Letter from the CEO: 5 Years of Backing Entrepreneurs in Canada

2023 was a milestone year for the Canadian Business Growth Fund as it marked our 5th year of backing entrepreneurs and filling the growth capital gap in Canada. Despite the many challenges we’ve faced during these first few years, including a global pandemic, continued inflation, geopolitical conflict and economic challenges, I have been astounded by the resilience and fortitude demonstrated by our entrepreneurs and the CBGF team. We have had a strong start out of the gate, and I am excited to see what we will accomplish in the years to come.

In 2023, CBGF spent considerable time with our portfolio companies, supporting them with both capital and advice along the way. Some were able to continue taking advantage of market opportunities, while others embraced a more conservative approach to growth and execution. We believe our mission is more important now than ever, and the new deals we’ve closed in 2023 represent great partnerships with strong and ambitious entrepreneurs.

As we witness these market cycles go up and down, it is a continued reminder of the importance of CBGF’s patient approach to supporting SMEs in Canada. Our businesses need supportive partners over the long-term, giving them the opportunity to build great companies over time and realize their full potential without deviating due to intra-cycle market fluctuation. Our long-term focus has been increasingly appreciated by our portfolio companies and the entrepreneurs who we speak with every day, as is the guidance, advice and support provided.

George - CEO

George Rossolatos

CEO & Managing Partner, CBGF

“2023 marked CBGF’s 5th year of supporting ambitious entrepreneurs and ensuring the continued growth of Canada’s mid-market businesses. I’m proud of the team we’ve built, the companies we’ve backed, and the mission we continue to pursue each day.”

2023 Investment Summary

Note: All numbers are as at December 31, 2023

2023 Highlights

Note: Investment highlights below are between Jan 1, 2023 and Dec 31, 2023

JANUARY 2023

Q1 2023

  • CBGF invested in Specialty Medical Partners
Specialty Medical Partners logo
  • Completed five follow-on investments
FundThrough logo

Q2 2023

  • CBGF invested in FundThrough
  • Completed three follow-on investments
  • Celebrated its 5th year anniversary

Q3 2023

  • Completed three follow-on investments

Q4 2023

  • Completed four follow-on investments
STN video logo
  • CBGF finalized the sale of STN Video to Minute Media

DECEMBER 2023

CBGF’s Impact Since Inception

Note: All numbers are as at December 31, 2023

As of December 31, 2023, CBGF has invested over $375 million since our inception. We have backed a total of 31 growing Canadian companies with headquarters in eight provinces who employ 6,811 people globally, of which 5,881 are based in Canada. CBGF has successfully exited several investments to date, allowing the Fund to reinvest its exit proceeds to support CBGF’s evergreen mandate.

In addition, CBGF has completed 41 follow-on transactions, continuing to support our portfolio companies with the capital and expertise needed along the way. With our support, these companies have together created 3,046 new jobs globally, with 2,388 being in Canada. CBGF is continuing to make a positive impact on Canada’s economy, and we hope to continue this trend into 2024 and the years to come.

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Legend
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Head Office
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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

Head Office

Vancouver, BC

Invested Since

July 2019

Sector

Professional Services

Website

Appnovation.com

Leadership

Arnold Leung, Founder & CEO

Head Office

Calgary, AB

Invested Since

November 2022

Sector

Marketing & Communications

Leadership

Arlene Dickinson, Executive Chair & Co-Managing Partner, M&A

Head Office

Montreal, QC

Invested Since

July 2020

Sector

Travel Services

Website

Busbud.com

Leadership

LP Maurice, CEO

Head Office

Calgary, AB

Invested Since

July 2021

Sector

Oil & Gas Services

Leadership

Blair Layton, Co-Founder & CFO

Head Office

Toronto, ON

Invested Between

June 2021 to April 2022

Sector

Professional Services

Head Office

Aurora, ON

Invested Since

March 2020

Sector

Environmental Management

Website

E360s.ca

Leadership

Danny Ardellini, Founder & CEO

Head Office

Toronto, ON

Invested Since

June 2022

Sector

Health Care

Website

Felixforyou.ca

Leadership

Kyle Zien, Co-Founder & CEO
Emma Stern, Co-Founder & COO

Head Office

Toronto, ON

Invested Since

May 2023

Sector

Financial Services

Website

Fundthrough.com

Leadership

Steven Uster, Co-Founder & CEO
Deepak Ramachandran, Co-Founder & CTO

Head Office

Edmonton, AB

Invested Since

October 2021

Sector

Food Products

Leadership

Frank Burdzy, Co-Founder & CEO
Leigh Newton, Co-Founder & Chief Development Officer

