2025 was an eventful year for InBC. We focused on strengthening and diversifying our portfolio, including announcing an additional eight investments. As of December 31, 2025, our portfolio is directly and indirectly supporting the growth of 37 B.C. companies.

We also continued to engage in the community to meet entrepreneurs across the province, and collaborate with other investors to drive more investment activity in B.C.

Also in 2025, the inaugural Web Summit Vancouver provided unprecedented opportunity for B.C. businesses to showcase their innovations and meet investors, and for us to promote B.C. as a destination for innovation and investment.

Here are some of our 2025 highlights.

January-March

We began the year by announcing our investment in Aspect Biosystems, a Vancouver-based biotechnology company pioneering Bioprinted Tissue Therapeutics to treat life-threatening diseases such as diabetes, liver disease and obesity.

Then in February, we announced our investment in Reverb Therapeutics, which is advancing an antibody-based platform to redirect and amplify the body’s natural cytokines for the potential treatment of cancer, autoimmune conditions and other diseases.

In March, we announced our investment in Burnaby-based Novarc Technologies and its autonomous welding technology that is improving productivity, safety and weld quality across a wide range of industries.

We also announced a commitment to Vanedge Capital‘s Fund IV, a Vancouver-based venture fund focused on investing in early-stage hard tech (deep tech) companies.

We continued to engage in the community to meet a diversity of entrepreneurs and drive more investment activity in B.C. including:

• Speaking on a panel at the Western Angel Investment Summit in Victoria
• Speaking on a panel at the Misfits Ventures Vancouver launch event for LGBTQ2S+ founders and investors
• Engaging with Asian Canadian investors through Asian Canadian Ventures Collective (ACVC)
• Meeting B.C. tech companies at TechExit.io
• Meeting Black entrepreneurs at the Black Entrepreneurship & Research Symposium
• Meeting Vancouver Island entrepreneurs at the Rising Economy conference presented by South Island Prosperity Partnership (SIIP)
• Cheering on B.C. cleantech companies at the Foresight Canada BC Cleantech Awards

April-June

In the Spring, we committed an investment to BrightsPark Ventures’ Brightspark Canadian Opportunities Fund II, a venture fund investing in early-stage technology companies. Brightspark expanded its presence in B.C. with the appointment of a B.C.-based Partner to lead its investments in Western Canada. The fund has so far invested in two B.C.-based companies.

In May, we attended the grand opening of our portfolio company Svante’s new Centre of Excellence for Carbon Capture & Removal in Burnaby B.C., the world’s first commercial gigafactory for carbon capture and removal filters.

Later in May, we kicked off Web Summit Vancouver by welcoming national and global investors to B.C. In collaboration with our partners Invest Vancouver, AinBC, DigiBC, Innovation UBC, Invest Surrey, Life Sciences BC, Naturally Innovative Alliance and NorthX, we organized insider bus tours to leading companies in the life sciences, cleantech and creative tech sectors across the Metro Vancouver region. A total of 25 B.C. companies were featured through facilities tours, speaker panels and showcase receptions and over 200 attendees — including investors from 17 countries, plus innovation supporters, community leaders and media — participated.

At Web Summit itself, we moderated a life sciences panel and helped judge a life sciences pitch at the B.C. Pavilion. We referred opportunities for our portfolio companies to showcase at the conference and proudly watched them speak and exhibit. Lastly, we met numerous entrepreneurs and investors both on the conference floor and at the many community-run side events.  

Our community engagements in the spring also included:

• Speaking on a virtual panel for Road to Web Summit to help B.C. companies prepare for the conference
• Meeting marine tech companies and speaking at the Association of British Columbia Marine Industries (ABCMI) and Coast Innovation Forum
• Meeting Indigenous entrepreneurs at Indigenomics Impact
• Meeting healthtech companies at the National Health-Tech Innovation Conference hosted by the CHEO Research Institute at BCIT
• Mentoring women entrepreneurs and speaking at The Odlum Brown Forum Pitch Finale
• Meeting advanced materials innovators and speaking at the CAMTEC Annual Research Symposium at the University of Victoria
• Cheering on Victoria tech companies at the Victoria Innovation, Advanced Technology & Entrepreneurship Council’s VIATEC Awards
• Engaging with investors at Invest Canada conference presented by Canadian Venture Capital & Private Equity Association (CVCA)

July-September

In the summer, we committed our first follow-on investment to 4AG Robotics. 4AG was InBC’s first direct investment in a company and in less than two years, we watched the company grow from prototype to now operating on leading farms in B.C. and across the world. In 2025, the company opened a satellite office in Vancouver to support its global sales and will be moving into a 36,000-square-foot facility in Salmon Arm, B.C. to increase its production capacity.

