In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics. In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.

1. CANADIAN VENTURE CAPITAL
LANDSCAPE

2. TABLE OF CONTENTS
1. What’s New in 2018 Page 5-8
2. Overview: Why We Continue to be Excited About Canada Page 10-15
3. Canadian ecosystem: Stronger than ever Page 17-22
4. Public sector remains focused on growth in VC and Tech Page 24-29
5. Diversity & Talent is Canada’s Strength Page 31-36
6. Deep Dive on Canadian VCs Page 38-42
2

3. A WORD FROM OUR CANADIAN PARTNER
Jean-Francois Marcoux
Co-Founder & Managing Partner
WHITE STAR CAPITAL
Authors/ Contributors
Sanjay Zimmermann
Associate
“Canada still has it all and more. Nothing
can’t be built here and the world has been
taking notice”
Gagan Singh
Summer Associate
“Within Canada resides every component of
what makes a successful entrepreneurial
ecosystem”
“We are proud to be a partner of choice for Canadian
entrepreneurs. The Canadian ecosystem is building some
amazing companies with global ambitions, led by hustling
founders and talented world-class teams”
In this second edition of our report, we aim to reiterate our
enthusiasm on the Canadian Tech and Venture Capital ecosystem
as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and
expressing our belief that the ecosystem is stronger than ever,
we look at a few new topics. We examine a few subsectors, larger
round dynamics, VCCI and regional programs. We are also pleased
to further explore one of Canada’s key strengths: it’s diversity and
talent. Finally we end with an updated deep dive on VC’s and
other investors making up the space.
At White Star Capital, we started investing in Canada in 2007,
have made over 12 investments since and are looking forward to
many more. We hope you enjoy reading this report!
External Data Sources
3
Christophe Bourque
Principal
“Back in 2010, when I started my career in VC, I spent a lot
of time explaining to people what VC was. It is amazing to
see how far the Canadian ecosystem has come and we at
White Star consider ourselves lucky to be a part of it.”

4. WHAT’S NEW IN 2018

5. “TORONTO ADDED MOST
NORTH AMERICAN TECH
JOBS”*
Toronto is the fastest growing tech
market- CBRE report.
“BDC SPINS OUT 2 NEW
INDEPENDENT TECH
FUNDS”*
One of the funds will focus on
CleanTech, while the other’s focus
will be Healthcare and IT.
“GOVERNMENT
ALLOCATES $350M
THROUGH VCCI”*
5 fund of funds will receive a
portion of this amount.
“PAYPAL WILL ACQUIRE
HYPERWALLET FOR
$400M”
HyperWallet will allow PayPal to
provide payment solutions to
ecommerce platforms.
“PURPOSE FINANCIAL
ACQUIRES THINKING
CAPITAL FOR $200M”*
The goal of this acquisition is to
create new investment products.
“CANADA WELCOMES
COLLISION TO
TORONTO”*
In 2019, the city will be hosting
90,000 executives from the world’s
fastest growing startups.
“FEDERAL GOV’T
REVEALS 5 WINNING
SUPERCLUSTERS”*
The gov’t hopes to create 50K
jobs and grow the economy by
$50B over the next 10 years.
“CANADIAN GOV’T IS
LAUNCHING A $100M
PROCUREMENT
PROGRAM”
The program will increase
procurements from startups.
“BUDGET 2018 - GOV’T
SPENDING BILLIONS TO
IMPROVE GENDER
EQUALITY”*
The budget aims to encourage
participation of women in the
workforce.
*Additional details provided in the report
5
2018 NEWS HIGHLIGHTS
Another big year for Canadian Tech

6. Spin-out fund
Stage:
Sector:
Legend
Stage Sector
Seed AI CleanTech
Series A Fintech Ecommerce
Series B Smart City Transportation
Series C Mobile Software
$232M Stage:
Sector:
Stage:
Sector:
Stage:
Sector:
Stage:
Sector:
Stage:
Sector:
Stage:
Sector:
Growth Fund
$72M
$50M
$715M
$25M
Stage:
Sector:
$75M$130M
$50M
6Source: Tracxn
NEW FUND ANNOUNCEMENTS
Over $1.3B in new capital raised by Canadian VC funds this year

