Canadian VC invests nearly $2.5 billion in 2002

Canada’s venture capital industry invested $2.466 billion with 814 financings in 2002, a decline of 35.1% from the year before. The data were included in the latest release from the Canadian Venture Capital Association and Macdonald & Associates Ltd. More than 30% of the 2003 total was disbursed in Q4, up significantly from Q3 and a strong indication that investor confidence is on the upswing. The communications sector attracted the most funding of any sector, receiving $673 million. It was followed by computer-related firms ($384 million), electronics ($382 million) and biotechnology ($286 million). Follow-on financings were the investment vehicle of choice, with 550 securing $1.82 billion. New financings numbered 264 for a total of $646 million. Full data for 2002 can be found at www.cvca.ca....