In July, we enjoyed a sneak peek of our portfolio company Mangrove Lithium’s new lithium refining facility in Delta, B.C., which will be North America’s first commercial electrochemical lithium refining plant and a milestone in securing the domestic battery-grade lithium supply chain and advancing the climate goal toward a net-zero future.

We also enjoyed a visit to Sanctuary AI’s headquarters in Vancouver, where its general-purpose humanoid robot Phoenix showed off its dexterity skills.

Later in July, we committed an investment in Yaletown Partners’ Innovation Growth Fund III. InBC had previously invested in Yaletown’s Innovation Growth Fund II, which has backed the growth of six B.C. companies.

In September, following a robust recruitment process, we welcomed our new Chief Investment Officer (CIO) Thomas Park to the InBC team. Tom brings with him a broad and diverse set of experiences and credentials, including nearly a decade at BDC supporting innovation at the national level. He is leading InBC’s investment strategy during this exciting next stage of our growth. Read our Q&A with Tom.

With BDC, we supported two IP strategy workshops hosted by Innovation Asset Collective (IAC) for B.C. founders and investors.

We had a busy summer month supporting the innovation ecosystem across B.C., including:

• Co-hosting the Canada-EU Agri-Food Innovation Roundtable with EIT Food, Innovation UBC and the Canadian Food Innovation Network
• Providing opening remarks at Carbon Connect, an event hosted by Arca and Svante with support from NorthX and Deloitte during PNW Climate Week
• Meeting B.C. entrepreneurs at BC Founders Day
• Engaging with women investors through Canadian Women in VC (CWVC)

October-December

In October, we announced our investment in MarineLabs, a coastal intelligence company with a growing sensor network that provides hyper-localized, high-resolution weather and oceanic data to help marine industries and coastal communities make smarter, safer decisions. Later in November, we attended the grand opening of the company’s new headquarters in Victoria, B.C.

We also attended Raven Indigenous Capital Partners’ Annual Impact Feast. Raven was one of InBC’s first commitments to a venture fund. Since 2022, the fund has invested in seven Indigenous-led companies across B.C.

Then in November, we attended Novarc Technologies’ Open House in Burnaby alongside other supporters such as Seaspan and Pacific Economic Development Canada. During the event, Novarc demonstrated its new SWR TIPTIG Autonomy, the world’s first autonomous Tungsten Inert Gas (TIG) welding solution that can deliver precision and consistency previously unattainable in TIG welding.

In preparation for developing our next three-year strategic plan, we have begun a series of consultations to gather input from the innovation ecosystem to help inform our strategy, including one-on-one engagements and roundtables with entrepreneurial support organizations, investor networks, economic development agencies across B.C., Indigenous innovation supporters, post-secondary institutions and more. The purpose is to gain a well-rounded perspective on the state of entrepreneurship and investment needs across the province. We thank all the supporters across B.C. who engaged with us.

We continued to engage in the community to meet promising B.C. companies and other investors such as:

• Cheering on B.C. tech companies at BC Tech’s Technology Impact Awards
• Giving fundraising tips on a panel at Vancouver Tech Journal’s Fall Fundraising Playbook
• Meeting cleantech companies at NorthX Converge
• Meeting life sciences companies at Invest in BC by Life Sciences BC
• Meeting UBC spin-off companies at UBC Day
• Meeting early-stage companies at the VANTEC Angel Network pitch
• Meeting femtech founders at the Femtech Canada Forum

Throughout the year, we also organized another three venture capital roundtables to connect the B.C. venture capital community and share synergies. We thank BDC for generously hosting us in their space.

This new year, we are excited to continue the important work of investing in the growth of B.C. businesses, to support local founders, anchor companies to B.C., drive more investment in the province, and generate economic and jobs growth while contributing to social and environmental impact.  

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As of November 30, 2025, InBC’s portfolio is directly and indirectly supporting 37 B.C. companies employing nearly 2,000 British Columbians.

Catch up on what some of them have been up to in the last few months.

4AG Robotics is celebrating 12 million mushrooms picked in 2025, an increase from two million in 2024. To accommodate its growth — with worldwide orders of its harvesting robots booked through to June 2026, it is moving into a new 36,000-square-foot production facility in Salmon Arm, B.C., which will enable the company to scale production up to four robots per week.

The company has also been snatching up accolades. It was recently recognized at the FIRA USA – World Ag Robotics Forum as Best Startup 2025. Earlier this year it picked up the same title at World FIRA, making it one of the few — if not only — companies to win the pitch and impress the investor jury in both North America and Europe.