7. ●
Created
82,100 tech
jobs in the
past 5 years-
beats SF by
4,270 jobs1
4th best tech
talent in
North
America2
The city was
ranked 11th
as the top
startup
ecosystem in
the world3
Toronto Startup Passport
The city of Toronto is partnering with
WeWork to give international
entrepreneurs access to WeWork
spaces5
Ranked as
one of the
lowest cost
markets for
tech
companies4
1 Huffington Post, 2 CBRE Report, 3 BetaKit, 4 CBRE Report, 5 BetaKit
7
TORONTO’S TECH TALENT IN THE SPOTLIGHT
“Toronto Beats Silicon Valley in Tech Job Creation”

8. September
19-20
Vancouver
October
18
Ottawa
November
2-3
Halifax
November
28-29
Ottawa
October
22-23
Toronto
September
19-20
September
24-27
Toronto
April
10
Vancouver
July
9-13
Montreal
June
19-20
Waterloo
June
5-7
Calgary
June
4-6
Vancouver
May
20-23
Toronto
2018
2019
8
WORLD CLASS TECH AND VC EVENTS
Notable upcoming events over the next 12 months

9. OVERVIEW: WHY WE CONTINUE
TO BE EXCITED ABOUT CANADA

10. VC funding in Canada continues to be high
VC FUNDING REMAINS STRONG
ICT1 and healthcare deals drive growth while larger deals remain a reality in Canada
Industry expertise and successful start-up activity in Canada
has captured the attention of investors. Canada experienced
record VC funding in 2017, and the momentum continues in
2018. Despite a slight slowdown in the first half of 2018 as
compared to 2017 VC funding continues to be quite high.
The increase in capital available and quality of startups has
made it possible to fund larger rounds – something that was
previously a challenge in Canada (more on this later in the
report). There have however been fewer mega rounds as
compared to 2017 which has led to smaller % of top 10 deals.
VC-backed funding
Total funding allocated to top 10 deals
Source: CBInsights
Source: CVCA
Source: CVCA
Note 1: Information and Communications Technology
Note 2: YTD refers to data as of 30 June 2018 10
$0m
$2m
$4m
$6m
$8m
$10m
$12m
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average Deal ($m) Median Deal Value ($m)
$1.9B
$2.1B
$2.3B
$3.2B
$3.8B
$1.7B
2013 2014 2015 2016 2017 2018YTD
34% 35%
23%
31%
40%
29%
2013 2014 2015 2016 2017 2018YTD
2 2
2

11. % of Canadian deal volume per stage,
per year
As a greater percentage of total funding value is captured by
the largest Canadian deals, Canada has also experienced a
50% increase of the percentage of total deal volume captured
by Seed-stage funding over the last 10 years.
The total number of exits rising year over year since 2010 is
another encouraging sign as it suggests healthy levels of M&A
activity in the country. However it is worth nothing that the #
of VC backed exits has remained flat in the last few years.
The number of Canadian exits has been
steadily rising year-over-year since 2010
Source: CBInsights
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Seed Series A Series B Series C Series D+
11Source: CVCA Newsletter
12
21 24 25 35 45 30 35 16
59
165
233
291
444
471
517
703
466
2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Number of exits in Canada (VC Backed)
Number of exits in Canada (Total)
50% INCREASE IN SEED STAGE DEALS
In the last decade, seed stage deals as a % of Canadian deal volume increased by 50% and exits grew steadily

12. U.K.
Canada
Germany
France
Israel
$3.4B
$1.8B
$2.0B
$1.1B
145
262
175
97
Region Total Deal Amount (H1 18) Total Deal Volume (H1 18)
Source: CBInsights
CAGR Deal Volume
(H1 16 – H1 18)
+27.1%
+23.7%
+75.4%
+20.7%
*Western Hemisphere only, VC deals Angel round through Series E+
U.S $52.1B 2,224 +9.8%
12
$1.7B 125 +35.9%
SIZING UP CANADA IN A GLOBAL CONTEXT
Canada sits with top regions for venture deals and is maintaining double digit growth

