Hockeystick has released their BC Tech Report for Q3 2020 that summarizes venture capital deal activity in Q3.
COVID-19 has not slowed down deal activity in the region, but its impact can be seen in the types of companies raising funds, exemplified by Thinkific’s $22 million raise to address remote learning demand attributed to COVID-19 changes in working patterns.
Much like Q2, mega deals for life sciences companies are the key drivers of deal value, with high activity also shown in fintech and edtech.
Chinook Therapeutics accounted for nearly half of the total value of the quarter. Chinook raised a USD $106 million in a private placement financing that included top-tier healthcare investors.
Vancouver-headquartered Conexiom received a $40 million strategic growth investment from ICONIQ Capital. ICONIQ joins existing investor, Luminate Capital, which will retain a majority stake.
Thinkific has closed a $22 million growth financing round led by Vancouver’s own Rhino Ventures. Thinkific has been profitable since 2018, yet chose to raise additional funding to accelerate product innovation, and continue shaping the future of online courses.
Vancouver startup Klue has raised a $15 million Series A funding round led by Silicon Valley’s Craft Ventures. Craft Ventures is led by entrepreneur and PayPal Mafia member David Sacks and Klue is their first Canadian investment.
Dapper Labs has closed a $12 million funding round led by NBA stars Spencer Dinwiddie, Andre Iguodala, JaVale McGee, Aaron Gordon and Garrett Temple.
The Digital Technology Supercluster is providing Food-X Technologies with an additional $2.6 million to enhance its eGrocery Management Solution (eGMS) for retailers to scale safe food delivery.
HealthTech Connex has raised $2 million in non-dilutive growth capital from BDC Capital’s Growth and Transition Capital division.
Vancouver’s VodaSafe has raised a $1.4 million seed round to further expand the availability its AquaEye®, the world’s first hand-held scanning sonar device for water-based search and rescue. The round was led by Vanedge with participation from BDC.
Ideon Technologies has raised a $1.3 million seed round from a diverse group of global investors including the University of British Columbia’s Seed Fund. The Vancouver startup is a pioneer in cosmic-ray muon tomography, providing x-ray-like imaging from below the Earth’s surface.
Vancouver startup Olive has raised a $1 million seed round led by San Antonio’s Active Capital with participation from Techstars and UK-based Novator.
Event automation startup Attendease raised $1 million from TIMIA who provides financing to SaaS companies in exchange for payments based on revenue.
Download the complete Q3 report here.