Arca has signed an agreement with Microsoft for nearly 300,000 tonnes of durable carbon removal over 10 years. This agreement is a significant validation of Arca’s Industrial Mineralization solution that captures and permanently stores CO₂ from the air as stable carbonate minerals. Microsoft’s long-term commitment is a major step in Arca’s trajectory from pilots to potentially million-tonne operations.  

Vancouver-based ChopValue has expanded in the EMEA with a new satellite office in Copenhagen and its first microfactory in Madrid. Its parent company, Microfactory Venture Platform (MVP), is an approved vendor for Restaurant Brands Europe, which will enable ChopValue’s locally based microfactories to manufacture full-service furniture solutions for brands such as Popeyes and Burger King starting in Spain, Italy and Portugal.

On the R&D side, it has partnered with Takenaka Corporation to advance scalable circular construction materials. Through this collaboration, the company is transforming local waste into engineered materials, supporting Japan’s transition to low-carbon, resource-efficient manufacturing.

Pushing the boundaries of its sustainability, Mangrove Lithium is moving to commercialize a cement clinker substitute from the discards of its lithium processing, which will help cut greenhouse gas emissions from the cement sector. Clinker, the pebble-like ingredient used to make cement, is currently responsible for about seven percent of global carbon emissions.

More recently, the company has received a follow-on commitment from NorthX to help demonstrate the continuous operation of its lithium refining platform — the final step before commercial deployment.

Vancouver-based Netskrt has been busy growing its presence worldwide. The global CDN with last-mile awareness recently announced an expansion in Brazil, now covering over 60 delivery points and handling more than 5.0 Tbps of live and on-demand streaming video across a country with millions of sports fans. It has also announced a strategic partnership with Guam Exchange, improving connectivity, content delivery and access to quality streaming for users across the Pacific region. Lastly, Netskrt has partnered with MIX, one of Italy’s largest Internet Exchanges, to deliver high-quality streaming video to subscribers across the country while also reducing latency and traffic strain on local infrastructure.

Novarc’s Open House in November welcomed InBC, Seaspan, Pacific Economic Development Canada (PacifiCan) and Honourable Paul Choi, Parliamentary Secretary for Trade to its Burnaby headquarters. The company demonstrated its new SWR TIPTIG Autonomy, the world’s first fully autonomous Tungsten Inert Gas (TIG) welding solution that can deliver precision and consistency previously unattainable in TIG welding. The technology has the potential to improve productivity, safety and weld quality across a wide range of industries such as shipbuilding, energy and clean technology.

Novarc was recently named one of the fastest growing companies in North America in Deloitte’s Technology Fast 500 list.

Burnaby-based Svante has announced a pilot project with Södra, Sweden’s largest forest-owner association which will test the company’s carbon capture technology for potential large-scale adoption. Svante’s entry into the EU forestry sector represents a significant step towards scaling biogenic carbon capture in pulp and paper production. Aligned with Sweden’s national climate strategy, this project is partially funded by Industriklivet, part of the EU’s Recovery and Resilience Facility (RRF) under the Next Generation EU programme.

Watch Svante’s explainer video on carbon management:

The B.C. companies supported by the venture funds InBC had invested in are also making strides in their growth.

Supported by Yaletown Partners

Inverted AI has partnered with Foretellix to advance scenario-based testing with realistic and targeted AI-based simulation. A pioneer of predictive human behaviour models for simulation and planning, Inverted AI is using real-world data to train policies critical for achieving fully autonomous vehicles.

Supported by Active Impact Investments

North Vancouver-based Jetson’s Air heat pump has been named one of TIME’s Best Inventions of 2025. Jetson is on a mission to replace fossil-fueled heating systems with advanced electric heat pumps that cut emissions, save on energy and lower costs for homeowners across North America.

Supported by Evok Innovations

For the fifth year in a row, MineSense Technologies has been recognized by Deloitte’s Technology Fast 50 as one of the fastest-growing technology companies in Canada. MineSense’s technology unlocks orebody knowledge in real-time, improving ore recovery, minimizing environmental impact and increasing efficiency in mining operations such as in the critical minerals industry essential to the energy transition.

Supported by Yaletown Partners

Photonic has advanced to Stage B of Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative (QBI), the stage of validation which will assess the plausibility of its R&D roadmap towards industrial quantum performance. Photonic is building one of the world’s first commercial-scale quantum computing systems, with potential use case for a wide range of industries.

Supported by Yaletown Partners

SALUS has launched a smarter version of its SALUS IQ, its AI-powered engine that searches across thousands of safety regulations, manuals and best practices to provide immediate answers for the construction industry. SALUS’ digital safety platform is helping construction teams to simplify risk management, enhance compliance and improve safety.

