PRELIMINARY

VC & PE CANADIAN MARKET OVERVIEW

// Q1 2020

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // PRELIMINARY Q1 2020

If you would like to have your firm included in future reports, please contact dkornacki@cvca.ca

CVCA thanks the following firms who participated in its Q1 2020 survey.

PARTICIPATING DATA CONTRIBUTORS

7 Gate Ventures

AmorChem Fund

Amplify Capital

Amplitude Ventures

Anges Quebec

Anges Quebec Capital

Arctern Ventures

AVAC Ltd.

BCF Ventures

Brightspark Group

CIBC Innovation Banking

CIC Capital Ventures

Clanton Capital Inc.

Connexus Credit Union

CTI Life Sciences

Cycle Capital Management/EcoFuel

Dash40 Ventures

Emerald Technology Ventures

Espresso Capital Ltd.

Evok Innovations

Ferst Capital

Fight Against Cancer Innovation Trust

First Ascent Ventures

Fonds Innovexport

Framework Ventures

Freycinet Ventures

Good News Ventures

GreenSoil Investments

HIGHLINE

iGan Partners

Information Venture Partners

Innovacorp

inovia Capital

Island Capital Partners

Klass Capital

Luge Capital

Lumira Ventures

MaRS IAF

McRock Capital

Mistral VP

Naventures (National Bank of Canada)

New Brunswick Innovation Foundation

OMERS Ventures

Ontario Capital Growth Corporation

Panache Ventures

Pangaea Ventures

Portag3 Ventures

Quantius

Quark Venture

Radical Ventures

Real Ventures

Relay Ventures

Renewal Funds

Ripple Ventures

Roadmap Capital

Round 13

Ryerson Futures

Sectoral Asset Management Inc.

Tactico Inc.

Tandem Expansion

TandemLaunch

TELUS Ventures

Top Renergy

TVM Life Sciences

V3-Ventures

Vanedge Capital Partners

Venbridge Ltd.

VentureLink Funds

Versant Ventures

White Star Capital

Whitecap Venture Partners

Venture Capital Firms32 Degrees Capital

ARC Financial

Ardenton Capital Corporation

BDC Growth Equity

BDC GTC

BMO Capital Partners

Bond Capital

CAI Capital Partners

Canadian Business Growth Fund

Capital Financière Agricole

Clairvest Group Inc.

Clearspring Capital Partners

First West Capital

Founders Group of Food Compa-nies Inc.

Fulcrum Capital Partners

Highland West Capital

InstarAGF Asset Management

Ironbridge Equity Partners

Kayne Capital

Killick Capital Inc.

m2s Capital

Mink Capital

Mosaic Capital Corporation

Novacap Management Inc.

PenderFund Capital Management

Persistence Capital Partners

PFM Capital Inc

PRIVEQ Capital Funds

Regimen Equity Partners

Seafort Capital

Swander Pace Capital

TriWest Capital Partners

Vistara Capital Partners

Westcap Mgt. Ltd

Western Investment Company of Canada Limited

Private Equity & LSVCC FirmsAlberta Enterprise Corporation

Alberta Teachers’ Retirement Fund (ATRF)

BDC Capital

Bluesky Equities

Caisse de depot et placement du Quebec

Dancap Private Equity Inc

Desjardins Capital

Fondaction

Fonds de solidarite FTQ

HarbourVest Partners (Canada) Ltd

Investissement Quebec

Kensington Capital Partners Ltd.

Northleaf Capital Partners

Ontario Teachers’ Pension Plan (OTPP)

Teralys Capital

Limited Partners

source:

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // PRELIMINARY Q1 2020

QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

0

20

40

60

80

100

120

140

160

180

200

Q2Q1

$940

$703

Q3

$717

Q4

$839

Q2Q1

$592

$864

Q3

$1,114

Q4

$1,055

Q1

$629

Q2 Q3

$1,070

$710

Q4

$1,268

Q1

$897

$834

Q2

$1,348

Q3 Q1*

$2,399

Q4

$1,496

125 125

145

124

134

104

120 118111

128

143

108

129

116

148

127

161

TOTAL:528 DEALS

$3.2B

TOTAL:453 DEALS

$3.6B

TOTAL:508 DEALS

$3.7B

TOTAL:552 DEALS

$6.1B

TOTAL:125 DEALS

$834M

$ Millions Invested # Deals

2016 2017 2018 2019 2020

*preliminary as of May 1, 2020 (Source: CVCA Intelligence)

source:

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // PRELIMINARY Q1 2020

QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY

TOTAL:541 DEALS

$13.8B

TOTAL:607 DEALS

$26.3B

TOTAL:590 DEALS

$22.7B

TOTAL:538 DEALS

$18.9B

TOTAL:119 DEALS

$4.5B

2016 2017 2018

$0

$3,000

$4,500

$1,500

$6,000

$9,000

$13,500

$7,500

$12,000

$10,500

$15,000

0

20

40

60

80

100

120

140

160

180

200

Q2Q1 Q3 Q4 Q2Q1 Q3 Q4 Q1 Q2 Q3 Q4

$3,221

$3,370

124

146

133

138

$3,038

$4,17

9

$8.780

114

178163

152 156

162

124 130

160

129

148

$7,491

$4,672

$5.329

$4,535

$6,748

$8,057

119119

$1,977

$5,870

Q1

$1,965

Q2

$2,960

Q3 Q1*

$1,687

Q4

$12,27

4

$ Millions Invested # Deals

2019

*preliminary as of May 1, 2020 (Source: CVCA Intelligence)

2020

source:

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // PRELIMINARY 2019

ABOUT AND CONTACT

About CVCAOUR VISIONA thriving Canadian economy driven by private capital

OUR MISSION CVCA’s mission is to help our members fuel the economy of the future by growing the busi-nesses of today. We do this by supporting and connecting a vibrant private capital industry with advocacy, research, and education.

CVCA is also the nation’s ultimate resource for data on Canadian private capital investments.

Please visit cvca.ca

@CVCACanada CVCA

CVCA - Canadian Venture Capital and Private Equity Association

372 Bay St., Suite 1201 Toronto, ON M5H 2W9

To obtain estimates for additional custom CVCA Intelligence data reports please contact dpinto@cvca.ca

Authorsdarrell pinto vp, research & industry advancementdpinto@cvca.ca

david kornacki associate, research & productdkornacki@cvca.ca

jon jackson head of communicationsjjackson@cvca.ca

Izadella sta. romana marketing & brand coordinatoristaromana@cvca.ca