Canadian companies seeing venture capital funding boom, interest in fintechs high

Canadian companies seeing venture capital funding boom, interest in fintechs high

TORONTO – Canadian companies trying to drum up venture capital during the COVID-19 pandemic raised billions more in the first half of this year than they did in previous years.

A new report from business analytics firm CB Insights said Canadian companies have raised US$6.3 billion so far this year, more than double the US$2.9 billion in funding they received throughout all of last year. Companies in the country raised US$4.3 billion in 2019 and US$3.4 billion in 2018.

About US$2.1 billion was raised across 197 deals in the first quarter of 2021 and US$4.1 billion across 217 deals in the second quarter, amounting to an 89 per cent increase in funding between the quarters.

Venture capital (VC) and technology experts attribute the funding boom to a strong global market and growing interest in the country’s technology and talent.

Canada lured an increasing number of foreign giants, including Microsoft, DoorDash, Amazon, Google, Wayfair, Twitter, Pinterest, Reddit and Netflix, to open offices and expand their Canadian workforces during the pandemic.

There’s also a “network effect” occurring among Canada’s entrepreneurs, said Janet Bannister, managing partner at Real Ventures, a VC firm that has backed estate planning company Willful, car sales business Clutch and jeweller Mejuri.

“Success begets success in startup communities,” she said. “The more success that comes from an ecosystem, the more you have experienced entrepreneurs, founding teams and executives who know how to grow.”

Canada’s trove of experience has deepened in recent years as the number of exits – when VCs get their money out of investments as companies merge, get acquired or go public – has climbed.

There were 128 mergers and acquisitions and seven initial public offerings in the first quarter of 2021 and 102 mergers and acquisitions and eight IPOs in the second quarter, CB’s report shows.

In 2017, the first quarter generated 64 mergers and acquisitions and three IPOs and the second quarter included 57 mergers and acquisitions and seven companies going public.

Bryn Jones believes Canadian companies have since become even more attractive and the pandemic has helped too.

“There was no excuse to not meet Canadians because everybody moved to (videoconferencing platform) Zoom,” said the co-founder of PartnerStack, a Toronto company that helps businesses find the right partners to work with.

PartnerStack raised US$29 million in Series B funding in May. Rather than meeting with two or three VCs every day in-person to find that funding, technology helped him connect with up to 10 a day.

“That created a lot of competition for the venture capitalists…and that yielded a really great result,” he said.

“It also allowed us to meet people that we previously would not have been able to speak to and those people have proven to drive an absolute ton of value, whether they have invested in us or not.”

CB’s report shows that just over half of the funding Canadian companies received in 2021 so far has gone to early-stage businesses, while 14 per cent and 12 per cent was snagged by mid- and late-stage companies respectively.

Much of that funding has gone to financial technology, often called fintech, companies, which have seen soaring levels of interest as Canada studies the idea of open banking and more people gravitate toward online transactions.

“I have never seen such an easy environment to raise money in as a fintech entrepreneur,” said Raphael Bouskila, the chief executive of Mako Fintech, a Montreal company behind tools for automating administrative and compliance tasks, so wealth and asset management firms can spend more time investing.

Global fintech funding, said CB, reached a new high of US$33.7 billion in the second quarter of 2021, up 191 per cent from last year.

The report said 22 per cent of global VC funding in the second quarter of 2021 was allocated toward fintechs, amounting to $1 out of every $5 going to a company in that industry.

“The COVID pandemic has kicked into high gear the appetite of banks and established wealth managers to work with fintechs, and likewise for the venture capitalists,” said Bouskila.

“The sharks smell blood so they’re looking for deals to finance in that space.”

But it’s not just fintechs proving to be a hit.

The report listed Vancouver identity verification software company Trulioo with a $394-million Series D, Kitchener, Ont. education platform ApplyBoard’s $300-million Series D and Toronto software business Vena’s $242-million Series C as the top fund raisings in the second quarter of 2021.

Bannister doesn’t expect numbers like that to stop any time soon.

“I think that we are just getting started and I am extremely bullish,” she said.

“We really think the future is extremely bright and has never been brighter.”

This report by The Canadian Press was first published Aug. 1, 2021.