Supported by Brightspark Ventures

ShopVision has partnered with Similarweb to bring traffic trend data into its industry-wide reporting. An AI super agent and e-commerce intelligence platform, ShopVision is helping merchants to understand the market in real-time and respond quickly.  

Supported by Pender Ventures

Veritree is another B.C. company that has been recognized in Deloitte’s Technology Fast 50 as one of the fastest growing companies in Canada. Veritree helps businesses invest confidently in restoration projects with real-time, on-the-ground data providing transparency and measurable impact. In October, Veritree’s corporate partners pledged 6.9 million tree plantings as part of their commitments to ecosystem restoration.

A few months back, Veritree was also named in The Globe and Mail’s ranking of Canada’s Top Growing Companies. All three of the Pender invested companies named in the list — Veritree, Jane App and Traction Rec — are notably based in B.C. (Note: Pender invested in Jane prior to InBC’s commitment and it is not counted under our portfolio)

These are just a few examples of the companies and funds in our portfolio driving impact both here in B.C. and across the globe.

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The post InBC Portfolio News & Updates: December 2025 Edition appeared first on InBC Investment Corp.

As of July 31, 2025, InBC’s portfolio is supporting 36 B.C. companies employing over 1,800 British Columbians.

Catch up on what some of them have been up to in the last few months.

4AG Robotics just completed its Series B raise, an up round closing at $40 million, which will enable the company to continue expanding its manufacturing footprint in Salmon Arm, B.C., grow its team and further develop its technology. This comes on the heels of the company’s rapid commercial growth, with its harvesting robots now deployed across Canada, Ireland and Australia, and soon in the Netherlands and United States. In June, the Thompson Okanagan Business Excellence Awards named 4AG Big Business of the Year for its economic impact in the region.

Arca, a leading Industrial Mineralization company, has announced that its methodology for permanent carbon removal has been validated by DNV, the global independent leader and energy expert in quality and risk assurance. This is the first time a mineralization methodology focused on enhanced air capture and ex-situ mineralization within ultramafic mine tailings has received such recognition, marking a milestone for the Carbon Dioxide Removal (CDR) industry.

Aspect Biosystems presented new preclinical data on adrenal Bioprinted Tissue Therapeutics, advancing a potential treatment for primary adrenal insufficiency as an alternative to hormone replacement therapy and its associated side effects. Recently, Aspect’s CEO Tamer Mohamed was named in BIV’s annual BC500 list as one of the most influential business leaders in B.C. under the innovation category.

ChopValue partnered with Purebread to introduce new sustainable countertops and tables engineered from recycled chopsticks to its YVR Airport terminal location. Since 2017, more than 1.5 million chopsticks have been collected at YVR Airport through ChopValue and transformed into new viable products, diverting material from landfill and saving over 77,000 kilograms of CO2e emissions.

In June, ChopValue received the A&W Award of Excellence for its team’s performance and service to the restaurant chain in 2024.

Mangrove Lithium gave a sneak peek of its new lithium refining facility in Delta, B.C. to the Minister of Jobs and Economic Growth Honourable Ravi Kahlon, Premier of B.C. Honourable David Eby, and InBC. Slated to become operational later this year, the state-of-the-art facility will be the first commercial electrochemical lithium refining facility in North America, and a significant milestone in securing B.C. and Canada’s battery-grade lithium supply chain. Just last month, the company unveiled plans for a second larger refinery to meet strong demand from multiple leading battery gigafactories.

Svante has signed a joint development agreement with Samsung E&A, a total solutions provider for the global energy industry. In May, the company launched the new Centre for Excellence for Carbon Capture and Removal in Burnaby, B.C., the world’s first gigafactory for carbon capture and removal filters. Spanning 141,000 square feet, the facility is equipped to manufacture filters to capture up to 10 million tonnes of CO2 annually, equivalent to the emissions of more than 27 million cars.

Poseidon Ocean Systems reached a milestone producing its 100th Flowpressor® unit, a testament to the skill and dedication of its team in Campbell River, B.C. where each unit is designed, built and shipped to customers worldwide. The company also launched the second generation of its Oxypressor, improving energy efficiency and farming conditions for offshore aquaculture operations.

These are just a few of the B.C. companies in our portfolio driving innovation and creating meaningful impact locally and globally. See more of them in our portfolio.

Stay tuned for the next update, or subscribe to our newsletter and follow our LinkedIn and X pages for the latest stories.

Are you a company seeking investment? Learn more and express your interest here.

The post InBC Portfolio Company Updates: August 2025 Edition appeared first on InBC Investment Corp.

