Innovacorp Accountability Report 2016-2017 (Invest Nova Scotia)

Summary

• Innovacorp made 13 investments in 12 companies, advancing $5.6 million, of which $4.68 million was follow-on investment in seven existing portfolio companies.p.9
• The $5.6 million investment leveraged an additional $18.3 million, a ratio of 1:3.26 against a weighted target of 1:1.6.p.9
• Portfolio companies generated $40.5 million in export sales, up 19 per cent.p.12
• Portfolio companies had an aggregate payroll of $42.3 million, up 13 per cent, and employed 534 people, up 9 per cent.p.12
• Since 2011-2012, NSFF has invested $34.6 million in 50 early stage companies.p.10
• Revenue was $13,402 thousand against a budget of $11,176 thousand, and net surplus was $5,696 thousand.p.7

Key insights

1. NSFF was the fifth most active government-backed venture capital fund in Canada in 2016.p.9
2. NSFF had a carrying value of $31.4 million, with $66 million available for new and follow-on investments.p.5
3. A $25 million technology seed capital fund is to be private sector-managed.p.5
4. Innovacorp delivered incubation services to 29 technology companies employing 350 skilled professionals.p.11
5. Twenty client companies used the MaRS Market Intelligence database, with market research valued at $707,000.p.14