CVCA Announces 2025 Deal of The Year, Global Dealmaker, Barry Gekiere Lifetime Legacy, Ted Anderson Community Leadership, and Private Capital Regional Impact Award Recipients

May 28, 2025 By [email protected]

Calgary, AB – May 28, 2025 – The Canadian Venture Capital and Private Equity Association (CVCA) today announced the winners of the 2025 CVCA Awards this morning during a presentation sponsored by FASKEN, at the annual Invest Canada ’25 conference, which is taking place in Calgary, Alberta.

CVCA’s most distinguished honour, the Deal of the Year recognitions, sponsored by CIBC Innovation Banking, went to:

  • Vancouver-based Pender Ventures won the 2025 Venture Capital (VC) Deal of the Year award for their investment in Vancouver, British Columbia-headquartered Copperleaf Technologies Inc.
  • Montreal-headquartered Novacap took the 2025 Private Equity (PE) Deal of the Year award for their investment in Montreal, Quebec-based Nuvei.

For general partners operating on the global stage, CVCA’s Global Dealmaker awards, sponsored by PIXCELL, went to:

In recognition of outstanding contributions made throughout their career, serving to advance excellence in the Canadian private capital industry:

John Stokes, Co-founder and Managing Partner at Real Ventures, is the recipient of the 2025 Barry Gekiere Lifetime Legacy Award, sponsored by FASKEN.

In recognition of remarkable commitment of time and effort to a community organization or cause, we honour:

Crystal Phillips, Partner at Thin Air Labs, as the recipient of the 2025 Ted Anderson Community Leadership Award.

CVCA’s Regional Impact Awards:

“In a time when global markets are being reshaped politically and by capital constraints, as well as the rising pressure on Canadian competitiveness, these award recipients stand out as proof points of what Canadian investment leadership can achieve,” said Kim Furlong, Chief Executive Officer, CVCA. “The deals we’re recognizing today are more than just strong financial outcomes – they reflect a deliberate commitment to scaling Canadian-led companies, executing globally competitive transactions, and ensuring that Canadian capital plays a defining role in shaping innovation and ownership in critical sectors. As international forces continue to challenge our economy, it’s critical we champion the role of private capital in building a resilient and prosperous Canada.”

“As investors, we know how challenging the current environment is and how the bar for performance keeps rising,” said Lisa Melchior, Founder & Managing Partner, Vertu Capital and Chair of the CVCA Awards Committee. “What makes this year’s winners so remarkable is not just their returns, but their determination for investing with purpose, backing founders through market cycles, and advancing sectors that matter to Canada’s future. Whether it’s powering the clean energy transition, safeguarding digital infrastructure, or scaling globally competitive healthtech, these firms reflect the strength and ambition of Canadian private capital at its best.”

CVCA Award committee members were recused from reviewing those nominations where a conflict of interest existed but were permitted to review all others.

Visit CVCA Central weekly between June 12 and August 28, 2025, to read more about each winner in detail.

2025 VC Deal of the Year Award, sponsored by CIBC Innovation Banking

Pender Ventures has been awarded the 2025 Venture Capital Deal of the Year Award for its investment in Copperleaf Technologies Inc.

Copperleaf Technologies Inc. was founded in 2000 and is headquartered in Vancouver, British Columbia. The company provides Asset Investment Planning and Management (AIPM) and Demand-side Management (DSM) software solutions that enable asset-intensive enterprises to integrate planning, analysis, approval, and execution to make risk-informed decisions that prioritize long-term performance.

At the time of the award, Copperleaf had 431 employees.

Pender Ventures supported Copperleaf with an investment as part of the company’s Series B round in 2010. The firm’s investment resulted in a 42.9x MOIC and a 30.9% IRR following Copperleaf’s acquisition by IFS for CAD $1.0B.

2025 PE Deal of the Year Award, sponsored by CIBC Innovation Banking

Novacap has been awarded the 2025 Private Equity Deal of the Year Award for its investment in Nuvei.

Nuvei was founded in 2003 and is headquartered in Montreal, Quebec. Nuvei is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. The company had 2,710 employees at the time of the award.

Novacap first invested in Nuvei in 2017 and subsequently invested incremental equity from two funds to support growth and transformational M&A. In 2024, Advent facilitated a take-private transaction of Nuvei. Novacap participated in the transaction by retaining a portion of its existing stake and investing new capital from its latest flagship fund.

2025 VC Global Dealmaker Award, sponsored by PIXCELL

Vanedge Capital Partners Ltd. has been awarded the 2025 VC Global Dealmaker Award for its investment in Tegus, Inc.

