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.
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
Invested in Paystone Inc. as our first investment of 2021
FEBRUARY 2021
Completed follow-on investments in Xello and MaxSold Inc.
MARCH 2021
Completed a follow-on investment in LifeRaft
MAY 2021
Completed a follow-on investment in Vendasta Technologies Inc.
JUNE 2021
Invested in Connected Lab Inc.
Completed follow-on investments in ThoughtWire Corp. and Proposify Inc.
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.
Invested in Shopper+ Inc., marking our second investment in Quebec
SEPTEMBER 2021
Invested in Stephano Group Ltd
Completed a follow-on investment in Busbud Inc.
OCTOBER 2021
Invested in Homestyle Selections LP, marking our second investment in Alberta
Completed a follow-on investment in Appnovation
NOVEMBER 2021
Invested in Kudos Inc., marking our third investment in Alberta
Invested in Neovation Corporation, marking our second investment in Manitoba
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.
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.
Head Office
Montreal, QC
Invested Since
May 2022
Sector
Activity Management Software
Website
Leadership
François Gaouette, Founder and CEO
Hugo Lachance, President
Head Office
Vancouver, BC
Invested Since
July 2019
Sector
Professional Services
Website
Leadership
Arnold Leung, Founder & CEO
Head Office
Calgary, AB
Invested Since
November 2022
Sector
Marketing & Communications
Website
Leadership
Arlene Dickinson, Executive Chair & Co-Managing Partner, M&A
Leadership
LP Maurice, CEO
Head Office
Calgary, AB
Invested Since
July 2021
Sector
Oil & Gas Services
Website
Leadership
Blair Layton, Co-Founder & CFO
Leadership
Danny Ardellini, Founder & CEO
Leadership
Kyle Zien, Co-Founder & CEO
Emma Stern, Co-Founder & COO
Leadership
Steven Uster, Co-Founder & CEO
Deepak Ramachandran, Co-Founder & CTO
Head Office
Calgary, AB
Invested Since
November 2021
Sector
Employee Recognition Solutions
Website
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
Leadership
John Bishop, President & CEO
Head Office
Halifax, NS
Invested Since
October 2020
Sector
Security Intelligence
Website
Leadership
Jonathan Graff, President & CEO
Eduardo Capouya, Co-Founder & CTO
Head Office
Kelowna, BC
Invested Since
September 2018
Sector
Automotive Collision Repair
Website
Leadership
Mark Reineking, CEO
Michael Shurink, COO
Brad Kopp, Executive Vice President
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
Leadership
Dan Belhassen, Founder & CEO
Leadership
Tarique Al-Ansari, Co-Founder & CEO
Abdullah Saab, Co-Founder & CFO
Head Office
Saint John, NB
Invested Since
July 2022
Sector
Knowledge Management
Website
Leadership
Daniella Degrace, Co-Founder & CEO
Head Office
Oakville, ON
Invested Since
May 2019
Sector
Educational Technology
Website
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
Leadership
Kyle Racki, Co-Founder & CEO
Head Office
Toronto, ON
Invested Since
December 2021
Sector
Wealth Management Technology
Website
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
Leadership
Jack Zhan, Founder & CEO
Head Office
Toronto, ON
Invested Since
February 2023
Sector
Healthcare Services
Website
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
Website
Leadership
Noah Frank, President
Sean Frank, CEO
Leadership
Mike Monteith, Co-Founder & CEO
Stephen Owens, Co-Founder & CTO
Dale Hall, Co-Founder & EVP of Strategic Partnerships
Leadership
Jason Tafler, CEO
Anthony Kanfer, President & COO
Leadership
Brendan King, Co-Founder & CEO
Leadership
Matt McQuillen, Co-Founder & CEO
Jeff Harris, Co-Founder & President