Introduction

This is the tenth edition of the Guide to Canadian Ven- and web site addresses for both the primary and branch ture Capital & Firms (previously The Di- locations. Details can also be found on the firm’s Mis- rectory of Canadian & Private Equity sion Statement, Industry Group Preferences, Geo- Firms). The contents of this publication are extracted graphic Preferences, Average and Minimum from the American title, the Guide to Venture Capital Investments, Portfolio Companies and Investment and Private Equity Firms. This edition includes 267 firm Criteria. profiles and nearly 800 executives that provide an in- depth look into the venture capital and private equity Extensive information is also provided on each of the market in Canada. firm’s Managing Partners, such as Education-Degrees & College or University, Professional Background and The following reports are included in the front matter of Directorships held, along with the Partner’s e-mail the Guide to Canadian Venture Capital & Private address. Equity Firms: • Excerpts from Venture Pulse, Q4 2020—Global INDEXES Analysis of Venture Funding These pages from KPMG’s Venture Pulse report The Guide to Canadian Venture Capital & Private detail recent developments in Canadian VC invest- Equity Firms also contains five indexes: ment, including information on the Americas and a • College/University Index chart showing financing trends in Canada from Executive Name Index 2013-2020. • • Geographic Index • Excerpts from Private Equity: a significant driver of growth for Canadian SMEs • Industry Preference Index Prepared by PwC Canada and PitchBook, this re- • Portfolio Companies Index port examines the economic impact of private eq- uity investment in Canada. This title is widely used as a valuable resource for finan- cial executives, librarians, entrepreneurs and others inter- ested in the venture capital and private equity fields. MAIN CONTENT Every effort has been made to ensure the accuracy of the The Guide provides comprehensive profiles on each information included in this edition. Do not hesitate to firm, including address, phone and fax numbers, e-mail contact us with comments or if revisions are necessary.

vii *OREDO 86 $PHULFDV (XURSH $VLD

5REXVW9&LQYHVWPHQWLQWKH$PHULFDVLQ4¶

9&LQYHVWPHQWLQWKH$PHULFDVZDVUHODWLYHO\UREXVWLQ4¶GULYHQSULPDULO\E\DFWLYLW\LQWKH 86ZKHUH5HVLOLHQFH5RELQKRRG&KLPH5HODWLYLW\6SDFHDQG1XUR DOOUDLVHGPLOOLRQ IXQGLQJURXQGV4XDUWHUO\9&LQYHVWPHQWLQ&DQDGDUHPDLQHGVWHDG\FRPSDUHGWRKLVWRULFDO QRUPVZKLOHLQYHVWPHQWLQ/DWLQ$PHULFDZDVGULYHQSULPDULO\E\0H[LFREDVHG.DYDN¶V PLOOLRQUDLVHLQ2FWREHUDQGDPLOOLRQIXQGLQJURXQGE\%UD]LOEDVHG&UHGLWDV LQ 'HFHPEHU

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

)LQWHFKDWWUDFWLQJVLJQLILFDQW9&LQYHVWPHQWDFURVVWKH$PHULFDV $FURVVWKH$PHULFDVILQWHFKFRQWLQXHGWREHRQHRIWKHPRVWDWWUDFWLYHDUHDVIRULQYHVWPHQW :KLOHILQWHFKKDVEHHQDFULWLFDODUHDRILQYHVWPHQWIRUDQXPEHURITXDUWHUVWKHJOREDO SDQGHPLFKDVLQFUHDVHGLQWHUHVWLQWKHVHFWRUHYHQIXUWKHUJLYHQWKHLQFUHDVHVLQHFRPPHUFH DQGWKHJURZLQJGHPDQGIRUWRXFKOHVVDQGGLJLWDOSD\PHQWRSWLRQV

'XULQJ4¶DQXPEHURI86EDVHGFRPSDQLHVUDLVHGVL]HDEOHIXQGLQJURXQGVLQFOXGLQJ 5RELQKRRG PLOOLRQ &KLPH PLOOLRQ DQG+LSSR,QVXUDQFH PLOOLRQ ZKLOH %UD]LOEDVHG&UHGLWDV UDLVHGPLOOLRQDQG&DQDGDEDVHG:HDOWKVLPSOH UDLVHGPLOOLRQ ,Q/DWLQ$PHULFDSD\PHQWVDQGOHQGLQJFRQWLQXHGWREHWKHPRVWSURPLQHQWDUHDVRIILQWHFK LQYHVWPHQWGXULQJ4¶ZKLOHLQWKH86DQG&DQDGD9&LQYHVWRUVZHUHDWWUDFWHGWRDEURDGHU UDQJHRIILQWHFKVXEVHFWRUVLQFOXGLQJLQVXUWHFK DQGZHDOWKWHFK

,QFUHDVLQJJHRJUDSKLFGLYHUVLW\RILQQRYDWLRQHFRV\VWHPVDFURVVWKH$PHULFDV :KLOH6LOLFRQ9DOOH\FRQWLQXHGWRGULYHDODUJHSHUFHQWRI9&LQYHVWPHQWLQWKH$PHULFDV UHJLRQDOLQQRYDWLRQHFRV\VWHPVFRQWLQXHGWRJDLQWUDFWLRQDFURVVWKH$PHULFDVGXULQJ )RUH[DPSOHWKHELUWKRIQHZXQLFRUQVLQERWK0H[LFR .DYDN DQG%UD]LO &UHGLWDV GXULQJ 4¶KLJKOLJKWWKHJURZLQJPDWXULW\RIWKHLQQRYDWLRQHFRV\VWHPVLQ/DWLQ$PHULFD$WWKH VDPHWLPHWKHSDQGHPLFKDVGULYHQVRPHVWDUWXSVWRUHFRJQL]HWKDWWKHLUHPSOR\HHVGRQRW DOZD\VQHHGWREHEDVHGLQDVLQJOHORFDWLRQLQRUGHUWREHSURGXFWLYH7KLVFRXOGOHDGWR FRPSDQLHVDFTXLULQJWDOHQWIURPZHOORXWVLGHRIWUDGLWLRQDOLQQRYDWLRQKXEV± ZKHUHWDOHQW VKRUWDJHVDQGWDOHQWZDUVDUHWKHQRUP