Midsummer style: 15 pieces to spice up your seasonal looks

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Midsummer style: 15 pieces to spice up your seasonal looks Whether you’re interested in adding a new pair of sunglasses or the ultimate carryall tote to your closet, there are plenty of new summer styles to consider putting in the mix.

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Article content We’re past the midsummer mark, which means your seasonal style may be in need of a little extra spice. Whether you’re interested in adding a new pair of sunglasses, a wear-anywhere dress or the ultimate carryall tote to your closet, there are plenty of new summer styles to consider putting in the mix. We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Midsummer style: 15 pieces to spice up your seasonal looks Back to video Here are 15 of our favourites. Terrific tote Schlep around all your summer essentials — and then some — with this sweet striped tote from the Canadian brand Poppy & Peonies. The Beach Bound Reversible Tote features a chic navy-blue stripe on one side, and a minimalist beige on the other. Bring it along to the beach, the grocery store and beyond.

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Article content $49 | Poppyandpeonies.com Haute hat From the Vancouver-based slow fashion brand A Bronze Age, the Carlo Hat features a wide brim to block the sun’s rays and a stylish removable strap to ensure it doesn’t lift off during any outdoor adventures. Made from a sturdy cotton-canvas material, the style is made to order by local sewers and is available in two sizes, XS/S or M/L. $195 | Abronzeage.com Support system If you’ve been working on your fitness this summer, it might be time to treat yourself to a new sports bra. The Lululemon AirSupport Bra High Support is specially designed with C–DDD cups in mind. Featuring specially designed cup support made from “injected foam,” the bra is breathable and super supportive. $98 | Lululemon, shop.lululemon.com

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Article content Sweet sandals For those whose go-to sandals have grown a tad tired this season, these strappy Almada sandals from the Montreal-based brand Maguire are sure to lead to happy feet. Available in a few hues, we’re partial to this sweet orange shade, aptly dubbed Creamsicle, which will add a sunny pop to all the season’s ensembles. $200 | Maguireboutique.com Darling dress Few things are more fitting when it comes to summer fashion than an easy, breezy dress. This Athena style from the French brand Ba&sh fits the bill perfectly, and then some. Added eye-catching details such as a pretty pink print and a subtle metallic thread further this fashionable frock’s universal appeal. $411 | Hudson’s Bay, thebay.com Elevated eyeglasses Sunglasses are a constant during the summer season. Elevate your eyewear rotation with these Chanel Round Sunglasses. The timeless style features a smoked lens and touches of the brand’s signature beige gold — along with the iconic, unmistakable interlocking double-C motif, of course.

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Article content $795 | Select boutiques, chanel.com Right ring The jewelry world is still abuzz about stacking rings. Worn alone or with a few additional favourites, a sweet slim stacking ring is always a good investment. We’re loving this Mini Bee Ring in Yellow Gold from the Montreal-based brand Myel. Crafted from 10-karat yellow gold, the style is surely one worth ‘buzzing’ about. $250 | Myeldesign.com Lip love Give your lips a kiss of colour with this vegan, clean beauty lip gloss from the much talked-about new brand Merit Beauty. The lip product is formulated with rosehip oil and shea butter to hydrate lips while also adding a “slick of sheer colour.” Available in four shades. $31 | Sephora, sephora.com Top tank Another option for updated a summer wardrobe workhorse, we’re here for this Allbirds Women’s Ribbed Tank. Available in four colours, in sizes XS to XXXL, the ribbed design is made from hemp combined with a proprietary eucalyptus-merino wool blend. It’s a style that’s perfect for dressing up or down — day or night.

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Article content $65 | Allbirds.ca Happy hoops Hoop earrings are most definitely having a ‘moment’ — though, it could be said that the circular earring style never went out of style at all. These Mejuri Duet Hoops, made from 18-karat gold over sterling silver, give the look of layered earrings, without any of the pain and healing process of additional piercings. Win-win. $170 | Mejuri.com Sun spot Spending time in the sunshine? You’re going to want some sunscreen. If your in need of a new tube, consider this Neostrata Matrix Support with Sunscreen Broad Spectrum SPF 30. The multi-function product features skin-boosting benefits from a variety of skincare ingredients to reduce the appearance of fine lines and wrinkles, and keep skin looking smooth while also protecting against sun damage.

