Preqin's Fund Manager Profiles database shows that there are 78 Canada-based private equity firms focusing solely on venture capital. These firms have collectively raised $8.8bn in the last 10 years, and have $3.1bn available in estimated dry powder. Forty-two percent of Canada-based venture capital firms are based in Toronto, 17% in Vancouver and 13% in Montreal. The remaining 22 firms are headquartered in various cities across the country.
The largest Toronto-based venture capital firm by total capital raised in the last 10 years is DRI Capital. The firm is currently raising its third fund, Drug Royalty III, which is targeting $1bn and buys royalties from pharmaceutical and biotechnology companies, research institutions, universities, and inventors in North America. DRI Capital has raised $941mn in the last decade and has an estimated $301mn available in uncalled capital.
Ventures West Capital is the largest Vancouver-based firm by aggregate capital raised in the last 10 years, with an additional office in Toronto. The Canada-focused firm has raised $198mn in the last decade with an estimated $3mn in dry powder. Ventures West invests in four sectors: biotechnology, clean energy technology, information technology and communications.
iNovia Capital provides venture capital to entrepreneurs in the seed or start-up stages of the business life cycle. This is the largest Montreal-based firm, by aggregate capital raised, and has garnered $226mn over the last decade and has an estimated $125mn in uncalled capital. It is currently raising iNovia III, targeting CAD 125mn to make early stage start-up investments in North American information technology and communications companies.