VC & PE QUÉBEC MARKET OVERVIEW // Q3 2020 CONTENTS
PARTICIPATING DATA CONTRIBUTORS...... 3 PRIVATE EQUITY QUÉBEC MARKET OVERVIEW...... 18 VC & PE ACTIVITY...... 4 FOREWORD...... 19 VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE...... 5 QUÉBEC PRIVATE EQUITY HIGHLIGHTS...... 20 VENTURE CAPITAL QUÉBEC MARKET OVERVIEW...... 6 PRIVATE EQUITY HEAT MAP ...... 21 FOREWORD...... 7 QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY IN QUÉBEC...... 22
QUÉBEC VENTURE CAPITAL HIGHLIGHTS...... 8 PE ACTIVITY BY DEAL SIZE...... 23
VENTURE CAPITAL HEAT MAP...... 9 PE SECTOR BREAKDOWN...... 24
QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC...... 10 TOP DISCLOSED QUÉBEC PE DEALS...... 25
VC ACTIVITY BY DEAL SIZE...... 11 TOP DISCLOSED PE EXITS IN QUÉBEC...... 26
VC SECTOR BREAKDOWN...... 12 MOST ACTIVE PE INVESTORS IN QUÉBEC...... 27 VC STAGE BREAKDOWN...... 13 CVCA METHODOLOGY...... 28 VENTURE DEBT HEAT MAP...... 14 VENTURE CAPITAL...... 28 TOP 10 DISCLOSED QUÉBEC VC DEALS...... 15 PRIVATE EQUITY...... 29, 30
TOP DISCLOSED VC EXITS...... 16 CVCA/RÉSEAU CAPITAL ABOUT & CONTACT...... 31 MOST ACTIVE VC INVESTORS IN QUÉBEC...... 17
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 2 PARTICIPATING DATA CONTRIBUTORS CVCA thanks the following firms who participated in its Q3 2020 survey. Venture Capital Firms Private Equity & LSVCC Firms Limited Partners
7 Gate Ventures FACIT Panache Ventures AIP Private Capital m2s Capital Alberta Enterprise Corporation Accelerate Fund First Ascent Ventures Pangaea Ventures ARC Financial Mink Capital BDC Venture Capital AmorChem Fund Fonds Innovexport Quark Venture Ardenton Capital Corporation Mosaic Capital Corporation Bluesky Equities Amplify Capital Framework Ventures Radical Ventures BDC Growth Equity Novacap Management Inc. Caisse de dépot et placement du Québec Amplitude Ventures Freycinet Ventures Real Ventures BMO Capital Partners ONEX Corporation Desjardins Capital Anges Quebec Good News Ventures Relay Ventures Bond Capital PenderFund Capital Fondaction Management Anges Quebec Capital GreenSoil Investments Renewal Funds CAI Capital Partners Fonds de solidarité FTQ Persistence Capital Partners Arctern Ventures Highline Beta Rhino Ventures Canadian Business Growth Fund Fonds de solidarité FTQ (Regional) PFM Capital Inc AVAC Ltd. Hike Ventures Roadmap Capital Capital Financière Agricole HarbourVest Partners (Canada) Ltd PRIVEQ Capital Funds Azure Capital Partners iGan Partners Round 13 Clairvest Group Inc. Investissement Quebec Regimen Equity Partners BCF Ventures Information Venture Partners Sectoral Asset Clearspring Capital Partners Kensington Capital Partners Ltd. Management Inc. Seafort Capital Brightspark Capital Innovacorp First West Capital Northleaf Capital Partners Tandem Expansion Searchlight Capital Partners CIBC Innovation Banking inovia Capital Founders Group of Food Ontario Capital Growth Corporation TandemLaunch Companies Inc. Tricor Pacific Capital Ltd. CIC Capital Ventures Island Capital Partners Ontario Teachers’ Pension Plan TELUS Ventures Fulcrum Capital Partners TriWest Capital Partners Clanton Capital Inc. Klass Capital Top Renergy Highland West Capital Vistara Capital Partners Conexus Venture Capital Luge Capital Trellis Capital InstarAGF Asset Management Westcap Mgt. Ltd CTI Life Sciences Lumira Ventures Vanedge Capital Ironbridge Equity Partners Western Investment Company Dash40 Ventures MaRS IAF of Canada Limited Partners Kayne Capital District