Acuity Brands Inc (NYSE: AYI) has agreed to acquire Distech Controls Inc, a Canadian provider of building automation and energy management solutions. Acuity Brands, a U.S. specialist in lighting solutions, will pay $318 million in cash for the company in a deal that is expected to close within the next four to eight weeks. Founded in 1995, Distech has raised close to US$40 million from venture capital firms. Its backers include the Caisse de dépôt et placement du Québec, EnerTech Capital, Export Development Canada, Fonds de solidarité (FTQ), Samsung Ventures and W2 Investments. Distech Controls said in a statement that it will continue to operate from its head office in Brossard, Québec, and will continue to be led by founder Étienne Veilleux.
6 min read · 09 March 2015
Golden Opportunities Fund, a retail fund managed by Canadian private equity and venture capital firm Westcap Management, has raised new capital commitments totaling $40 million. With the raise, the fund was fully subscribed for its 2014 tax-assisted fundraising period. Founded in 1999, Golden Opportunities invests in small and medium-sized growth companies in diverse sectors of the Saskatchewan economy. To date, it has invested more than $300 million in 118 companies.
2 min read · 09 March 2015
Roadmap Capital has provided US$7 million in equity funding to LiquiGlide Inc. Based in Cambridge, Massachusetts, LiquiGlide is a developer of slippery surfaces to facilitate the movement of viscous liquids. Update: The company said proceeds of the investment will allow it to pursue its growth strategy, secure new laboratory and office space, and attract research scientists. Based in Toronto, Roadmap Capital invests growth capital in private innovative companies.
3 min read · 09 March 2015
Toronto-based mobile sports app provider theScore Inc (TSX-V: SCR) has completed its previously announced bought deal offering, raising total gross proceeds of over $26.5 million. Canadian venture capital firm Relay Ventures, which has backed theScore since its spin out from Score Media Inc in 2013, invested in the offering. John Levy Family Holdings Ltd also invested. Proceeds of the offering will be used by the company to develop its technology platform, expand sales and marketing efforts, and for general corporate and working capital purposes.
3 min read · 05 March 2015
Toronto-based Vanhawks, a hardware technology company focused on building a connected commuter bicycle, has raised $1.6 million in seed-stage financing. Canadian early-stage venture capital firm Real Ventures led the round with participation from other investors, including Y Combinator, Funders Club, Mike McCauley, Devon Galloway and Michael Litt of Garage Fund and Relentless Pursuits Partners. Update: Vanhawks said the seed investment will help it acquire additional staff and accelerate development and production of its flagship product, the Valour. In 2014, the company raised financing on crowdfunding platform Kickstarter.
3 min read · 05 March 2015
Energy and power-focused venture capital firm EnerTech Capital has led the US$11 million follow-on financing of Terralux Inc, a designer and manufacturer of LED lighting and building intelligence solutions. Joining the round were Generation Investment Management, Crawley Ventures, Emerald Technology Ventures, GC&H Investments, and the company's Founder and CTO Dr. Anthony Catalano. Terralux, which is based in Longmont, Colorado, said it will use funding proceeds to support sales growth and further development of its portfolio of LED retrofit products. EnerTech Capital has offices in Toronto, Calgary, Montréal, Philadelphia and Menlo Park.
3 min read · 05 March 2015
U.S. drug discovery company Vascular Pharmaceuticals Inc has raised US$9 million, bringing its total Series A financing to US$25 million. The expansion round was led by Canadian life sciences venture capital firm Lumira Capital. Other investors included Intersouth Partners and MPM Capital. With the round's closing, Lumira Capital's Beni Rovinski will join the company's board of directors. Based in Chapel Hill, North Carolina, Vascular Pharmaceuticals is focused on the development of new treatments for diabetic nephropathy. It will use funding proceeds to support Phase 2 clinical trials of its treatment program.
3 min read · 03 March 2015
Dash Hudson, a Halifax-based mobile commerce company, has wrapped up the initial close of its seed financing at $1 million. The deal, which builds on the $400,000 invested in the startup in June 2014, was backed by a group of investors, including Canadian venture capital firm Innovacorp. Its other new and existing investors include former Groupon CTO Paul Gauthier, DHX Media co-founder Charles Bishop, and GoInstant co-founders Jevon MacDonald and Gavin Uhma. Founded last year by Thomas Rankin and Tomek Niewiarowski, Dash Hudson has developed technology that enables mobile shopping through the sharing of images on Instagram.
4 min read · 03 March 2015
Financeit Inc announced that it has renewed its lending program with Pacific & Western Bank of Canada (PWB). The program will give the company a $70 million renewable purchase facility and a $5 million warehouse line facility to support expansion of its cloud-based financing platform. Founded in 2011, the Toronto-based Financeit enables small and medium-sized businesses to offer financing options to their customers from any device. It is backed by Canadian venture capital firm BEST Funds, U.S. firms FinSight Ventures and TTV Capital, and a number of other investors.
3 min read · 02 March 2015
Georgian Partners Growth Fund II, the second fund of Canadian venture firm Georgian Partners, is expected to surpass its target in an imminent final close, thanks to an investment strategy that has resonated with LPs. The fund, which is targeted to raise $120 million, is likely to be wrapped up by mid-March at more than $170 million, said Justin LaFayette, co-founder and managing partner of Georgian Partners.
3 min read · 02 March 2015
