, senior debt as part of overall financing
package, venture capital-backed acquisitions, and angel
financing.