KWWSVZZZ\DKRRFRPQRZVRIWEDQNEDFNHGFUHGLWDVUHDFKHVKWPO

‹&RS\ULJKWRZQHGE\RQHRUPRUHRIWKH.30*,QWHUQDWLRQDOHQWLWLHV .30*,QWHUQDWLRQDOHQWLWLHVSURYLGHQRVHUYLFHVWRFOLHQWV$OOULJKWVUHVHUYHG 49&

xi Guide to Canadian Venture Capital & Private Equity Firms

1 32 DEGREES CAPITAL 635 8th Avenue SW Suite 650 Calgary, AB T2P 3M3 Canada Phone: 403-695-1069 Fax: 403-695-1069 e-mail: [email protected] web: www.32degrees.ca Mission Statement: Private equity firm focused on developing crude oil and natural gas reserves and production. Geographic Preference: Canada, United States Fund Size: $105 million Founded: 2004 Average Investment: $5 - $25 million Investment Criteria: Early-Stage Industry Group Preference: Oil & Gas Portfolio Companies: Sphere Energy, Corval Energy, Sitka Exploration, Canamax Energy, Western Oilfield Equipment Rentals, Core Line Pipe, HPC Energy Services, Vertex Resource Group, Artis Exploration, Rising Star Resources, Summerland Energy, Karve Energy Key Executives: Larry Evans, Founder & Managing Partner Education: University of Manitoba Background: Glacier Energy; Ice Energy; Avalanche Energy; Colony Energy Directorships: Artis Exploration; Corval Energy; Vertex Resource Group Mitch Putnam, Founder & Managing Partner Education: University of Alberta Background: Glacier Energy; Ice Energy; Avalanche Energy; Colony Energy Directorships: Canamax Energy; Summerland Energy; Karve Energy; Rising Star Resources; Sitka Exploration; HPC Energy Services Trent Baker, Managing Partner Education: Queen’s University Background: KPMG Directorships: Vertex Resource Group; CORE Linepipe; Sphere Energy Melissa Fabreau, Vice President Education: University of Calgary Background: Enerplus Corporation Directorships: Karve Energy; Sphere Energy Matt Bauer, Chief Financial Officer Education: University of Calgary Background: Korite International; Rothschild; Grant Thornton

2 4FRONT CAPITAL PARTNERS 47 Colborne Street Suite 303 Toronto, ON M5E 1P8 Canada Phone: 416-861-1100 web: www.4frontcapitalpartners.com

1 Guide to Canadian Venture Capital & Private Equity Firms

Mission Statement: 4Front Capital Partners us an independent investment bank focused on the growth of their companies in knowledge-based industries. Key Executives: John Travaglini, Chief Executive Officer Education: Wilfrid Laurier University Raj Natarajan, Partner/Vice President Education: MBA, Mark Kennedy, Managing Director Education: Wilfrid Laurier University; MBA, York University

3 500 STARTUPS CANADA Calgary, AB Canada web: 500canada.ca Mission Statement: Seed stage venture capital fund. Geographic Preference: Canada Fund Size: $30 million Founded: 2017 Investment Criteria: Early-Stage, Seed Portfolio Companies: AmpMe, ApplyBoard, Attendease, Avidbots, BenchSci, Chatkit, Chatter Research, Creative Market, dot Blockchain Music, Element AI, Finaeo, Fluent.ai, Homigo, Humi HR, Hysko, Innerspace, Keatext, Knotet, Local Logic, Logojoy, Lumotune, Mejuri, Meya.ai, Motorleaf, NestReady, Obie.ai, Play the Future, reDock, Shoelace, Smart Reno, Synervoz, Swept, Unito, Urbanlogiq, WayPay, Welltrack

4 7 GATE VENTURES 68 Water Street Suite 401 Vancouver, BC V6B 1A4 Canada e-mail: [email protected] web: 7gate.vc Mission Statement: 7 Gate Ventures funds technical founders to help them grow into billion-user companies. Founded: 2015 Other Locations: 2 Embarcadero Center 8th Floor San Francisco, CA 94111 Key Executives: Amir Vohooshi, Founding Managing Partner Background: Founder, Beeptunes.com; Founder/CEO, Rahnema Alireza Rahnema, Managing Partner Education: BSc, McGill University; MBA, Schulich School of Business Background: Co-Founder, ALCK Entertainment

2 Guide to Canadian Venture Capital & Private Equity Firms

5 ACCES CAPITAL QUEBEC 1000 route de l’Eglise Suite 2010 Quebec, QC G1V 3V9 Canada Phone: 418-684-8161 Fax: 418-650-7666 Mission Statement: Acces Capital Quebec invests in small and medium-sized technology and distribution companies based in Quebec, Canada. Geographic Preference: Quebec Founded: 1997 Minimum Investment: $100,000 Investment Criteria: Seed/Startup, Early/Mid/Late Venture, Buyout, Growth, Small and medium-sized companies Industry Group Preference: Commercial and Professional Services, Retailing, Medical Equipment and Instruments, Biotechnology, Information Technology Portfolio Companies: Audisoft, Biopharmacopae, Chlorophylle, Coveo Solutions, Creaform, Cybiocare, Epiderma, Distribution Alimentaire, Gecko, Groupe Conseil, Granicor, GDG Environnement Groupe, Groupe J.L. Leclerc, Habitation Mgr Deschenes, Korem, Tactic, LeddarTech, Lambert Somec, Marotech, Medicago, Myca, Novik, Opsens, Optosecurity, Resiver, Prevtec, Silicycle, Souris Mini, TeraXion, XD3 Key Executives: Serge Olivier, Managing Partner Education: BBA, Higher Commercial Studies, HEC Montreal Background: Investment Manager; SOQUIA; Investment Manager, Desjardins Venture Capital; Portfolio Manager, Capidem Lise Lapierre, Managing Partner Background: Samson Belaire/Deloitte & Touche

6 ACCESS CAPITAL CORPORATION 3080 Yonge St. Suite 4070 Toronto, ON M4N 3N1 Canada Phone: 416-366-4820 Fax: 416-366-5123 e-mail: [email protected] web: www.access-capital.com Mission Statement: Offers guidance to companies that are major buyers and sellers of electric power projects. Geographic Preference: North America, Canada Fund Size: $2.6 billion Founded: 1990 Investment Criteria: Acquisitions, Divestitures, Expansion Capital, Management Buyouts Industry Group Preference: Power Technologies, Financial Services, Engineering Key Executives: Robert S. McLeese, Founder & President Education: BSc, University of Western Ontario; MBA, McMaster University Directorships: ACI Energy George H. Cholakis, Senior Vice President Education: BSc, University of Toronto; MBA, York University Background: Vice President, Corporate Finance, Midland Doherty (subsequently Midland Walwyn and later Merrill Lynch), Toronto; Manager Corporate Finance and Manager Merchant Banking, Bank of Montreal, Toronto; Manager, Financial Planning.

