A Billion Dollar Year
Tech financings have been on a tear this year, particularly here in BC. We saw HootSuite take down the largest Venture Capital round in Canadian history which our friend Brent Holliday with Garibaldi Capital Investors characterized as an embarrassment of riches.
With the help of our friends at Garibaldi Capital and CIBC World Markets, we did a few calculations on the total capital raised by BC Technology companies through the first 9 months of 2013. The tally reached an astonishing $1 billion in public and private financings.
Here’s how the numbers break down:
|| 80 deals totaling $508 million
||5 deals totaling $485 million
There are a few caveats to the estimates. First, the public financings exclude deals under $5MM and the private placements exclude many of the angel deals that were done through 2013.
Needless to say, the figures are impressive. Private placements grew year over year by 154%. This is 5 to 6 times greater than in Ontario and Quebec which saw growth rates of 33% and 22% in comparison to 2012.
We've always maintained that BC is the best place to start and grow a tech company. It appears that in 2013, it’s also the best place to get it financed.
Bill Tam, BCTIA CEO