Tegus, Inc. was founded in 2016 and is headquartered in Chicago, Illinois. Tegus streamlines the way institutional investors and businesses conduct research with real-time access to the most comprehensive database of over 40,000 expert interviews, 4,000+ downloadable financial models, workflows to surface and analyze data from SEC filings, as well as expert interview services. Tegus had 550 employees at the time of the award.

Vanedge Capital acquired Tegus stock in August 2022 when it sold its Canalyst stock to Tegus for a combination of cash and stock. Vanedge was the first institutional investor in Canalyst in 2016, leading the company’s seed round, and continued investing in every round thereafter. Vanedge Capital realized a 4.2x MOIC and an IRR of 44.4% for the combined Canalyst/Tegus investment when Tegus was acquired by competitor, AlphaSense.

2025 PE Global Dealmaker Award, sponsored by PIXCELL

Clairvest Group Inc. has been awarded the 2025 PE Global Dealmaker Award for its investment in Winters Bros. Waste Systems of Long Island.

Winters Bros. Waste Systems was founded in 1958 and is headquartered in Long Island, New York. The company is the leading provider of solid waste, recycling collection, and transfer and disposal services on Long Island.

Clairvest initially invested in Winters Bros. Waste Systems in 2015. Over the course of Clairvest’s investment period, the company grew its revenue by approximately 160% and EBITDA by ~500% and successfully executed a robust M&A program, completing 11 acquisitions, including transfer stations, recycling facilities, and collection companies to strengthen its presence.

In July 2024, Clairvest realized a 7.5x MOIC and a 24% IRR as Winters Bros. Waste Systems of Long Island was acquired by Waste Management.

2025 Barry Gekiere Lifetime Legacy Award, sponsored by FASKEN

John Stokes, Co-founder and Managing Partner of Real Ventures, is the recipient of the 2025 Barry Gekiere Lifetime Legacy Award.

Real Ventures was launched at a time when the Canadian startup ecosystem was nascent, and the firm played an instrumental role in energizing the vibrant ecosystem we see today. Throughout his tenure, Real Ventures has invested across five funds, managing $320 million in assets, and its portfolio of over 100 high-growth tech companies has collectively reached a valuation of over $15 billion. The Real porfolio includes current and past companies such as BenchSci, dcbel, Unsplash, Mejuri, Spark Microsystems, Tenstorrent, Transit App, and Vention.

John co-founded the OSMO Foundation and played a key role in launching Notman House, Montreal’s first dedicated campus for entrepreneurs. For this, in 2024, he was named Montreal Startup Ecosystem’s Community Builder of the Decade.

He helped catalyze or co-found:

  • FounderFuel (2011): Canada’s first venture-backed accelerator.
  • Techstars Canada (2017): Expanding Canada’s access to global accelerator networks.
  • Rep Matters (2020): Networks for Black entrepreneurs and funders.
  • Survive the Drive (2022): A founder wellness community.
  • Real Fellowship (2023): A leadership program helping founders grow the inner capacity to lead with awareness and intention in service of their mission and community.
  • The Circle (2025): A forum for reflecting on the overlapping systems shaping Canadian VC.

He has also served as Mentor-in-Chief at FounderFuel, mentoring over 100 startups and supporting the next generation of funders and founders through hands-on coaching and ecosystem leadership.

2025 Ted Anderson Community Leadership Award

Crystal Phillips, Senior Director of the Opportunity Calgary Investment Fund and Founding member of Thin Air Labs Fund I, is the recipient of the 2025 Ted Anderson Community Leadership Award.

Crystal is also the Co-Founder and current Board Chair of the Branch Out Neurological Foundation, created to address the underfunding of non-pharmaceutical solutions to neurological disorders. The foundation has raised over $5 million, funded 200+ research grants, and partnered with 11 Canadian universities.

Through Branch Out, Crystal has championed groundbreaking projects such as:

  • Transcranial Magnetic Stimulation (TMS) for depression
  • Music and biofeedback for Parkinson’s
  • Brain-computer interface tech for children with cerebral palsy
  • Ketogenic diets for epilepsy
  • Microbiome research for personalized treatments

Diagnosed with MS at 19 during her elite speed skating career, Crystal returned to competition, became a certified nutritionist, and created a comprehensive wellness strategy by navigating conventional and alternative medicine.

Beyond her work with Branch Out, she is a dedicated community leader and mentor:

  • Mentors with Big Brothers, Big Sisters Calgary
  • Acts as a global MS patient advocate
  • Co-founded the Tech Swing Golf Tournament, raising over $40,000
  • Mentors through Platform Calgary, University of Calgary and with Canadian entrepreneurs
  • Supports athletes transitioning careers
  • Volunteers on the boards of Branch Out and Health Cities

2025 VC Regional Impact Award (Atlantic Canada)

Active Impact Investments has been awarded the Venture Capital Regional Impact Award for Atlantic Canada for its investment in Jaza Energy.