13. Series B
share of deals
Series C
share of deals
Series E
share of deals
Seed/Angel
share of deals
Series A
share of deals
Series D
share of deals
Source: CBInsights
49%
A lower % of investments in the seed stages indicates a
maturing ecosystem. Canada is starting to gravitate towards
later-stage investments. The Canadian ecosystem has become
stronger as indicated by the increased number of Series B
investments: only 3% lower than the U.S. Canada’s smaller
proportion of Series C+ investments is in part due to the
younger nature of the ecosystem and the lack of VC funding
available at the C+ stages. (More on this on the next slide)
24%
13%
7%
3%
3%
49%
24%
13%
7%
3%
3%
49%
28%
11%
6%
3%
2%
62%
22%
10%
4%
1%
1%
69%
18%
8%
3%
1%
1%
71%
19%
6%
2%
1%
1%
13
DEAL SHARE BY STAGE; PAST 3 YEARS
Early evidence of Canada’s maturing ecosystem

14. FLAT VOLUME OF $20M - $100M ROUNDS:
A clear symptom of the growth stage funding gap
Source: Tracxn
• The # of $20 - $100m rounds since 2015 has been flat despite the general activity in rounds close to
doubling over the same period (growth apparently coming from sub $20m or over $100m rounds)
• Few Canadian funds are positioned to lead $20m+ funding rounds and international / CVC interest
seems to come in more at the $100m+ round size (see p. 22)
Source: Tracxn
3
3
3
2
1
Top funds that led $20-$100M
rounds
17
16
18 18
2015 2016 2017 2018E
# of $20-$100M rounds-since 2015
14

15. Artificial Intelligence Ecommerce
IoT Fintech
Deal volume Examples
Strong growth – doubling in deal volume
Deal volume Examples
Strong 2018 – following success of Shopify, Hopper etc.
Deal volume Examples
Return to growth after slowdown in 2017
Deal volume Examples
Steady strong volume
27
35
46
20
30
40
50
60
2016A 2017A 2018E
26
16
32
0
20
40
2016A 2017A 2018E
31 27
46
15
35
55
2016A 2017A 2018E
47 46 52
20
30
40
50
60
2016A 2017A 2018E
*
*
*White Star Capital portfolio companies
Source: CBInsights
*
*
15
CANADIAN SUBSECTORS
A snapshot of Canada’s strongest subsectors over the past 3 years

16. CANADIAN ECOSYSTEM:
STRONGER THAN EVER

17. Tech Giants are acquiring Canadian startups
from coast to coast
Tech Giant acquisition presence per province over the last 10 years
Cloud Computing
• Google built its first Canadian cloud computing facility in
Montreal
• Amazon Web Services has opened a cluster of data
centers near Montreal
Artificial Intelligence
• Google DeepMind opened its first ever international AI
research office in Edmonton
• Google Brain has expanded to Montreal and Toronto
• Adobe Systems Inc* plans on opening an AI lab in Canada
• Samsung* launches an AI lab in Montreal and Toronto
• Facebook* hires an AI expert to head its first research lab
in Montreal
• Microsoft* hires a a new director – AI professor from
Carnegie Mellon University – for its Montreal research lab
• NVIDIA* is opening an AI Research lab in Toronto
Europe Canada
And are financing Canadian ventures at an
accelerated pace
• Tech firms have not limited their activity in Canada to expanding
their operations, they have also invested in Canadian ventures.
• Microsoft Ventures and Amazon Alexa Fund have invested in an
equal or greater number of deals in Canada as in the entirety of
Europe over the last 5 years (YTD)s
Google Ventures 9 1
Microsoft Ventures 6 2
Amazon Alexa Fund 0 7
US Giants are expanding their R&D and
Operations teams in Canada
Source: Tracxn
Source: CBInsights
*Partnerships announced in 2018
17
Tech Giant Venture Capital Financing over the last 5 years
FAMGA & CO’S IMPACT ON CANADA
Industry leaders have been increasing their Presence in Canada

