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As we welcome a new calendar year, we reflect on all that we have accomplished in 2024. 

Last year, we focused on completing more investments into impactful B.C. companies driving innovation and economic growth in B.C. 

By the end of the year, we had invested a cumulative ~$140 million into 12 B.C. companies, as well as seven venture funds that have invested in an additional 15 B.C. companies. These 27 companies are supporting over 1,100 employees in B.C., have contributed over $76 million in research and development in B.C. and raised $506 million in total investment dollars. 

Throughout the year, the InBC team actively engaged in the community to reach a diversity of entrepreneurs and economic regions across the province, and to establish InBC as a potential investor partner. 

We also continued to collaborate with others doing complementary work to scale our collective impact, including with organizations supporting underrepresented founders. 

Here are some of our 2024 highlights. 

 

January-March

We began the new year congratulating our portfolio company, Clarius Mobile Health, on the opening of its new manufacturing facility in Vancouver. We enjoyed a tour followed by Clarius launching the inaugural BC Healthtech Innovation Roundtable. 

InBC’s CEO, Jill Earthy, former Minister of Jobs, Economic Development and Innovation, the Honourable Brenda Bailey, and Clarius Mobile Health’s CEO, Ohad Arazi, at the grand opening of Clarius’ new manufacturing facility in Vancouver.

We made our first investment of the year into Poseidon Ocean Systems, an aquaculture hardware technology company in Campbell River that is improving efficiencies and reducing the environmental impact of near-shore fish farming in B.C. and across the world. 

We hosted a coffee chat in Kelowna for entrepreneurs in the Thompson-Okanagan region. We enjoyed meeting with innovative companies, learning what they are doing and building, and discussing ideas to advance a stronger business environment in B.C. 

We launched the inaugural B.C. venture capital gathering, convening the venture capital community together to share insights and identify ways of strengthening the investing landscape in B.C. 

Members of our team actively engaged in the community, participating in and speaking at events reaching a diversity of entrepreneurs across the province.  

• Our CEO, Jill Earthy, spoke at The Forum Entrepreneur Summit supporting women entrepreneurs. 

• Jill also participated in a fireside chat at the Angel Forum’s Western Angel Investment Summit in Victoria. 

• Jill spoke at an investor roundtable for the Okanagan Women’s Mentoring and Angel Network (OKGN WMAN). 

• Jill participated in a First Nations Business Development Association (FNBDA) workshop for FNBDA members. 

• Jill spoke at Innovation Asset Collective’s event “Innovate to Scale, Leveraging IP to Compete in Cleantech”. 

• Our Investment Principal, Heather Tanaka, spoke on a panel for “Taking Steps in BC” presented by Impact United, a platform dedicated to understanding and addressing the financing challenges for Indigenous-led enterprises. InBC also hosted a storytelling session with Indigenous startup founders and owners.  

• Heather also spoke virtually for the Rising Economy Conference in Victoria. 

• Heather pitched at the Vancouver Entrepreneurs Forum’s Reverse Pitch event introducing InBC as an investor.  

• Our Investment Associate Crystal Lo sat on a speaker panel for SFU Venture Labs on “The Expectations Investors Have for Companies.” 

 

April-June 

In the spring, our team attended and participated in the INNOVATEwest conference, one of the largest gatherings of technology companies held on the west coast in recent years. We hosted a booth on the expo floor, our CIO Leah Nguyen judged the pitch competition and our CEO Jill Earthy moderated the investor breakfast panel.  

 

Left: Members of the InBC team meeting entrepreneurs on INNOVATEwest’s expo floor. Right: InBC’s CIO, Leah Nguyen, judging the pitch event. 

 

In May, we announced our investment in Netskrt Systems, a technology company bringing high-quality content streaming to underserved areas including to rural and remote communities.  

We then hosted the second B.C. venture capital gathering, inviting more investors to offer a diversity of perspectives from across the province.

Impact United, with support from InBC and Seven Generations Capital, launched the “Taking Next Steps in BC” Linkedin group as an online hub for fostering relationships between Indigenous entrepreneurs, their allies, investors and advocates. 

InBC’s CIO, Leah Nguyen, speaking on a panel at the Vancouver Takeover of Collision Conference.

