Eavor’s Series B funding made noteworthy statistics in the Canadian Venture Capital Market Overview of 2023, a report written by the Canadian Venture Capital & Private Equity Association (CVCA).
Eavor emerged as one of the two largest disclosed deals in the last quarter of 2023 and ranked among the top ten disclosed Canadian Venture Capital deals for the entire year. The company attracted early stage investments in Q4 that totaled $124 million from Canadian and international investors, and gained a total capital raise of $182 million for its Series B financing.
One notable finding in the CVCA intelligence report was the record-high investments in cleantech, which matched the previous year’s figures. Cleantech investments reached $326 million in Q4 of 2023, bringing the total for the year to $1.1 billion. Of this amount, investments in thermal and geothermal technologies accounted for $242 million across four deals.
The report dictates that the fourth quarter of 2023 saw $1.4 billion invested across 142 deals in Canada, with the total investment for the year reaching $6.9 billion across 660 deals. However, it marked the second consecutive year of a 34 percent decline in venture capital investment, attributed to “investor caution amid economic slowdown and high interest rates.” This decline was also determined by a reduction in mega deals, with only 35 recorded in 2023 compared to 45 in 2022 and 78 in 2021.
The report also revealed that the average disclosed deal size in 2023 was $11.2 million, with 87 percent of all disclosed deals valued below $20 million.
CVCA Intelligence acts as a trusted source of industry data for various stakeholders, including government bodies, financial analysts, media, academic researchers, and international organizations. Through comprehensive insights into Canada’s private equity and venture capital landscape, CVCA Intelligence advocates that it serves valuable information for informed decision-making and strategic planning within the industry.