Ventures LP McRock Capital XPND Capital Venbridge Ltd. Killick Capital Inc. Emerald Technology Ventures Metiquity Version One Ventures Lex Capital Management EnerTech Capital Mistral VP White Star Capital Espresso Capital Ltd. NAventures (National Bank of Canada) Whitecap Venture Evok Innovations Partners New Brunswick Innovation If you would like to have your firm included in Ferst Capital Foundation Yaletown Partners future reports, please contact [email protected] source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 3 VC & PE ACTIVITY // YTD Q3 2020
Venture Capital Private Equity
117 $796M deals 261 deals $5B
total # total 378 deals invested $5.8b source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 4 VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE // YTD Q3 2020
Nord-du-Québec / Abitibi-Témiscamingue
9 Saguenay-Lac-St-Jean / Côte-Nord 8 2 Bas-Saint-Laurent
Laurentides Mauricie 3 Québec 3 3 1 Chaudière-Appalaches 35 9 Estrie Lanaudière 12 1 9 Centre-du- 13 1 Québec Laval Outaouais 5 1 3 7 montréal Venture Capital 5 1 most active region Montérégie Private Equity Montréal 120 92 36 2 total # 212 DEALS source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 5 VENTURE CAPITAL QUÉBEC MARKET OVERVIEW // Q3 2020 FOREWORD
Québec VC Investment Drops Over 65% YoY and QoQ
CAD $173M venture capital was invested over 31 deals in the third quarter of 2020, which is almost 3x lower than the third quarter of last year (CAD $516M), and Q2 of this year (CAD $514M).
As a result of the decrease in activity in Q3 2020, the average deal size in Q3 2020 was only CAD $5.6M, bringing down the YTD average deal size to CAD $6.8M; the lowest YTD average deal size since 2016 (CAD $5.9M).
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 7 QUÉBEC VENTURE CAPITAL HIGHLIGHTS // YTD Q3 2020
Key Findings
There were 13 VC exits in YTD Q3 2020 VC dollars invested by Sector: Deal size in Q3: Information, Communication & Technology: 44% ($348M <$5M: 18 deals, YTD 79 deals with $102M over 49 deals) $5-$20M: 4 deals, YTD 25 deals with $228M Life Sciences: 34% ($270M over 26 deals) $20-$50M: 3 deals, YTD 4 deals with $148M Cleantech: 4% ($29M over 9 deals) VC activity by geography: By Stage: Provinces: Late stage: 50% ($400M over 17 deals, $23.5M in Ontario: 44% of all VC dollars in Canada ($1.5B average deal size) across 168 deals) Early stage: 40% ($316M over 46 deals, $6.7M in average Quebec: 23% ($796M across 117 deals) deal size) BC: 22% ($758M across 53 deals) Seed stage: 9% ($72M over 52 deals, $1.4M in average Quebec Administrative Centres: deal size) Montréal: 79% of all VC deals closed in the province (92 deals) Québec: 8% (9 deals) Laval: 6% (7 deals)
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 8 VENTURE CAPITAL HEAT MAP // YTD Q3 2020
total #
total 360 deals $2.8B 53 40 5 $3M 3 Newfoundland 117 and Labrador 4 1 11 11 $6M $758M 168 Prince Edward Island British $304M Columbia Alberta $10M $63M Saskatchewan $29M $7M Nova Scotia Manitoba $796M New Brunswick $1.6B Québec source: Ontario
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 9 QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC $ Millions Invested # Deals
$550 110
$500 100
$450 90
$400 80
$350 70 61 $300 55 60 50 51 $250 48 47 50 40 41 $200 40 31 32 33 36 35 $150 33 30 32 33 31 27 28 $100 20
