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Working with Slides Canadian Venture Capital Review Full Year 2018 Chris Wattie, Reuters Table of Contents Canada’s Venture Capital Market in 2018 3 $ Invested and # Companies Financed 5 Top Venture Capital Deals 7 Canada by Stage 8 Top Venture Capital Investors 9 North American Rankings 11 Investor Type & Nationality 15 Canadian Dealmaking Abroad 17 Canada by Sector 18 VC Funds Raised 20 Public and M&A Exits 21 Venture Capital Returns 22 Explanatory Notes & Contacts 23 2 Canadian Venture Capital Market Activity in 2018 Canadian VC Market Trends Canadian venture capital activity had a banner 2018, with $4.3 billion invested in 489 rounds of financing. This marks the strongest year since the end of the dot-com era and is the ninth consecutive year of growth, with a 6.4% increase over 2017 figures. The fourth quarter rebounded from a sluggish third with $1.2 billion raised across 93 rounds, up 88% in dollar terms. This also marked the seventh time in the past nine quarters when quarterly Canadian investment values rose above $1 billion Leading the Top Deals list for the year was the $280 million February round into Montréal-based Enerkem, a company that turns solid waste into biofuels and renewable chemical products. The round, which was Canada’s largest cleantech deal ever, included a consortium of Canadian investors including Cycle Capital, Fondaction, Investissement Québec, and Fonds de Solidarité FTQ. Other top deals included cloud-based medical care platform PointClickCare’s $187 million investment by Dragoneer Investment Group, and startup financing company Clearbanc, which secured a $162 million investment by a group of investors including Canadian firms iNovia Capital, Portag3 Ventures, and Real Ventures. Growth throughout the year was largely due to outside investment. For the first time since 1992, United States-based funds accounted for a greater share of invested capital than Canadian funds, with a share of 47%. Canadian-based funds were responsible for 44% of dollars invested, a share that has been steadily declining since 2014, when Canadian investors accounted for 57%. Despite the rise in United States-based cross-border flows, other overseas investors mostly from Asia and Western Europe accounted for only 9% of capital invested, down from 15% the year prior. The six most active investment firms for the year were all based in Montréal, and were collectively involved in 243 rounds. These include Business Development Bank of Canada with 89 investments, Desjardins Capital with 64 investments, and Real Ventures also with 64. Canada VC Fundraising Trends Canadian venture capital firms raised a total of $2.8 billion across 38 funds during 2018, yet another record in the post-dot-com era as it was the most raised since 2001 and was up 123% from 2017 figures. Leading the pack was the $715 million close of Georgian Partners Growth Fund IV, which will be used to expand the firm’s presence across the entirety of North America. Other substantial closings during the year include the $257 million closing of Brookfield Ventures, White Star Capital’s oversubscribed Fund II at $233 million, and BDC’s Women In Technology Fund at $200 million. 3 Canadian Venture Capital Market Activity in 2018 Canadian VC Trends by Region Ontario-based companies received $2.1 billion, or 49% of all disclosed investment dollars during the year. This represented a 55% increase from the same period last year for the province and landed Ontario in sixth place in the North American rankings, behind Washington and ahead of New Jersey. Québec-based companies raised $1.3 billion during the same period, a decrease of 6% from the prior year. This earned Québec a thirteenth place ranking overall, behind Maryland and ahead of Pennsylvania. British Columbia also made the top thirty with $724 million, earning it the 22nd spot, between Ohio and Maine, although this was a 22% decrease from the investment level in the province during 2017. Toronto-based companies were the reason behind Ontario’s surge, as they raised $1.8 billion in the year, a solid 72% increase from 2017 financings. Of all Ontario financings, 84% took place in the greater Toronto area, and this earned the city a 10th place finish in the North American city rankings, ahead of Denver and behind Seattle. Montréal raked in 90% of all Québec investment dollars, resulting in a rank of 13th with $1.2 billion invested in 132 deals, ahead of Orange County and behind Chicago. Canadian VC Trends by Sector Canadian information technology companies continued to be the main driving force behind VC investment, raising $3.0 billion over the course of the year, representing a 18% increase year-over-year. Information technology