Accountability Report 2018-2019 (Invest Nova Scotia)

Summary

• Innovacorp made investments in 17 companies in 2018-2019, advancing $6.3 million.p.7
• From April 2011 to March 2019, Innovacorp invested $48.7 million in 64 early stage companies, and committed an additional $30 million to Build Ventures Fund II and Concrete Ventures.p.8
• NSFF's TVPI was 0.98:1 at the end of 2018-2019, an 8 per cent year-over-year increase, with about $34.2 million undrawn and available.p.8
• Revenue was $13.4 million against a budget of $11.0 million, and the net surplus was $14.4 million.p.5

Key insights

1. The Sprint competition received 46 submissions, and four software companies were awarded a total of $100,000.p.10
2. Nova Scotia-based participants in the Accelerate Program received $50,000-$67,000 in non-dilutive, non-repayable funding.p.10
3. In 2018-2019, 35 portfolio companies benefited from Venture Services, with funding totalling about $500,000.p.11
4. The Cannabis Technology Program attracted 19 submissions, and two winners each received $50,000.p.12
5. The Cape Breton team held 116 Momentum events with a total of 1,840 attendees.p.11
6. Innovacorp and the New Brunswick Innovation Foundation each earmarked $500,000 to invest in graduates of Propel's Incite accelerator.p.8
7. Of the $6.3 million invested, $2.93 million went to follow-on investments and $2.35 million to companies new to the portfolio.p.7