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Article content $75 | Shoppers Drug Mart, shoppersdrugmart.ca Best bedding Get your bedroom in on the summer fun with this new The Duvet Set in marigold linen from the Vancouver-based company Flax Home. The 100 per cent French Linen Duvet set is available in sizes twin to king, and features a duvet cover with linen ties, along with two pillowcases. The sunny hue is also available in a chic sheet set. $260-$370 | Shopflaxhome.com Perfect pants Give your go-to leggings a much-needed break with these Dynamite Paperbag Wide Leg Pants. The loose-fit style are sure to be as comfy as your go-to stretchy pants. We love how this relaxed style is polished without being too precious. And the waist-tie adds a nice touch, too. $49.95 | Dynamite, Dynamiteclothing.com

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Article content Splash suit Swim style reaches a whole new level with this cute, knotted bikini top from the B.C.-based brand Imagine Perry. Available in a variety of different colours and prints that can be mixed and matched, we’re partial to this sweet Sahara Gingham, which has matching bottoms available. $80 (top), $75 (bottoms) | Imagineperry.com Fall find If your fashion eye is fixed firmly ahead to fall, we’ve got the ultimate pick for you. This Wilfred Margaux Blazer from the Vancouver-headquartered brand Aritzia boasts a perfectly oversized fit, along with an oh-so on trend plaid print. Pair it with lighter-hued pieces now, then embrace all those moody autumn shades come fall. $228 | Aritzia, aritzia.com Aharris@postmedia.com

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COVID-19 shifts emphasis on engagement rings, wedding jewelry

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COVID-19 shifts emphasis on engagement rings, wedding jewelry The pandemic has prompted many couples to change the way they say ‘I do.’ Mejuri

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Article content COVID-19 has prompted many couples to change the way they say ‘I do.’

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Article content With large gatherings still off-the-table amid continued limitations, and travel still largely on pause, couples are having to reimagine the way they celebrate their love. We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or COVID-19 shifts emphasis on engagement rings, wedding jewelry Back to video This shift has prompted a change in the way couples budget for their wedding ceremony and celebrations, according to Toronto-born, Beverly Hills based celebrity wedding expert Melissa Andre. “The thing about quarantine is, the only thing there is is that ring,” Andre says. “Whether you get married at city hall, or you’re having a Zoom wedding, or you’re doing it in your backyard, the ring stays the same. Whereas, everything else changes — the venue, the dress, the guests. Everything has changed.” Amid the continuing uncertainty of ‘When am I going to get married?,’ ‘Where am I going to get married?’ and ‘Who is going to be there to watch me get married?,’ Andre says couples are anticipating a longer-than-normal engagement. And, therefore, a realignment of wedding funds.

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Article content “That same budget is going in different places because we’re probably not feeding 500 people. Maybe we don’t have all those travel expenses. So, the budget of the party is not necessarily scaling to the size of the guests,” Andre says. “It’s being reorganized, which means a bigger budget for the things that you can have — so, the ring and jewelry.” Photo by Joyce Park According to Katie Reusch, marketing director of the Montreal-headquartered jewelry brand Maison Birks, couples began investing in “larger, higher-quality diamonds” in 2020. “The average stone selected is now over one carat,” Reusch says. Larger and higher-quality call for a bigger budget of course. And Reusch says that’s proving to be the case with COVID-era ring-shoppers.

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Article content “The ring becomes the celebration right now. And that budget is just diffused across a few years, until you have those other costs that come along with having a wedding,” she says. “And I think, younger people specifically, are much more educated about diamonds because of the vast amount of knowledge that is all over the internet. “You don’t necessarily come into a jewelry store and have no knowledge of diamonds … It’s different than it used to be.” This increased education, Reusch says, leads to more informed consumers who know exactly what cut, colour and style of ring they want. In addition to a larger, more expensive ring style, Reusch says the pandemic has also put a greater emphasis on the ring-shopping experience and engagement process overall.

