Venture capital funds pumped money into Canadian startups with a force previously unseen in 2016. In total, the 10 biggest deals from last year brought in an eye-popping $1.1 billion, doubling up on 2015’s total value of $534 million.
Four of the 10 deals in Canada in 2016 were Montreal-based, as DalCor Pharmaceuticals raised $127 million, Hopper took $82 million and Triotech received $80 million.
The data comes from PE Hub Canada’s list of the largest deals announced last year, supplemented by preliminary Thomson Reuters data.
PE Hub’s Kirk Falconer wrote that large rounds dominated Canada’s venture market in 2016. By October alone, there had already been 2.2 billion in VC money invested in Canada. The amount of VC funds invested in the entirety of 2015 was $2.7 billion. Falconer pointed out that the key to all of this were an influx of deals happening that were worth over $20 million.
By October, 22 companies had already secured this kind of cash, including Thalmic Labs, Dalcor Pharma, Real Matters, Zymeworks and Blockstream.
Over the entire year, deals sized above $20 million secured about $2 billion.
Here’s the entire list from PE Hub:
1) BlueRock Therapeutics (Toronto)
BlueRock Therapeutics raised about $296 million (US$225 million) in funding.
2) Thalmic Labs (Waterloo)
Thalmic Labs, maker of a wearable gesture and motion-control device, secured about $158 million (US$120 million) in a Series B financing in September.
3) DalCor Pharma (Montréal)
DalCor Pharmaceuticals, a developer of precision medicine for cardiovascular disease, captured about $127 million (US$100 million) in a Series B.
4) Real Matters (Toronto)
Cloud real estate technology platform Real Matters raised $100 million in common equity in April.
5) Zymeworks (Vancouver)
Biotherapeutics company Zymeworks raised about $87 million (US$61.5 million) in a Series A mezzanine deal in January.
Hopper’s mobile-only app claims it can predict with 95 per cent certainty when travellers should buy their seats for the best price. The app actually tells users “more often than not” when they should wait, rather than buy a ticket. It’s also notifying about three million users monitoring flights when prices will drop. Hopper, a registered travel agency, takes a small cut when users buy their plane ticket.
Triotech, a creator of interactive, media-based attractions, raised $80 million in March. The round was led by the Caisse de dépôt et placement du Québec (CDPQ) and the Fonds de solidarité FTQ.8)
Blockstream secured about $76 million (US$55 million) in a Series A financing in February.
9) Flipp (Toronto)
Flipp closed a $61 million round from General Atlantic, which reportedly valued the company at about $400 million.
10) Farmers Edge (Winnipeg)
Farmers Edge, a provider of precision agriculture and data-management solutions, took $58 million in a follow-on round.