Read on Twitter
First of all - trying.
First Canadian led Seed round from an institution to unicorn status in the past twenty years?
@SonderStays and I led it.
Second unicorn? @ApplyBoard with my buddy @mmccauley firmly in the seed.
Second part. Let’s dive into the history you mention https://twitter.com/fahdananta/status/1350485076107264000
First Canadian led Seed round from an institution to unicorn status in the past twenty years?
@SonderStays and I led it.
Second unicorn? @ApplyBoard with my buddy @mmccauley firmly in the seed.
Second part. Let’s dive into the history you mention https://twitter.com/fahdananta/status/1350485076107264000
First working ventures Inc didn’t lead a 5M round into RIM. Just not true, i know it’s on Wikipedia. But not true.
Working Ventures invested in a syndicated round in June of 1996 into RIM. They placed $3.4M in a $34M round with a post money of 160M. They owned 2.1% post.
Working Ventures invested in a syndicated round in June of 1996 into RIM. They placed $3.4M in a $34M round with a post money of 160M. They owned 2.1% post.
The largest shareholder in RIM in 1996?
ComDEV who invested $6M and owned 27.6% pre the round we’re talking about. Then the founders, then employees.
ComDEV who invested $6M and owned 27.6% pre the round we’re talking about. Then the founders, then employees.
Others % in that round?
Griffiths Mcburney & partners (50%)
MIdland Walyn(20%)
TD Securities(10%)
Yorktown Securities(10%)
Marleau Lemire(10%)
These were all Boutique brokerages..
Griffiths Mcburney & partners (50%)
MIdland Walyn(20%)
TD Securities(10%)
Yorktown Securities(10%)
Marleau Lemire(10%)
These were all Boutique brokerages..
So why all the brokerages? This was mezzanine round. They used to be a thing.
And these guys all knew they were about to sign a bunch of carrier deals for a new two way pagers. And then they’d take them public. Which they did in October 1997
And these guys all knew they were about to sign a bunch of carrier deals for a new two way pagers. And then they’d take them public. Which they did in October 1997
So why do I know this.
Well. Albert Hall the MD at Working Ventures taught a class at Ivey. And he sent over the IM as an example. With all the original numbers.
That where I got all this. (Who says MBA’s are useless) bet @SeanSilcoff would love a copy.
Well. Albert Hall the MD at Working Ventures taught a class at Ivey. And he sent over the IM as an example. With all the original numbers.
That where I got all this. (Who says MBA’s are useless) bet @SeanSilcoff would love a copy.
The next point on Georgian being the only Canadian investor in $Shop is true but with a caveat.
There’s a bunch of noise on this. But the truth is Shopify reached out to numerous canadian funds asking them to help them in the B.
Why? CCPC.
There’s a bunch of noise on this. But the truth is Shopify reached out to numerous canadian funds asking them to help them in the B.
Why? CCPC.
CCPC means essentially a canadian controlled corporation.
And shopify was bumping up against the US VC’s owning ~40% of it in their 2011 Series B. They also had a early employees and angels who wanted to sell some shares. CCPC status was becoming an issue. So....
And shopify was bumping up against the US VC’s owning ~40% of it in their 2011 Series B. They also had a early employees and angels who wanted to sell some shares. CCPC status was becoming an issue. So....
So they reached out to Canadian VC’s who were left out of the Series B asked them to pickup the secondary. Of common shares...
Every Canadian VC who could did bid on the round... Georgian bid higher on them.. thus ensuring every fund they could ever dream of having.
Every Canadian VC who could did bid on the round... Georgian bid higher on them.. thus ensuring every fund they could ever dream of having.
Those shares paid back their First Fund.
But did they invest in that round? Is a secondary an investment when all they got was common shares...
You be the judge.
But did they invest in that round? Is a secondary an investment when all they got was common shares...
You be the judge.
The series C had OMERS leading it. I wonder how much CCPC mattered then.
But it certainly mattered to the employees. As if $SHOP weren’t a CCPC company all the employees wouldn’t have their 800K capital gains tax exemption on their IPO shares.
But it certainly mattered to the employees. As if $SHOP weren’t a CCPC company all the employees wouldn’t have their 800K capital gains tax exemption on their IPO shares.
How do i know this? Well i was somewhat famous as the young VC analyst who loved shopify in 2007-09. I introduced @tobi to just about anyone who would listen to me. I tried valiantly and failed. My firm and all the others firms just weren’t interested.
They all became interested when @BessemerVP showed up to lead the A. But it was too late by then.
Fast forward to 2011 and i joined @bdcit_fund only to find out they were bidding on the B round. But in my first week there i saw they were only interested paying par because the shares were commons not prefs and we lost to Georgian who bid higher. And good for them.
All to say all the stories are more complicated and have more twists and turns then twitter can ever do justice to it.
I’be been doing this 15 years. Ive seen a lot. We’ve come along way.
We have a long way to go.
I’be been doing this 15 years. Ive seen a lot. We’ve come along way.
We have a long way to go.