18. Luxury Retreats
Founded in 1999
Luxury Villa Rentals
Montreal
Sand vine
Founded in 2001
Intelligence web traffic optimization
Waterloo
Maluuba
Founded in 2011
Deep learning/machine learning
Waterloo
Cambridge Global Payments
F Founded in 1992
I Internet Software & Services
Toronto
Thinking Capital
Founded in 2006
Internet Software & Services
Montreal
Acceo
Founded in 1988
Internet Software & Services
Montreal
$263m
$562m
$900m
$230m2
$392m1
2017 2018H1
1 Based on CVCA reported exit value of C$392m
2 The Maluuba deal value was undisclosed. However, the value is estimated to have been of approximately $230m
Source: Tracxn
Mitel
Founded in 1973
Telecom Services
Ottawa
$2.6b
$264m
$521m
Hyper wallet
Founded in 2000
Fintech
Vancouver
*New companies since 2017 report
18
CONTINUED LARGE TRANSACTIONS IN H1 2018
ICT sector Dominates VC-backed acquisitions

19. Note: Excludes funds raised during an IPO
Source: CBInsights
468 462
378
363
286
272 264
221 215 211
198 191
176 170 159 153
New additions
in 2018
Total funding $m
19
TOP FUNDED CANADIAN COMPANIES
Companies which received funding over the last 10 years

20. Canadian VC-Backed IPOs have seen continuous growth in the
size of the largest IPO per year over the same period until
2018. Due to expectations of rising interest rates at the start
of 2018, companies stalled their IPOs in hopes that the market
would stabilize. This has led to higher anticipation for tech
IPOs in the second half of 2018. Companies such as Spacey,
Electra Mechanical, Nerds on Site, Hootsuite and Vision are
expected to IPO in the near term.
Legend: ICT Sector Other Sectors
Note: There were no Canadian IPOs in 2012 or in 2016, Does not include Reverse Takeovers (RTOs) or Reverse Mergers
$101m1
$46m2
$42m1
$131m2
$97m2
$5m2
$157m1
$87m1
2014 20152011-2013 2017
$58m2
$25m1
Canadian VC-Backed IPOs from 2014 to 2018
1 CVCA Infobase, 2 CBInsights
2018H1
No VC-backed
IPO’S
20
NO VC BACKED IPO’S IN 2018 TO DATE
VC-Backed IPO's experience a slower start in the first half of 2018

21. Series D
$216m
2005
Mobile Software & Services
Montreal
Series C
$102m
2007
CleanTech
Calgary
Series E
$260m
1999
Quantum computing and
superconducting electronics
Burnaby
Series A
$134m
2016
Launches and Incubates
advanced AI Solutions
Montreal
Series C
$111m
1995
Integrated EHR platform for
long term providers
Toronto
2018H1
Series D
$186m
1995
Integrated EHR platform for
long term providers
Toronto
Series C
$127m
2007
Consumer Electronics
Toronto
<$100m
>$100m
LEGEND
201720162015
Series C
$95m
2007
Predicts airfare
Montreal
Series C
$77m
2007
Digitalization of circulars/flyers
Toronto
Series C
$61m
2005
SaaS Retail Management
Montreal
Series D
$60m
2004
Residential Appraisal Platform
Markham
Source:Tracxn
Series B
$140m
2012
Wearable Technology
Kitchener
Series C
$103m
2005
Precision agriculture and data-
management
Winnipeg
Series E
$130m
2005
Internet Software & Services
Quebec City
*New companies since 2017 report
21
LARGEST FUNDING ROUNDS OVER LAST 4 YEARS
Canada experienced record VC funding in 2017 and the momentum continues in 2018

