Here’s How Atlantic Canada’s Startups Could Raise $200-Million This Year
Here’s something to watch in the startup community as we move toward the autumn season: it’s conceivable Atlantic Canadian startups will record $200 million in equity investment this year.
I wouldn’t put money on it, but after the Canadian Venture Capital and Private Equity Association released funding data for the first half last week, it’s certainly within the realm of possibility.
On Thursday, the association known as the CVCA presented a portrait of Canadian venture capital in the fullest flush of good health. The CVCA Infobase shows that there were a record 166 venture capital deals in Canada in the second quarter, worth a total of $966 million.
“The trend is onward and upward, and it’s been on an increasing trend for several years,” said CVCA Research Director Darrell Pinto in an interview. “We’ve had almost $1 billion in investment in the quarter and that’s a mark we’ve hit three times in the past year.”
To demonstrate the trend, consider this: there were $1.7 billion in Canadian VC deals in the first half, while in 2014 there were $2.1 billion in the whole year.
An added bonus is that this is one national economic jamboree that does not start at Montreal and extend west. Atlantic Canada is not quite front and centre, but it’s been invited to the party. The CVCA Infobase data shows Atlantic Canada is doing well, but I believe the region is doing even better than the CVCA data says.
Let me explain. The CVCA says there were 16 VC investments in Atlantic Canada in the second quarter, worth a total of $39 million. Added to the first quarter numbers, it shows that the region accounted for $81 million in VC deals in the first half. That’s an impressive showing, given that the CVCA said Atlantic Canada accounted for $99 million in all of 2017, and that was a pretty good year by historical standards.
Read more about this story in Entrevestor.
Banner image: Introhive recently raised $15.2 million in venture capital funding through a combination of equity financing from Lake Bridge and debt financing from an undisclosed investor in Toronto. Members of Introhive’s team in the Fredericton office, including Chief Technology Officer Jerry Carr and VP Engineering Tony Sheehan on the far right corner of the front row. Image: Submitted.
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