$50 10 371 203 548 508 109 244 292 501 197 359 516 508 109 514 173 $124 $ $267 $ $176 $378 $ $ $ $ $ $ $ $ $ $ $ $ $ $0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 Q3 2020 TOTAL: TOTAL: TOTAL: TOTAL: TOTAL: 163 DEALS 144 DEALS 143 DEALS 177 DEALS 117 DEALS $965M $1.6B $1.2B $1.6B $796M source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 10 VC ACTIVITY BY DEAL SIZE // YTD Q3 2020 40% of all Total Deals $ Millions Dollars invested < $100K 5 WAS INVESTED OVER $100 - $500K 20 $5 $500K - $1M 13 $9 4 DEALS $1M - $5M 41 $89
$5M - $20M 25 $228
$20M - $50M 4 $148
$50M + 4 $318
*Deals with undisclosed values have been removed from this slide
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 11 VC SECTOR BREAKDOWN // 2016 - YTD Q3 2020
$ Millions Invested # Deals
$900 150
$840 140
$780 130
$720 120 $660 110
$600 100
$540 87 85 90
$480 80 69 69 $420 70 $360 60 50 $300 50 49 38 $240 36 36 40
$180 26 30 $120 13 15 15 20 10 15 12 11 8 405 67 9 301 300 341 61 341 104 67 66 111 $60 448 849 590 891 9 10 $ $270 $ $ $ $ $ $ $ $ 53 $ $ 29 $ $ $ $ $ $ $ $348 5 $0 0 2016 2017 2018 2019 YTD 2016 2017 2018 2019 YTD 2016 2017 2018 2019 YTD 2016 2017 2018 2019 YTD Q3 2020 Q3 2020 Q3 2020 Q3 2020
ICT Life Sciences CleanTech Agribusiness
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 12 VC STAGE BREAKDOWN // 2016 - YTD Q3 2020
$ Millions Invested # Deals
$840 140
$780 130
$720 120
$660 110
$600 97 100
$540 85 90 80 $480 80
$420 70
$360 60 52 52 52 $300 50 40 50 $240 46 40 31 27 $180 36 23 30 30 $120 17 20 50 $60 39 49 57 72 414 722 398 513 831 621 358 400 697 8 10 $316 $ $ $ $ $ $ $ $ $465 $ $ $ $ $ $ 6 $ 2 $0 0 2016 2017 2018 2019 YTD 2016 2017 2018 2019 YTD 2016 2017 2018 2019 YTD 2019 YTD Q3 2020 Q3 2020 Q3 2020 Q3 2020
Seed Early Stage Later Stage Growth Equity source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 13 VENTURE DEBT* HEAT MAP // YTD Q3 2020
total #
total 57 deals $357m 10 3 1 16
24 1 2 $47M British $1M Columbia Alberta NA NA $2M Nova Scotia Saskatchewan New Brunswick * VC Debt deals are not included $269m $37M in the overall Québec VC activity Ontario Québec source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 14 TOP DISCLOSED QUÉBEC VC DEALS // YTD Q3 2020
company name Administrative Centre Disclosed Investors sector $MIL
INOVIA CAPITAL, WESTCAP, BDC VENTURE CAPITAL, INVESTISSEMENT QUEBEC, CAISSE DE HOPPER INC. MONTRÉAL ICT $98 DÉPÔT ET PLACEMENT DU QUÉBEC, OMERS VENTURES.
VENTUS THERAPEUTICS MONTRÉAL VERSANT VENTURES, GV LIFE SCIENCES $85
INOVIA CAPITAL, FONDS DE SOLIDARITÉ FTQ, CLARIDGE, LERER HIPPEAU, BLUMBERG WORKJAM INC MONTRÉAL ICT $71 CAPITAL, HARMONY PARTNERS
SUN LIFE FINANCIAL INC., CAISSE DE PLACEMENT DU QUEBEC, WHITE STAR CAPITAL DIALOGUE MONTRÉAL LIFE SCIENCES $43 INC., HV HOLTZBRINCK VENTURES, WALTER CAPITAL PARTNERS INC.
SCHLUMBERGER LIMITED., BDC VENTURE CAPITAL, INVESTISSEMENT QUEBEC, FONDS GHGSAT MONTRÉAL ICT $40 DE SOLIDARITE FTQ, SPACE ANGELS
INDUSTRIAL & VENTION INC MONTRÉAL BAIN CAPITAL, WHITESTAR CAPITAL, GEORGIAN PARTNERS $38 MANUFACTURING
GOSECURE INC MONTRÉAL YALETOWN PARTNERS, BMO CAPITAL PARTNERS ICT $27
NAVENTURES, PANACHE VENTURES, LUGE CAPITAL, INTACT FINANCIAL FLINKS TECHNOLOGY INC. MONTRÉAL ICT $16 CORPORATION, BDC VENTURE CAPITAL
NESTO INC. MONTRÉAL INVESTISSEMENT QUEBEC, DIAGRAM VENTURES, UNI FINANCIAL CORPORATION ICT $12
INVESTISSEMENT QUEBEC, DESJARDINS GROUP, NAVENTURES, REAL VENTURES, BREATHE LIFE MONTRÉAL DIAGRAM VENTURES, CLOCKTOWER TECHNOLOGY VENTURES LLC, CAMERON FINANCIAL $10 CAPITAL CORPORATION
There were 9 undisclosed deals totaling $355M that were not included in this table.
