Innovacorp Accountability Report 2017-2018 (Invest Nova Scotia)

Summary

• Innovacorp made 17 investments in 16 companies, advancing $7.93 million, of which $6.68 million was follow-on investment in seven existing portfolio companies.p.7
• The $7.93 million investment leveraged an additional $31.85 million, a ratio of 1:4.01 against a target of 1:1.8.p.7
• Revenue was $12.3 million against a budget of $10.0 million.p.5
• Net surplus was $11.1 million.p.5
• NSFF's TVPI was 0.91:1, a 27 per cent year-over-year increase.p.8
• Portfolio companies reported export sales of $50.2 million, a payroll of $47.9 million and employment of 606.p.13

Key insights

1. The Province's $25 million commitment was split into $15 million for Build Ventures II and $10 million for a new private-sector-managed fund.p.8
2. Innovacorp committed $125,000 a year for two years to Volta Cohort, with each company receiving a $25,000 investment.p.8
3. CleanTech Development distributed $165,000 in awards to five clean technology start-ups.p.10
4. Momentum held 51 events, workshops and networking events with a total of 816 attendees.p.11
5. Support through the Bioenterprise partnership reached 44 companies, resulting in 125 jobs and more than $28 million of investment.p.12