22. 3x the number of $100m+ rounds
compared to 2016
Source:Tracxn
0
2
5
6
2015 2016 2017 2018H1
2
rounds
1
round
• Canadian Funds
• International Funds
1
round
2
rounds
• Amongst Canadian funds, domestic pension funds and sovereign funds such as CDPQ, Investissement
Quebec and PSP have been quite active (i.e. CDPQ invested in Lightspeed’s and Hopper’s latest round)
• Amongst International funds, corporate VCs such as Amazon, Intel and Hanwha have been quite active
in these rounds (i.e. Amazon invested in Thalmic Labs and Ecobee’s latest round) 22
FOLLOWING GLOBAL TREND OF MEGA ROUNDS
Evolution of the market; Growing Number of $100m+ rounds

23. PUBLIC SECTOR REMAINS FOCUSED
ON GROWTH IN VC AND TECH

24. • The Canadian Government Budget 2018 allocated $1.4B over the next three years
to finance women-led companies through BDC
• The government introduced the Women Entrepreneurship Strategy; empowering
women to participate in the growing economy
• $0.7B was listed for the Canada Foundation for Innovation, a non-profit agency to
ensure researches have access to advanced tools
• Budget of 2018 placed $1.7B to support the next generation of Canadian
researching through institutes and grants
• The Global Talent Stream pilot aims to make Canada a world-leading centre for
innovation
• The Global Talent Stream will help create more jobs and grow the middle class
• Applicants to the Global Skills Strategy will be able to immigrate to Canada
as permanent residents with no conditions attached to the success of their business
• Budget 2018 allocated $4.6m for the renewal and funding of Canada’s Startup Visa
Program
Canada Start-Up Visa/ Encouraging Foreign Entrepreneurs
Creating Talent
Promoting Diversity
Innovation Funding
24
CANADIAN PUBLIC SECTOR SPENDING
Billions spent to promote innovation; attract & develop talent

25. Date Program Name Level Amount Purpose
Mar-18
Women
Entrepreneurship
Strategy
Federal $1.4bn
• Support and invest in women in entrepreneurship
with the goal of increasing women-owned
businesses
• Includes $200m of investments in women-led tech
firms
July-17
Strategic Innovation
Fund Federal $1.3bn
• Accelerate innovative projects to ensure its
competitiveness
• Covers a diverse range of projects; research,
expansion, development and collaborations
July-17
Venture Capital
Catalyst Initiative
Federal $0.4bn
• Increase the availability of late-stage funding
• Higher capital allows for additional talent and for
expansion to new markets
• Supports the Innovation and Skills Plan by helping
innovative firms grow, supporting diversity and
promoting gender balance
May-17
Innovation
Superclusters
Initiative
Federal $0.9bn
• Strengthen the most promising business-led
innovation clusters by achieving their greatest
potential
• Supports partnering with the industry and
fostering stronger connections
Recent Government Funding for Innovation in Canada
INCLUDING INVESTING OVER $4.0B IN BUSINESS
INNOVATION AND WORKFORCE EQUALITY
25

26. VC D
VC E
VC F
VC J
VC K
VC L
VC G
VC H
VC I
VC A
VC B
VC C
VC M
VC N
VC O
Startup
3
Startup
4
Startup
1
Startup
2
Startup
6
Startup
9
Startup
7
Startup
8
Startup
11Startup
10
Startup
5
Startup
12
Startup
14 Startup
13
Startup
15
Government of
Canada
VCCI
$400m*
Fund of Funds Canadian VC’s Canadian Startups
Startup
16
Startup
17
Canadian
Employees
Tax Benefit flow back to
gov’t from employees
FOFs will raise
capital from the
private sector in
multiples of
VCCI
• The 5 FOFs to receive investments under the Venture Capital Catalyst Initiative (VCCI) were announced in June of 2018
• Stream 1 of the VCCI allocates $350m to FOFs with the objective of maximizing returns through diverse investments
• Stream 2 allocates $50m to businesses that “challenge conventional practices” and can provide a financial return to investors
Source: Government of Canada *$350m allocated to FOFs while the remaining capital is allocated to profit returning investments
Managed by
bdc
Stream 1
Stream 2
26
VCCI OVERVIEW
A top down catalyst for VC investment into startups and job creation

