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A Decade of Deals ANNUAL REPORT on ANGEL INVESTING in CANADA

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A Decade of Deals ANNUAL REPORT on ANGEL INVESTING in CANADA Published June 2020 A Decade of Deals ANNUAL REPORT ON ANGEL INVESTING IN CANADA With funding from the Government of Canada Data Partner ANNUAL REPORT ON ANGEL INVESTING IN CANADA 1 LEAD AUTHOR COMMITTEE OBSERVERS Colin Mason is Professor of Entrepreneurship, Adam Warren Clarke Smith Business School, University of Glasgow, Innovation, Science and Economic Development Canada Glasgow G12 8QQ, Scotland, UK. He was also the Manasi Joshi lead author of the 2010, 2011, 2015, 2016, 2017 Innovation, Science and Economic Development Canada and 2018 Angel Investment Activity reports. PROJECT STEERING COMMITTEE DATA PARTNER Dr. Kenneth A. Grant NACO worked with Hockeystick as its data Chair, Department of Entrepreneurship & Strategy partner to collect data. Ted Rogers School of Management, Ryerson University Mary Moran CEO at Calgary Economic Development The views expressed in this report are not necessarily those of Innovation, Science and Economic Development Canada or Derrick Hunter of the Government of Canada. President & CEO at Bluesky Equities Ltd. Claudia Krywiak President & CEO at Ontario Centres of Excellence Joelle Foster CEO at North Forge Technology Exchange Mary Long-Irwin Executive Director at Northern Ontario Angels Pieter Dorsman Angel Forum and E-Fund Nancy Lala Chair of Maple Leaf Angels Sara Mohajerani Investment Analyst at Bluesky Equities Ltd. Brion Hendry CPA, CA Partner at BDO Canada LLP This report was made possible with financial contributions from: A DECADE OF DEALS: AN ANNUAL REPORT ON ANGEL INVESTMENT ACTIVITY IN CANADA This report is the 10th annual report conducted by the National Angel Capital Organization. By highlighting both the investment activity of angel groups in 2019 and year-on-year investment trends, this report provides unique insights into angel investment trends in Canada. This evidence-based analysis emphasizes the importance of angel investing to Canada’s innovation economy. ACKNOWLEDGEMENTS We wish to express appreciation to the members of the Project Steering Committee for their advice, direction, time and feedback during the formative drafts of the report. Special thanks go to the angel groups managers, members, partners and volun- teers who annually dedicate significant time and energy to this initiative. Preface 4 ANNUAL REPORT ON ANGEL INVESTING IN CANADA PREFACE Charting the Next Decade This year, after ten years of tracking investment With this report, Canadians now have evidence on data, NACO members have surpassed the $1 bil- a decade of angel investment activity. This data lion threshold, with $163.9 million invested in 2019. tells not only a story of the importance of angel As a result, this Annual Report on Angel Investing investors in supporting entrepreneurs, but also Activity in Canada signifies a new milestone, and a the impact of early-stage investment on the wider new journey upon which to embark. innovation ecosystem. A Decade of Deals TOTAL 2010-2019 CUMULATIVE INVESTMENT $1,016,351,374 Quebec Est. Population 8,164,361 Atlantic Canada Est. Population 2,333,000 $185,849,375 $146,614,093 $7,875,635 $133,410,000 Western Canada Est. Population 12,053,678 Northern Ontario $542,602,271 Southern Ontario Est. Population Est. Population 780,140 12,775,222 ANNUAL REPORT ON ANGEL INVESTING IN CANADA 5 For almost twenty years, NACO has pioneered ear- grams are underway to bring equitable access to ly-stage investing in Canada. Our national network capital for Black people, Indigenous peoples, peo- includes over 4,000 angel investors, more than 40 ple of colour, and other historically underrepresent- regional angel groups, and 45 innovation hubs. ed founders. With these new initiatives, NACO will This past year marked a period of transition, op- bring additional support to develop and deliver pro- portunity, and development for NACO and its com- gramming to unlock capital that is diverse, inclu- munity of leaders in the movement of increasing sive, and accessible to entrepreneurs in all regions access to capital for entrepreneurs. and from all backgrounds. This is only the beginning of our access to equitable opportunities initiatives. In mid-2019, our Board of Directors selected Clau- dio Rojas as CEO, to lead NACO and Canada’s Regional Developments. Untapped Potential. community of angel investors through a period of In Western Canada, NACO’s expansion with the significant change in an exceptionally challenging establishment of a Calgary office recognizes the environment for organized angel activity. Under his importance of collaborating with established angel leadership, NACO’s membership has emerged as groups to develop regional ecosystems by mobiliz- a recognized and essential