3 Guide to Canadian Venture Capital & Private Equity Firms

Directorships: Vice Chairman, Toronto Board of Trade Electricity Task Force;Executive Committee, Stakeholders Alliance For Competition and Customer Choice (“SAC”).

7 AIP PRIVATE CAPITAL Royal Bank Plaza, South Tower 200 Bay Street Suite 3240 Toronto, ON M5J 2J5 Canada Phone: 416-601-0808 Fax: 888-900-4123 Toll-Free: 855-275-0868 e-mail: [email protected] web: aipprivatecapital.com Mission Statement: AIP Private Capital is an investment firm focused on providing private equity and venture debt financing to emerging growth businesses. Geographic Preference: Canada, United States, South America, Europe Founded: 2010 Average Investment: $1 - $5 million Investment Criteria: Emerging, Management Buyouts, Recapitalizations, Turnarounds, Corporate Divestitures, Acquisitions, Industry Group Preference: Financial Services, Business Products & Services, Clean Technology, Information Technology, Transportation, Oil & Gas Portfolio Companies: Arkados Group, BioGanix, Carl Data Solutions, Cannabix Technologies, Next Door Lending, Relevium Technologies, Smart Autonomous Solutions, SolBright Renewable Energy, Torino Power Solutions, West Point Resources Other Locations: Moscow Embankment Tower 10 Presnenskaya Naberezhnaya Block C Moscow 123317 Russia Korea Teachers Pension, 9th Floor Yeouido-dong Yeongdeungpo-Gu Seoul 150-742 South Korea Dubai Trade, 10th Floor Limitless Galleries Building 4 Downtown Jebel Ali Dubai United Arab Emirates Key Executives: Alex Kanayev, Managing Partner Education: San Diego State University; MBA, York University; CPA Background: Senior VP, Sprott Asset Management; Portfolio Manager, BMO Financial Group; Managing Partner, Goldman & Partners; Managing Director, RUS Communications Directorships: Capital Guardian

8 ALBERTA ENTERPRISE Suite 1405, TD Tower 10088 102 Avenue Edmonton, AB T5J 2Z2 Canada Phone: 587-402-6601 Fax: 587-402-6612 Toll-Free: 877-336-3474

4 Guide to Canadian Venture Capital & Private Equity Firms

e-mail: [email protected] web: www.alberta-enterprise.ca Mission Statement: Alberta Enterprise partners with proven VC technology funds investing in Alberta. Geographic Preference: Alberta Fund Size: $440 million Founded: 2008 Industry Group Preference: Software, Internet, Media, Manufacturing, Clean Technology, Energy, Medical Devices, Life Sciences, Pharmaceuticals, Electronics Portfolio Companies: 32 Degrees Capital, Accelerate Fund, Avrio Capital, Azure Capital Partners, Builders VC, Chrysalix, EnrTech Capital, iNovia Capital, McRock Capital, Panache Ventures, Relay Ventures, Yaletown Key Executives: Kristina Williams, President & CEO Education: Master of Laws, Uppsala University; MBA, University of Alberta Background: Director of Marketing, Cevena Bioproducts; VP Marketing, Natraceutical Canada Directorships: TEC Edmonton Rebecca Giffen, Director of Investments Education: BComm, Haskayne School of Business, University of Calgary Background: Director of Fund Investments, BDC Venture Capital Paul Godman, Director of Investments Education: ; University of Calgary Background: EnCana

9 ALBERTA INVESTMENT MANAGEMENT CORP. 10250 101 Street NW Suite 1600 Edmonton, AB T5J 3P4 Canada Phone: 780-392-3600 web: www.aimco.alberta.ca Mission Statement: Alberta Investment Management Corp. is one of the largest institutional investment managers in Canada. A Crown corporation of the Province of Alberta, AIMCo seeks to produce superior, long-term investment results through good governance and the pursuit of the best investment opportunities around the world. Fund Size: $108.2 billion Founded: 2008 Industry Group Preference: Real Estate, Infrastructure Portfolio Companies: Axcan Pharma, CCS, Cengage, Ceridian, DGAM, Generac, GLM Industries, KMC Mining, RTL-Westcan, TransAlta Corp. Other Locations: 100 King Street West Suite 5120 PO Box 51 Toronto, ON M5X 1B1 Canada Phone: 647-789-5700 72 Welbeck Street 4th Floor London W1G 0AY United Kingdom Phone: 44 (0)20 3102 1909 Key Executives: Kevin Uebelein,CEO Education: BBA, Harding Univeristy; MBA, Rice University