27. Fund of Funds AUM (CAD) VCCI VCAP
Provincial
Gov’t
Funding* Direct Investments
$1.6B
QC
$850M
ON
$13B
ON
$556B
$50B
ON
Source: CVCA Infobase, PrivateCapital Journal, Company websites
*Access to provincial funding not necessarily allocated 27
VCCI FUND MANAGERS OVERVIEW
A broad selection of experienced Fund of Fund managers

28. CANADA’S SUPERCLUSTERS
50,000+ new jobs
in Canada’s market
Increasing
Canada’s GDP by
$50B+
New partners
innovating together
Increasing
innovation in
every corner of
Canada
Growing regional
economies
Digital Technology
Supercluster
Focus: VR, AR, data
collection, quantum
computing
Impact: $5B+ in GDP,
13,500+ jobs
Protein Industries
Supercluster
Focus: Agri-food enabling
technology
Impact: $4.5B+ in GDP,
4,500+ jobs
A.I-Powered Supply
Chains Supercluster
Focus: AI and supply chain
Impact: $16.5B+ in GDP,
16,000+ jobs
Advanced
Manufacturing
Supercluster
Focus: IoT, machine
learning, cybersecurity
Impact: $13.5B+ in GDP,
13,500+ jobs
Ocean
Supercluster
Focus: Digital sensors,
energy generation,
automation
Impact: $14B+ in GDP,
3,000+ jobs
“The Innovation Superclusters Initiative is investing up to $950 million to support
business-led innovation superclusters with the greatest potential to energize the
economy and become engines of growth.”
Source: Government of Canada 28

29. Yukon
Alberta
Saskatche-
wan New
Brunswick
Nova
Scotia
©FreePowerPointMaps.com
Opportunity Calgary
Investment Fund
$100m investment fund to
support business growth
Saskatchewan Technology
Start-up Incentive (STSI)
45% tax credit for startup
investment
New Innovation Hub
$2m will be invested to
support and promote the
entrepreneurial culture of
innovation
Entrepreneurship
Centre- Saint Mary’s
University
$11m dedicated to
growing the province’s
entrepreneurial ecosystem
New Brunswick Gov’t
Investing in Innovation
$54m will be invested in
the new innovation agenda
(research and development)
29
REGIONAL PROGRAMS
Promoting Startup initiatives beyond Ontario, QC and BC

30. DIVERSITY & TALENT IS
CANADA’S STRENGTH

31. CATERINA RIZZI
Co-Founder &
CCO
EVA WONG
Co-Founder &
COO
ARIEL GARTE
Co-Founder &
Chief Evangelist
TANIS JORGE
Co-Founder &
Director
REBECCA SHORT
Co-Founder
Kristine Steuart
Co-Founder &
CEO
Thought Leaders in
Academia
KAREN COLLINS
Canada Research Chair
ANNE COLLEY
Faculty - Singularity
University
JOËLLE PINEAU
Head of Facebook AI Lab
$160M
$38M
$57M
$35M
$30M$31M
Source: Tracxn
Source: Inspiring Fifty
*Filtered by largest Canadian companies in the ICT sector
31
WOMEN IN LEADERSHIP
A few of Canada’s most inspiring women

32. BDC Women in
Tech Fund
"We will invest $200
million over the next
five years to help bridge
the gender gap.”2
DMZ Women
Founders
Accelerator
“Encouraging female
leaders to pursue and
grow high-potential tech
ventures.” 6
Disruption
Ventures
“Our mission is to be
the starting point for
the best female
founders when early
stage capital is
required.” 1
Women Founder’s
Fund by Startup
Canada
“We Invest in women-
led companies in STEM,
by providing them with
grants.” 3
Funds Accelerators/Programs
StandUp Ventures
“This is an important
step in the evolution of
venture capital and in
providing more capital
to women-led
technology
businesses.” 4
Ladies Learning
Code
“Our mission is to be
the leading resource
for women and youth
to become passionate
builders – not just
consumers – of
technology.” 8
SheEO
“Supporting women
with $1B in interest-
free loans- improving
on the low levels of
funding that women-led
ventures receive.”5
Communitech
Fierce Founders
Accelerator
“Since 2016, the
program has grown to
include later-stage
companies, helping
them grow their
revenue base &
business.” 7
1 Disruption Ventures, 2 BDC , 3 Startup Canada, 4 Financial Post, 5 Forbes, 6 Ryerson, 7 Communitech, 8 Canada Learning Code 32
WOMEN-LED TECH INITIATIVES
Several programs are starting to emerge and making a real impact