B.C. Signals Strong Progress in Venture Capital and Innovation-led Growth

B.C. is one of the notable leaders in venture capital investments, based on recent reports:

• B.C. recorded its most narrow gap in 2024 with Ontario, in venture capital investments, according to CVCA’s 2024 Canadian Venture Capital Market Overview.
• Its Q1 2025 report revealed that $80 million in deals occurred in our province during the quarter, underscoring investor interest in B.C. innovation.
• BDC’s most recent Canada’s Venture Capital Landscape report found that B.C. came in second for dollars invested in Canadian VC activity, outpacing Québec and almost matching Ontario.

There are growing opportunities in B.C. and Canada to fuel more innovation. To support this continued growth, InBC has committed $177 million to companies across B.C., as well as venture funds that invest in B.C. Our investments highlight the potential to drive substantial progress and innovation in our province.

A Pivotal Moment to Propel Innovation in Canada

The current shift in global order offers various opportunities for our country to create more innovation within our borders. Reducing interprovincial trade barriers and buying Canadian first can support further growth in our markets. As such, InBC is investing in a diverse range of companies in the province to help build a more resilient economy that can withstand global challenges while remaining competitive.

Furthermore, we continue to focus on supporting economic prosperity. Since InBC began investing, we have seen $93 million in gross revenue, along with $205 million in R&D spending generated by B.C. companies. In the past year alone, these companies grew their revenues by 35% and their B.C. employees by 11%. With our wide range of investments, B.C. will have a chance to turn these investments into an advantage through financial returns, talent development and intellectual property creation and retention as well as re-investment opportunities. This supports Canada becoming more economically and innovatively independent.

Accelerating Economic Growth, One Company or Fund at a Time

At InBC, we are targeting high-growth sectors such as life sciences, agritech, climate tech and information and communications technology to increase efficiency in up-and-coming industries and create more jobs for everyone. Our portfolio supports over 1,800 employees across the province. This provides competitive opportunities for local talent and creates employment opportunities in different sectors, from healthcare to clean energy. 

We have witnessed an incredible amount of growth in the companies we’ve invested in so far, including:

• Mangrove Lithium is building North America’s first electrochemical lithium refining plant in the province;
• Svante Technologies recently opened a gigafactory for carbon capture and removal filters in Burnaby;
• 4AG Robotics is creating jobs and supporting the local economy in Salmon Arm, Thompson-Okanagan, and recently expanded with a satellite office in Vancouver;
• ThoughtExchange in the Kootenays is expanding technology, robotics and AI capabilities in urban-rural B.C.;
• Clarius Mobile Health provides support for rural physicians in the province and, in early 2024, opened a new manufacturing facility in Vancouver.

Our province is a leading destination for innovation and entrepreneurship, and at InBC, we are proud to support a thriving business environment for local businesses. B.C.’s innovation potential was highlighted with the recent Web Summit, which welcomed 1,108 startups and 681 investors from around the world. Notably, 44 per cent of the startups at the Summit were founded by women, highlighting the growth in women-led businesses. The province’s ability to develop talent and attract technology and innovation-oriented businesses is a sign that the province has the capability to boost Canada’s reputation as a hub of creativity and innovation.

At InBC, we are focused on creating a future-ready economy that builds sustainable, diversified and resilient industries so that communities across our province can benefit from economic growth. InBC is committed to the province and the country’s well-being.

The future is here, and the time to invest in it is now.

The post InBC: Why We Should Bet on our Province appeared first on InBC Investment Corp.

Hear directly from the founders of impactful B.C. companies, including Felix Böck of ChopValue, Laurent Pelissier of Clarius Mobile Health, Saad Dara of Mangrove Lithium and Olivia Norton of Sanctuary AI, as well as our investing partner Maria Pacella of Pender Ventures, on how InBC’s investment has enabled them to accelerate their growth and scale their businesses.

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Netskrt System’s CEO, Siegfried Luft, co-founded the company based on his own challenges with his internet service provider (ISP) and the bandwidth constraints he was experiencing from his home on Salt Spring Island, a small island off the coast of British Columbia (B.C.). He set out to solve an issue common across smaller communities and now exacerbated with the rise of content streaming.

Today, Netskrt is improving content streaming and internet connectivity across Canada, the United States (U.S.) and abroad. The technology company uses its patented last-mile content delivery network (CDN) and edge caching solutions to bring high-quality, on demand and live streaming to underserved and difficult to reach areas with limited internet access. Its technology also frees up bandwidth, improving the overall quality of internet access for entire communities.

InBC invested in Netskrt Systems in 2024 alongside other investors, participating in its Series A round. This marked a milestone for the company, providing it with the capital to transition from startup to scaleup and accelerate its commercial growth.