5 College/University Index / Harvard University

Acadia University City University of New York General Assembly Tyson Birchall, 153 Peter Kalkanis, 214 Lauren Robinson, 122 Amherst College Columbia University George Brown College Paulus J Ingram, 223 Marc Beauchamp, 181 Marat Mukhamedyarov, 113 Habib Kairouz, 214 Amsterdam School of Economics Paul Lucas, 127 Georgian College Deborah de Rooij, 223 Stephan Siegel, 246 Marat Mukhamedyarov, 113 Gabriel de Alba, 48 Aston Business School Graduate School of Mgmt, Koblenz Ha Nguyen, 165 Concordia University Boriz Wertz, 255 Joe Canavan, 176 Ben Gurion University Cam Di Prata, 108 Grenoble Institute of Technology Gideon Soesman, 117 Michael Griffiths, 144 Ludovic André, 63 Brent G. Hughes, 66 Berkeley School of Public Health Colin King, 65 Grinnell College Joel Finlayson, 124 Stefano Lucarelli, 30 Siddharth Srivastava, 165 Khalil Maalouf, 265 Bishop’s University Dale MacMaster, 9 Gubkin State University Sasha Jacob, 50 Genevieve Morin, 94 Marat Mukhamedyarov, 113 Don McKelvie, 61 David Nault, 154 Sam Saintonge, 265 Jerome Nycz, 30 HEC Montreal Zoya Shcuhpak, 131 Marie-Claude Boisvert, 57 Booth School of Business Gregoire Tremblay, 47 André Gauthier, 236 Michael Eisinger, 189 Isabelle Lechasseur, 63 Cornell University Philippe Leroux, 235 Boston College Mitch Green, 56 Genevieve Morin, 94 Mark Gordon, 183 Habib Kairouz, 214 Serge Olivier, 5 Larry Tanenbaum, 144 Claude Vachet, 68 Boston University Eric Berke, 247 Dalhousie University HEC Paris Jeff Grammer, 214 Peter Bilodeau, 97 Ludovic André, 63 Ugur Kilic, 50 Carl Burlock, 87 Eamonn McConnell, 142 Gideon Soesman, 117 Stephen Denton, 226 Tom Eisenhauer, 40 Harding University Bowdoin College Joel Finlayson, 124 Kevin Uebelein, 9 Ryan Giles, 250 Jody Forsyth, 14 Alex MacBeath, 139 Hartford University Bowling Green State University Chris Moyer, 191 Jerome Nycz, 30 Brad Seaman, 189 Yann Robard, 264 Brice Scheschuk, 109 Harvard Business School Bradeis School of Law Michael Siltala, 262 Dan Baum, 219 Tianpeng Wang, 170 Jeff Van Steenbergen, 25 Hubert Birner, 251 Peter Williams, 14 Joe Canavan, 176 Brigham Young University Allan Crosbie, 64 Andrew Ray, 130 Darden School of Business Matthew Cross, 142 William Powell, 42 Samuel L. Duboc, 78 Brown University Olivier Dufourmantelle, 46 Oliver Haarmaan, 227 Dartmouth College Andrew J. Fortier, 37 JamesT.Kiernan,61 Peter Clark, 118 Oliver Haarmaan, 227 Peter Clark, 191 Catherine Herring, 190 Bucknell University Richard Nathan, 142 Thomas Kaneb, 169 Robert Le Blanc, 184 Derek Senft, 98 Patrick Keefe, 43 Derek Senft, 193 Stephan Klee, 200 Caleton University Derek Senft, 249 Richard MacKellar, 53 Bernie Zeisig, 170 Mark MacTavish, 183 DeGroote School of Business Brian Paes-Braga, 221 California Institute of Technology Colin Walker, 64 Gilbert S. Palter, 78 Neena Kadaba, 204 David G. Samuel, 37 Micah Siegel, 253 Duke University Gerry Schwartz, 184 Regan Li, 58 Alan G. Sellery, 138 California State University Andrew Sheiner, 10 Gordon Smythe, 170 ESADE Business School Lawrence Stevenson, 57 Gina Domanig, 81 Scott Werry, 10 Cambridge University Eric Zinterhofer, 227 Joel Finlayson, 124 ESC Nice Maor Amar, 126 Harvard College Carleton University Paul Desmarais III, 200 Sean Brownlee, 214 Ecole Polytechnique Ryan Haughn, 221 Claude Vachet, 68 Harvard University Byron Horner, 60 Richard Bradlow, 194 Peter Lawler, 30 Foreign Trade University Hugh Cleland, 217 Rob MacLellan, 179 Ha Nguyen, 165 Olivier Dufourmantelle, 46 Pablo Srugo, 170 Sean Karamchandani, 195 Franklin College JamesT.Kiernan,61 Case Western Reserve University Matteo Volpi, 49 Vernon Lobo, 173 Mike Biddle, 86 Rob MacLellan, 179