Head Office

Calgary, AB

Invested Since

November 2021

Sector

Employee Recognition Solutions

Website

Kudos.com

Leadership

Muni Boga, Co-Founder & CEO
Tom Short, Co-Founder & CCO
Karim Punja, CFO

Head Office

Winnipeg, MB

Invested Since

June 2020

Sector

Enterprise Technology & Services

Website

Librestream.com

Leadership

John Bishop, President & CEO

Head Office

Halifax, NS

Invested Since

October 2020

Sector

Security Intelligence

Website

Liferaftinc.com

Leadership

Jonathan Graff, President & CEO
Eduardo Capouya, Co-Founder & CTO

Head Office

Kelowna, BC

Invested Since

September 2018

Sector

Automotive Collision Repair

Leadership

Mark Reineking, CEO
Michael Shurink, COO
Brad Kopp, Executive Vice President

Head Office

Kingston, ON

Invested Since

May 2020

Sector

Business Services

Website

Maxsold.com

Leadership

Russ Patterson, CEO

Head Office

Toronto, ON

Invested Between

May 2019 to July 2020

Sector

Retail & Commercial Technology Repair

Head Office

Winnipeg, MB

Invested Since

November 2021

Sector

Employee Learning & Development Services

Website

Neovation.com

Leadership

Dan Belhassen, Founder & CEO

Head Office

Toronto, ON

Invested Between

December 2018 to December 2020

Sector

Fintech

Head Office

London, ON

Invested Since

January 2021

Sector

Payment Solutions

Website

Paystone.com

Leadership

Tarique Al-Ansari, Co-Founder & CEO
Abdullah Saab, Co-Founder & CFO

Head Office

Saint John, NB

Invested Since

July 2022

Sector

Knowledge Management

Leadership

Daniella Degrace, Co-Founder & CEO

Head Office

Oakville, ON

Invested Since

May 2019

Sector

Educational Technology

Website

Prodigygame.com

Leadership

Alex Peters, Co-Founder & Co-CEO
Rohan Mahimker, Co-Founder & Co-CEO

Head Office

Halifax, NS

Invested Since

June 2020

Sector

Proposal Automation Software

Website

Proposify.com

Leadership

Kyle Racki, Co-Founder & CEO

Head Office

Toronto, ON

Invested Since

December 2021

Sector

Wealth Management Technology

Website

PureFacts.com

Leadership

Robert Madej, Co-Founder & CEO
Gerard Daniels, CFO & Head of Corporate Development

Head Office

Montreal, QC

Invested Since

August 2021

Sector

Consumer Staples & Consumer Discretionary

Website

Shopperplus.ca

Leadership

Jack Zhan, Founder & CEO

Head Office

Toronto, ON

Invested Since

February 2023

Sector

Healthcare Services

Leadership

Michael Black, Co-Founder & CEO
Graham Neil, Co-Founder & CFO
Olia Galeva, COO
Dr. Krishna Sharma, CMO

Head Office

Etobicoke, ON

Invested Since

September 2021

Sector

Food Products

Leadership

Noah Frank, President
Sean Frank, CEO

Head Office

Victoria, BC

Invested Between

May 2019 to December 2023

Sector

Digital Media

Head Office

Toronto, ON

Invested Since

May 2020

Sector

Property Technology

Website

Thoughtwire.com

Leadership

Mike Monteith, Co-Founder & CEO
Stephen Owens, Co-Founder & CTO
Dale Hall, Co-Founder & EVP of Strategic Partnerships

Head Office

Toronto, ON

Invested Since

May 2019

Sector

Health Care

Website

Unyte.com

Leadership

Jason Tafler, CEO
Anthony Kanfer, President & COO

Head Office

Saskatoon, SK

Invested Since

July 2019

Sector

Software Distributor

Website

Vendasta.com

Leadership

Brendan King, Co-Founder & CEO

Head Office

Toronto, ON

Invested Since

May 2020

Sector

Educational Technology

Website

Xello.world

Leadership

Matt McQuillen, Co-Founder & CEO
Jeff Harris, Co-Founder & President