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 15 TOP DISCLOSED VC EXITS IN QUÉBEC // YTD Q3 2020
seller company buyer $MIL
FONDS DE SOLIDARITÉ FTQ, VERSANT VENTURES, COWEN HEALTHCARE INVESTMENTS, REPARE THERAPEUTICS INC. IPO $1,498 ORBIMED, REDMILE, BVF PARTNERS, LOGOS CAPITAL, MPM CAPITAL, AMPLITUDE VENTURES
There were 11 VC exits totalling $1 million in Quebec that were undisclosed.
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 16
MOST ACTIVE VC INVESTORS IN QUÉBEC // YTD Q3 2020
# Deals $ Millions*
Desjardins Capital 22 $86 BDC Venture Capital$229 19 Real Ventures 17 $42 Investissement Quebec 16 $238 Cycle Capital 7 $31 Fonds de solidarite FTQ 7 $134 National Bank of Canada 6 $33 Brightspark Capital 5 $22
Anges Québec Capital 6 $21 Réseau Anges Québec 29 $62
* Total Deal Values - includes all participating investors
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 17 PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 FOREWORD
PE Investment Plunges Almost 70% lower YoY. QUEBEC REMAINS THE CANADIAN LEADER IN PE CAD $483M of private equity was invested over 91 deals in the third quarter of 2020, 69% lower than the amount in the same quarter from last year (CAD $1.6B over 111 deals). Despite the slow third quarter of 2020, the YTD activity is still on track to exceed the four-year average across 2015-2019 in both dollars invested and deals (CAD $7.4B across 309 deals).
The most notable exit in Q3 was Nuvei’s IPO on the TSX for a total market cap of $4.6B, backed by Novacap Management, Fonds de solidarité FTQ, and Caisse de dépôt et placement du Québec.
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 19 QUÉBEC PRIVATE EQUITY HIGHLIGHTS // YTD Q3 2020
Key Findings Deal size in Q3: <$25M: 20 deals, YTD 194 deals at $737M $25M-$100M: 2 deals, YTD 22 deals at $1.2B $100M+: 0 deals, YDT 5 deals at $3B PE activity by georgraphy: Province: Quebec: 43% of all VC dollars in Canada ($4.9B across 261 deals) New Brunswick: 23% ($2.7B across 6 deals) Alberta: 19% ($2.2B across 28 deals) Ontario : 12% (1,4 B across 91 deals) Dollars invested by sector: Information, Communications & Technology: 23% ($1.2B across 63 deals) Consumer & Retail: 20% ($994M across 20 deals) Energy: 18% ($896M across 4 deals)
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 20 PRIVATE EQUITY HEAT MAP // YTD Q3 2020
total # total 446 deals $11.7b 44 28 1 11 261 $2M Newfoundland 91 6 and Labrador $349M 4 British $2.2B Columbia $35M Alberta $56M Nova Scotia Saskatchewan $2.7b $5b New Brunswick $1.4B Québec Ontario
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 21 QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY
$ Millions Invested # Deals
$7,000 140
$6,000 120 108 111 98 $5,000 96 100 87 92 91 87 88 86 84 82 82 86 90 $4,000 83 80 82 80
$3,000 63 60
$2,000 40
$1,000 20 $1,255 $913 $620 $1,037 $2,860 $1,322 $4,266 $1,108 $2,053 $1,067 $2,676 $1018 $1,575 $6,736 $3,648 $859 $483 $831 $2,123 $0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 2020
TOTAL: TOTAL: TOTAL: TOTAL: TOTAL: 347 DEALS 334 DEALS 352 DEALS 382 DEALS 261 DEALS $3.8B $10.6B $6.9B $10.2B $5B source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 22 PE ACTIVITY BY DEAL SIZE // YTD Q3 2020
Total Deals $ Millions THREE QUARTERS of < $500K 27 $6 ALL deals $500K - $1M 26 $17 were below $1M - $5M 91 $187 $5M-$25M 50 $527 $25m $25M-$100M 22 $1,210
$100M-$500M 2 $505
$500M-$1B 3 $2,538
*Deals with undisclosed values have been removed from this slide