161 Executive Name Index

A Boulanger, Brian, 16 Cross, Matthew, 142 F Abbott, Shawn, 132 Bourque, Donna, 130 Cross, Stacey, 244 Fabreau, Melissa, 1 Abouchar, Andrew, 237 Bowes, Jessica, 35 Croxon, Bruce, 218 Fallon, Julie, 51 Adamek, Peter, 225 Bowman, Tim, 31 Cubitt, Code, 170 Faraone, Steve, 192 Adderley, David, 51 Bradlow, John, 194 Culham,Harry,54 Farmer, Ron, 173 Ainsworth, Ian, 88 Bradlow, Richard, 194 Cunning, Matt, 153 Farnsworth, Jim, 25 Albright, John, 211 Bramer, Robert, 190 Currie, Lauchlan, 16 Farquhar, Sharon, 80 Alexandrian, Narbe, 46 Branchflower, Michael, 180 Curry,Michael,136 Farrar, James, 228 Allen, Peter A., 167 Brandon, Cheryl, 258 Czornyj, Adrianna, 195 Fawcett, David, 83 Allman, Denis, 194 Brandt, Michael, 172 Feeney, Gordon, 257 Altug, Okan, 50 Breslin, Adam, 194 D Felesky, Adam, 200 Amar, Maor, 126 Brooks, Jason, 137 Dan, Aubrey, 69 Fich, Nicole, 194 Amato, Bert, 112 Broten, Laurel C., 180 Danard, Chad, 250 Finkelstein, Kenny, 146 Ampleford, Glen, 47 Brothman, Daniel, 199 Daniels, Marcus, 122 Finlayson, Joel, 124 Anastasopoulos, Chris, 77 Brown, Kevin, 16 Davies, Rhiannon, 222 Flater, Graham, 101 André, Ludovic, 63 Brown, Andrew, 27 Davis, Kim, 256 Flatt, Bruce, 42 Antoniades, Robert, 128 Brown, Kerry, 96 de Alba, Gabriel, 48 Flemons, Wade, 193 Appleyard, James, 100 Brown, Dave, 215 de Rooij, Deborah, 223 Foisy, Jacques, 181 Armstrong, Curtis, 148 Brownlee, Sean, 214 DeCaire, Ryan, 21 Foley-Wong, Bonnie, 198 Arsenault, Chris, 132 Brunk, Gerry, 155 DeCarie, Catherine, 87 Foo, Gavin, 179 Ashley, Bradley W., 201 Bryan, Scott, 85 Dellenbach, Hans, 81 Foote, Stephen, 179 Astle, Tom, 71 Buchanan, Doug, 114 DeLuca, Dino, 250 Forest, Sophie, 41 Atiq, Fred, 177 Bukovinsky, Eric, 266 Denham, Michael, 30 Forsyth, Jody, 14 Atiq, Sikandar, 177 Bundy, Brock, 257 Dent, Stephen J., 37 Fortier, Andrew J., 37 Audsley, Lorraine, 87 Bunting, Aaron, 221 Dent, James, 163 Fraquelli, Luigi, 108 Avnur, Zafrira, 204 Burgess, Andy, 219 Denton, Stephen, 226 Fraser, Malcolm, 130 Axon, Robin, 157 Burlock, Carl, 87 Derks, Menno, 223 Freedman, Joe, 42 Butt Thibodeau, Stephanie, 87 DeZwirek, Gurion, 229 Fregin, Doug, 203 B Desmarais III, Paul, 200 Friesen, Albert D., 52 Baker, Trent, 1 C Dhami, Narinder, 160 Baker, Eric, 169 Cabigon, Mike, 96 Dhonte, Sebastien, 56 G Baker, Alex, 211 Calloch, Yves, 70 Di Nardo, Bill, 85 Galloway, Devon, 102 Bakshi, Rajiv, 158 Campbell, Stephen, 62 Di Prata, Cam, 108 Garbe, Michael, 216 Balaban, Steve, 168 Campbell, Rod, 257 DiPucchio, Rocco, 48 Gauthier, André, 236 Barbara, Rob, 43 Canavan, Joe, 176 Diamond, Carey, 263 Gavin, Rob, 264 Barclay, Dan, 38 Carlson, Mark, 23 Diamond, Shayn, 263 Gelinas, Simon, 26 Bashir, Imran, 88 Cassaday, Jake, 211 Dickinson, Arlene, 74 Georgacacos, Aki, 24 Bauer, Matt, 1 Castellarin, Michael, 56 Dielwart, John, 16 Gertner, Lorne, 123 Baum,Dan,219 Catalano, Justin, 91 Dimou, Mary, 46 Ghai, Vipon, 158 Bawa, Hussein K., 197 Catalfamo, Joe, 234 Dixon, Michael, 245 Giacomelli, Ed, 64 Baylin, Gregory, 183 Causgrove, Tanya, 16 Dobbin, Mark, 143 Giffen, Rebecca, 8 Bazazi, Mo, 93 Cegelski, Mike, 187 Domanig, Gina, 81 Gilbert, Daryl, 141 Beattie, Randy, 196 Cerra, Italo, 35 Donatelli, Mark, 33 Giles, Ryan, 250 Beattie, Geoff, 211 Chabra, Roger, 214 Dong, Candy, 209 Gillani, Karim, 154 Beauchamp, Marc, 181 Chamberlain, Alex, 136 Doyon, Eric, 82 Glassman, Newton, 48 Beauparlant, Pierre, 245 Chan, Ryan, 228 Drewlo, Norm, 233 Godman, Paul, 8 Beber, Justin, 42 Chapman, Tim, 79 Drowse, Peter, 138 Golden, Matt, 112 Begert, Brian, 267 Chapman, Matthew, 247 Dubczak, Roman S., 54 Golden, Kerri, 128 Belford, Jeff, 250 Chapman, Dave, 267 Duboc, Samuel L., 78 Goldenberg, Axel, 50 Bellerive, Gerry, 210 Charlton, Jim, 118 Dubreuil, Pierre, 30 Goldgut, Harry, 42 Belzberg, Brent, 236, 247 Cheadle, David, 49 Dufourmantelle, Olivier, 46 Golinowski, Craig, 141 Bennett, Cathy, 222 Chen, Jesson, 204 Duguid, Rob, 196 Goodman, Jordan, 21 Berenstein, Jason, 74 Cherun,Robert,22 Duncan, Michael, 64 Gordon, Mark, 183 Bergen, Warren, 23 Cheung, Liam, 235 Dunfield, Ryan, 221 Gottesman, Eric, 144 Berke, Eric, 247 Chiarelli, Paul, 259 Dunlop, Scott, 59 Goulard, Janelle, 208 Bernier, Jacques, 243 Choi, Thomas, 225 Govan, Chris, 184 Berton, John, 107 Cholakis, George H., 6 E Graham, Michael, 182 Bessette, Guy, 82 Chong, Simon, 107 Eckert, John, 174, 218 Grammer, Jeff, 214 Betsalel, Richard, 64 Choudhary, Bharat, 262 Egan, Michael, 257 Green, Mitch, 56 Bey, Stephan, 34 Chung, Patrick, 229 Eisenhauer, Tom, 40 Greenberg, Alan, 117 Bhalwani, Arif N., 197 Clark, Ric, 42 Eisinger, Michael, 189 Griffiths, Michael, 144 Bharat, Raghu, 63 Clark, Scott, 62 Eisler, David, 210 Grunberg, Lee M., 201 Biddle, Mike, 86 Clark, Peter, 118, 191 Eldridge, Paul, 101 Gubbels, Michael, 264 Bilodeau, Peter, 97 Cleland, Hugh, 217 Elgner, Claude, 79 Gupta, Shyam, 266 Birchall, Larry, 153 Cochrane, Greg, 257 Elgner, Roger, 79 Gupta, Sophie, 266 Birchall, Tyson, 153 Cohen, Matt, 216 Elishis, Isser, 258 Birner, Hubert, 251 Collings, Greg, 101 Elliott, Jim, 39 H Bishop, Andrew, 34 Cook, Charles, 72 Elliott, William, 80 Haarmaan, Oliver, 227 Bisson, Cédric, 243 Coote, Kim, 263 Elman, Dr. Sheldon, 195 Hall, Matt, 62, 161 Biswas, Samir, 13 Coppinger, Liam, 158 Elman, Stuart M., 195 Hamamci, Ruchan, 50 Black,Richard,93 Cormier, Guy, 70 Enns, Marcus, 52 Hambrook, Barclay W., 15 Blackburn, William, 144 Cote, Diane, 166 Erickson, Chris, 188 Handreke, Patrick W.A., 230 Blaney, J. Peter, 127 Cournoyer, JS, 207 Es Sabar, Karimah, 204 Hardin, Jim, 23 Blattman, Barry, 42 Couture, Luc, 243 Escobar, Sergio, 29 Hardy, Roger, 119 Blidner, Jeff, 42 Crawford, Ryan, 141 Evans, Larry, 1 Harris, Richard, 98 Boisvert, Marie-Claude, 57 Creasey, Fred, 230 Exshaw, Christian, 54 Harris, Christopher, 125 Bok, James, 46 Crosbie, Allan, 64 Harrison, Nancy, 12

