Letter from the CEO

Looking back at 2021, Canadians from coast to coast have experienced hardships, triumphs, despair, and resilience. Many Canadians have lost loved ones during the pandemic, and first and foremost, our thoughts go out to all the families affected. The livelihoods of many Canadians have also been challenged as countless industries have experienced hardship. Over the course of the past year, the team at the Canadian Business Growth Fund has also seen the effects that the pandemic has imposed on our entrepreneurs. In this second year facing such challenges, I was inspired by the tenacity, resilience and strength shown by our entrepreneurs in the face of seemingly unending waves of challenges, dedicated to both keeping their employees safe and keeping their businesses afloat.

READ THE FULL LETTER
George
“Canadians across the nation have had to endure a prolonged, and continuing hardship this past year. Despite the continued uncertainty, I believe that 2022 will be a year for them to shine.”

George Rossolatos

CHIEF EXECUTIVE OFFICER, CBGF

2021 Investment Summary – Companies Backed

Note: All numbers are as at December 31, 2021

2021 Highlights

JANUARY 2021

January 2021

Announced its 2nd exit, with the sale of PayBright to Affirm on January 1st

paybright logo

Invested in Paystone Inc. as our first investment of 2021

Paystone Logo
xello logo
maxsold logo

FEBRUARY 2021

Completed follow-on investments in Xello and MaxSold Inc.

MARCH 2021

Completed a follow-on investment in LifeRaft

liferaft logo
Vendasta logo

MAY 2021

Completed a follow-on investment in Vendasta Technologies Inc.

JUNE 2021

Invested in Connected Lab Inc.

Connected Banner

Completed follow-on investments in ThoughtWire Corp. and Proposify Inc.

ThoughtWire logo
proposify logo
Cold Bore Technology

JULY 2021

Invested in Cold Bore Technology Inc., marking our first investment in Alberta

AUGUST 2021

Completed a follow-on investment in Environmental 360 Solutions Inc.

E360 logo

Invested in Shopper+ Inc., marking our second investment in Quebec

shopper plus
Stephano Group Ltd

SEPTEMBER 2021

Invested in Stephano Group Ltd

busbud logo

Completed a follow-on investment in Busbud Inc.

OCTOBER 2021

Invested in Homestyle Selections LP, marking our second investment in Alberta

homestyle selections banner

Completed a follow-on investment in Appnovation

appnovatioin-logo
kudos logo

NOVEMBER 2021

Invested in Kudos Inc., marking our third investment in Alberta

Neovation logo

Invested in Neovation Corporation, marking our second investment in Manitoba

ThoughtWire logo

Completed a follow-on investment in ThoughtWire Corp.

DECEMBER 2021

Closed the year with a milestone achievement, announcing the close of our 25th investment in PureFacts Financial Solutions Inc.

purefacts logo

DECEMBER 2021

Activity Since Inception

As of December 31, 2021, CBGF has invested a total of $297 million since our inception. We have backed a total of 25 growing Canadian companies with operations in all provinces across Canada, who employ 4,706 people globally, of which 4,387 are based in Canada. With the support of our capital and expertise, these companies have together created 1,651 new jobs globally, with 1,510 being in Canada. With our progress to date, CBGF is becoming one of the most active growth capital investors in the country and we hope to continue this trend into 2022 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

Head Office

Vancouver, BC

Invested Since

July 2019

Sector

Professional Services

Website

Appnovation.com

Leadership

Arnold Leung, Founder & CEO

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

Brett Chell, Co-Founder & CEO
Blair Layton, Co-Founder & CFO

Head Office

Toronto, ON

Invested Since

June 2021

Sector

Professional Services

Website

Connected.io

Leadership

Mike Stern, Co-Founder & CEO
Tammy Chiasson, Global Managing Director

Head Office

Aurora, ON

Invested Since

March 2020

Sector

Environmental Management

Website

E360s.ca

Leadership

Danny Ardellini, Founder & CEO

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
Mike Bader, COO

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

Sushee Perumal, CEO

Head Office

Toronto, ON

Invested Between

May 2019 to July 2020

Sector

Retail & Commercial Technology Repair

Website

Mobileklinik.ca

Leadership

Tim McGuire, CEO
Rob Bruce, Executive Chairman

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

Website

Paybright.com

Leadership

Wayne Pommen, President & CEO

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
Rajini McRae, President
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

Etobicoke, ON

Invested Since

September 2021

Sector

Food Products

Leadership

Noah Frank, President
Sean Frank, CEO

Head Office

Victoria, BC

Invested Since

May 2019

Sector

Digital Media

Website

Stnvideo.com

Leadership

Matthew Watson, CEO

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

Leadership

Jason Tafler, CEO
Anthony Kanfer, CTO

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