It’s good and ok. Not incredible or great.<\/p>\n
Venture capital (VC) market activity in Qu\u00e9bec resumed a steady course in the third quarter of 2012, with dollar flows dipping year over year, but improving relative to earlier quarters in 2012. According to Thomson Reuters, a total of $112 million was invested in this period, or a slight 2% below the $114 million invested in Q3 2011. Disbursement levels in Q3 2012 nonetheless registered growth of 9% compared to Q2 2012. However, deal-making involved fewer Qu\u00e9bec-based firms, or 26 in total, which is down 55% from the year before.<\/p>\n
<\/p>\n
Due to more sharply reduced VC activity in both Q1 2012 and Q2 2012, Qu\u00e9bec-based market trends in the first nine months of the year continued to track behind market trends in 2011. As of September 30th, a total of $268 million was invested in 109 companies, down 26% from the same time last year.<\/p>\n
Qu\u00e9bec-based VC market activity in Q3 2012 was broadly in line with trends elsewhere in North America. Disbursement levels across Canada, totaling $363 million in this period, fell a moderate 6% from the same time in 2011, while activity in the United States declined 12%, with US$6.4 billion invested in total.<\/p>\n
Qu\u00e9bec accounted for 31% of all disbursements in the Canadian VC market in the third quarter of 2012. This is up from the 21% averaged in the first half of the year, and is more consistent with the share that has typically been assumed by Qu\u00e9bec in recent years.<\/p>\n
Several major VC deals were done in Qu\u00e9bec between July and September, including a US$35 million financing of the Montr\u00e9al headquartered biopharmaceuticals firm Thrasos Innovation, Inc. Such deals helped to raise amounts invested per firm, which averaged $4.3 million in Q3 2012, well up from $2.0 million in Q3 2011, and from $1.8 million in Q3 2010.<\/p>\n
Deal-making in Qu\u00e9bec\u2019s life sciences sectors returned to the fore in the third quarter of 2012, with $51 million invested, or better than double amounts invested one year ago, and accounting for 46% of all disbursements. Information technology sectors saw $23 million invested this time around, or 21% of the total, though activity was down 42% year over year. In contrast, non-technology sectors attracted $24 million in Q3 2012, up 52%.<\/p>\n
Foreign VC funds were more active in the Qu\u00e9bec market in the third quarter of 2012, bringing $28 million to deals, which is up 38% from the same time last year. Locally-based investors were in this period led by private-independent funds, labour-sponsored and other retail funds, and institutional funds. However, taken together, domestic funds were less active in Q3 2012, investing a total of $83 million, or 11% below their previous deployments.<\/p>\n
In contrast with the first and second quarters of 2012, Canadian VC fund-raising slowed to a crawl in the third quarter, with new commitments to domestic VC funds totaling $42 million, or a mere fraction of the $365 million committed in Q3 2011. However, due to more robust trends earlier in the year, fund-raising as September 30th totaled $1.5 billion, which already exceeds the $1.0 billion reported by Thomson Reuters for the entire of 2011.<\/p>\n
VC fund managers headquartered, or with a substantial presence, in Qu\u00e9bec remained key to increased Canadian fund-raising activity in the first nine months. Qu\u00e9bec-based funds netted 51% of total new commitments over this period, or $766 million.<\/p>\n
\u00a9 2012 by Thomson Reuters (Canada); All Rights Reserved<\/p>\n","protected":false},"excerpt":{"rendered":"
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