Invest Nova Scotia spent $8.8 million across 16 venture capital deals for its 2022-2023 fiscal year, which ended last March, and dispersed just under another $6.5 million to VC funds.

With another year-end on the horizon for Invest Nova Scotia, Entrevestor took a look back at the prior year’s performance with the help of the organization’s annual report, released in late 2023.

The largest single distribution of funds to an innovation economy player was the $3.6 million invested with Halifax pre-seed VC shop Concrete Ventures, while the largest venture capital deal made by Invest Nova Scotia itself involved $2.5 million of equity funding for marine coatings-maker Graphite Innovations & Technology.

“The number of investments and the total amount invested from the Nova Scotia First Fund were higher than anticipated,” said the provincial agency of its VC fund in the report. “Invest Nova Scotia leverages its investments through co-investors, provides tailored support to portfolio companies, and strives to generate a return for Nova Scotia.

“Invest Nova Scotia’s investments leveraged an additional $65.5 million in venture capital and private equity. This is a ratio of 7.4 dollars leveraged for each dollar invested.”

Several funds in which Invest Nova Scotia is a limited partner returned capital, most notably the first fund from Build Ventures, which returned more than $8 million.

In its annual report, which was for its first full fiscal year in operation since the amalgamation of venture capital Crown corporation Innovacorp and business development agency Nova Scotia Business Inc, Invest Nova Scotia details that it succeeded in hitting a list of 12 performance targets, on topics including staffing, investment activity and occupancy rates at its incubator facilities.

The report also offers a window into the performance of Invest Nova Scotia’s client companies, which includes a large contingent of startups. Overall, invest Nova Scotia clients grew their payrolls by nearly a quarter, creating more than 2,000 new jobs.

Companies in Invest Nova Scotia’s trio of “high potential clusters” — meaning information technology, oceantech and food tech — grew their export sales by a little over six percent. And across all of the agency’s clients, just over 22 percent added a new export market.

Invest Nova Scotia’s venture capital portfolio companies also raised a combined $189.2 million, including three Series A deals, exceeding an internal target of two.

Here’s a look at Invest Nova Scotia’s venture capital investment activity for the fiscal year 2022-2023: