Reports on Angel Activity in Canada

Our annual Reports on Angel Investing Activity in Canada identify key statistics and trends in the visible Canadian Angel capital market as measured by the activity of Angel groups. The data for the report was provided by Canadian Angel group managers through surveys and follow-up interviews. Using the answers of Angel group managers, NACO compiled data sets on (i) Angel groups, (ii) investments by Angel groups, and (iii) exits of companies backed by Angel groups.

Since 2010, the report has captured 995 investments, in 635 companies. This represents more than a remarkable $400 million injected into the Canadian entrepreneurial ecosystem, with over $220 million invested over the last two years.

2015 Report on Angel Investing Activity in Canada Key Findings

The 2015 Report on Angel Investing Activity in Canada, the sixth of its kind, is released in partnership with Industry Canada, BDC Capital and KPMG Enterprise.

  • 32 Angel groups across Canada, representing 1,650 active Angels made 283 investments amounting to $133.6 million.
  • A majority of Angels (67%) are located in Central Canada, with 28% in Western and 5% in Eastern Canada.
  • The average deal size was $1.16 million, stabilizing around 2014 figures.
  • 63% of funding falls within 2 sectors: ICT (information-communication technology) and Life Sciences (health related companies).
  • 75% of the deals are syndicated, involving capital outside the Angel group and receive more investment.
  • 57% of syndicated deals involved syndication with other Angel investors, 9% involved syndication with Venture Capital.
  • 12 positive exits were recorded of which six were M&As, two were an IPO, and four were sales to new or existing shareholders.
  • Central Canada continues to be the hotspot for Angel investment activity with 71% of investments made in the area.

2014 Report on Angel Investing Activity in Canada Key Findings

The 2014 Report on Angel Investing Activity in Canada, the fifth of its kind, is released in partnership with Industry Canada, BDC Capital and KPMG Enterprise.

  • 30 Angel groups across Canada, representing 1,700 active Angels made 237 investments amounting to $90.5 million.
  • A majority of Angels (63%) are located in Ontario, with 30% in Western and 7% in Eastern Canada.
  • The average deal size was $1.2 million, an increase over 2013 and 2012 figures.
  • 80% of funding falls within 2 sectors: ICT (information-communication technology) and Life Sciences (health related companies).
  • 75% of the deals are syndicated, involving capital outside the Angel group and receive more investment.
  • 10 positive exits (from 9 companies) of which eight were M&As and one was an IPO.
  • New investments increased by 66% in 2014
  • Central Canada continues to be the hotspot for Angel investment activity with 89% of investments made in the area.

Survey Instruments:

 

2013 Report on Angel Investing Activity in Canada Key Findings

The 2013 Report on Angel Investing Activity in Canada: Accelerating the Asset Class, the fourth of its kind, is released in partnership with the Government of Canada, KPMG Enterprise and BDC Venture Capital.

Canadian Angel Investors – Highlights

  • 29 Angel groups made 199 investments in 2013 totalling $89.0 million
  • Over 2,100 investors were represented, 40% in Western Canada, 5% in Eastern Canada, and 55% in Central Canada
  • The top three sectors invested in by Angels continue to be Information and Communication Technology ($28.8 million), Life Sciences ($20.5 million) and Clean Technology ($7.5 million)
  • An increasing number of Angels are leveraging investment into their portfolio companies by syndicating with other Angel investors (61%) and Venture Capital funds (32%)

Canadian Business Accelerators – Highlights

  • 12 leading Canadian business accelerators who supported 49 startups in 2013 participated in the study
  • Accelerated startups received investments of $31.1 million from Angels, VCs and government sources
  • Accelerator-backed companies received $17.0 million from Angel investors in 2013

Survey Instruments:

2012 Report on Angel Investing Activity in Canada Key Findings

  • There were 139 investments in 2012 totalling $40.5 million.
  • The three sectors that received the most investment were Information and Computer Technology (54%), Life Sciences (23%), and Clean Technology (10%).
  • 82% of investments were made in Central Canada, 16% were made in Western Canada, and 2% were made in Eastern Canada.
  • 50% of Angel groups made over 6 investments in 2012, an increase of 20% over 2011.

2011 Report on Angel Activity in Canada Key Findings

  • There were 134 investments in 2011 totalling $82.4 million, averaging $614K per investment
  • The sectors that received the most investment were ICT ($33.3M), life sciences ($26.6M) and clean technology ($17.5M)
  • There were three new Angel groups formed in 2011
  • 60% of Angel Groups had only 1-10 member making investments in 2011

Note: Due to a change in methodology for one Angel group, these numbers were reported differently in the 2012 report. Please see the 2012 report for additional information.

2010 Report on Angel Activity in Canada Key Findings

  • 90% of investments made by Angel groups in 2010 were new as opposed to follow-on
  • 61% of investments by Angel groups were made in Ontario with a smaller concentration in British Columbia (17%)
  • The sectors that received the most investment were ICT (43%), life sciences (18%) and clean technology ($16%)
  • Collectively, Angel groups had just under 1,500 investors and had a portfolio of more than 250 investments

Note: Due to a change in methodology for one Angel group, these numbers were reported differently in the 2012 report. Please see the 2012 report for additional information.

2015 Project Steering Committee

2013 Karen Grant head shot

Karen Grant

Karen is the executive director of Angel One Investor Network. She was instrumental in planning and launching Toronto Angel Group in 2001 and Northern Ontario Angels in 2005. She is currently the Chair of Northern Ontario Angels. Both Angel One and Northern Ontario Angels are leading angel groups in Canada according to a National Angel Capital Organization 2012 report. Karen Grant is an entrepreneur, company director, consultant, and mentor. She has founded companies, launched investment funds and has worked in the commercialization field with FedNor, Ontario Centres of Excellence, University of Toronto, McMaster University and Sustainable Development Technology Canada. Earlier in her career she led and grew the Toronto Venture Group, a not-for-profit organization with the mandate to “bridge the gap between entrepreneurs and capital” working with hundreds of companies that were seeking capital. She was also instrumental in the creation of the VentureFair and the Toronto Angel Group. Karen’s corporate experience includes 12 years with IBM Canada where she had roles in sales, marketing and communications.

Boards and Affiliations

  • Vida Holdings Inc. Board of Directors 2012 – Present
  • Angel One Network Inc. Board of Directors 2011 – Present
  • Northern Ontario Angels Board of Directors 2005 – Present
  • Northern Ontario Angels Board Chair 2008 – Present
  • Wired Sun Board of Directors 2008 – 2010
  • Canadian Association of Business Incubators Board of Directors for fiscal 2005
  • Ontario Centres of Excellence Investment Committee 2004 – 2007
  • Intellectual Property Management – Ontario 2003 – 2004
  • Access to Capital Advisory Committee for Minister of FedNor 2003 – 2006
  • Canadian Technology Network – Ontario: Governance Committee 2003 – 2004
  • Ontario Technology Incubator Group 2003 – 2004
  • Innovation Synergy Centre of Markham Advisory Committee 2003
  • City of Toronto Financial Services Committee 2002 – 2003
  • Kingston Technology Awards judge 2000, 2001 and 2002
  • UofT Innovations Foundation Business Plan Competition Judge 2000 and 2001
  • Connect IT Software Showcase Show Producer 1999
  • Toronto Venture Group Board of Directors 1998 – 2004
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Jeri Ross

Jeri Ross is a seasoned research professional with proven abilities in developing and implementing research projects and methodologies for both internal and external uses. She has over 14 years of research experience with KPMG and currently serves as the Director of the National Research team for KPMG in Canada. Jeri leads a team of research professionals in Canada, as well as an extended team of researchers in India. She provides research services to all KPMG firm members in 4 different areas: Business and Market Information, Market Analytics, Primary Research and Competitive & Client Insights.

Jeri is experienced in all aspects of research including: secondary research, survey design, interviewing and focus group moderating, data analysis and interpretation, competitive and market intelligence, and client feedback and Voice of the Client. She is a trusted advisor on developing research methodologies, questionnaire design, interviewing and focus group moderation, data analysis, reporting writing and identifying key findings. Over her career, she has developed detailed knowledge of research based thought leadership, on a variety of industry and business issues. In all activities, she believes in supporting the business strategy and values of the organization, recognizing how and where research can assist in business, market and account development, thought leadership and client service excellence.

Jeri has supported a number of KPMG thought leadership reports including, Canadian Manufacturing survey (annual survey), Insurance Conference, Mining Conference, Finance Function, Being the Best Canada supplement, Audit Committee Institute (annual survey), In house legal counsel, Profile of a Canadian fraudster, Canadian Family Business, Taking on the World, Accounting Standards for private companies, IFRS Journey to Readiness, Federal Consultation of Taxation of Corporate Groups, Tax Incentives for SRED, BC CleanTech Industry, Performance Agenda Canadian supplement.

Jeri is a Net Promoter Certified Associate, Satmetrix, Research Analyst Post-Graduate diploma from Georgian College and Bachelor of Arts, Political Science from Carleton University.

Yuri Navarro

Yuri Navarro

Yuri Navarro is a strategy consultant with more than five years of experience working with government and businesses in the Ontario technology sector.

In his role as Executive Director, Yuri brings his unique mixture of public and private sector experience to help expand NACO’s role as the leading organization representing Canadian Angel Investors with industry and government.

Yuri has presided over the renewal and growth of the National Angel Capital Organization since 2012 by focusing on the organization’s value to stakeholders and supporting the growth and professionalization of Canada’s Angel asset-class with resources, best practices and research.

Yuri’s time in Government included working as Policy Advisor and Chief of Staff to the Minister of Economic Development and Trade, focusing primarily on developing opportunities to benefit Ontario’s Economy, and overseeing the government’s strategy for supporting Small and Medium Enterprises. As a Policy Advisor to the Minister of Energy and Infrastructure, Yuri was also instrumental in developing the provincial strategy on energy conservation and smart grid under the Green Energy and Green Economy Act of 2008.

In 2009, Yuri founded NAVY Global Consulting where he has worked with technology clients, mainly operating in the energy sector, to commercialize their innovative solutions and bring products to market. As an advisor to Ryerson’s Centre for Urban Energy, Yuri supported efforts to set up the CUE’s business accelerator program and help energy sector entrepreneurs to commercialize their urban energy innovations.

Yuri is a graduate of Ryerson University’s Commerce program and George Brown College’s Financial Planning program and holds a number of designations with the Canadian Securities Institute.

Erika_Kurczyn

Erika Kurczyn

Erika Kurczyn is a corporate affairs professional with over 10 years of international experience in venture capital, commercial banking, mining, and international trade, in both the private and public sectors.

Erika joined BDC Capital in 2011 as a Senior Analyst, Strategic Investments and Partnerships, where she supports the BDC Capital’s efforts to develop a healthy venture capital ecosystem in Canada through strategic investments and partnerships. She has held other positions at the BDC, within the Consulting and Special Accounts.

Prior to joining BDC Venture Capital, she worked for the global mining company, Vale, where she provided strategic advice on corporate positioning and alignment with respect to stakeholder relations.

Previously, she was a Foreign Trade Agent at the Mexican Trade Commission in Montreal, where she assisted Mexican SMEs in finding buyers for their products in Canada, while concurrently promoting foreign investment in Mexico.

Erika holds a Bachelor of Arts (Honours) in International Studies from York University, and has completed executive training in venture capital at the Venture Capital Institute, in business administration at the Rotman School of Management, and in public relations at McGill University.