“Over the last year, our CDN footprint has grown over 10 times while expanding into four new geographic regions, including Canada. 2024 has been a critical growth period for Netskrt, and InBC’s participation in our financing round has been instrumental in helping us achieve those results.”

— Siegfried Luft, CEO, Netskrt Systems

Since its financing round, Netskrt has rapidly increased its market presence. In Canada alone, it is providing edge caching solutions to 25 ISPs (with a global footprint of 450 ISPs) and growing, including smaller ISPs serving rural and remote communities. In B.C. for example, its client BCNet — a not-for-profit serving higher education and research institutions — is using Netskrt technology to provide B.C. students and faculty with improved internet connectivity. Internationally, the company is building CDN infrastructure in markets such as Italy, where many users live outside of city centres.

Notably contributing to Netskrt’s growth is its focus on live streaming sports, where traffic spikes and network congestion are common. The company provides locally embedded caching in the serving ISP network and now delivers live streams of NHL games in Canada and NFL games in the United States, in addition to a variety of other professional and college sports. Netskrt will be helping content providers stream NBA games later this year. With the 2024 NFL season, the company delivered 250 times more traffic than the previous season, reaching peaks of 10Tbps during the highest viewed games.

To support its massive scale, Netskrt has grown its team to more than 70 employees, the majority of whom are based in B.C., with satellite offices in the U.S. and United Kingdom reporting back to Vancouver. While increasing its sales across Canada and global markets, it has kept its headquarters and all its research and development in B.C.

InBC’s investment in Netskrt Systems is supporting a B.C.-grown technology company that has become globally competitive while continuing to create jobs, boost innovation and contribute to economic growth in the province. We are proud to be a part of Netskrt’s story and look forward to continuing to support its growth.

Are you a growing company with strong connections to B.C. and looking for investment? InBC is making equity investments in private companies that are ready to scale up. Learn more and connect with our team today: Get Started

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The startup fundraising environment in Canada

In 2024, B.C. companies raising investment continued to face an ever-evolving economic environment. Investors continued to be cautious, influenced by macroeconomics such as higher interest rates — now just starting to come down, inflation and geopolitical uncertainty to name a few. While venture capital (VC) investment values in Canada climbed 14% year-over-year, the number of deals declined indicating investor preferences toward later stage deals with proven track records. And now more recently, proposed tariffs from south of the border are threatening to reduce demand for Canadian products.

Still, B.C. made up 32% of total VC investment value in Canada in the first nine months of the year, surpassing Quebec for investment dollars raised for the first time since 2021. InBC is supporting this resiliency by proactively identifying companies with growth potential and in key sectors for B.C., to maintain a flow of investment and maximize economic impact. We also continue to invest in venture funds to reach more companies, intentionally focusing on those supporting companies at earlier stages of growth including at the pre-seed and seed stages. And we collaborate with others doing complementary work, to share investment opportunities and attract more investment to the province.

The role of InBC

InBC invests to fuel the growth of innovative B.C. companies across the province, to help drive economic growth, create jobs and boost innovation.

This includes providing a source of local capital. While in 2023, B.C. companies sourced just over 30% of their investments from domestic investors resulting in economic benefits flowing outside the country. We support companies at a critical stage of their development, as they transition from early to growth stage — typically raising a Series A or later round — and need additional funding to continue scaling (see below chart). Lastly, we invest in a diversity of sectors and economic regions, to unlock more of the potential that exists across the province.

Investment progress highlights

Our investments are already generating benefits for the province. We began investing in the fall of 2022 and as of November 30, 2024, have committed $139 million to 12 B.C. companies as well as seven venture funds that have invested in an additional 15 B.C. companies. These 27 companies are currently employing over 1,100 British Columbians, have contributed over $76 million to research and development in B.C. and have raised $506 million in total investments. We invest in other venture funds to increase our investing capacity; for every dollar that InBC has invested in a venture fund, $3.96 have been invested back into B.C. companies.

We are building a robust and diverse portfolio, engaging across the province to ensure we reach a diversity of entrepreneurs, sectors and industries, and communities. The companies in our portfolio are located across four of B.C.’s eight economic regions and we are just getting started. These investments are also supporting key growth sectors in the province, including agribusiness, cleantech, life sciences, and information and communications technology (ICT).

Our portfolio companies are creating jobs, generating intellectual property and contributing to economic growth in their communities while reaching global markets through exporting, helping to position B.C. on the world stage as a leader of innovation.

Our long-term goal is to build a thriving, sustainable and inclusive economy that works for everyone. InBC will be investing $500 million over the next several years, and our vision is for the financial returns generated to be reinvested so we can continue supporting more B.C. companies to scale.

