: State of SaaS 2017 Report

2017 was a banner year for SaaS.

We saw $1.02B invested across Canada, specifically into SaaS companies, the Real Matters IPO happened in May, $50M+ raises by Wealthsimple, Tulip, breather, Ritual, Freshbooks, Borrowell, Visier, VisionCritical and ElementAI rounded out the year and we saw $743.1M in deals that involved outside investment, mostly from US investors.

This year, AV, AI, machine learning, chatbots and cybersecurity were the definitive buzzwords but the industry that rose above the rest in the SaaS space, in terms of number of deals closed, was the marketing and sales vertical.

Below, we’ve outlined a few snapshots from the full State of SaaS 2017 Report (compiled with the support of the CVCA) but you can download the full report here.

Here’s what the investment profile looked like across Canada, sorted by province. Interestingly enough, Ontario, Quebec and British Columbia owned most of the investments made but the other provinces had activity as well, which made for a very healthy year of SaaS-focused investment.

As for the participating investors, here are the active investors and below, we’ve outlined the deals and who participated in each. 500 Startups, BDC Capital, iNovia and MaRs saw the most number of deals whereas other firms had fewer deals but in some cases, made larger investments.

  • 7shifts: Employee Scheduling Software Inc Relay Ventures, Tandem Capital
  • Acerta Analytics Solutions Inc.: OMERS Ventures Management Inc.
  • Ada Support: Bessemer Venture Partners, Version One Ventures
  • AdHawk Microsystems Inc.: Brightspark Ventures, Intel Capital
  • Airy3D Inc: CRCM Ventures, R7 Partners, Robert Bosch Venture Capital GmbH (RBVC), US private investors, WI Harper Group
  • Alert Labs Inc: BDC Capital Inc., Garage Capital, Hedgewood Inc., Intact Financial Corporation
  • Ambyint: Cottonwood Technology Funds (CTF), GE Ventures LLC, Statoil Technology Invest SA (STI)
  • Assent Compliance Inc: BDC Capital Inc., Greenspring Associates, OpenText Ventures, RBC Capital Partners, Volition Capital LLC
  • Attendease: 500 Startups, 7 Gate Ventures, Conconi Growth Partners
  • Automat Technologies Inc: Comcast Ventures
  • Beanworks Solutions Inc.: BDC Capital Inc., Pallasite Ventures Fund IV, LLC, TIMIA Capital Corp, Vancouver Founder Fund
  • Betterez Inc.: Amadeus IT Group SA, JetBlue Technology Ventures
  • Blue J Legal Inc.: Mistral Venture Partners Inc.
  • Borrowell Inc.: Equitable Bank, FirstOntario Credit Union, Portag3 Ventures, White Star Capital Inc.
  • Breather Products Inc.: Menlo Ventures, RRE Ventures, Slow Ventures, Valar Ventures Management LLC
  • Bus.com: BMW i Ventures, Jackson Square Ventures, Y Combinator
  • Casalova Inc: Aviva plc
  • Chatkit Conversational Marketing Platform: 500 Startups
  • Chronometriq: Bridgescale Partners
  • ClassCraft Studios Inc: Brightspark Ventures, MaRS Centre for Impact Investing, Whitecap Venture Partners
  • Clockwork Fox Studios: Killick Capital Inc., Pelorus Venture Capital Ltd., CDN private investors
  • CMLabs Simulations Inc.: Capital Régional et Coopératif Desjardins (CRCD), VCIC/Emerillon Capital
  • Collage Technologies Inc: Diagram Ventures
  • CoPower Holdings Inc: Ferst Capital Partners Inc., Fondaction CSN, RBC Capital Partners
  • CrowdCare Corporation: Brightspark Ventures, Mantella Venture Partners, Ryerson Futures Inc. (RFI)
  • Dream Payments Corp.: Connecticut Innovations, Fairfax Financial Holdings Limited, CDN private investors
  • Drop Loyalty Inc: HOF Capital, Portag3 Ventures, Sierra Ventures, White Star Capital Inc.
  • Element AI Inc: 500 Startups, Data Collective, FMR LLC (Fidelity), Hanwha Investment Corp, Intel Capital, Microsoft Ventures, National Bank of Canada, Nvidia Corporation, Real Ventures
  • Envenio Inc: Celtic House Venture Partners, Green Century Investment (GCI) Ltd, New Brunswick Innovation Foundation (NBIF)
  • FanXchange Limited: Azure Capital Partners, Plaza Ventures
  • FarmLead: Avrio Ventures Management Corp., MaRS IAF, Monsanto Growth Ventures, Serra Ventures
  • Finaeo Inc.: 500 Startups, iGan Partners Inc., Impression Ventures
  • FlipGive, Inc.: iGan Partners Inc.
  • Fluent.ai: 500 Startups, Creative Destruction Lab, Maple Leaf Angels Corporation, TandemLaunch Inc.
  • Flybits Inc.: Portag3 Ventures, Robert Bosch Venture Capital GmbH (RBVC), Trellis Capital Corporation
  • FreshBooks: Accomplice, LLC, Georgian Partners Inc., Oak Investment Partners
  • Homigo: 500 Startups
  • Humi HR: 500 Startups
  • inBay Technologies: CDN private investors