167 Geographic Index

AB VRG CAPITAL, 257 32 DEGREES CAPITAL, 1 YALETOWN VENTURE PARTNERS, 266 500 STARTUPS CANADA, 3 YELLOW POINT EQUITY PARTNERS, 267 ALBERTA ENTERPRISE, 8 ALBERTA INVESTMENT MANAGEMENT CORP., 9 MB ANNAPOLIS CAPITAL, 14 CENTRESTONE VENTURES, 52 APECTEC, 15 RED LEAF CAPITAL, 209 ARC FINANCIAL, 16 RICHARDSON CAPITAL, 215 AVAC , 2 3 AVRIO CAPITAL, 24 NB NEW BRUNSWICK INNOVATION FOUNDATION, 175 AZIMUTH CAPITAL MANAGEMENT, 25 2 CBI CAPITAL, 49 NL CROWN CAPITAL PARTNERS, 66 KILLICK CAPITAL, 143 DISTRICT VENTURES CAPITAL, 74 PELORUS VENTURE CAPITAL, 191 FOUNDATION EQUITY CORPORATION, 96 INTRINSIC VENTURE CAPITAL, 135 NS INVICO CAPITAL CORPORATION, 137 BIOENTERPRISE, 35 JOG CAPITAL, 141 BUILD VENTURES, 43 KENSINGTON CAPITAL PARTNERS, 142 GROWTHWORKS, 118 LONGBOW CAPITAL, 153 INNOVACORP, 130 MCROCK CAPITAL, 165 NOVA SCOTIA BUSINESS INC., 180 NEXT EQUITIES, 177 PELORUS VENTURE CAPITAL, 191 PANACHE VENTURES, 187 SEAFORT CAPITAL, 226 PRIVITI CAPITAL, 202 TECHNOCAP, 238 REGIMEN PARTNERS, 210 SAF GROUP, 221 ON THE WESTERN INVESTMENT COMPANY OF CANADA, 244 4FRONT CAPITAL PARTNERS, 2 TRIWEST, 250 ACCESS CAPITAL CORPORATION, 6 WESTERN AMERICA CAPITAL GROUP, 261 AIP PRIVATE CAPITAL, 7 YALETOWN VENTURE PARTNERS, 266 ALBERTA INVESTMENT MANAGEMENT CORP., 9 ALTAS PARTNERS, 10 BC AMPLITUDE, 12 7 GATE VENTURES, 4 ANCIENT STRAINS, 13 AMPLITUDE, 12 ARCTERN VENTURES, 17 ARDENTON, 18 ARDENTON, 18 BC RENAISSANCE CAPITAL FUND, 28 ARGOSY PARTNERS, 19 BCF VENTURES, 29 ARVA LIMITED, 20 BIOENTERPRISE, 35 ASHBRIDGE PARTNERS, 21 BOND CAPITAL, 39 AUXO MANAGEMENT, 22 CHRYSALIX, 53 AVRIO CAPITAL, 24 CM PARTNERS 1021 West Hastings Street, 58 BANYAN CAPITAL PARTNERS, 26 COPPERLION CAPITAL, 60 BAYSHORE CAPITAL, 27 DISCOVERY CAPITAL, 72 BEDFORD CAPITAL, 31 DOVENTI CAPITAL, 75 BERINGER CAPITAL, 32 EVOK INNOVATIONS, 86 BEST FUNDS, 33 FOUNDERS GROUP OF FOOD COMPANIES, 98 BINGLEY CAPITAL, 34 FRAMEWORK VENTURE PARTNERS, 99 BIOENTERPRISE, 35 FULCRUM CAPITAL PARTNERS, 101 BIOINDUSTRIAL INNOVATION CANADA, 36 GOAL HOLDINGS, 110 BIRCH HILL EQUITY PARTNERS, 37 GROWTHWORKS, 118 BMO CAPITAL MARKETS, 38 HARDY CAPITAL PARTNERS, 119 BRIGHTSPARK VENTURES, 41 HEADWATER EQUITY PARTNERS, 120 BONNEFIELD FINANCIAL, 40 HIGHLAND WEST CAPITAL, 121 BROOKFIELD ASSET MANAGEMENT, 42 HIGHLINE BETA, 122 CANADIAN BUSINESS GROWTH FUND, 45 KENSINGTON CAPITAL PARTNERS, 142 CANOPY RIVERS, 46 LIGHTHEART MANAGEMENT PARTNERS, 150 CARPEDIA CAPITAL, 47 LIGHTHOUSE EQUITY PARTNERS, 151 CATALYST CAPITAL GROUP, 48 LUMIRA CAPITAL, 155 CCEI, 50 PANGAEA VENTURES LTD, 188 CELTIC HOUSE VENTURE PARTNERS, 51 PARALLEL49 EQUITY, 189 CIBC CAPITAL MARKETS, 54 PENDER WEST CAPITAL PARTNERS, 193 CIBC INNOVATION BANKING, 55 PIQUE VENTURES, 198 CLAIRVEST GROUP, 56 QUARK VENTURE, 204 CLEARSPRING CAPITAL PARTNERS, 57 RECAPHEALTH VENTURES, 208 COBALT CAPITAL, 59 REGIMEN PARTNERS, 210 COVINGTON CAPITAL CORP., 62 RENEWAL FUNDS, 213 CREDIT MUTUEL EQUITY, 63 SAF GROUP, 221 CROSBIE & COMPANY, 64 SCALEUP VENTURES, 224 CROSSWINDS HOLDINGS INC., 65 SECOND CITY REAL ESTATE, 228 CROWN CAPITAL PARTNERS, 66 STERN PARTNERS, 233 DANCAP PRIVATE EQUITY, 69 TELUS VENTURES, 240 DIFFERENCE CAPITAL, 71 TENX VENTURES, 241 DISRUPTION VENTURES, 73 TOP RENERGY INC., 246 DREAM MAKER VENTURES, 76 TRICOR PACIFIC CAPITAL, 249 DRI CAPITAL, 77 VANCITY CAPITAL, 252 EDGESTONE CAPITAL PARTNERS, 78 VANEDGE CAPITAL PARTNERS, 253 ELGNER GROUP INVESTMENTS, 79 VERSION ONE VENTURES, 255