Working together to achieve more

We can achieve more together and are grateful for the many partners we work with across the innovation ecosystem in North America, and especially here in B.C. Through the B.C. venture capital community, we are able to share market trends, best practices and investment opportunities, while strengthening the connectivity of our sector to better support more companies. Capital Compass BC, developed in collaboration between InBC, Innovate BC, New Ventures BC and PacifiCan, is a free online platform connecting companies and investors. And with Web Summit taking place in Vancouver next May, the innovation ecosystem is coming together to showcase the opportunities in this province.

2025 will be an exciting year for innovation in B.C. and we look forward to continuing to work with all of you to scale our collective impact benefiting British Columbians.

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In 2022, InBC invested in Raven Indigenous Capital Partners, an Indigenous-owned and led impact investing firm focused on investing in scaling Indigenous enterprises. Since then, Raven has been actively investing in B.C. companies. Recently, it led the successful fundraising round for RaceRocks 3D, a technology company modernizing training in the Canadian defense and aerospace sectors.

RaceRocks is a certified Indigenous business led by Co-Founder and President, Anita Pawluk, an experienced entrepreneur who is well recognized in the technology sector. Pawluk, of Metis heritage, is also the driving force behind the company’s strong diversity, equity and inclusion. Under her leadership, the company was recognized as ViaTec’s “Tech Company of the Year” in 2017, “Technology Leader of the Year” in 2018 and “Employer of the Year” in 2022.

“For RaceRocks Raising a Series A to meet the market opportunity is not just about investment; it’s about catalyzing positive change and driving impact in the Indigenous Economy.”

– Anita Pawluk, Co-Founder and CEO, RaceRocks 3D

Founded on Vancouver Island where the Royal Canadian Navy is stationed in Esquimalt, RaceRocks saw an opportunity to improve the the industry’s training methods. They set out to create engaging training experiences increasing the safety and skills development of new recruits, many of whom grew up in the digital era and learn very differently from recruits of the past.

RaceRocks offers technology-driven training solutions modernizing and elevating traditional training methods, from static content creation to immersive solutions leveraging 3D learning technology such as virtual reality. Now, trainees can navigate and test different scenarios before being put in real-world environments for the first time. This technology enabled learning is combined with training design customized to each client.

Today, the B.C.-grown company has a client list that includes some of the biggest names in defense and aerospace such as Babcock, Boeing and the Canadian Armed Forces. Locally, it is creating high-technology jobs, supporting more Indigenous Peoples in STEAM and driving economic growth on the west coast, in addition to improving the safety, efficiency and effectiveness of training methodologies for our national defense.

Raven’s investment marks a significant milestone for the company. For RaceRocks, it meant more than financial support; it demonstrated investor confidence and validated the hard work, dedication and innovation of its team. This investment is enabling the company to accelerate its growth trajectory and broaden its presence across Canada, as well as expand its research and development to push the boundaries of its technology.

Behind RaceRock’s success is its people-driven culture, including its commitment to reconciliation and empowering underrepresented entrepreneurs. As an organization, it completed the three-year committed phase of the Canadian Council for Aboriginal Business’ Progressive Aboriginal Relations (PAR) program, engaging employees of all levels to learn and gain perspectives on how to lead a company that is participating in and giving back to the Indigenous economy.

Externally, RaceRocks is advancing reconciliation through participating in events such as Orange Shirt Day and sponsoring other organizations in the space. Internally, it has its Aspire program, a committee run by its team members that is fostering diversity, equity and inclusion in the STEAM fields, and providing opportunities for Indigenous Peoples to participate in science, technology, engineering, arts and math.

InBC’s portfolio fund, Raven, and its investment in RaceRocks 3D is supporting a B.C.-grown, Indigenous-owned and woman-led company that is making strides in technology and revolutionizing training in the Canadian defense and aerospace sectors. RaceRocks is driving economic growth, contributing research and development and creating high-technology jobs in the province, including empowering more Indigenous Peoples to participate in and pursue careers in STEAM.

InBC invests in venture funds committed to investing in B.C. companies. This increases our investing capacity and the number of investors in the province providing capital to more B.C. businesses. These funds have the expertise to support companies in their areas of focus, such as Raven’s expertise in growing the Indigenous economy and empowering Indigenous entrepreneurs.

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Since our first investments, the funds in our portfolio have been actively sourcing and investing in B.C.-based companies that are driving innovation, creating quality jobs and generating measurable impact. We are excited to profile some of the companies two of our portfolio funds, Evok Innovations and Yaletown Partners, have invested in.

