GMP Securities

GMP Securities L.P., whose predecessor Griffiths McBurney & Partners was established in March 1995, operated as a prominent independent Canadian investment dealer. Its core business was centered on capital markets activities, including investment banking, institutional sales and trading, and wealth management services. Unlike a traditional venture capital firm, GMP Securities did not operate a dedicated fund for making direct equity investments or writing 'first cheques' to early-stage startups. Instead, their primary role involved facilitating capital raises for companies through public offerings, private placements, and providing advisory services for mergers and acquisitions.

The firm's expertise lay in connecting companies with capital from public and institutional investors, rather than deploying its own balance sheet for direct venture investments. They advised on transactions that could range from tens of millions to hundreds of millions of dollars, or even billions, depending on the client's needs and market conditions. This model is distinct from the typical venture capital funding mechanism where a fund invests directly into private companies in exchange for equity.

In a significant development in 2019, GMP Securities' capital markets business was acquired by Canaccord Genuity Group Inc. This acquisition effectively integrated GMP's operations into Canaccord Genuity, marking the end of GMP Securities as an independent capital markets entity. Given its historical business model as an investment bank and brokerage firm, the concept of typical 'first cheque sizes' for direct venture capital investments does not apply to GMP Securities.