When you think of major markets for Canadian tech innovation, Atlantic Canada does not often top the list. But Fredericton saw an increase of venture capital deals and dollars last year, culminating in the city nailing a spot as one of Canada’s top five tech markets in PwC’s MoneyTree report for Q3 2018. It was the first time New Brunswick’s capital city had made it onto the list since CB Insights began collecting MoneyTree data in 2012.
Per MoneyTree, Fredericton companies raised more than $2 million USD over three deals in the quarter, which was “well above the historical range for the city.” In number of deals, it was an eight-quarter high for the city, and in dollars was surpassed only by the previous quarter, in which local predictive analytics company Resson closed an $11 million USD funding round. The majority of the funds raised in the quarter went to Chinova Bioworks, which in August raised a $2.6 million CAD seed round.
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