33. 20% of the Top 50 companies in Canada are foreign-born founders
Thiago Caires
Co-Founder
Tobias Lutke
Co-Founder
Matthew Shae
Co-Founder
Julien Billot
Founder
Vern Bronwell
Founder
Valery Tolstikhin
Founder
George Hadjigeorgiou
Co-Founder
John T Hargrove
Founder
Mohsen Shahini
Co-Founder
Coach Wei
Founder
1
2
4
3
5
6
7
8
9
10
33Source: Tracxn
DIVERSE TALENT IN CANADIAN FOUNDERS
Large proportion of Canada’s top 50 companies are led by 1st generation immigrant founders

34. • 43% of Fortune 500 companies were
founded by immigrants or their children1
• With US’ stricter visa and immigration
policies, international talent looking at its
neighboring country and locals losing faith
• The US will slowly be losing its talent
"Shopify (Canada) saw 40% more U.S.
applicants in the first quarter of 2017 than
[they] averaged in all of 2016”2
• Canada’s growing tech powerhouse has
been attracting international talent
• Startups want to avoid immigration risk and
lower equity holding (required for a visa);
rather grow their company in Canada3
• Canada’s acceptance of diversity has made
it an attractive market
“Canada’s merit based system attracts highly
skilled and educated immigrants”4
Canada is providing support systems to new immigrants
Over the past
5 years, Canada hired
800,000 immigrants
in the job
market5
The government
allocated $400m
to improve their
English and
French6
$4.6m has been
allotted for the
renewal and funding
of Canada’s Startup
Visa Program7
Olivia graduates from
a recognized
international
university and moves
to the valley
Olivia found the cost of
living too high and
immigration too difficult
Olivia moves to Canada and
brings her talent to a
Canadian company
Exodus of International
talent to Canada
1 Forbes, 2 Globe and Mail, 3 Financial Post, 4 CBC, 5 StatCan, 6
34
US’S LOSS IS CANADA’S GAIN
The US has become less attractive for international talent

35. Business & Economics
Schools7
Computer Science8
Artificial Intelligence
Canada’s World Class Universities
Artificial Intelligence
43
53
48
22
19
35
31
11
Over half of the immigrants that have arrived 5 years
prior to 2016 have attained a Bachelor’s or higher.5
Canada has the world's highest proportion of
adults aged between 25 and 64 with a college or
university degree of 54% , compared to the 35%
OECD average.1
IMMIGRANTS ATTAINING HIGHER
EDUCATION
Canada allocates 13.4% of its public expenditure on
education, a higher % in comparison to the OECD
average of 11.3%.6
POPULATION (%) WITH A
DEGREE
WORLD TOP BUSINESS
INCUBATOR
DMZ at Ryerson University has ranked as the world
leading university-led incubator.2
#1
#1
Far Ahead OF THE OECD AVG
1 StatCan, 2 UBI, 3 Gov’t of Canada, 4 StatCan,5 StatCan, 6 OECD 7 Times Higher Education, 8 Business Insider, 9 Top MBA
Canada attracts more tertiary
students from abroad (11.9%)
vs. the Canadian students
studying abroad (3.4%).4
“With Budget 2018’s focus on investing in people
and ideas for a stronger, more prosperous Canada,
it will increase diversity in science and help develop
Canada’s next generation of research leaders.”3
MBA9
48
66
52
35
EDUCATION IN CANADA
Providing unparalleled access to talent

36. “Thirty-two universities are members of the Canadian Association of Business Incubators,
a national association that supports the growth of new and early-stage businesses.”1
”The student-run fund received
$600,000 in October from Real Ventures
to invest in 24 student-led startups over
the next four years.”
1 CABI *CDL is also partnered with UBC, UCalgary, Dalhousie & New York University
36
*
UNIVERSITY INCUBATORS
Inspiring students and young professionals to go down the entrepreneurial route out of the classroom

