Today's News |
BC Tech Companies Pull Down 4 of the Top 10 Canadian Venture Capital Deals in Q2 2017 (40%)
Friday, August 25, 2017
Vancouver-based Vision Critical pulled down the 3rd largest venture capital deal in all of Canada in Q2 2017 with a $76 million VC financing
Vancouver, BC, August 25, 2017--(T-Net)--The Canadian Venture Capital and Private Equity Association (CVCA) announced this week that BC technology companies are continuing to punch well above their weight and have closed four of the ten largest venture capital deals in Canada (40%) in the past quarter (Q2 2017), despite holding just roughly 12.7% of the overall Canadian population.
--------------------------------------------------------------------------
Here are the four BC tech companies that killed it on new financings in Q2.
Chief Executive Officer, Vision Critical
Vision Critical pulled down the 3rd largest venture capital deal in all of Canada in Q2 with a $76 million VC financing, and they are currently hiring extensively on T-Net (14 open positions).
In their financing, W Capital Partners, a New York-based private equity firm and existing shareholder Georgian Partners purchased shares from early shareholders including the remaining holdings of pollster Dr. Angus Reid, whose investment in 2002 facilitated the early expansion of the company founded by his son, Andrew Reid.
--------------------------------------------------------------------------
CEO and Founder, Visier
Visier followed directly behind and closed Canada's 4th largest venture capital financing in the quarter with a $61 million financing ($45 million US).
Sorenson Capital led the round and is joined by existing investors Foundation Capital, Summit Partners, and Adams Street Partners. This round brings Visier's total funding to $94.5 million.
--------------------------------------------------------------------------
Richard M. Glickman, L.L.D. (Hon), CEO & Chairman of the Board
Aurinia Pharmaceuticals Inc.
Victoria, BC-based Aurinia Pharamaceuticals, led by Richard Glickman (who was formerly co-founder, Chairman and CEO of Aspreva Pharmaceuticals) raised $53 million US in the quarter for Canada's 6th largest financing.
Aurinia intends to use the net proceeds from the Offering to advance the clinical and nonclinical development of its lead drug candidate, voclosporin, as a therapy for lupus nephritis and for general corporate purposes.
Many members of Aurinia's current leadership team (including Mr. Glickman) are former senior managers of BC-based Aspreva Pharmaceuticals, which Swiss pharmaceutical company Galenica acquired for nearly $1 Billion in a staggering large acquisition here in 2008.
The financing was led by venBio, New Enterprise Associates (NEA), Redmile Group, RA Capital Management, Great Point Partners, and Apple Tree Partners, with participation from various other institutional investors, including existing shareholders Lumira Capital, ILJIN Life Science Co. Ltd. and Difference Capital.
--------------------------------------------------------------------------
Vern Brownell, President and Chief Executive Officer, D-Wave Systems
And finally, not to be outdone, Vancouver-based Quantum Computing heavyweight company D-Wave Systems closed a major $41 million financing also in the quarter (Canada's 9th largest in Q2).
PSP Investments funded US$30 million at closing, with an additional US$20 million available at D-Wave's option upon the achievement of certain milestones.
This facility brings D-Wave's total funding to approximately US$200 million.
See D-Wave's 6 open positions on T-Net here.
--------------------------------------------------------------------------
Below are listed all of the top 10 VC financings in Canada for Q2 2017 (chart and data courtesy of CVCA):
About the CVCA
The CVCA is the voice of Canada's venture capital and private equity industry.
We are focused on broadening industry awareness through market research and networking opportunities so that our members can make the best decisions for their investments. We also advocate on behalf of the industry to ensure sound public policy that encourages a favourable environment for investment.
The CVCA works alongside its members (private and public sector firms managing the vast majority of venture capital and private equity in Canada) to improve the industry and drive innovation and growth.
Other Recent Company News |
|||||||||||||||||||
|