Close to $300 million raised for B.C. tech ventures in third quarter: report

Credit: Chinook Therapeutics

Chinook Therapeutics raised more than US$100 million in the third quarter of 2020

That number is down both from last quarter and year-over-year

B.C. technology companies raised some $287 million in the third quarter of 2020, according to a report from Silicon Valley Bank (which recently opened a Vancouver office) and Toronto-based Hockeystick.

Although that rates as the second-strongest quarter in the past five, it’s down about $100 million from Q2 and was less than half the amount raised in the third quarter of 2019.

Life sciences companies made up a large chunk of total investment, with Vancouver-based drug discovery firm Chinook Therapeutics leading the way, thanks to a $143.6-million deal.

Activity was also reportedly high in sectors like fintech and education technology. For example, online course creation platform Thinkific raised $29.5 million from a round led by another Vancouver-headquartered company, Rhino Ventures. Demand for courses on Thnkific has surged 200 percent in the wake of the COVID-19 pandemic.

Meanwhile, Vancouver fintech outfit Klue Labs closed a $21.4-million Series A round led by American investment firm Craft Ventures, and blockchain biz Dapper Labs raised $16 million, with the involvement of several National Basketball Association players.

You can view the entire report here.