w w w . c v c a . c a

2014 Canadian Venture Capital Market Overview

www.cvca.ca Page | 1

www.cvca.ca Page | 2

104

78

92

105

-

20

40

60

80

100

120

Q1 2014 Q2 2014 Q3 2014 Q4 2014

# Deals

356 323

638 600

-

100

200

300

400

500

600

700

Q1 2014 Q2 2014 Q3 2014 Q4 2014

$ Millions Invested

Deals By Quarter

www.cvca.ca Page | 3

Deals By Province

BC29%

AB3%

SK-MB3%

ON49%

QC15%

ATL1%

$ ShareBC

19%

AB4%

SK-MB3%

ON41%

QC23%

ATL10%

# Share

www.cvca.ca Page | 4

Top VC Sectors

ICT 63%

Life Sciences18%

Cleantech9%

AgriBusiness3%

Other 7%

# Share

240

68

33

13

25

0 50 100 150 200 250 300

ICT

Life Sciences

Cleantech

AgriBusiness

Others

# Deals

www.cvca.ca Page | 5

Top VC Sectors

ICT66%

Life Sciences22%

Cleantech7%

Agri Business2%

Other3%

$ Share

1273.58

422.52

132.66

38.34

49.96

0 200 400 600 800 1000 1200 1400

ICT

Life Sciences

Cleantech

AgriBusiness

Others

$ Millions

www.cvca.ca Page | 6

Top VC Deals Canadian Companies

Company Province $ Millions Disclosed Investors

D2L Inc. Ontario 91.3 Columbus Nova Technology Partners, Graham Holdings, Four Rivers Group, AurionCapital, NEA, OMERS Ventures, Silicon Valley Bank

HootSuite Media Inc. BC 66.5 Accel, Insight Venture Partners, OMERS Ventures, Difference Capital

D-Wave Systems Inc. BC 61.8 Fidelity, PSP, bcIMC, BDC Capital, Goldman Sachs, Explore Holdings, Astrolink, DFJ, Discovery Capital, GrowthWorks, Kensington Capital Partners

Aurinia Pharmaceuticals Inc. BC 57.1 venBio, NEA, Lumira Capital, ILJIN Life Science, Apple Tree Partners, Great Point Partners, RA Capital, Redmile Group, Difference Capital

WP Technology Inc. dba Wattpad Ontario 51.5 OMERS Ventures, August Capital, Raine Group, Northleaf Capital Partners, Union Square Ventures, Khosla Ventures, AME Cloud Ventures, Golden Venture Partners, Version One Ventures

LightSpeed Retail Inc. Québec 38.3 iNovia Capital, Accel Partners

Kik Interactive Inc Ontario 38.3 Valiant Capital, Foundation Capital, RRE Ventures, Spark Capital, Union Square Ventures, Millennium TVP Management, SV Angel

www.cvca.ca Page | 7

Most Active Canadian VC Firms Private Independent

Firm # DealsDeal Values ($ millions)

(total deal values – includes all participating investors)

Real Ventures 42 123.6

iNovia Capital 14 131.6

Yaletown Venture Partners 10 52.6

Version One Ventures 8 127.5

Chrysalix Energy Venture Capital 8 35.1

Georgian Partners Inc. 7 85.6

Rho Canada Ventures 7 34.5

EnerTech Capital 7 42.0

Relay Ventures 6 37.0

Kensington Capital Partners Limited 5 68.5

Golden Venture Partners 5 76.9

www.cvca.ca Page | 8

Most Active Canadian VC Firms Government & Other Fund Types

Firm # DealsDeal Values ($ millions)

(total deal values – includes all participating investors)

BDC Capital Inc. 102 426.1

MaRS IAF 28 92.6

New Brunswick Innovation Foundation (NBIF) 18 8.4

Innovacorp 14 14.4

EDC Equity 10 108.3

Ontario Capital Growth Corporation (OCGC) 5 32.1

www.cvca.ca Page | 9

Most Active Canadian VC Firms Pension, Retail, Corporate & Other Public Funds

Firm # DealsDeal Values ($ millions)

(total deal values – includes all participating investors)

Fonds de solidarité FTQ 17 87.4

Difference Capital Financial Inc. 11 250.7

OMERS Ventures Management Inc. 9 310.5

Fondaction CSN 9 51.2

GrowthWorks Capital Ltd. 6 36.4

Westcap Mgt. Ltd. 5 21.2

www.cvca.ca Page | 10

Top 5 Disclosed VC Exits

VC Backers Type Company $ Millions

TechnoCap, HarbourVest IPO Kinaxis 100.6

W2 Group and Fonds de solidarité FTQ investissements croissance

IPO Lumenpulse Inc. 100.0

Avrio Capital M&A Wolf Trax Inc. 95.0

Ventures West, B.C. Advantage Fund, Baker Brothers, Augment Investments, Johnson & Johnson Development, Pfizer

IPOAquinox

Pharmaceuticals Inc.51.2

MX Associates, Lipoterx, InterWest Partners, FMR, INVESCO Private Capital, JPMorgan Partners, Novo A/S, Pfizer, Royal Bank Capital Partners, Working Opportunity Fund, Ventures West, Takeda, Novartis Pharma

IPOXenon

Pharmaceuticals Inc.47.1

www.cvca.ca Page | 11

2014 VC Fundraising

Individuals42%

Government22%

Corporation/Financial Insitutions/Insurance

10%

Pension6%

Fund of Funds15%

Undisclosed5%

Source of VC Fundraising

492.56

259.5

171.95

116.44

65

61

0 100 200 300 400 500 600

Individuals

Government

Fund of Funds

Corporation/Financial Insitutions/Insurance

Pension

Undisclosed

Source of VC Fundraising

1201 – 372 Bay Street. Toronto, Ontario, M5H 2W9, Canada

w w w . c v c a . c a

Tel. (416) 487-0519 | Fax. (416) 487-5899 | Web. www.cvca.ca