Is It Harder To Raise VC Money in Canada? by Christian Lassonde or Impression Ventures (TechTO June 2015)
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Is It Harder To Raise VC Money in Canada? by Christian Lassonde or Impression Ventures (TechTO June 2015)
- 1. Is it harder to raise VC money in Canada?
- 2. • You have to play by the rules • In the valley there is one set of rule • In Canada there are two • The two sets don’t mix • Answer: Yes, it’s harder © Impression Ventures @classonde 2 Raising Capital
- 3. But first, about me for context © Impression Ventures @classonde 3 Lead Programmer & Head of Production Founder/CEO Clients / Customers Venture Capital Christian Lassonde And many more.. Bad Ass Programmer Bad Ass Entrepreneur Bad Ass VC? (Too soon to tell) (sold to Iconicfuture) 1st Job in Financial – continue to self manage portfolio
- 4. Some caveats • There are other reasons it’s harder • Technology companies only • Some gross simplifications © Impression Ventures @classonde 4
- 5. History Lesson • Public markets open in Canada since 1861 • Vancouver – now - Venture Exchange since 1906 • VSX focus is raising capital for natural resource exploration stocks (mining, metals, gas, & oil) • They got really good at it (Billions $/year good) • So that’s how it’s done © Impression Ventures @classonde 5
- 6. Capital Source Public markets Flow-through shares via Broker/Agent Typical* Canadian Co. •$2M •Shell (no assets) •$5M •Asset found IPO •$10M •Still exploring 2nd Issuance •$20M •NI 43-101 3rd Issuance •$40M 4th Issuance * No such thing as typical © Impression Ventures @classonde 6
- 7. Capital Source Limited Partnerships Typical* Valley/Tech Co. •$1M on ? •Post <$10M Seed •$6M on $13M Series A •$15M on $38M Series B •$26M on $66M Series C •$40M on $98M Series D * No such thing as typical Cooley Venture Financing Report and CB Insights © Impression Ventures @classonde 7
- 8. Two different models Canadian US Tech Investors All Pension funds, foundations and corporations Market Public Private Duration No limitations 10 Years Pricing & Liquidity Daily Agents Extensive None Expertise in tech Limited Extensive The two couldn’t be more different © Impression Ventures @classonde 8
- 9. © Impression Ventures @classonde 9 US VC’s won’t invest in public companies They would be Hedge Fund if they did And they don’t mix
- 10. © Impression Ventures @classonde 10 If you ever want to raise money from a US VC: You need to make sure you play by their rules
- 11. Is it harder to raise VC money in Canada? It doesn’t have to be. © Impression Ventures @classonde 11
- 12. So what do you do? • Educate investors/entrepreneurs • Turn down the “we’ll take you public” pitch • Do you research – get to know the key individuals o Google “startupnorth one post to rule them all” • Get introduced by a portfolio CEO (Best) • Get introduced by a mentor (Alt) • Get real help o yes, there are a lot of pretenders out there – try to avoid © Impression Ventures @classonde 12
- 13. That’s it Thanks everyone for coming out © Impression Ventures @classonde 13