$1.06B

(vs. $1.25B in Aug-21)
Aggregate deal value

50

(vs. 41 in Aug-21)
Number of deals

$32M

(vs. $48M in Aug-21)
Avg. deal value

Ontario

($298M / 24)
Most active province by count ($ / #)

Quebec

($646M / 14)
Most active province by value ($ / #)

Software

(82.6% of funds raised)
Most active sector

$112 million follow-on secondary equity offering

Docebo is a cloud-based learning management system (LMS) servicing SMBs and small enterprises across the technology, manufacturing, financial services, and healthcare industries.

Blue Cloud Pediatric Surgery Centers – Credit Facility

Founded in 2011, Norwest Venture Partners-backed “Blue Cloud” provides Ambulatory Surgery Centers specializing in dentistry and oral surgery under general anesthesia for pediatric and special needs patients. Its vision is to be the leader in safety and quality for pediatric dental patients treated in surgery centers. Currently, the company offers various services in centers in Texas, Kansas, Florida, California, and Ohio.

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CIBC Innovation Banking is pleased to announce the opening of its new office in London to support the ambitions of UK-based entrepreneurs and their Venture Capital-backers by providing growth capital across a number of innovation ecosystems. CIBC appointed Sean Duffy as Managing Director, Innovation Banking, and Sergey Kuzaev, CFA, Director, Innovation Banking. Mr. Duffy was most recently covering the TMT sector with Barclay’s Bank in London, while Mr. Kuzaev was based with CIBC Innovation Banking’s underwriting team in Toronto.

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Big Tech gets real (estate) – Tech firms add office space as they plan a return to work

In-office work for tech employees might not be dead after all. After headlines and management commentary in the earlier stages of the pandemic called for the impending end of office work, tech giants including Google and Amazon have continued to make massive real estate purchases in major metro markets. A combination of 18 months of remote work and record cash balances have convinced cash-rich tech companies that spending big on office space is the way forward. In addition to promoting collaboration through formal and informal exchanges, tech companies are relying on their flashy office spaces to be a differentiator when it comes to attracting talent in competitive markets. While we do expect many technology companies to lead the way when it comes to forward-thinking hybrid working arrangements, it is becoming more and more clear that some of the most innovative companies in the world are still interested in maintaining a physical presence.

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CIBC’s 20th Eastern Annual Institutional Investor Conference – Optimism in a post-COVID world

CIBC’s 20th Annual Eastern Institutional Investor Conference was held virtually from September 22-23, 2021. The tone from our presenting companies was positive, with software companies generally more immune to the supply chain shortages and remote working challenges facing other industries. Our three key takeaways from discussions with company managements were: 1) spending on cloud and digital transformations remains strong, with IT solutions providers potentially benefiting from IT talent shortages at clients; 2) M&A remains a focus, with many companies focused on tuck-in acquisitions in fragmented markets; and 3) longer-term cost savings from the move to virtual are possible, with several companies noting the expectation of a hybrid work environment and travel budgets below pre-COVID levels.

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Canadian VC Update – Canadian companies continue to impress

The year 2021 has been a banner year for global venture capital investing, with funding totals hitting all-time highs in H1/2021. In Canada, investment dollars and deal counts have also seen a notable year-over-year increase, with record activity seen in Q1 and Q2. The technology VC ecosystem continues to thrive as public tech valuations remain strong, and venture investors continue to chase outsized returns. Given the growing number of exit opportunities in the form of strategic acquisitions, private equity deals SPAC mergers and IPOs, we expect the venture capital market to remain highly active. While the Canadian private company landscape has historically been comprised of primarily small- to medium-sized firms, we have seen a growing list of Canadian-based unicorns, with BetaKit noting nine companies with valuations of at least one billion dollars. The increasing number of unicorns has been driven in part by large capital injections from foreign investors in recent years, particularly from the U.S.

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Bitcoin as a national currency – El Salvador adopts Bitcoin as legal tender

El Salvador became the first country to adopt Bitcoin as legal tender earlier this month. To facilitate adoption, the government has developed a government run e-wallet called ‘Chivo’ and will credit Chivo users with US$30 in Bitcoin. The official launch got off to a rocky start, as demand for the e-wallet overloaded servers, taking them offline. The government plans to spend US$225 million on the rollout, including the US$30 Bitcoin credit. Spending will also go towards the installation of a network of 200 Bitcoin ATMs and kiosks to educate consumers around the country. If a country-wide rollout proves successful, the country hopes to move from a cash-based economy to one dominated by digital tokens, by-passing credit cards and traditional banking services. It would also mean diversification from the U.S. dollar in the face of a worsening relationship with the Biden administration.

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