VENTURE CAPITAL CANADIAN MARKET OVERVIEW // YTD Q3 …€¦ · venture capital canadian market overview // ytd q3 2019 | 7 quarter-over-quarter vc investment activity $0 $250 $500

VENTURE CAPITAL CANADIAN MARKET OVERVIEW

// YTD Q3 2019

VENTURE CAPITAL CANADIAN MARKET OVERVIEW // YTD Q3 2019 | 2

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 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


If you would like to have your firm included in future reports, please contact [email protected]

CVCA thanks the following firms who participated in its Q3 2019 survey.

PARTICIPATING DATA CONTRIBUTORS

7 Gate Ventures

Accelerate Fund

Amorchem Venture Fund

Anges Quebec

Anges Quebec Capital

Arctern Ventures

AVAC Ltd.

Avrio Ventures Management Corp

Azure Capital Partners

BCF Ventures

Bioindustrial Innovation Canada

Build Ventures

CIBC Innovation Banking

CIC Capital Ventures

Conexus Venture Capital

CTI Life Sciences

Cycle Capital Management/EcoFuel

Emerald Technology Ventures

EnerTech Capital

Espresso Capital Ltd.

Evok Innovations

Ferst Capital

Fight Against Cancer

Innovation Trust

First Ascent Ventures

Fonds Innovexport

Freycinet Ventures

Golden Ventures

Good News Ventures

GreenSoil Investments

iGan Partners

Information Venture Partners

Innovacorp

inovia Capital

Island Capital Partners

Luge Capital

Lumira Ventures

MaRS Catalyst Fund

MaRS IAF

McRock Capital

Mistral VP

New Brunswick Innovation Foundation

Panache Ventures

Pangaea Ventures

Pelorus Venture Capital Ltd.

Quantius

Quark Venture

Radical Ventures

Real Ventures

Relay Ventures

Renewal Funds

Ripple Ventures

Rhino Ventures

Roadmap Capital

Round13

Ryerson Futures

ScaleUP Ventures

StandUp Ventures

Tandem Expansion

TandemLaunch

TELUS Ventures

Top Renergy

Trellis Capital

V3-Ventures

Vanedge Capital Partners

Venbridge Ltd.

VentureLink Funds

Versant Ventures

Version One Ventures

White Star Capital

Whitecap Venture Partners

Venture Capital Firms32 Degrees Capital

AIP Private Capital

ARC Financial

Ardenton Capital Corporation

BDC Growth Equity

BDC GTC

BMO Bank of Montreal PE Growth

CAI Capital Management Co.

Canadian Business Growth Fund

Capital Financière Agricole

Clairvest Group Inc.

Clearspring Capital Partners

First West Capital

Founders Group of Food Companies Inc.

Fulcrum Capital Partners

Highland West Capital

InstarAGF Asset Management

Ironbridge Equity Partners

Kayne Capital

Killick Capital Inc.

Lex Capital Management

m2s Capital

Mink Capital

Mosaic Capital Corporation

Novacap Management Inc.

PenderFund Capital Management

Persistence Capital Partners

PFM Capital Inc

PRIVEQ Capital Funds

Roynat Capital Inc.

Seafort Capital

Searchlight Capital Partners

TIMIA Capital Corp

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 Inc

Bluesky Equities

BMO Bank of Montreal (BMO Capital Partners)

Caisse de dépôt et placement du Québec (CDPQ)

Dancap Private Equity Inc

Desjardins Capital

Fondaction CSN

Fonds de solidarité FTQ

Fonds de solidarité FTQ (Regional)

HarbourVest Partners (Canada) Ltd

Investissement Quebec

Kensington Capital Partners Limited

Northleaf Capital Partners

Ontario Teachers’ Pension Plan (OTPP)

Teralys Capital

Limited Partners

9% of all VC deals had undisclosed amounts


FOREWORD

Q3 Venture Capital Surpasses CAD $2B Mark; Largest Quarter On Record

A stunning CAD $2.4B was invested in Q3 — the highest amount since 2013 and almost 80% higher than the CAD $1.3B in the second quarter of 2019.

A record-breaking increase in mega-deals ($50M+) drove the investment performance so far in 2019. There were 12 mega-deals in Q3, bringing the YTD total to 23, accounting for more than half of all dollars invested.

Of the 23 mega-deals, nine deals exceeded CAD $100M and three surpassed CAD $200M which included:St. John’s, Newfoundland-based Verafin Inc.’s CAD $515M growth

financing with involvement from BDC Co-Investments, Information Venture Partners, Northleaf Capital Partners and Teralys Capital;

Vancouver-based Clio’s $332M series D round from US investors; andMontreal-based Element AI’s $200M series B round from a syndicated

which included Caisse de dépôt et placement du Québec (CDPQ), BDC Capital Co-Investments and Real Ventures.

