Deloitte Canada launches venture capital arm
Deloitte Canada has launched Deloitte Ventures, a venture capital initiative with $150 million committed to technology startups in the country.
Deloitte says the initiative is the largest capital commitment among Canadian professional services firms.
“Deloitte Ventures is our commitment to stimulate Canada’s economy through investing in emerging technology companies that can lead globally, which has the added benefit of keeping our clients and Canadian business ahead of the disruption curve,” said Anthony Viel, CEO of Deloitte Canada.
Developed by the firm’s chief strategy and innovation office – which is led by Tim Christmann – the new venture initiative will provide selected companies with capital, access to the firm’s network of clients, and expertise in strategy, finance, and operational matters.
The Big Four accountancy will provide minority investments to emerging technology companies that have reached $2 million or more in annual recurring revenue, according to the firm’s website. It will target tech companies in various industries (financial services, consumer, and healthcare and life sciences) and functional areas (HR, data and AI, sustainability, cybersecurity, and risk and compliance).
“Canada’s technology sector is thriving, 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 accelerate the trajectory of our portfolio companies, which really benefits the Canadian business landscape, and ultimately, Canada as a whole.”
The move is another facet of the “digital uber alles” mantra of professional services giants. Deloitte sold off many of its regional offices, which were focused on small business accounting and tax services, to mid-market firm MNP in February 2021. The company promised to focus investment on technology capabilities and services, which are a current and future growth driver for consulting firms.
Deloitte subsequently acquired digital consultancy TWG, data firms Groundswell and Dataperformers, and SAP specialists Clockwork and Ouest Business Solutions.