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Article content “Certain things have definitely accelerated over the pandemic. If we look back … traditionally, the proposal was always a surprise,” Reusch says. “The partner would come in, they’d buy a diamond engagement ring that would shock their fiancé that would give them this spontaneous moment that would guide them into the next part of their lives.” Maison Birks Reusch says the engagement is no longer a “secret, surprise moment” and is, instead, a more collaborative purchase. According to data released by the 140-year-old jewelry company, 50 per cent of partners now shop for rings together compared with 30 per cent in 2018. “They want to try on rings together, they want to learn about diamonds together, and, ultimately, they want to make this purchase together,” Reusch says. “Leading up to a proposal that is more anticipated, maybe, than it was in the past.”

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Article content Another factor driving the purchasing shift is a desire for more personalization and versatility from one’s wedding jewelry. The days when an engagement ring and wedding band were the only jewelry a woman cared about, or even wore on her left hand, are long gone. “We’ve kind of moved from that moment. The whole trend of stacking rings and stacking bracelets and incorporating that into your overall outfit has become so important,” Reusch says. “And we see trends that follow that.” Traditionally, the solitaire diamond engagement ring with a platinum or white-gold band was the standard for engagement rings, Reusch says. “We’re seeing interest to move away from this traditional look and more into rose gold. And yellow gold is coming back in a big way. More interesting cuts and more unique styles,” Reusch says. “We noticed that our consumers, more and more, are looking for something that is more versatile.”

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Article content “Choosing an engagement ring that you’re going to wear every day, that matches with your bracelets and your earrings. That matches what type of girl you are and what type of bride you are,” Andre adds. “It’s less of looking at the whole experience of getting engaged and getting married in this bubble vacuum of only that day.” Mejuri Toronto-based jewelry brand Mejuri has also noticed this shift in engagement and wedding-day jewelry trends. The company recently launched a collection of celebration-specific pieces that play into the preference for picking jewelry that can be worn and gifted on the day of one’s wedding — and every day after that. “We’re now seeing jewelry that they want to wear every single day,” Noura Sakkihja , the founder of the brand, says. “That’s what makes us super-excited about getting into the bridal industry because we’re all about making use of your pieces and wearing them everyday.”

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Article content Sakkihja points to an increased awareness surrounding sustainability, along with the aforementioned increased investment in pieces that truly represent a bride’s personal style, as main motivators behind the push for personalization. “They don’t want to wear these pieces only for special occasions,” Sakkihja says. “I don’t know what ‘special occasions’ mean to our generation. We don’t have that lifestyle that we had before. We want every day to be exciting.” “ My own wedding, it was in Paris, and it was in a park. Things that I wore on that day, I still wear. And I have started seeing that more and more,” Justine Lancon, chief creative officer at Mejuri, adds. “Because, you’re also going to want to wear something that you’re going to like.”

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Article content The company entered the category in 2018 with its Milestone Rings, followed by men’s wedding bands in 2019. With the recent wedding expansion, there’s also an emphasis on gifts, a category that Sakkihja says has seen a more than 60 per cent increase year-over-year. “Before the pandemic, a lot of brides used to come in to our stores with their bridesmaids to buy them gifts. And we’ve seen that shift go online,” Sakkihja says. “So, when we think of weddings, we think of this whole experience as opposed to just the bride.” That emphasis on giving gifts goes both ways though, she says. “You’re no longer invited to 1,000 weddings, because it has all been downsized. But, you still tend to send a gift,” Sakkihja says. “And we’re seeing that people, in general, are choosing jewelry to be one of the things to gift.”

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Article content Jewelry also represents a nice keepsake for a couple when after-wedding experiences like honeymoons remain out-of-reach. “For weddings that have been reduced, it has meant this gift is more meaningful,” Lancon says. “It’s less about the day, and more about thinking of someone.” Lancon pointed to diamonds, pearls and uniquely shaped stones such as marquise-cut champagne quartz as some of the styles proving most popular for gifting. “Everything personalized,” including initials and zodiac signs, are other sought-after options. Essentially, the instability of the continuing pandemic has prompted couples to look to wedding jewelry as an avenue to wrench back control of a celebratory event that, otherwise, can feel very up-in-the-air at the moment. “Weddings, in general, have evolved,” Lancon says. “Obviously, with the pandemic. But, in general too, to weddings that are more personal.” Aharris@postmedia.com

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