Deloitte Canada launches venture capital division
Deloitte Canada has launched Deloitte Ventures, a venture capital initiative with $150 million committed to tech startups across the country.
Deloitte says the initiative is the largest capital commitment among Canadian professional services firms.
“Deloitte Ventures is our commitment to boosting the Canadian economy by investing in emerging technology companies that can be global leaders, which has the added benefit of keeping our clients and Canadian businesses ahead of the disruption curve. said Anthony Viel, CEO of Deloitte Canada.
Developed by the company’s main office of strategy and innovation – which is led by Tim Christmann – the new venture capital initiative will provide selected companies with capital, access to the company’s customer network and expertise in strategy, finance and operations.Big Four accounting will provide minority investments to emerging technology companies that have reached $2 million or more in annual recurring revenue, according to the company’s website. It will target technology companies from various sectors (financial services, consumer, healthcare and life sciences) and functional areas (HR, data and AI, sustainability, cybersecurity, risk and compliance).
“Canada’s technology sector is booming and we’re seeing some incredible companies emerge,” said Talia Abramowitz, Managing Partner of Deloitte Ventures. “Through Ventures, we will take an active role in helping to accelerate the trajectory of our portfolio companies, which truly benefits the Canadian business landscape and ultimately Canada as a whole.”
The move is another facet of the professional services giants’ “digital uber alles” mantra. Deloitte sold many of its regional offices, which focused on accounting and tax services for small businesses, to mid-market firm MNP in February 2021. The company promised to focus its investments on technology capabilities and services , which are a current and future growth driver. for consulting firms.
Deloitte then acquired digital consultancy TWG, data companies Groundswell and Dataperformers, and specialists SAP Clockwork and Ouest Business Solutions.