Founded in 1862, Osler integrates traditional law practices with emerging technology from its offices in Vancouver and beyond.
This week, the national law firm released its second-annual tech financings report. This year’s edition combed through more than 300 technology-based venture capital equity financings to deliver a range of information and insight into Canada’s ecosystem.
The 2023 report captures both doom and gloom and energetic optimism.
“Headlines and market sentiment painted a tumultuous picture of the technology and venture markets amidst the backdrop of rising interest rates,” the Deal Points Report reads, “leading to increases in the cost of capital, shrinking consumer spending, and reduced business investment growth.”
Osler’s analysis also observed “impressive signs of growth, renewal, and resilience in the ecosystem.”
According to the 2023 Deal Points Report, “Ontario and British Columbia have the highest concentration of companies raising a financing round,” it is noted, with BC representing 19% of all Canadian companies included in the report—up slightly from last year.
Osler’s Vancouver office reported on 62 BC deals from 2020 through 2022, a growth rate of 47% for the region, according to the report. Only Calgary saw higher growth for this metric.
In BC, the most-represented industry was information technology, followed by health and life sciences—and then fintech, an emerging industry for which Vancouver is becoming known. These positions held the same year-over-year.
The “High levels of venture activity in British Columbia during 2022” noted by Osler is backed up by data from the Canadian Venture Capital Market Overview – 2022 Year in Review.
“British Columbia received a 16% share of all VC dollars invested in 2022, with $1.6 billion invested across 106 deals,” the report states.
In 2023, BC’s tech sector has already witnessed several rounds of financing.
Dyne, for example—a Vancouver software-as-a-service startup—recently garnered capital from Weave VC, Sprout VC, Inverted Ventures, and angel investors.
Meanwhile, Victoria’s Semaphore Solutions received a significant investment from Cypress Ridge Capital, a healthcare-focused growth equity firm.
And Richmond-based delivery technology platform UniUni recently raised $20 million in Series B financing from Celtic House Venture Partners, Freshwave Capital, and others to power its logistics platform that leverages the gig economy to optimize what the industry refers to as “last-mile delivery.”
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