CBGF 2023 Year In Review

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 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.”

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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

Completed five follow-on investments

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

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.

Over $0

Capital invested since inception

Employees backed globally

Jobs created in Canada

Companies backed

Follow-ons

Legend

Head Office

Satellite Office

Head Office

Montreal, QC

Invested Since

May 2022

Sector

Activity Management Software

Website

Amilia.com

Leadership

Hugo Lachance, CEO
Francois Gaouette, Founder

2023 Year in Review

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

2023 Investment Summary

2023 Highlights

CBGF’s Impact Since Inception