171 Industry Preference Index / Business Products & Services

Advanced Manufacturing & Materials YALETOWN VENTURE PARTNERS, 266 ARCTERN VENTURES, 17 Asset Management Advanced Materials CHRYSALIX, 53 EMERALD TECHNOLOGY VENTURES, 81 CROSSWINDS HOLDINGS INC., 65 GROWTHWORKS, 118 MARS INVESTMENT ACCELERATOR FUND, 162 Automotive PANGAEA VENTURES LTD, 188 ELGNER GROUP INVESTMENTS, 79 TANDEM EXPANSION FUND, 236 TRELLIS CAPITAL CORPORATION, 248 Aviation COPPERLION CAPITAL, 60 Advanced Technologies DISCOVERY CAPITAL, 72 B2B GCI CAPITAL, 103 Aerospace GOOD NEWS VENTURES, 113 KILLICK CAPITAL, 143 MISTRAL VENTURE PARTNERS, 170 Aerospace, Defense and Government B2B Software NEW BRUNSWICK INNOVATION FOUNDATION, 175 FOUNDATION EQUITY CORPORATION, 96 NOVA SCOTIA BUSINESS INC., 180 ONEX PARTNERS, 184 Banking PORTAG3 VENTURES, 200 PARKVIEW CAPITAL PARTNERS, 190 Agricultural Technologies Big Data FIRST ASCENT VENTURES, 93 AVAC , 2 3 GOOD NEWS VENTURES, 113 BIOENTERPRISE, 35 GOAL HOLDINGS, 110 Biochemicals & Biomaterials Agriculture BIOINDUSTRIAL INNOVATION CANADA, 36 AVRIO CAPITAL, 24 Bioenergy BOND CAPITAL, 39 BIOINDUSTRIAL INNOVATION CANADA, 36 BONNEFIELD FINANCIAL, 40 CHRYSALIX, 53 Biofuel FARM CREDIT CANADA, 89 BIOINDUSTRIAL INNOVATION CANADA, 36 PANGAEA VENTURES LTD, 188 WESTCAP, 260 Biopharmaceuticals CTI LIFE SCIENCES, 67 All Sectors Considered DRI CAPITAL, 77 CLAIRVEST GROUP, 56 LUMIRA CAPITAL, 155 FONDS DE SOLIDARITE FTQ, 95 Biotechnology Alternative Energy ACCES CAPITAL QUEBEC, 5 TRELLIS CAPITAL CORPORATION, 248 FARM CREDIT CANADA, 89 GENESYS CAPITAL, 105 Analytics INDURAN VENTURES INC., 127 FIRST ASCENT VENTURES, 93 INITIATIVE CAPITAL LIMITED, 129 Apparel TERA CAPITAL CORPORATION, 242 ENTREPRENEUR CAPITAL, 82 Blockchain KILMER CAPITAL PARTNERS, 144 CHRYSALIX, 53 Applications LUGE CAPITAL, 154 MISTRAL VENTURE PARTNERS, 170 GOOD NEWS VENTURES, 113 Architecture Building Innovation GREENSOIL INVESTMENTS, 117 HILL AND GERTNER CAPITAL CORP., 123 Artificial Intelligence Building Materials & Resources SCOTIABANK PRIVATE EQUITY, 225 BRIGHTSPARK VENTURES, 41 CHRYSALIX, 53 Building Materials & Services FIRST ASCENT VENTURES, 93 XPV WATER PARTNERS, 265 FREYCINET INVESTMENTS, 100 GEORGIAN PARTNERS, 107 Building Products GLOBALIVE, 109 SIGNAL HILL EQUITY PARTNERS, 230 GOLDEN VENTURE PARTNERS, 112 GOOD NEWS VENTURES, 113 Business & Consumer Services IGAN PARTNERS, 124 IMPERIAL CAPITAL, 125 INOVIA CAPITAL, 132 SIGNAL HILL EQUITY PARTNERS, 230 LUGE CAPITAL, 154 MANTELLA VENTURE PARTNERS, 157 Business Products & Services MAPLE LEAF ANGELS, 159 AIP PRIVATE CAPITAL, 7 MISTRAL VENTURE PARTNERS, 170 CARPEDIA CAPITAL, 47 NEXT CANADA, 176 CLEARSPRING CAPITAL PARTNERS, 57 PLAZA VENTURES, 199 DESJARDINS CAPITAL, 70 PORTAG3 VENTURES, 200 EDGESTONE CAPITAL PARTNERS, 78 RBC CAPITAL MARKETS, 206 GRANITE PARTNERS, 114 VANEDGE CAPITAL PARTNERS, 253 IRONBRIDGE EQUITY PARTNERS, 138

