Technology companies look set to supplant energy and mining firms as the driver of Canadian initial public offerings this year as global optimism about tech startups boosts valuations and spurs early investors to cash out, Reuters reported. "In the next 12 to 24 months, you're going to finally see the most significant volume of Canadian tech IPOs you've seen in the past decade, if not ever," said John Ruffolo, CEO of OMERS Ventures.
3 min read · 12 March 2015
U.S. security company OpenDNS has acquired BGPmon Network Solutions Inc, a provider of network and routing monitoring services based in Vancouver. The financial details of the transaction were not disclosed. OpenDNS said the acquisition will facilitate its expansion of security research capabilities and offer its customers broader protection against cybersecurity threats. Based in San Francisco, OpenDNS has been venture-backed since its founding in 2005. Its investors include Cisco Systems, Evolution Equity Partners, Glynn Capital, Greylock Partners, Lumia Capital, Mohr Davidow Ventures, Northgate Capital, Sequoia Capital and Sutter Hill Ventures.
3 min read · 12 March 2015
Docker Inc has bought Kitematic, a Canadian startup focused on giving software developers the ability to set up development environments in the cloud. The acquisition's value was not published. Kitematic was founded last year by Sean Li, Michael Chiang and Jeffrey Morgan with the help of the University of Waterloo's Velocity Garage program. Docker, an open platform for distributed applications that is also targeted to developers, is based in San Francisco. Founded in 2010, it is backed by AME Cloud Ventures, Benchmark, Greylock Partners, Insight Venture Partners, Sequoia Capital, SV Angel, Trinity Ventures and Y Combinator.
4 min read · 12 March 2015
Cardiac Dimensions Inc has added US$15.2 million to a previously announced round of financing, bringing the deal’s total to US$43 million. The latest tranche was provided by European venture capital firm Life Sciences Partners and U.S. firm Aperture Venture Partners. They join existing investors, which include Canadian venture capital firm Lumira Capital. Cardiac, a U.S. developer of minimally invasive treatments for heart failure and related cardiovascular conditions, said the funds will be used to support clinical trials, the expansion of research activity and commercial operations.
4 min read · 11 March 2015
U.S. mobile payments company Square has acquired Kili Technology, a Canadian provider of payment processing, security access control and authentication solutions. The transaction's value was not disclosed. Square, which opened an office in Kitchener-Waterloo, Ontario in 2014, said Kili will continue to operate from its office in Toronto. Based in San Francisco, Square is led by CEO Jack Dorsey, co-founder of Twitter. The company has raised a significant amount of venture capital since its founding in 2009. Its backers include Citi Ventures, GGV Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers, Sapphire Ventures and Sequoia Capital.
2 min read · 11 March 2015
British Columbia Discovery Fund (VCC), a retail venture capital fund managed by Discovery Capital Management Corp, has discontinued the sale of its Class A Shares and will not be renewing its distribution prospectus, which lapses on April 15, 2015. The fund, which has $40 million in assets, said it will instead focus on the management and realization of existing portfolio investments. Its portfolio companies include Avigilon Corp, a surveillance solutions platform; quantum computing company D-Wave Systems Inc; and Tantalus Systems Corp, a provider of smart grid communications. Founded in 1986, Discovery Capital is based in Vancouver.
5 min read · 11 March 2015
Nineteen members of angel investment network Anges Québec have contributed to the financing of MEDFAR Solutions Cliniques. The deal, which included contributions from other private investors, totaled $695,000. Anges Québec's investment was led by Enzo Blasi, president of Intellio Capital Humain Inc. MEDFAR, which is based in Montréal, will use proceeds of the round to expand the marketing of its clinical management software, which optimizes patient follow-up and centralizes data in an electronic medical record. Last month, Anges Québec Capital Fund, a fund established to invest alongside Anges Québec members, was recapitalized at $85 million.
3 min read · 10 March 2015
BDC Capital and Foresight Clean Technology Accelerator recently provided financing to two Canadian clean technology startups. The companies were Dark Vision, a provider of downhole imaging technology that minimizes resource extraction impacts, and Pyrowave, a developer of a microwave pyrolysis technology for use in plastics recycling. BDC Capital participated in the deals through its convertible notes program, which entitles select companies to $250,000 if co-investment criteria are met. Based in Vancouver, Foresight has supported over 25 startups in Western Canada, which together have raised more than $3.5 million in early-stage funding.
3 min read · 10 March 2015
Rapitow Corp, developer of a mobile app that delivers assistance to stranded motorists, has secured undisclosed seed-stage financing. The investor is LiquidProject, a new Canadian early-stage venture capital firm led by founding partner and CEO Jason Tryfon. With the deal's closing, Tryfon has joined Rapitow as its chairman. Based in Mississauga, Ontario, Rapitow was co-founded in 2014 by Waheed Subhani and Joe Borg to bring new technology solutions to roadside emergency response. The company said it will use proceeds of the seed round to accelerate growth and expand its market reach into the United States.
3 min read · 10 March 2015
Clear Blue Technologies Inc has received undisclosed debt financing from the Southern Ontario Fund for Investment in Innovation (SOFII). The Toronto-based company, a provider of off-grid lighting, security and mobile solutions, has also retained the services of boutique corporate finance advisory firm GreenSky Capital Inc. Last June, Clear Blue Technologies raised $500,000 in funding from Grenville Strategic Royalty Corp and the Ontario Centres of Excellence.
3 min read · 09 March 2015