Evok Innovations

Driven by the global momentum towards a net-zero future, Evok Innovations is investing in technologies that are accelerating the energy sector’s transition to clean energy. InBC invested $10 million in Evok Innovation’s Fund II, aligning with our impact objective to drive climate action.

Learn more about Evok Innovations and the companies they invest in with their 2022 Impact Report.

Evok Innovations participated in MineSense’s Series E funding round which closed at $42 million. MineSense is a pioneer in smart mining solutions allowing the mining industry to deliver more metals with less impact on the environment.

Yaletown Partners

Yaletown Partners invests in the Intelligent Industry of companies using the application of data and technology to digitally transform and modernize industries. InBC invested $10 million in Yaletown Innovation Growth Fund II, aligning with our impact objective to innovate for the future.

Yaletown Partners led Zenhub’s Series A funding round which raised $10 million. Zenhub is a leading project management platform enabling software teams to become more efficient through agile automations. With Zenhub, development teams can manage projects entirely in GitHub. The platform facilitates team collaboration and gives stakeholders both internally and externally visibility into project progress.

Zenhub’s Series A funding is being used to expand its platform to give non-technical users access to create issues, tasks and track projects. As non-technical users are increasingly becoming involved in the development process, this expansion is making Zenhub approachable to more employees and bringing its productivity solutions beyond technical teams. Organizations are benefitting from the enhanced security, cost savings and improved collaboration.

Zenhub is certified as a Great Place to Work® by Great Place to Work® Institute Canada. Recently, the company published a Software Developer Happiness Report from a survey of 380 developers around the world.

Visit Zenhub

Yaletown Partners participated in Inverted AI’s seed funding round which closed at $1.4 million. A spinout from UBC’s Creative Destruction Lab, Inverted AI is a research and product company using deep learning and generative AI to predict the behaviour of drivers, cyclists and pedestrians, for companies developing self-driving vehicles.  

InBC is investing in companies and venture funds to generate financial returns alongside measurable economic, social and environmental impacts. Are you an innovative company or fund with strong connections to B.C. and seeking investment to support your growth? Learn more about our investment criteria and impact objectives and consider submitting your information through our website to be reviewed by our investment team.  

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Leah’s entrance to the entrepreneurial ecosystem developed at a young age – as early as high school.

“I’ve always been interested in business and entrepreneurship. As a young child, I used to pretend to be a cashier, and in high school I managed the school store,” says Leah. “After finishing my business degree at Simon Fraser University, I started my career in management consulting at Accenture and eventually ended up at TELUS where I helped launch the TELUS Pollinator Fund, a $100 million corporate impact fund that invests in startups that are doing good and driving financial returns.”

Now, with a variety of different career-building experiences under her belt, Leah is our Chief Investment Officer at InBC. Leah is tasked with defining the vision for our investment policy, which outlines what we will invest in, including impact themes and financial objectives. Once our investment policy is approved, her team will then be responsible for sourcing, evaluating and executing investments that align with our triple bottom line mandate.

InBC is an impact investment fund with a triple bottom line mandate, that focuses on valuing people, profit and planet as part of our decision-making process. Leah explains that this means going beyond the financial opportunity to also understand how a company will produce or provide positive social, economic and/or environmental impacts, where purpose and profit are not mutually exclusive.

“It is a common misconception that investing for impact means you’re willing to take concessionary returns,” Leah continues. “In 2020, the Global Impact Investing Network (GIIN) surveyed 1,720 investors and found that 67% look for risk-adjusted market returns, compared to 18% who were look for close to market rate returns, and only 15% were closer to capital preservation. Of these investors, 20% outperformed their returns expectations, and 68% with in line with expectations.”

In addition to the financial analysis of an investment decision, impact investing weighs both the positive and negative externalities associated with investments to assess risks and returns. Historically, one of the challenges has been how to quantify “impact”. However, now, there are a number of global frameworks and standards in place to evaluate this – such as UN Sustainable Development Goals, IMP’s Five Dimensions of Impact, and Global Impact Investing Network’s (GIIN) – which InBC can look to when evaluating its own investment returns.

When asked what inspires Leah and what ultimately led her to her impact investing career with InBC, she replies with “her family.”

“My parents were refugee immigrants from the Vietnam war, and came to Canada with nothing but the clothes on their back, my older sister, and a dream to create a better life for their family. They taught me the value of hard work, resiliency, and gratitude for my community. I recognize the immense opportunities they’ve provided me through their sacrifices, and I want to ensure that I am instilling the same values in my three young children and doing my part to create a better future for my community in the work that I do. I believe that capital can be a force for positive change and am grateful for the opportunity to bring my experience in impact investing to InBC.”

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