Innovacorp Invested $7.93M in 2017-18
Summary
Innovacorp, the Nova Scotia Crown corporation that makes early stage VC investments, released its 2017-18 Accountability Report over the summer, showing an active year with 17 equity investments in 16 companies. The year was a significant one for Innovacorp as the NSFF booked a gain of about $6 million from the exit of portfolio company Kivuto Solutions, and Malcolm Fraser took the helm as CEO, replacing Stephen Duff. “A robust startup ecosystem is key to achieving a strong economic future for Nova Scotia and Atlantic Canada – and Innovacorp is helping build that ecosystem.” Innovacorp said its investment in the 2017-18 fiscal year included $6.7 million in follow-on funding for seven existing portfolio companies, adding this “reflects the maturing nature of Innovacorp’s portfolio.” Furthermore, it committed about $1.3 million to nine pre-seed or seed-stage companies, eight of which are new to the portfolio. The following is a summary of Innovacorps VC investments in the last fiscal year: Through its fund allocation that targets acceleration program graduates, Innovacorp made $400,000 in investments in the following six startups: Swell Advantage, Side Door, Dugo, Guild, Harbr and Securicy. In February 2017, Innovacorp portfolio company Kivuto Solutions was acquired by Legado Capital.
