GROW ME THE MONEY
From vencap firms to angel investors and crowdfunding, Canadian tech firms have access to more financing sources than ever — and a whole new crop of stars is emerging
by John Lorinc photo: Paul Orenstein
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INCE 2012, D2L, A WATERLOO, ONT.- based online learning company, has achieved the kind of financing success that used to elude all but a handful of Canadian firms. In fund-
raising drives in 2012 and 2014, the company (for- merly Desire2Learn) attracted $165 million in equity. A sizable chunk of that amount came from large US venture capital outfits that scout deals all over the world. By its very nature, D2L is global in perspective.
Its mission, as noted on its website, is to “improve the way the world learns.” Currently, the company sells its learning platform to schools, universities, healthcare institutions and corporate clients across Canada, as well as the US, Europe, Latin America and Asia. It has 1,200 customers world-
wide and maintains offices in several countries. Despite D2L’s global slant, its senior officials
have been adamant about staying in Canada. CFO Brandon Nussey explains that he was drawn to D2L five years ago specifically because of founder John Baker’s goal of building the “next great Canadian tech company.” And as the latest financ- ing reveals, that choice hasn’t disadvantaged the company as it amasses a war chest that Baker believes will allow D2L to become a global player based here. “That is happening with a bunch of Canadian companies,” Nussey observes. “Now that we’ve had some successes, we’re seeing inves- tors and entrepreneurs setting their sights higher.” D2L’s story offers a glimpse into the current
state of tech financing for Canadian entrepre- neurs. Since the late 1990s, Canada’s venture
50 | CPA MAGAZINE | JUNE/JULY 2015
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