What happened: Venture capital deals for B.C. firms totalled $173 million in the first quarter of 2019
Why it matters: The province is experiencing a surge of activity compared with a year ago
Venture capital deals in B.C. are receiving a jolt of energy in B.C. lately, according to a new report from the Canadian Venture Capital and Private Equity Association (CVCA).
The province tallied 18 deals in the first quarter of the 2019, totalling $173 million.
In terms of dollars, that’s up 32% from the same period a year earlier when 20 deals totalling $131 million were announced.
A $90-million investment in Squamish-based cleantech firm Carbon Engineering was the second largest VC deal announced in Canada during the first three months of the year.
Carbon Engineering specializes in technology that captures carbon in the atmosphere on a large scale.
A $20-million investment in Vancouver cybersecurity firm CmdWatch Security Inc. followed as the next largest deal in B.C. (No. 8 in Canada) during the first quarter.
Cmd’s server security platform is geared towards the enterprise market and is designed to help security experts log, understand, predict and control user behaviour within the Linux operating system.
Overall, B.C. was the third-most prolific province for VC deals during the first quarter of the year.
Ontario took the lead with 54 deals totalling $481 million, while Quebec ranked second with 51 deals totalling $198 million.
The $1 billion invested across 142 deals in Canada during the first quarter was the country’s fifth billion-dollar quarter since 2013.
Investment was up 48% compared with the same period a year ago when $708 million was raised.
Meanwhile, B.C. also placed third among provinces in terms of private equity deals.
The province recorded 18 deals totalling $248 million in the first quarter of the year.
The vast majority of that stemmed from the $199 million acquisition of Prepac Holdings Inc. by Torquest Partners.
Quebec was home to 70 deals worth $1 billion while Ontario was home to 30 deals totalling of $508 million.
