CBGF 2022 Year In Review

Letter from the CEO: Helping Companies in a Challenged Economy

The past year has been challenging in many respects for Canadian entrepreneurs. The pandemic, inflation, geopolitical conflict and economic challenges have generally led to slower than expected growth for Canadian companies. This has in turn lead investors to pull back on capital allocations to growth companies and driven a more conservative approach to valuations, especially towards companies not generating earnings.

CBGF has spent considerable time with its portfolio companies guiding them through these challenges. Some have accelerated to take advantage of market opportunities, while others have embraced a more conservative approach to growth plans and execution. CBGF continues to work towards its mission to support the Canadian economy and our entrepreneurs who are facing these challenges head on.

While economic cycles will ebb and flow, CBGF’s approach is to help build companies over the long-term and ultimately guide entrepreneurs on their path to build a great company over time and realize their full potential. Great companies are rarely built in the typical 3-5 year private equity hold period. Our long-term focus has been increasingly appreciated by our portfolio companies as is the guidance, advice and support provided along the way.

CBGF expects to be active in 2023 in both supporting our existing portfolio and via new investments in excellent Canadian companies seeking to grow their businesses to the next level.

George Rossolatos

CEO & Managing Partner, CBGF

“CBGF continues to work towards its mission to support the Canadian economy and our entrepreneurs who are facing these challenges head on.”

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2022 Investment Summary

Note: All numbers are as at December 31, 2022

$53 Million in Capital committed in 2022

2022 Highlights

Note: Investment highlights below are between Jan 1, 2022 and Dec 31, 2022

JANUARY 2022

Q1 2022

Completed a follow-on investment in MaxSold

Completed a follow-on investment in Cold Bore Technologies

Q2 2022

Announced its 3rd exit, with the sale of Connected to Thoughtworks Holdings Inc.

CBGF invested in Amilia

CBGF invested in Felix Health

Completed a follow-on investment in Busbud Inc.

Q3 2022

Invested in ProcedureFlow, marking our first investment in New Brunswick

Completed a follow-on investment in Lift Auto Group

Q4 2022

CBGF invested in Believeco:Partners

Completed follow-on investments in ThoughtWire Corp. and Librestream

DECEMBER 2022

CBGF’s Impact Since Inception

Note: All numbers are as at December 31, 2022

As of December 31, 2022, CBGF has committed a total of $350 million since our inception. We have backed a total of 29 growing Canadian companies with headquarters in eight provinces who employ 6,575 people globally, of which 6,127 are based in Canada. With the support of our capital and expertise, these companies have together created 2,861 new jobs globally, with 2,628 being in Canada. With our progress to date, CBGF is making a positive impact on Canada’s economy and we hope to continue this trend into 2023 and the years to come.

Capital raised

Total capital committed since inception

Employees backed

Jobs created in Canada

CBGF employees

Companies backed

Follow-ons

Exits

Legend

Head Office

Satellite Office

Head Office

Montreal, QC

Invested Since

May 2022

Sector

Activity Management Software

Website

Amilia.com

Leadership

François Gaouette, Founder and CEO
Hugo Lachance, President

2022 Year in Review

Letter from the CEO: Helping Companies in a Challenged Economy

2022 Investment Summary

2022 Highlights

CBGF’s Impact Since Inception