“In the past nine months, Canadian venture capital investment has surpassed all previous milestones,” said Kim Furlong, Chief Executive Officer,

Canadian Venture Capital and Private Equity Association. “The focus on growing Canadian companies has never been more evident than what we are currently seeing in the market.”

So far this year, the top three sectors receiving VC dollars information and communications technology (ICT) taking 66% of total VC dollars invested (CAD $3.1B over 223 deals), followed by life sciences receiving a 19% share (CAD $886M over 77 deals) and cleantech companies taking a 6% portion (CAD $262M over 23 deals).

VC-backed exits are tracking towards exceeding 2018’s performance (35 exits totalling CAD $978M). So far in 2019, there have been 32 completed exits totalling CAD $3B which included two VC-backed Montreal-based companies:Lightspeed POS Inc. (TSE: LSPD) completed the largest IPO exit since

2017, listing with a market cap of $1.1B; andMilestone Pharmaceuticals Inc. (NASDAQ: MIST) closed its IPO with

a market cap of $468M.

2019 YTD VC investment reaches CAD $4.7B driven by record-breaking number of mega-deals


VENTURE CAPITAL HIGHLIGHTS // YTD Q3 2019

Key Findings

A staggering $2.4B was invested over 126 deals in the third quarter this year, the highest amount since 2013 and 79% higher than the previous high watermark of $1.3B invested in the previous quarter

The average deal size skyrocketed to $19M, almost 3 times that from Q3 last year and a 215% increase compared to the average deal size during the 5-year period between 2014-2018 ($6.1M)

This was a record-breaking quarter for mega-deals. There were a total of 23 $50M+ mega-deals this year which accounted for more than half of total dollars invested. Of these, 9 deals topped $100M including 3 which exceeded $200M:

St. John’s (NF)-based Verafin Inc. $515M growth financing from a syndicate that included BDC Co-Investments, Information Venture Partners, Northleaf Capital Partners and Teralys Capital

Vancouver-based Clio’s $332M series D round from US investors 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 30 deals between $20M-$50M totalling $939M or a fifth of total VC dollars invested and 72 deals between $5M-$20M totalled $710M, a 15% share

Ontario-based companies received 39% of investment ($1.8B); Quebec-based companies received 23% ($1.1B) followed by BC-based companies with an 20% ($943M) share

Toronto-based companies received 30% ($1.4B over 119 deals) of total dollars disbursed, with Montreal-based companies receiving 17% ($793M over 88 deals) and Vancouver-based companies a 17% share ($777M over 49 deals)

ICT companies grabbed 66% of total dollars invested this year ($3.1B over 223 deals) with life sciences receiving a 19% share ($886M over 77 deals). Cleantech companies received a 6% share ($262M over 23 deals)

Early stage companies received 41% ($1.9B over 172 deals) of total investment; growth equity deals accounted for 30% ($1.4B over 18 deals) and later stage 23% ($1.1B over 59 deals)

VC-backed exits are on pace to exceed last year’s total of 35 ($978M) with 32 already completed totalling $3B. These included two VC-backed IPOs by 2 Montreal-based companies:

Lightspeed POS Inc. completed the largest IPO exit since 2017 listing on TMX with a market cap of $1.1B

Milestone Pharmaceuticals Inc. closed its IPO on Nasdaq with a market cap of $468M


2

5

8

11

11460

20

146$1.1b

$1.8bOntario

$943MBC

$1MYukon

$130MAlberta

Québec

Nova Scotia$63M

New Brunswick$12M

$98MSaskatchewan

$4MManitoba

Prince EdwardIsland

$1M

Newfoundlandand Labrador

$521M

1

1

19

VENTURE CAPITAL HEAT MAP // YTD Q3 2019

$4.7btotal 387 deals

total #


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$7

17Q4

$839

Q2Q1

$592

$864

Q3

$1,11

4

Q4

$1,0

55

Q1

$629

Q2 Q3

$1,0

63

$710

Q4

$1,2

72

Q1

$889

Q2

$1,3

46

Q3

$2,4

12

135141

128

125

145

124

134

104

120 118111

127

142

108

129

116

145

126

TOTAL:537 DEALS

$2.3B

TOTAL:528 DEALS

$3.2B

TOTAL:453 DEALS

$3.6B

TOTAL:506 DEALS

$3.7B

TOTAL:387 DEALS

$4.7B

$ Millions Invested # Deals

20162015 2017 2018 2019


VC ACTIVITY BY DEAL SIZE // YTD Q3 2019

Total Deals $ Millions

< $100K

$100K - $500K

$500K - $1M

$1M - $5M

$5M - $20M

$20M - $50M

$50M +

19

50

29

128

72

30

23

$1

$13

$19

$302

$710

$939

$2,663

23 mega-deals

57% of dollars invested were raised by


TOP DISCLOSED CANADIAN VC DEALS // YTD Q3 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

