Accountability Report 2019-2020 (Invest Nova Scotia)

Summary

• Innovacorp made investments in 19 companies, advancing $2.6 million, against $6.5 million expected.p.7
• Portfolio companies generated revenue and employment of $47.3 million and 816 jobs, representing about $61 million in payroll.p.8
• From April 2011 to March 2020, Innovacorp invested $51.2 million in 84 early stage companies and $18.3 million in venture funds.p.8
• Innovacorp's Nova Scotia First Fund had about $31.4 million undrawn and available for new investments.p.8
• Incubation facilities served 45 companies employing more than 393 people, with an occupancy rate of 94 per cent.p.9
• Revenue was $12.6 million against a budget of $11.7 million.p.5

Key insights

1. $1.4 million was invested in companies new to the portfolio, including Nxtgen Care ($1 million).p.7
2. Innovacorp committed $250,000 to Two Small Fish Ventures II, a fund investing globally in early stage technology companies.p.8
3. Volta Cohort companies receive a $25,000 investment as well as space and support in Halifax.p.8
4. The Vintage 2015 fund shows $22.3M invested, TVPI 1.42 and IRR 13.1%.p.9
5. Innovacorp received 337 expressions of interest from 41 countries for the Start-Up Visa Program and provided letters of support for five companies.p.11
6. The Blue-Green Challenge received 49 submissions.p.12
7. The graduation rate of portfolio companies from Seed stage to Series A was 0% against a 30% target.p.13