w w w . c v c a . c a Canadian Venture Capital Market Overview First Half of 2015
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w w w . c v c a . c a
Canadian Venture Capital Market OverviewFirst Half of 2015
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# Deals Deal Value ($ Millions)
110
91102
117126
118
0
20
40
60
80
100
120
140
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
363401
609 609
371
568
-
100
200
300
400
500
600
700
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Deal Activity and Value by Quarter
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BC42 (17%)
AB9 (4%)
SK-MB2 (1%)
ON98 (40%)
QC69 (28%)
ATL24 (10%)
2015 H1 (# and share)
BC82 (20%)
AB20 (5%)
SK-MB11 (3%)
ON157 (37%)
QC106 (25%)
ATL44 (10%)
2014 (# and share)
Deal Activity by Province
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38(2%)
57(3%)
58(3%)
318(16%)
640(32%)
872(44%)
0 200 400 600 800 1,000
ATL
SK-MB
AB
QC
BC
ON
2014 ($ Millions)
4(0%)
21(2%)
42(4%)
170(18%)
244(26%)
458(49%)
0 100 200 300 400 500
SK-MB
AB
ATL
BC
QC
ON
2015 H1 ($ Millions)
Deal Value by Province
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ICT 161 (66%)
Life Sciences39 (16%)
Cleantech25 (10%)
AgriBusiness11 (5%)
Others 8 (3%)
2015 H1 (# and share)
ICT 269 (64%)
Life Sciences68 (16%)
Cleantech41 (10%)
AgriBusiness16 (4%)
Others 26 (6%)
2014 (# and share)
Deal Activity by Sector
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42(2%)
43(2%)
144(7%)
448(23%)
1,307(66%)
0 200 400 600 800 1,000 1,200 1,400
AgriBusiness
Others
Clean Tech
Life Sciences
ICT
2014 ($ Millions)
14(1%)
20(2%)
56(6%)
303(32%)
547(58%)
0 100 200 300 400 500 600
AgriBusiness
Others
Clean Tech
Life Sciences
ICT
2015 H1 ($ Millions)
Deal Value by Sector
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Seed78 (32%)
Early Stage79 (32%)
Later Stage39 (16%)
Bridge 30 (12%)
Others 18 (8%)
2015 H1 (# and share)
Seed128 (30%)
Early Stage158 (38%)
Later Stage78(19%)
Bridge 34 (8%)
Others 22 (5%)
2014 (# and share)
Deal Activity by Stage
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62(3%)
129(7%)
221(11%)
781(39%)
789(40%)
0 200 400 600 800 1,000
Bridge
Seed
Other
Later Stage
Early Stage
2014 ($ Millions)
31(3%)
65(7%)
118(13%)
242(26%)
484(51%)
0 100 200 300 400 500 600
Bridge
Seed
Other
Later Stage
Early Stage
2015 H1 ($ Millions)
Deal Value by Stage
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Company Province $ Millions Disclosed Investors
Clementia Pharmaceuticals Inc. Québec 74 BDC Capital, EcoR1 Capital,Janus Capital Management, New Enterprise Associates (NEA), OrbiMed Advisors, RA Capital, Rock Springs Capital
Influitive Corporation Ontario 36 Atlas Venture, BDC Capital, CommonAngels Ventures, Docomo Capital, First Round Capital, Georgian Partners, Hummer Winblad VP, Illuminate Ventures, OurCrowd, Relay Ventures, Resolute Ventures
Highland Therapeutics Inc. Ontario 31 Eastern Capital Limited
Real Matters Inc. Ontario 30 Whitecap Venture Partners
Trillium Therapeutics Inc. Ontario 25 Merlin BioMed Private Equity Advisors
Top 10 Disclosed Canadian VC Deals – 2015 H1
1.
2.
3.
4.
5.