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 PRIVATE EQUITY INC., OMERS VENTURES MANAGEMENT INC., 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. QUÉBECBDC HEALTHCARE VENTURE FUND, BVF PARTNERS L.P., COWEN HEALTHCARE INVESTMENTS, FONDS DE SOLIDARITÉ FTQ, LOGOS GLOBAL MANAGEMENT LLC, ORBIMED ADVISORS, LLC, REDMILE GROUP, VERSANT VENTURE MANAGEMENT, LLC

LIFE SCIENCES EARLY STAGE $109

WEALTHSIMPLE FINANCIAL INC. ONTARIO ALLIANZ X, POWER FINANCIAL CORPORATION ICT LATER STAGE $100

CARBON ENGINEERING LTD. BC CHEVRON TECHNOLOGY VENTURES LLC (CTV) CLEANTECH LATER STAGE $90

CHINOOK THERAPEUTICS BC APPLE TREE PARTNERS (ATP), SAMSARA BIOCAPITAL, VERSANT VENTURE MANAGEMENT, LLC LIFE SCIENCES EARLY STAGE $86

There was 1 undisclosed deal that was not included in this table


5

TOP 10 CANADIAN CITIES ADMINISTRATIVE CENTRES // YTD Q3 2019

119 DEALSTotal Deals $ Millions

1. Toronto

2. Montréal

3. Vancouver

4. Calgary

5. Halifax

6. Ottawa

7. Kitchener, Waterloo, Cambridge

8. Québec

9. Fredericton

10. Saskatoon

119

88

49

17

14

12

11

8

8

6

$1,406

$793

$777

$97

$43

$63

$169

$70

$9

$92

17

4

2

109

6

8

#1 toronto $1.4b

3


VC SECTOR BREAKDOWN // 2015–YTD Q3 2019

0

40

80120

160

200

240

280

320

400

360

440

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

$2,700

$3,000

$3,300

$2,

304

2016 2017 2017 201720172015 20162015 201620152015

$1,9

62

$20

8

$18

5

2016 2018 201820182018 YTDQ3 2019

YTDQ3 2019

YTDQ3 2019

YTDQ3 2019

323 330

271

112103

$72

2

$67

1

$1,3

77

91 9677

204329

4927 22

2322 2846

$42

$27

8

$42

2

$94

298

223

$65

1

$13

3

$2,

430

$3,

060

$88

6

$26

2 $71

7

$17

5

$15

7

ICT CLEANTECHLIFE SCIENCES AGRIBUSINESS



VC STAGE BREAKDOWN // 2015–YTD Q3 2019

$0

$175

$350$525

$700

$875

$1,050

$1,225

$1,400

$1,575

$1,750

$1,925

$2,100

20162015 20162015

$159 $2

12

$926

$1,5

94

$1,9

53

$1,3

53

20172017

220

262

232

191

172

126

85

59

$1,4

22

59$236

2018 YTDQ3 2019

$310

$181

2018 YTDQ3 2019

20162015 2017 2018 YTDQ3 2019

YTDQ3 2019

$1,5

67

$1,0

68

$1,5

38

97

180 178

154127

194

18

$1,4

14

0

30

60

90120

150

180

210

240

300

270

330

360

$1,2

10

$1,9

20


SEED LATER STAGEEARLY STAGE GROWTH EQUITY


6

4014

$45M

$42mOntario

$29MBC

$1MAlberta

Québec

New Brunswick$7M

$2MSaskatchewan

1

2

31

VENTURE DEBT* HEAT MAP // YTD Q3 2019

$125mtotal 94 deals

total #

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


VC EXITS // 2015–YTD Q3 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

$972

$1,4

192018 YTD

Q3 20192018 YTD

Q3 2019

43

32

6

0 0 3

35 34

29

3

$2,15

0

$2,9

45

$1,6

00

Exit Value ($ Millions) # Exits * Includes transactions with undisclosed values ** IPO valuation

M&A*


TOP DISCLOSED VC EXITS // YTD Q3 2019

There were 15 additional M&A exits totalling $174M

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 3/8/2019 $1,083

BDC IT VENTURE FUND, CHARLES RIVER VENTURES (CRV), EXHIBITION VENTURES, HARBOURVEST PARTNERS, LLC, OMERS VENTURES MANAGEMENT INC., OURCROWD MANAGEMENT LIMITED, PORTAG3 VENTURES

