CVCA report: Q3 2017 saw $980 million invested over 149 deals

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The CVCA’s latest report on VC funding in Q3 2017 revealed that $980 million was invested over 149 deals — a 43 percent increase compared to the $683 million in Q3 2016.

So far in 2017, $2.6 billion has been invested over 431 deals. The CVCA expects this investment pace to
continue through the final quarter, resulting in the final 2017 year total to top the $3.2 billion total dollars invested in 2016.

“We’ve been talking about the venture capital ecosystem doing a level step-up for a while now, and we’ve had two consecutive years with a huge ramp up,” said Mike Woollatt, CEO of CVCA. “With the support of government programs like the Venture Capital Action Plan (VCAP) and the soon-to-be-deployed Venture Capital Catalyst Initiative (VCCI), Canadian companies are scaling. This is definitely a sign of the strength and quality of the VC ecosystem.”

$1 billion, representing 40 percent of VC dollars invested this year, were in Ontario-based companies, 35 percent ($900 million) went to Quebec-based companies, while 21 percent ($544 million) was invested in British Columbia-based companies.

Q3 2017’s top deals included:

  • Quebec City-based Leddartech which raised $128 million from Fonds de solidarité FTQ.
  • Montreal-based life sciences company Milestone Pharmaceuticals closed its $71M Series C round from BDC Capital’s Healthcare Fund and Fonds de solidarité FTQ.
  • Borrowell closed a $57 million round from an investor syndicate including White Star Capital.
  • Toronto-based Ritual closed a $53 million round from an investor syndicate which
    included Golden Venture Partners.
  • Kitchener-based Tulip closed a $50 million series B round from US investors.