Jaza Energy was founded in 2017 and is headquartered in Halifax, Nova Scotia. The company’s batteries-as-a-service model provides an accessible and safe alternative to pollutive kerosene lamps and diesel generators in Africa. Jaza’s solar-charged batteries are distributed through centrally located community hubs run exclusively by women, offering consistent, off-grid energy access that supports household productivity, education, and health outcomes.

At the time of Active Impact’s exit, Jaza Energy employed 352 people. The company’s model also creates local employment that helps lift families out of poverty while delivering clean and affordable electricity.

2025 VC Regional Impact Award (Central Canada)

First Ascent Ventures has been awarded the Venture Capital Regional Impact Award for Central Canada for its investment in Assent Compliance.

Assent Compliance was founded in 2010 and is headquartered in Ottawa, Ontario. The company provides a platform that helps businesses manage and streamline their supply chain and product compliance requirements, ensuring they meet complex global regulatory standards.

Assent Compliance has 921 employees. Since January 1, 2020, the company has created 1,306 jobs.

The company actively supports sustainability and inclusion through global and local partnerships, including Tree Canada, the Canadian Red Cross, One Tree Planted, Rainbow Railroad, and Make-A-Wish Canada. Assent also supports community initiatives in Ottawa through employee volunteering with the Ottawa Food Bank, Causeway Work Centre, Latina in Tech, and others.

2025 VC Regional Impact Award (Western Canada)

Vistara Growth has been awarded the Venture Capital Regional Impact Award for Western Canada for its investment in Zafin.

Zafin was founded in 2002 and is headquartered in Vancouver, British Columbia with Vistara Growth initially investing in 2018. The company provides relationship banking solutions to banks and financial institutions globally and at time of exit in early 2024 grew to over 750 employees spread across six continents.

Zafin is a signatory of the United Nations Global Compact, demonstrating its commitment to integrating ESG principles across all aspects of its operations. The company’s leadership reflects this commitment to diversity, with 27% of executives identifying as women and 81% as visible minorities. Zafin also supports the next generation of talent through its Aspire & Achieve scholarship program, which provides funding for engineering and STEM students from underrepresented or economically disadvantaged backgrounds.

2025 PE Regional Impact Award (Central Canada)

Novacap has been awarded the Private Equity Regional Impact Award for Central Canada for its investment in Plusgrade.

Plusgrade was founded in 2009 and is headquartered in Montreal, Quebec. The company powers the global travel industry with a portfolio of ancillary revenue solutions used by over 200 partners in the airline, hospitality, cruise, passenger rail, and financial services sectors.

Under Novacap’s investment, Plusgrade’s Canadian employee count grew from 92 in September 2021 to 554 in March 2024. Its global headcount increased from 112 to 631 over the same period.

Novacap partnered with Plusgrade’s founder and team to support the privatization of Points.com and the acquisition of Upstay, helping to execute a shared vision of transforming Plusgrade into a global leader in ancillary revenue solutions for the travel industry.

2025 PE Regional Impact Award (Prairies)

PFM Capital has been awarded the Private Equity Regional Impact Award for the Prairies for its investment in All-Fab Group. Roynat Equity Partners was a significant equity partner in the investment.

All-Fab Group was founded in 1970 and is headquartered in Winnipeg, Manitoba. The company serves the building industry through five business units across Western Canada and the United States, offering deep knowledge of contractor, dealer, and owner needs through decades of experience.

During PFM Capital & Roynat Equity Partners’ investment period, All-Fab pursued an acquisition strategy that resulted in headcount growth from 120 to over 800 employees. The company contributed to housing development across Western Canada and the U.S., and improved the consistency and quality of its building products.

2025 PE Regional Impact Award (Western Canada)

Ironbridge Equity Partners has been awarded the Private Equity Regional Impact Award for Western Canada for its investment in Midland Appliance Ltd.

Midland Appliance Ltd. was founded in 1984 and is headquartered in Richmond, British Columbia, with showrooms and offices in Vancouver, Richmond, Langley, and Abbotsford. The company is known for its luxury appliance experience, focusing on personalized service and expert advice to multi-family developers, custom home builders and other serial-acquirors.

Over the investment period, Midland doubled its annual revenue and increased EBITDA by 40%, while also doubling headcount to over 100. In addition, Midland opened two award-winning showrooms in Langley and Abbotsford while consolidating its warehouse footprint into one distribution centre.

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