175 Portfolio Companies Index

Numeric Airex Energy, 68 Approvisionnement Populaire, 70 01 Communique, 33 Airstream, 88 Apptentive, 112 AirVM, 43 Apptonomy Mobile Technologies, 130 A Aislelabs, 214, 218 Aptinyx, 105 A&A Trading, 89 AIT, 184 Aqualitas, 115, 130 A&W, 247 AKQA, 54 Aquamiel Tequilla, 97 A. & D. Prevost, 70 Alan, 200 Aquatic Informatics, 265 A. & L. Pinard, 95 Alary, 95 Arbell Electronics, 70 A.S. Nettoyage, 95 Alate Partners, 211 Arctic Chiller Group, 101 A.T.L.A.S. Aeronautique, 70 AlayaCare, 132, 145, 159, 208 ArcticDX, 33 A.V. Gauge & Fixture, 138 Albert, 200 Ardent Hire Solutions, 227 A2M, 188 Albert Perron, 70 Ardeo Imaging, 52 Abc Environnement, 95 Alberta Newsprint Company, 233 Aria, 260 Abipa Canada, 95 Aleafia, 229 Arkados Group, 7 ABK Biomedical, 130 Alentic Miscroscience, 130 Armand Agra, 98 Abridean, 171 Alexander Mann Solutions, 182 Armeco, 95 Abstract, 255 Algolux, 84 Armel Corporation, 27 Acalvio, 214 Algorithmics, 54 Armored Things, 132 Accel Entertainment, 56 ALI Technologies, 72 Armtec Limited, 42 Accelerate Fund, 8 Alignvest Management Corporation, 109 Arriva Pharmaceuticals, 54 Acceo Solutions, 70, 95 Alimentation Coop Port-Cartier, 95 Art For Everyday, 19 Accipiter, 201 Alimentation Francis Gravel, 70 Article, 218 Acclaris, 171 Alimentation L’epicier, 95 Artis Exploration, 1 Accucam Machining, 101 Aliments Urbains, 95 ARTMS, 204 ace2three.com, 56 Alithya, 240 Arxx Building Products, 171 Acema Importations, 70 All Gold Imports, 210 ARXX ICF, 33 ACI, 64 Alliance Corp., 138 Ascenta Health, 24 ACI Brands, 101 Allocadia, 132, 241 Asmacure, 95 Acier Fastech, 95 Allstream, 48 Aspect Biosystems, 188 Acier Majeau, 70, 95 AllWest Insurance Services, 121, 140 Asprevea Pharmaceuticals, 72 Acquisio, 95 Allylix Canada, 24 Assent, 93 Action Mecanique, 70 Almonde, 54 Asset Matrix, 33 Action X, 112 Alongside, 103, 175 Associated Freezers Corporation, 125 Active Industrial Solutions, 190 Alphablock, 241 Astound Inc., 242 ACTO, 88, 113, 162, 187 AlphaICs, 81 Atelier D’Usinage Quenneville, 95 Acto, 159 Also Energy, 56 Atelier Progun, 95 Acuity, 33 Altaire, 75 Atelier Tangente, 95 Ada Support, 255 Altasciences, 144 Ateliers Cfi Metal, 70 Adapsyn Bioscience, 105 Altex Energy, 25 Atelka, 144 Adaptive Insights, 128 Altopa Inc., 262 Athletica Sport Systems, 101 Adaytum, 54 Alumni Educational Solutions, 138 Athos Services Commemoratifs, 95 Addenda Capital, 95 Alutrans Canada, 70 Atiti, 246 Adelard Soucy, 95 Alyce, 112 Atlantic Cedar Products, 24 Adfinitum, 118 Alyotech Canada, 70 Atlantic Horticulture, 89 AdHawk Microsystems, 41 AmacaThera, 155 Atlantic Motor Labs, 130 AdmitHub, 211 Amatis, 117 Atlas-SSI, 265 Adperfect, 151 Amaya Gaming Group, 70 Atomic Reach, 106 Adracare, 124 Ambulance Medilac, 70 Atrium Innovations, 95 Advance Engineered Products, 138 Amecci, 95 Attendease, 3 Advanced BioNutrition, 81 Amh Canada Ltee, 95 Attraction Media, 70 Advanced Interactive Systems, 54 Ample Organics, 115, 262 Auberge Et Spa Le Nordik, 95 Advantage, 48 AmpMe, 3 Auberge Relais Lac Cache, 95 Adventure Gold, 95 Anaergia, 236 Audible Reality, 187 Aera, 107 Anandia Labs, 115 Audisoft, 5 Aeroport International De Mont-Tremblant, 95 Andela, 122 Augur, 124 Affinio, 43, 218 Anderson Group, 70 Auld Phillips, 233 Afinity Life Sciences, 23 Andre Potvin Cuisine/Salle De Bain, 70 Aura Health Corp., 97 Agada Bioscience, 130 Andrew Davidson & Company, 171 Aurigen, 78 Agence De Securite Mirado, 70 Andy Transport, 95 Aurinia Pharmaceuticals, 155 AGF Group, 95 Anessa, 175 Aurizon Mines Ltd, 95 Agile Systems, 33 AngelList, 211, 255 Aurora Cannabis Inc., 111 Agilence, 171 Angstrom Power, 28 Aurvista Gold Corporation, 95 AgnioChem, 171 Ani-Mat, 95 Authentic Brands Group, 146 Agora Communication, 95 AnimaPlus, 195 Auticon, 235 AgriBiotics, 24 Anova Fertility & Reproductive Health, 195 Autobus Dionne, 70 Agribiotics Inc., 89 Antares Pharma, 171 Autobus Dufresne, 70 Agripharm, 46 Antibe Therapeutics, 23 Autobus Lion, 95 Agrisoma Biosciences, 68 Antio Therapeutics, 155 autograph, 224 Agritibi R.H., 95 Antiva Biosciences, 155 Automat, 211 Agro-100 Ltee, 95 AOMS, 41 AutoServe1, 172 Agro-Bio Controle, 95 aon3D, 187 AutoSource, 184 Agrocentre Belcan, 95 Apeks, 33 AutoSource Motors, 183 AIM Health Group, 33, 125 Aphria, 229 Auvents W. Lecours, 95 Ainsworth Lumber, 42 AppDirect, 132 Auvik, 51, 214 Aiotv, 130 AppHero, 112 AVA, 2 5 3 Airband, 171 Appili Therapeutics, 130 Avalon, 111 Airborne Intl., 188 ApplyBoard, 3, 103, 112 Aveanna Healthcare, 194

185