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The growth stage fund’s CEO George Rossolatos said it aims to do five to seven investments this year, ramping up to 10 to 12 investments or follow-ons a year. The fund, which has announced three investments so far, launched in 2018 with an initial commitment of $545 million from banks like the RBC and TD and insurers like Manulife. Inspiration for the fund came from the federal government’s Advisory Council on Economic Growth report noting the lack of growth capital in Canada. (Financial Post)

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Talking point: The CBGF is focused on growth-stage capital. With it and the government’s $350-million Venture Capital Catalyst Initiative (VCCI)—which is spurring late-stage capital investment through five fund-of-funds—the next several years will see more capital available for mature companies in Canada. In January, Canadian investors told The Logic that some funds moved their strategy upstream in order to qualify for VCCI funding. However, this focus on late-stage companies could create gaps for pre-seed and seed-stage companies seeking capital in the long term.

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The Caisse de dépôt et placement du Québec’s investment is part of a US$275-million round that includes Sequoia Capital and values Bird at US$2.5 billion. (The Logic)

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Talking point: This is the Caisse’s first e-scooter investment, and it comes as Ontario government officials keep dropping hints they’re about to allow the vehicles on public roads. Bird already operates in Calgary and Edmonton, and is trying to carve out beachheads in Kelowna, B.C. and Toronto. Several city councillors have expressed reservations about Bird coming in to Toronto, but it’s not the only Ontario market up for grabs. Windsor, Waterloo and Ottawa have all indicated a willingness to have e-scooters on their streets. The Caisse’s investment puts pressure on rival Lime to bring in a similarly large amount in the round it’s currently trying to raise. Both firms are looking for cash to fuel their expansions, but the era of quickly trying to enter as many cities as possible—regardless of regulatory concerns or losses—is well over. Investors are less willing to back money-losing businesses since Uber and Lyft’s underwhelming public debuts. “Because the tech investing community is changing and reacting quickly to the public markets, I think it’s very difficult if you’re a growth-stage company—a growth-at-all-costs company—to be burning hundreds of millions of dollars with negative unit economics,” said Bird CEO Travis VanderZanden at the TechCrunch Disrupt conference on Thursday. “I think this is going to be a healthy reset for the tech community.”