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Company Province $ Millions Disclosed Investors
GaN Systems Inc. Ontario 25 BDC Capital, Chrysalix Energy VC, Cycle Capital Management, RockPort Capital Partners, Tsing Capital
General Fusion Inc. BC 22 BDC Capital Inc., Braemar Energy Ventures, Cenovus Energy Inc., Chrysalix Energy Venture Capital, Entrepreneurs Fund Management LLP, Explore Holdings LLC, Khazanah NasionalBerhad, Minor Capital (VCC) Ltd., Intl private investors
BuildScale, Inc. Ontario 21 Bessemer Venture Partners, iNovia Capital Inc., OMERS Ventures Management Inc., Salesforce Ventures, SoftTech VC
Cynapsus Therapeutics Inc. Ontario 21 Aisling Capital, LLC, Broadfin Capital, LLC, DAFNA Capital Management, LLC, Dexcel Pharma Technologies Ltd., OrbiMedAdvisors, LLC, Pura Vida Investments LLC, Sphera Funds Management, Venrock Associates
Milestone Pharmaceutiques inc. Québec 21 BDC Capital Inc., Domain Associates, L.L.C., Fonds de solidarité FTQ, iNovia Capital Inc., Pappas Ventures
Top 10 Disclosed Canadian VC Deals – 2015 H1(continued)
6.
7.
8.
9.
10.
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Firm # DealsDeal Values ($ millions)
(total deal values – includes all participating investors)
Real Ventures 46 63
iNovia Capital Inc. 25 187
Relay Ventures 15 149
Cycle Capital Management (CCM) Inc. 11 32
Avrio Ventures Management Corp. 9 12
Lumira Capital Investment Management Inc. 8 144
Pangaea Ventures Ltd. 7 40
Yaletown Venture Partners 7 29
Chrysalix Energy Venture Capital 5 66
Georgian Partners Inc. 4 101
Most Active Canadian VC Firms –2015 H1Private Independent
1.
2.
3.
4.
5.
6.
7.
8.
9.10.
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Firm # DealsDeal Values ($ millions)
(total deal values – includes all participating investors)
Fonds de solidarité FTQ 12 70
OMERS Ventures Management Inc. 7 73
Difference Capital Financial Inc. 5 32
TELUS Ventures 4 22
Fondaction CSN 4 5
Most Active Canadian VC Firms – 2015 H1Pension, Retail, Corporate & Other Public Funds
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VC Firm # Total DealsDeal Values ($ millions)
(total deal values – includes all participating investors)
BDC Capital Inc. 55 361
Innovacorp 12 19.8
New Brunswick Innovation Foundation (NBIF) 8 4.9
MaRS IAF 7 9.5
EDC Equity 5 18.9
Most Active Canadian VC Firms – 2015 H1Government Funds
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VC Backers Type Company $ Millions
McLean Watson Capital, Desjardins Venture Capital, GTI Capital
M&A SkyWave Mobile Communications Inc.
204
OMERS Ventures, Insight Venture Partners, Bessemer Venture Partners, FirstMark Capital, Georgian Partners, Felicis Ventures
IPO Shopify Inc. 188
Extreme Venture Partners, iNovia Capital, Rho Canada Ventures, Metamorphic Ventures , MantellaVenture Partners, Metamorphic Ventures
M&A Chango Inc. 155
Relay Ventures, Sequoia Capital, Northleaf Capital, GrandBanks Capital
M&A Achievers 137
Highland Capital Partners IPO Davids Tea Inc. 120
Top Disclosed VC Exits – 2015 H1
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Law Firm# Total Deals
Deal Values ($ millions)(sum of all deals involved)
Borden Ladner Gervais LLP 9 28
LaBarge Weinstein LLP 5 9
Gowling Lafleur Henderson LLP 4 12
Cox & Palmer 4 1
McCarthy Tétrault LLP 3 17
Osler, Hoskin and Harcourt LLP 2 26
blue HF legal services inc. 2 3
McInnes Cooper 2 3
Most Active Legal Firms in Canadian Deals –2015 H1
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VC Fundraising – 2015 H1
* includes BDC Capital internal allocation to a newly capped IT fund
*
*
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CVCA Methodology
• 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.
1201 – 372 Bay Street. Toronto, Ontario, M5H 2W9, Canada
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Tel. (416) 487-0519 | Fax. (416) 487-5899 | Web. www.cvca.ca
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