4 www.lexpert.ca
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companies have been doing well, and,
although there's been less activity in the
COVID environment, the typical deal
value has been higher, he says. "It's a very
robust space right now."
Chevrette was initially an IP lawyer during
the dotcom years, and he says his shi to
private equity law reflects the growth in
Quebec in this space.
"When you look at Montreal's economy
over the past 50 years, it changes from
a manufacturing to a knowledge-based
economy," he says. e seventies and
early eighties were "very challenging" in
Montreal, he says, but by the mid- to late
nineties, the knowledge-based economy had
started to grow. Gaming and multimedia
are now both big in Montreal, and the city
is a hub for artificial intelligence, along
with Toronto and Waterloo for fintech and
AI development.
"We're all frustrated to be at home and
not getting on with our lives," but the
outlook in tech financing is good, he says.
"Vancouver, Toronto and Montreal are the
three biggest centres for the tech sector;
it's a sign that the Canadian tech space
is maturing."
TO every cloud there is a silver lining, and
several sectors of the economy have been
thriving during the pandemic — especially
those related to the pandemic.
"e deal volume is very high right now,"
says Jamie Firsten of Goodmans LLP in
Toronto. "I'm working on a lot of financ-
ings right now, and the valuations are only
trending upwards. I see no signs of weakness
as a result of COVID; if anything, I see
the opposite."
Take AbCellera Biologics Ltd. A biotech-
nolog y company founded in Vancouver
in 2012, its initial public offering on the
NASDAQ stock exchange in December
raised a whopping US$555 million, making
multibillionaires of its founders, who plan
to hire hundreds more employees and
expand laboratory facilities.
A robust space
e Canadian Venture Capital Association
found 2019 to be a record year for invest-
ment and 2020 the second-best year
ever, "despite everything ," says Charles
Chevrette, national co-chairman, private
equity, and co-chairman, technolog y,
for McMillan LLP in Montreal. Junior
CANADIAN VENTURE CAPITAL
INVESTMENT SAW ITS
SECOND-BEST YEAR EVER
IN 2020, AND BIOTECHNOLOGY
COMPANIES WORKING IN
THE VACCINE AND ANTIBODY
SPACE SPARK HUGE INTEREST,
WRITES ELIZABETH RAYMER
TECH DEALS
JUMP IN VALUE