companies also accounted for a 70% share of overall VC in the period, a share that has consistently risen from a 50% share in 2009. Despite a strong fourth quarter, with $175 million invested in 14 rounds, the life sciences sector on the other hand saw its second straight year of declines, with only $497 million invested, down from the $1.1 billion invested in the sector in each of the previous two years. Cleantech companies raised $569 million in 2018, up 161% year-over-year, led by the $280 million Enerkem investment. Canadian Fund Performance Although investment activity continues to reach new heights, the performance of Canadian venture capital and growth equity funds had not quite attained the same levels. Published data provided by Cambridge Associates shows Canadian venture capital & growth equity funds with vintage years of 2000 or greater returned a since inception IRR of only 4.8% as of the end of Q3 2018, lagging behind both U.S. counterparts and public market equivalents. Despite a dip in performance through 2016 and 2017, returns have shown a slight recovery in 2018, up 1.9% for the year. 4 Historical Investment in Canadian Companies: Venture Capital Deal Values Canadian companies raised $4.3 billion in 2018, up 6.4% over 2017 and the strongest full year since 2000. Investment in Q4 was $1.2 billion, also the strongest fourth quarter since 2000. $7 $6.4 $6 $5 $4.2 $4.3 $4.1 $4 $3.7 $3 $2.7 $2.7 $2.3 $2.4 $2.0 $1.9 $2 $1.8 $1.8 $1.6 $1.6 $1.6 $1.4 VC Deal Values ($ Billions) Values Deal VC $1.2 $1.0 $1 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 5 Historical Investment in Canadian Companies: Venture Capital Deal Volumes A total of 489 venture capital deals were completed in 2018. This was down 4% from the previous year’s volumes and marked the third consecutive year of declines. Q4 saw only 93 transactions, the weakest individual quarter since Q3 2012. 1,400 1,331 1,200 1,000 971 855 800 774 674 679 600 569 594 576 511 499 489 511 489 # of VC Deals VC of # 475 443 447 408 400 388 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 6 Top Canadian Venture Capital Deals, Full Year 2018 Portfolio Company Investors Deal Value Rank Company Name Location Sector Investing Firms (Disclosed) ($ Millions) Blackrock, Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds 1 Enerkem $280.0 Montréal, QC Biofuels & Renewables de Solidarité FTQ, Investissement Québec, National Bank, Rho Capital Partners, Sinobioway, Waste Management, Westly Group 2 PointClickCare Technologies $187.3 Mississauga, ON Healthcare Software Dragoneer Investment Group Upper90 Fund, Portag3 Ventures, Founders Fund, Berggruen Holdings, 3 Clearbanc $161.6 Toronto, ON Financing Services Emergence Capital , iNovia Capital, Real Ventures, CoVenture, 8VC, FJ Labs, Social Capital, Precursor Ventures 4 Assent Compliance $129.9 Ottawa, ON Supply Chain Management Warburg Pincus OMERS Ventures, BDC Venture Capital, Accomplice, Caisse de dépôt 5 Hopper $116.0 Montréal, QC Travel Booking et placement du Québec, Brightspark, Investissement Québec, Citi Ventures RTW Investments, Domain Associates, BDC Venture Capital, Forbion Capital Partners, GO Capital , Novo Holdings, Pappas Ventures, Fonds 6 Milestone Pharmaceuticals $104.6 Saint-Laurent, QC Pharmaceuticals de Solidarité FTQ, Tavistock Group, Tekla Capital Management, Venrock 7 Coveo Solutions $100.0 Québec, QC Enterprise Search Evergreen Coast Capital Georgian Partners, Greylock Partners, Insight Venture Partners, Mistral 8 Ritual Technologies $85.6 Toronto, ON Dining App Venture Partners Energy Impact Partners, Amazon Alexa Fund, Export Development 9 ecobee $78.8 Toronto, ON Smart Thermostats Canada, GXP Investments, Northleaf Capital Partners, Ontario Capital Growth Corp, Relay Ventures, Tech Capital , Thomvest JPMorgan Chase, OMERS Ventures, BDC Venture Capital, Relay 10 TouchBistro $67.8 Toronto, ON Mobile POS Solutions Ventures, Napier Park Global Capital, Recruit Holdings 7 Venture Capital Deal Volumes by Stage There were 190 early stage deals in 2018, which represented a 39% share of overall deal volumes, up from 36% in 2017. Expansion stage deals came second at 28%, the highest share it’s seen since 2012. 100% 90% 80% 70% 60% 50% 40% # of VC Deals VC of # 30% 20% 10% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Seed Early Stage Expansion Later Stage Other Advanced Stage 8 Top Venture Capital Investors in Canadian Companies, Partnerships Estimated Investment Rank Firm Name # of Deals Location ($ Millions) Canadian Private Independent Partnerships 1 Real Ventures 64 $87.2 Montréal, QC 2 iNovia Capital 26 $46.0 Montréal, QC 3 Cycle Capital – Ecofuel 22 $40.9 Montréal, QC 4 Anges Québec Capital 19 $12.0 Montréal,
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