37. DEEP DIVE ON CANADIAN VCS

38. Atlantic
Ontario Quebec
Prairie
British Columbia
Note: Rankings are per fund, not total
AUM per firm
LEGEND Fund Size (CAD$m)
300+
200-300
100-200
< 100
Source: CVCA Infobase
38
SNAPSHOT OF LARGEST VC FUNDS
Based on most recent fund size; Most prominent in Ontario

39. Investments and membership by region in 2017 Top 5 Angel Groups by:
3
4
5
Dollar Amount # of deals
Average Deal Size Syndication Partners
Source: NACO
1
2
24.6% 10%
74.5% 24.6%
1% .2%
89.8%
Number of investments Made in 2017
Member Distribution
Value of investments Made in 2017
1231 Investors
$145.2 million in 370 investments
2014 $1.229M
2015 $1.16M
2016 $1.731M
2017 $1.908M
30 Investors
$.38 million in 5 investments
30 Investors
$.38 million in 5 investments
39
ANGEL INVESTOR LANDSCAPE
Greatest Angel activity in Quebec & Ontario

40. Investor State # Deals
500 Startups CA
FundersClub CA
Uncork Capital* CA
Social Capital CA
Accel Capital CA
Plug and Play
Ventures* CA
Investor State # Deals
Accomplice MA
Insight Venture Partners* NY
EnerTech Capital PA
Rho Ventures NY
OrbiMed Advisors NY
Braemar Energy Ventures NY
Union Square Ventures NY
Highland Capital Partners MA
VIMAC Ventures* MA
NGEN Partners* NY
BOLDstart Ventures NY
Investor Country # Deals
Investor Country # Deals
Emerald Technology Ventures
Acton Capital Partners
Go Capital*
Point Nine Capital
Investor S.A.R. # Deals
Horizons Ventures
LEGEND Number of Deals
15+
10-14
7-9
Source: CBInsights
*Recently active / made the list in 2018 40
MOST ACTIVE FOREIGN VCS
VCs with Foreign Head Quarters which participated in the most VC deals in Canada over the last 10 years

41. Investor Investor Type
Holding Company
Bank
Diversified Financial
Services
Holding Company
Asset/Investment
Management
Bank
Asset/Investment
Management
Advisory
Holding Company
Investor Investor Type
Asset/Investment
Management
Diversified Financial Services
Diversified Financial Services
Holding Company
Bank
Private Public
Public-Private Partnerships
Investor Investor Type
Public-Private Pension Fund
Public-Private Pension Fund
Source: CBInsights 41*New additions since 2017 report
CANADIAN INSTITUTIONAL INVESTORS
Most Active Canadian Financial institutions; per direct VC investments over the last 2 years

42. Corporate VC Sectors
Direct
Investment
Investment
in VC fund
Select Canadian
Investments
Automation; CRM; Energy
Efficiency; Healthcare; Enabling
Technologies
X X
Cloud computing; CRM;
Enterprise Software X
ICT X
Sustainable vehicles; mobility
service; autonomous driving X
Voice technology innovation;
Hardware for Alexa X
ICT X
Pharmaceutical; Medical
Devices; Consumer Healthcare X
ICT; Healthcare; Energy, Lighting
and IoT; Manufacturing X
Improvements to Agricultures
from biotechnology to software X X
Transportation; big data;
Insurance tech X
1
2
3
4
5
6
7
8
9
10
Source: CBInsights
42*New additions since 2017 report
MOST ACTIVE CORPORATE VCS
Most Active Corporate venture capital groups in Canada in the last 18 months

43. GLOBAL PRESENCE AND PORTFOLIO
INTRODUCTION TO WHITE STAR CAPITAL
White Star Capital
We invest in ambitious entrepreneurs on both sides of the Atlantic. We have founded, scaled and sold
many successful technology businesses. We leverage our collective experience, expertise and global
network to help our startups succeed.
www.whitestarvc.com