Can/Am Exchange in Boston

A few days ago I joined a troupe from the Toronto Financial Services Alliance on a business mission to Boston, led by Ontario’s EDT Minister Sandra Pupatello. My panel had the not-too-simple task of dealing with the topic “Cross-Border Investing, Capital Sourcing and Deal Syndication” in the space of 45 minutes. The CVCA’s Sunil Sharma ran a great discussion, featuring Jeffrey Moore, a biotech VC with MP Healthcare Venture Management, a rep from the TSX, and two well-established local lawyers with a flair for Canadian deals (Steve Hurwitz of Choate Hall & Stewart LLP and Len Gold of Burns & Levinson LLP ).

You can access the short preso here. canam-exchange-conference.ppt

As much as Mr. Hurwitz may understandably deride the hassle that Section 116 of the Tax Act is for foreign VCs, the fact that hundreds of millions of foreign dollars continue to go into Canadian-based VC deals shouldn’t be lost on anyone.

Foreign VC investments over the past 12 weeks include:

Intel Capital – TransGaming (Toronto)
Auctus – Capital Reserve Canada (Edmonton)
Lothian and OrbiMed – Enobia Pharma (Montreal)
Braemar Energy Ventures – General Fusion (Burnaby)
Lime Rock Partner – PanGeo Subsea (St. John’s)
General Catalyst Partners – QuickPlay Media (Toronto)
Granite Ventures – Indicee (Vancouver)
GrandBanks – I Love Rewards (Toronto)

The business bridge between Boston and Toronto was reinforced last week, despite the Blue Jays’ rout over the Red Sox!

MRM