WAVE ACCOUNTING INC. ICT M&A H&R BLOCK 7/1/2019 $538

BDC HEALTHCARE FUND, FONDS DE SOLIDARITÉ FTQ, 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 5/8/2019 $468

MARS IAF, SUMMIT PARTNERS AERYON LABS INC. ICT M&A FLIR SYSTEMS 1/28/2019 $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 7/12/2019 $115

PLAZA VENTURES, AZURE CAPITAL PARTNERS, GIBRALTAR VENTURES FANXCHANGE LIMITED ICT M&A VIVID SEAT 4/11/2019 $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 8/1/2019 $79

LUMIRA CAPITAL, INVERREADY EDESA BIOTECH LIFE SCIENCES RTO RTO ON NASDAQ 6/7/2019 $49


MOST ACTIVE VC FIRMS // FUNDS // YTD Q3 2019

MOST ACTIVE PRIVATE INDEPENDENT FIRMS # ROUNDSSIZE OF TOTAL

ROUNDS*(CDN$ MIL)

REAL VENTURES 28 $378

PANACHE VENTURES 24 $46

INOVIA CAPITAL INC. 18 $223

CYCLE CAPITAL MANAGEMENT/ECOFUEL 13 $134

IGAN PARTNERS INC. 12 $65

ANGES QUÉBEC 12 $55

RELAY VENTURES 11 $48

ROUND 13 CAPITAL INC. 8 $195

MOST ACTIVE GOVERNMENT FUNDS # ROUNDSSIZE OF TOTAL

ROUNDS*(CDN$ MIL)

BDC CAPITAL 36 $521

INVESTISSEMENT QUÉBEC 25 $417

MARS IAF 13 $23

NEW BRUNSWICK INNOVATION FOUNDATION (NBIF) 12 $10

INNOVACORP 9 $5

MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS # ROUNDS

SIZE OF TOTAL ROUNDS*

(CDN$ MIL)

DESJARDINS CAPITAL 24 $161

FONDS DE SOLIDARITÉ FTQ 23 $461

ANGES QUÉBEC CAPITAL 12 $23

CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) 5 $333

MOST ACTIVE FIRMS IN VC DEBT DEALS # ROUNDSSIZE OF TOTAL

ROUNDS*(CDN$ MIL)

ESPRESSO CAPITAL LTD. 48 $32

DESJARDINS CAPITAL 15 $8

CIBC INNOVATION BANKING 13 $44

QUANTIUS INC. 5 $3

INVESTISSEMENT QUÉBEC 4 $16

* Total deal values - includes all participating investors

# Rounds

BDC Capital

Real Ventures

Investissement Québec

Desjardins Capital

Panache Ventures

Fonds de solidarité FTQ

inovia Capital Inc.

Cycle Capital Management/Ecofuel

MaRS IAF

362825242423181313

Size of Total Rounds* (Cdn$ mil)

$521 $378 $417 $161 $46 $461 $223 $134 $23


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

AuthorsDarrell oversees all data related to Canadian private capital investments, exit and fundraising activities for the CVCA. Darrell has held senior positions at several global organizations including the Toronto Stock Exchange, Institutional Limited Partners Association, Thomson Reuters, Glaxosmithkline and the Interac Association. In between these, he also started his own successful management consulting company. He has worked in New York, London and Shanghai, but Toronto remains his favourite working city. He brings to the CVCA a passion for telling compelling stories with data. Darrell is currently on the board of a non-profit social housing in Peel, a member of Volunteer Toronto as well as an active volunteer with Woodgreen Community Services. He holds a BA in Philosophy/History from the University of Western Ontario and an MBA from the Rotman School of Management.

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

David is responsible for managing and maintaining CVCA Intelligence, the most comprehensive database for the Canadian venture capital and private equity industry. To ensure data quality, David works with and manages data partnerships with analysts, associates and CFOs from 256 of the industry’s leading Canadian venture capital & private equity firms, law firms and other service providers.

[email protected] | 416-487-0519 ext. 202

DARRELL PINTOVP, Research & Industry

Advancement

DAVID KORNACKIAssociate,

Research & Product

About CVCAWe’re how collaboration happens and how innovation and growth thrive.

The CVCA is Canada’s professional association for the venture capital and private equity industry. Our services and support establish a favourable and competitive ecosystem and lay the foundation for greater collaboration, innovation, growth and market intelligence. We strongly advocate for fair and competitive policy to keep our industry energized and future-ready.

From coast to coast, we bring members together; connecting private capital professionals to eachother generating meaningful partnerships, enabling connections to foster and knowledge to prosper.

We’re 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

To obtain estimates for additional custom CVCA Intelligence data reports please contact [email protected]

Documents

VENTURE CAPITAL CANADIAN MARKET OVERVIEW // YTD Q3 …€¦ · venture capital canadian market overview // ytd q3 2019 | 7 quarter-over-quarter vc investment activity $0 $250 $500