Canadian VC rocks in Q1 2021 raising $2.78B from 192 financings

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By CPE Analytics

Canadian venture capital began 2021 with a flying start, raising $2.78 billion from 192 financings in Q1 of 2021, according to the Canadian Venture Capital Report released today by CPE Analytics, a division of CPE Media & Data Company.

Both quarterly number of financings and the total amount are historically high.

British Colombia led all Canadian provinces in receiving venture capital investment in Q1 2021, securing $1.20 billion from 57 financings, equaling to the total VC raised by Ontario and Quebec companies combined ($1.24 billion).

Vancouver’s Dapper Labs led all Canadian financings with the blockbuster US $304.4 million financing. Dapper Labs financing is the largest Canadian venture capital deal all time (for clarification – Verafin’s $515 million financing in 2019 is a combination of PE recap/VC secondary and senior debt financing).

Investors from 33 countries or regions invested in Canadian companies.

US investors invested $1,510 million (54%), Canadian investors contributed $764 million (28%), and investors from 32 other countries/regions contributed $509 million (18%).

The top 10 funding foreign countries/regions to Canadian companies are US, Germany, BVI, Hong Kong, UK, Singapore, Chile, Australia, Netherlands, Japan.

US investors play a dominant role in Ontario, Quebec, BC and Atlantic Canada in Q1 2021, accounting for 61%, 56%, 55% and 50% of total provincial disbursements respectively. Prairie is the only region raised less than 50% of total capital from US investors.

In Q1 2021, 18 venture capital funds raised $1,152 million.

The top five VC law firms in Q1 2021 are:
1. Dentons Canada LLP
2. Fasken Martineau DuMoulin LLP
3. Osler, Hoskin & Harcourt LLP
4. LaBarge Weinstein LLP
5. Torys LLP