 

We continued engaging in the community, including at events supporting underrepresented founders:  

• Our CIO, Leah Nguyen, spoke on a panel as part of the Vancouver Takeover of Collision Conference, sharing how B.C. is becoming a leader of innovation. 

• Leah also spoke at the 2SLGBTQIA+ Startup Ecosystem Series Kick-Off presented by Chasing Rainbows and Vine Ventures. 

• Innovation Asset Collective, InBC and Innovate BC hosted an online panel “Aligning IP with Your Business Growth”. 

• Our Investment Partner, Scott Wong, served as a judge for SFU Charles Chang Institute for Entrepreneurship’s Coast Capital Venture Prize event finale.

• Scott also spoke on a panel at the ABCMI & Coast Innovation Forum for innovators in the marine sector.  

• Our Investment Associate Crystal Lo mentored women entrepreneurs through The Odlum Brown Forum Pitch. 

 

July-September 

Arca Climate Technology using ultramafic rocks to remove CO₂ from the atmosphere. 

 

InBC had a productive and busy summer announcing a series of investments into innovative and impactful B.C. companies.  

• We announced our investment in Sanctuary AI, a robotics company developing intelligent, general-purpose humanoid robotics. This was followed by our CIO, Leah Nguyen, interviewing Olivia Norton, co-founder of Sanctuary AI, at Startupfest as part of BDC’s Women in Tech Bootcamp. Leah also sat on investor panels for the event.

• We invested in Mangrove Lithium, a cleantech company that has developed a more sustainable and cost-effective method of refining lithium. Mangrove is establishing a first-of-its-kind refining plant in B.C. 

• We invested in Arca Climate Technologies, a carbon dioxide removal technology company transforming carbon dioxide (CO₂) from the atmosphere into rocks for permanent storage. 

• We invested in ChopValue, a circular product manufacturing company transforming urban waste into climate positive, premium wood products. 

Members of InBC’s investment team touring ChopValue’s headquarters and manufacturing facility in Vancouver. 

 

In July, the UBC Sauder Centre for Climate and Business Solutions, in collaboration with InBC and Innovate BC, hosted the ESG for SMEs Symposium. Our Investment Principal, Heather Tanaka, spoke on a panel, and InBC hosted a booth for entrepreneurs, investors and other innovation ecosystem builders to come meet with us. 

Finally in September, we welcomed our incoming Board of Directors, including four new directors bringing a wealth of experience and expertise.  

Our team continued meeting entrepreneurs and other investors: 

• Our CIO, Leah Nguyen, participated as a jury member for Femtech Breakfast Club’s women’s health pitch competition presented by Cap Inclusive. 

• Our Investment Principal, Heather Tanaka, served as a judge for Propel Impact‘s Investing Competition. 

• Our Investment Associate Crystal Lo sat on the judging panel for entrepreneurship@UBC Immersion Week’s Climate Innovation Pitch event.  

InBC’s Investment Principal, Heather Tanaka, on stage at the ESG for SMEs Symposium.

 

October-December 

We closed the year announcing more investments into B.C. companies. We also invested into additional venture funds, increasing the number of investors in the province. 

• We invested in Svante, a cleantech company capturing and removing carbon dioxide (CO₂) from industrial emissions and the air. Svante is constructing a 141,000-square-foot manufacturing facility in Burnaby, B.C.

• We invested in Active Impact Investments, a North Vancouver-based venture fund investing in seed-stage climate technology companies. 

• We invested in two more companies and one fund, to be announced respecting each of their fundraising and communication timelines.

 We also continued meeting entrepreneurs across the province. 

• Our CIO, Leah Nguyen, spoke on a panel for Startup TNT, on the topic of “How Founders Can Forge Ahead Through 2024’s Tech Wilderness”. 
• Leah also spoke at the New Power Labs Summit for underfunded founders and communities. 
• Our Investment Associate Crystal Lo served as a judge for Foresight Canada’s Foresight 50 pitch event for cleantech ventures. 

• Our Investment Associate Shivani Chitroda served as a virtual judge for MaRS Discovery District’s Cleantech Venture Pitch Showcase. 

• Our Investment Associate Amanda Tong participated as a judge for Providence Skunkworks‘ Hacking Chronic Disease pitching event. 

This new year, we are excited to continue investing in B.C. companies, to support local entrepreneurs and increase jobs, innovation and economic growth in the province. We look forward to seeing our impacts rise and sharing these results with you.