resource for support- ing new pools of capital. Alberta, in particular, has ing entrepreneurial growth in Canada. Over the all the ingredients to emerge as Canada’s epicen- past year, NACO has hosted national and regional tre of risk capital and has a history of producing summits, virtual roundtables with over 50 recog- world-class companies in high-growth industries. nized leaders and 2,500 participants from across The recent collapse of the natural resource sector Canada’s innovation economy, launched an initia- combined with the effects of the COVID-19 pan- tive to enhance the funding continuum and pipe- demic have created an urgent need to focus on this line to venture capital, and fostered the emergence region’s innovation potential. of a new trend of issues-based investing — with HaloHealth, a network of physician-angels invest- In Atlantic Canada we see an ecosystem that will ing in the healthcare industry; and The51, an an- benefit from the trend identified in this report of gel collective investing in women-led companies. increased interprovincial investment. This develop- These are inspiring developments, as they reflect ment holds the promise of increased flows of capi- the important role of angel investors in driving in- tal between regions, and from urban to non-urban clusive economic prosperity and social impact. centres. Connectivity with out-of-province inves- tors enables entrepreneurs to access new markets, Access to Capital for All Entrepreneurs tap into a wider range of expertise, and reflects Despite many areas of progress, other significant the healthy development of a nationally connected areas of opportunity for growth and improvement ecosystem. As evidenced by the success of Verafin remain. Most notably, investment activity is un- in St. John’s, which completed a $515 million equity evenly distributed across regions, provinces, and and debt recapitalization, local angel capital can be demographics. combined with extra-provincial investment to cre- ate jobs and prosperity for all communities. As NACO endeavours to bring equity to Canada’s entrepreneurial ecosystem, we recognize that the While Central Canada demonstrated robust in- not-for-profit network of angel groups that has led vestments, we see a potentially challenging en- the mobilization of investment for Canadian entre- vironment ahead for structured angel activity in preneurs is under-resourced. To increase access to Southern Ontario due to a retrenchment in pro- capital for entrepreneurs from underrepresented vincial funding for not-for-profit angel initiatives. groups, in 2020, NACO announced a new National In the absence of new mechanisms of support, this Initiative for Women Entrepreneurs, and new pro- may result in the reduced mobilization of angel 6 ANNUAL REPORT ON ANGEL INVESTING IN CANADA investment for entrepreneurs in the region. A New Decade. A New More Inclusive Economy. Early warning signs of resource constraint, for ex- We now sit in a very unique moment in time. ample, include the challenges experienced in col- The COVID-19 pandemic has had devastating im- lecting data for this report. This is concerning, as pacts around the world and on Canadians from the not-profit organizations that have historical- coast to coast to coast. But it has also afforded ly mobilized angel activity in Southern Ontario us a unique opportunity to think differently as we were already operating in a resource-constrained build the New Economy. Whether this be around environment prior to the outbreak of COVID-19. the geographic imbalance demonstrated in sec- To the extent that the economic climate places in- tion 3.7 or the gender gaps highlighted in section creased pressure on these organizations, we may 2.6, we know there is much work to be done and see consolidation and reduced capacity-building. many opportunities for inclusive prosperity ahead. In contrast, Québec continues to attract significant The past decade of data is a valuable foundation provincial support for angel activity, which has upon which to build more inclusive early-stage in- contributed to robust investment that is expected vestment activity. We know we can achieve greater to continue. impact through enhanced local, regional and na- tional collaboration. We also need to welcome and Meanwhile, Northern Ontario Angels continues to learn from those groups who have not meaningfully attract strong regional support, which has con- participated in the high-growth economy. And we tributed to its consistent ranking as one of the top look forward to supporting innovative solutions performing angel groups in Canada. As a result, that empower our communities, our people, and Northern Ontario is a useful benchmark for the po- our country with strength and resilience. tential of other regions. On behalf of NACO, we hope that this report Earlier in 2019, NACO partnered
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