  • Innerspace: 500 Startups, BDC Capital Inc.
  • Insightaction Inc.: FirePower Capital
  • Integrate.AI: Georgian Partners Inc., Real Ventures
  • Invenia: Zetta Venture Partners
  • KeaText Inc: 500 Startups
  • Klipfolio Inc.: Acadia Woods Partners, LLC, BDC Capital Inc., BOLDstart Ventures, Converge Venture Partners, Fundfire, Mistral Venture Partners Inc., OMERS Ventures Management Inc.
  • Klue: BDC Capital Inc., OMERS Ventures Management Inc., Pallasite Ventures Fund IV, LLC, SK Ventures, Vancouver Founder Fund
  • Koho Financial Inc.: Portag3 Ventures
  • Local Logic: 500 Startups, BDC Capital Inc., Cycle Capital Management (CCM)
  • LookBookHQ Inc: Edison Partners, Hyde Park Venture Partners
  • Manifold.co: Amplify Partners, BOLDstart Ventures, Build Ventures, Leaders Fund Inc., OMERS Ventures Management Inc., Version One Ventures
  • Meya.ai Bot Platform: 500 Startups
  • MindBridge Analytics Inc.: 8VC, CDN private investors MMB Research Inc. Plaza Ventures
  • Mobify Research and Development Inc.: Plaza Ventures, Comerica Inc., Vistara Capital Partners
  • Navut Inc: 500 Startups
  • Orckestra Inc.: Fonds de solidarité FTQ
  • Passportal: Vada Capital Inc, Yaletown Partners Inc
  • PHEMI Systems Corporation: BDC Capital Inc., CTI Partners, Yaletown Partners Inc
  • ProntoForms: Beacon Securities Limited, PI Financial Corp.
  • Rekruti Solutions Inc: Capital Régional et Coopératif Desjardins (CRCD)
  • ResQ: iGan Partners Inc.
  • Ritual: Golden Venture Partners, Greylock Partners, Insight Venture Partners, Mantella Venture Partners, Mistral Venture Partners Inc.
  • Roadmunk Inc.: BDC Capital Inc., Felicis Ventures, Garage Capital, Golden Venture Partners
  • SceneDoc Inc: iGan Partners Inc., Motorola Solutions Venture Capital, Responder Ventures, LLC
  • Scribble Technologies Inc.: EDC Equity, OpenText Ventures, Rogers Venture Partners LLC (RVP), Teralys Capital, VCIC/Emerillon Capital
  • Sensibill Inc.: Impression Ventures, Information Venture Partners Inc., Mistral Venture Partners Inc., OpenText Ventures, CDN private investors
  • Serious Labs Inc: Brick & Mortar Ventures, United Rentals Inc.
  • Shoelace Technologies Inc: 500 Startups
  • SmartReno Services: 500 Startups
  • Sofdesk Inc: EnerTech Capital
  • Solutions Interactives de Validation 88 Inc: Capital Régional et Coopératif Desjardins (CRCD)
  • SportLogIQ Inc.: Anges Québec Capital, Rho Capital Partners, LLC, TandemLaunch Inc., CDN private investors
  • StackAdapt Inc: Plaza Ventures
  • Stratuscent Inc: Mistral Venture Partners Inc., TandemLaunch Inc.
  • Street Contxt: 8VC, Palm Drive Capital, Point72 Ventures, Portag3 Ventures
  • Synervoz: 500 Startups
  • Tasktop Technologies Inc.: Austin Ventures, AVX Partners, Yaletown Inc.
  • Tasytt: 500 Startups
  • The Money Finder Inc: Build Ventures, Innovacorp
  • The Red Pin: FirePower Capital
  • TickSmith: Illuminate Financial Management LLP
  • TopHatMonocle Corp.: Leaders Fund Inc., Emergence Capital Partners, Georgian Partners Inc., Golden Venture Partners, iNovia Capital Inc., SoftTech VC, Union Square Ventures, Version One Ventures
  • TouchBistro Inc.: BDC Capital Inc., Huff Capital, Kensington Capital Partners Limited, Napier Park Financial Partners, Recruit Holdings Co., Ltd., Walden Venture Capital
  • Tulip.io Inc.: Jump Capital, Kleiner Perkins Caufield & Byers (KPCB)
  • UrbanLogiq: 500 Startups
  • Visier Inc.: Adams Street Partners, LLC, Foundation Capital, Sorenson Capital Partners, Summit Partners
  • Vision Critical Communications Inc.: Difference Capital Financial Inc., Georgian Partners Inc., Kensington Capital Partners Limited, Northleaf Capital Partners, OMERS Ventures Management Inc., RecapHealth Ventures, TELUS Ventures, W Capital Partners, Wellington Financial LP
  • Wave Accounting Inc.: Charles River Ventures (CRV), HarbourVest Partners, LLC, OMERS Ventures Management Inc., OurCrowd Management Limited, Portag3 Ventures, The Social+Capital Partnership
  • WealthSimple Financial Inc.: Power Financial Corporation Welltrack 500 Startups
  • WorkJam Inc: Blumberg Capital, Founder Collective, Lerer Hippeau Ventures
  • Zoom.ai: Extreme Venture Partners (EVP), Golden Triangle Angel Network (GTAN), Good News Ventures

Want to read the full report?

Click the banner below to download the full report. If you’re a member of the media and would like the opportunity to speak to one of our team members about the report, please get in touch with Community Manager, Erin Blaskie.

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