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 23 PE SECTOR BREAKDOWN // YTD Q3 2020
# Deals $ Millions
Industrial & Manufacturing 63 $1,167 most active sector
ICT 36 $88 industrial & manufacturing
Agri-Forestry 27 $260 Automotive & Transportation 25 $286 63 deals Business Products & Services 23 $263
Consumer & Retail 20 $994
Others 18 $122
Mining & Resources 14 $266
Life Sciences 12 $111
Real Estate 8 $495
Financial 7 $24
Oil & Gas, Power 4 $896
CleanTech 4 $18 source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 24 TOP DISCLOSED QUÉBEC PE DEALS // YTD Q3 2020
company name administrative centre disclosed investors sector $ mil
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), FONDS DE SOLIDARITÉ FTQ, INDUSTRIAL & CANAM GROUP INC SAINT GEORGES $840 PLACEMENTS CMI MANUFACTURING
NOVACAP MANAGEMENT INC., CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, OIL & GAS, EDDYFI/NDT QUÉBEC $840 INVESTISSEMENT QUÉBEC, FONDACTION POWER
BESTAR QUÉBEC NOVACAP MANAGEMENT INC, DESJARDINS CAPITAL, FONDS DE SOLIDARITÉ FTQ CONSUMER & RETAIL $840
XNRGY CLIMATE SYSTEMS INDUSTRIAL & LONGUEUIL TOYOTA AI VENTURES, LLC., MILLENNIUM NEW HORIZONS, GRISHIN ROBOTICS INC $75 INC. MANUFACTURING
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CANADA PENSION PLAN INDUSTRIAL & WSP GLOBAL INC. MONTRÉAL $70 INVESTMENT BOARD (CPPIB) MANUFACTURING
TPG CAPITAL LP, FOSUN INTERNATIONAL LIMITED, CAISSE DE DÉPÔT ET CIRQUE DU SOLEIL MONTRÉAL OTHERS $67 PLACEMENT DU QUÉBEC
GROUPE VISION NEW LOOK MONTRÉAL FONDS DE SOLIDARITÉ FTQ CONSUMER & RETAIL $40 INC.
LCI EDUCATION NETWORK MONTRÉAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC CONSUMER & RETAIL $27
INDUSTRIAL & NANOXPLORE INC. MONTRÉAL INVESTISSEMENT QUÉBEC $25 MANUFACTURING
TROILUS GOLD MONTRÉAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC MINING & RESOURCES $22
There were 14 undisclosed deals totaling $1.9B omitted from this table. source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 25 TOP DISCLOSED PE EXITS IN QUÉBEC // YTD Q3 2020
seller company buyer $MIL
NOVACAP MANAGEMENT, FONDS DE SOLIDARITÉ FTQ, CAISSE DE DÉPÔT ET PLACEMENT DU NUVEI IPO ON TSX $4,620** QUÉBEC
NOVACAP MANAGEMENT INTELERAD HG $347
* There were 3 additional exits from Quebec-based companies ** IPO valuation
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 26 MOST ACTIVE PE INVESTORS IN QUÉBEC // YTD Q3 2020 most active PE FIRM DEsjardins capital
# Deals $ Millions* 97 DEALS Fonds de solidarité FTQ 97 $1,663 Desjardins Capital 74 $993 Investissement Québec 21 $2,450 Fondaction 20 $307 BDC Capital 17 $38 Caisse de dépôt et placement du Québec 14 $2,896
* Total deal values – includes all participating investors
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 27
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)
vc development stages
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.
PRODUCT OR SERVICE IN PRODUCTION AND COMMERCIALLY AVAILABLE. COMPANY IS GENERATING LATER STAGE ON-GOING REVENUE, BUT NOT NECESSARILY, PROFITABLE.
SIGNIFICANT MINORITY INVESTMENT TO DRIVE GROWTH AND SCALE WHICH CAN BE COMBINED WITH A SECONDARY GROWTH TRANSACTION TO FACILITATE LIQUIDITY FOR EXISTING VC INVESTORS
vc sectors
COMPUTER HARDWARE AND SOFTWARE AND SERVICES, INTERNET SOFTWARE OR SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, ICT MOBILE AND TELECOM TECHNOLOGIES AND SERVICES.
BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND SERVICES, AND OTHER MEDICAL RELATED LIFE SCIENCES PRODUCTS AND SERVICES.
ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, ENVIRONMENTAL TECHNOLOGIES AND OTHER CLEANTECH ENERGY AND ENVIRONMENTAL PRODUCTS AND SERVICES.
AGRIBUSINESS TRADITIONAL AND ADVANCED AGRICULTURAL TECHNOLOGIES AND SERVICES source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 28
CVCA METHODOLOGY // PRIVATE EQUITY
PRIVATE EQUITY DATA: Dataset includes only completed private equity deals (announced but yet to be completed deals are not included)
pe deal type
BUYOUT INVESTMENT FOR THE CONTROL OF A PORTFOLIO COMPANY, INCLUDING PLATFORM CREATION, SECONDARY BUYOUT
GROWTH SIGNIFICANT MINORITY INVESTMENT INTO A PORTFOLIO COMPANY, THROUGH NEW CAPITAL INFUSION AND RECAPITALIZATION
ADD-ON CORPORATE ACQUISITIONS BY MAJORITY CONTROLLED PE BACKED PORTFOLIO COMPANIES
DEBT DEBT INVESTMENT INTO PORTFOLIO COMPANIES
INFRASTRUCTURE INVESTMENTS INTO DEVELOPMENT AND MANAGEMENT OF INFRASTRUCTURE ASSETS BUT PE DOES NOT OWN THE UNDERLYING ASSETS
pe sectors
AGRI-FORESTRY AGRICULTURE, FOODS AND FORESTRY
AUTOMOTIVE & TRANSPORTATION TRANSPORTATION, LOGISTICS AND RELATED SERVICES
BUSINESS PRODUCTS & SERVICES BUSINESS PRODUCTS AND SERVICES
ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, ENVIRONMENTAL TECHNOLOGIES AND CLEANTECH OTHER ENERGY AND ENVIRONMENTAL PRODUCTS AND SERVICES
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 29 CVCA METHODOLOGY // PRIVATE EQUITY
continued
pe sectors
CONSUMER & RETAIL CONSUMER PRODUCTS AND SERVICES, BRICK AND MORTAR RETAIL
FINANCIAL FINANCIAL SERVICES
COMPUTER HARDWARE/SOFTWARE & SERVICES, INTERNET SOFTWARE & SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, ICT MOBILE & TELECOM AND SERVICES
INDUSTRIAL & MANUFACTURING EQUIPMENT AND MATERIAL MANUFACTURING
BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND SERVICES, AND OTHER MEDICAL RELATED LIFE SCIENCES PRODUCTS AND SERVICES
MINING & RESOURCES NON OIL AND GAS NATURAL RESOURCES
OIL & GAS, POWER OIL & GAS, POWER AND UTILITIES
REAL ESTATE PROPERTY DEVELOPMENT AND MANAGEMENT
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VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 30 CVCA / RÉSEAU CAPITAL ABOUT & CONTACT About CVCA OUR VISION A thriving Canadian economy driven by private capital OUR MISSION Authors CVCA’s mission is to help our members fuel the economy of the future by growing the businesses of today. We do this by supporting and connecting a vibrant private capital industry with advocacy, research, and education. CHRISTIANE WHERRY vICE PRESIDENT, RESEARCH CVCA is also the nation’s ultimate resource for data on Canadian private capital investments. [email protected] Please visit cvca.ca
@CVCACanada CVCA
david kornacki associate, research & product CVCA - Canadian Venture Capital and Private Equity Association [email protected] 372 Bay St., Suite 1201 Toronto, ON M5H 2W9 jon jackson head of communications About Réseau Capital [email protected] Réseau Capital, the Québec Venture Capital and Private Equity Association, is the only private equity association that brings together all stakeholders involved in the Québec investment chain. The mission of Réseau Capital is to contribute to the development and efficient operation of the private equity industry, Izadella sta. romana marketing & brand coordinator which plays a major role in the development and financing of businesses in Québec. Founded in 1989, Réseau Capital represents private equity, tax-advantaged and public investment [email protected] companies as well as banks, accounting and law firms, along with many professionals working in the field.
To arrange for an interview, please contact: To obtain estimates for additional custom CVCA Intelligence data reports please Catherine Berbery | 514-880-2372 | [email protected] contact [email protected] For more information, visit reseaucapital.com
@reseaucapital Réseau Capital
Espace CDPQ – 3 Place Ville-Marie, suite 12350, Level L, Montréal, QC H3B 0E7 source:
VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // Q3 2020 | 31