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Business Development Bank of Canada

Corporate · Founded 1944 · Montreal, Canada

#418 Investor Ranking 2026 Top 3% of investors worldwide

The Business Development Bank of Canada, or BDC, is the Canadian government's financial arm dedicated to a single mission: helping entrepreneurs.

313 Portfolio companies+17% in 5 years
15 Unicorns
1 Decacorns
273 Investments
Aug 2026 Last investment
02 · Biggest holdings

Business Development Bank of Canada’s biggest current holdings.

The most valuable companies Business Development Bank of Canada still holds, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Dealroom has no parsed shareholder register for Business Development Bank of Canada, so the size of each stake isn’t shown.

#CompanyValuation
  1. 1 CohereDecacorn · Enterprise Software · Canada $20.0B
  2. 2 HopperUnicorn · Travel · Canada $5.0B
  3. 3 PhotonicUnicorn · Semiconductors · Canada $2.0B
  4. 4 TruliooUnicorn · Security · Canada $1.8B
  5. 5 Nord QuantiqueUnicorn · Semiconductors · Canada $1.4B
  6. 6 KohoFintech · Canada $975M

Unicorns and thoroughbreds Business Development Bank of Canada has backed and still holds, at Dealroom’s latest valuation. See the underlying shareholder registers on Dealroom →

03 · Exits

Business Development Bank of Canada’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from Business Development Bank of Canada’s transaction record.

$1.2B IPO · 2022
Entered SeedNow $7.2BEnterprise Software
$2.8B acquisition · 2020
Fintech
IPO · 2008
Entered SeedNow $2.3BHealth
$2.2B IPO · 2021
Entered SeedNow $1.2BTravel
$61M IPO · 2013
Entered SeedNow $1.5BHealth
$324M IPO · 2017
Entered Series B+Now $1.4BHealth
$120M IPO · 2017
Now $1.3BHealth
$1.2B IPO · 2021
Now $214MEnterprise Software
IPO · 2014
Now $1.2BTelecom
Stingray
IPO · 2015
Now $1.1BMedia
04 · Portfolio analysis

Where Business Development Bank of Canada’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 313 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. Canada282
  2. USA25
  3. Ireland1
  4. Japan1
  5. Philippines1
  6. Spain1
  7. Sweden1
  8. UK1
By sectorCount
  1. Enterprise Software58
  2. Health49
  3. Energy47
  4. Marketing22
  5. Fintech17
  6. Food17
  7. Media16
  8. Semiconductors14
  9. Real Estate11
  10. Transportation11
  11. Security10
  12. Telecom9
By stage enteredCount
  1. Series A75
  2. Series B+54
  3. Seed52
By growth stageCount
  1. Early Growth141
  2. Breakout Stage120
  3. Late Growth38
  4. Mature13
05 · Portfolio market map

Inside Business Development Bank of Canada’s portfolio.

The 60 highest-funded portfolio companies, of 313 tracked.

Cohere
Enterprise Software · Decacorn
$20B
Sonder
Travel · Unicorn
$1.2B
Hopper
Travel · Unicorn
$5.0B
General Fusion
Energy
$766M
Trulioo
Security · Unicorn
$1.8B
Verafin
Fintech · Unicorn
$2.8B
Koho
Fintech
$975M
D-Wave Quantum
Enterprise Software · Unicorn
$7.2B
Coveo
Enterprise Software
$214M
TouchBistro
Food
$476M
Photonic
Semiconductors · Unicorn
$2.0B
Zymeworks
Health · Unicorn
$1.4B
League
Health
$380M
GaN Systems
Energy
$830M
ecobee
Energy
$770M
Milestone Pharmaceuticals
Health
$27M
CellFor Inc.
Energy
Monteris Medical
Health
$175M
Cyclic Materials
Energy
$300M
Elastic Path Software
Marketing
$300M
Symend
Fintech
$160M
MineSense Technologies
Energy
$168M
Congruence Therapeutics
Health
$250M
Wattpad
Media
$600M
Celator Pharmaceuticals
Health · Unicorn
$1.5B
NeuroMed Pharmaceuticals
USA
Clementia Pharmaceuticals
Health · Unicorn
$1.3B
AvidBots
Robotics
$280M
RANOVUS
Semiconductors
$96M
CarbonCure Technologies
Real Estate
$320M
Solink
Security
$240M
Klue
Marketing
$248M
Trustly
Fintech · Unicorn
$1.1B
Teradici
Enterprise Software
$35M
BelAir Networks
Telecom
$70M
BinSentry
Food
$200M
Cytochroma
Health
$180M
Tealbook
Enterprise Software
$200M
Anaergia
Energy
$345M
Mangrove Lithium
Energy
$140M
MSP Corp
Marketing
$100M
Thentia
Legal
$190M
Vive Crop Protection
Food
$125M
STEMCELL Technologies
Health
Precision NanoSystem
Health
$24M
Xagenic
Health
$60M
Blueprint Software Systems
Enterprise Software
Hortau
Food
$80M
Lillio
Education
$205M
Mojio
Transportation
$65M
Thrasos Therapeutics
Health
$84M
Nanoprecise
Enterprise Software
$152M
Nord Quantique
Semiconductors · Unicorn
$1.4B
Cooledge Lighting
Semiconductors
$12M
Corsa Technology
Security
$55M
Carbon Upcycling
Energy
$104M
WellnessLiving Systems
Wellness Beauty
$184M
Foodtastic
Food
$188M
4AG Robotics
Food
$117M
Encycle Corporation
Energy
$58M
06 · Portfolio founders

Where Business Development Bank of Canada’s portfolio founders come from.

111 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Canada83
  2. United States13
  3. Sweden3
  4. United Kingdom2
  5. Argentina1
  6. France1
  7. Ireland1
  8. Spain1
UniversityCount
  1. University of Toronto12
  2. University of Waterloo12
  3. The University of British Columbia10
  4. McGill University5
  5. Concordia University4
  6. Queen's University4
  7. University of Alberta4
  8. University of Guelph4
  9. University of Oxford4
  10. Laval University3
Previous companyCount
  1. Deloitte4
  2. National Research Council Canada3
  3. Nortel Networks3
  4. University of Alberta3
  5. Ballard Power Systems2
  6. Cisco2
  7. Copernic2
  8. Electronic Arts2
  9. Fastly2
  10. Forbes Technology Council2