Slyce Inc (TSX-V: SLC), a venture-backed visual search platform that went public in 2014, has agreed to purchase SnipSnap App LLC Co, a mobile couponing company headquartered in Philadelphia, Pennsylvania. The cash and stock deal, which is valued at US$6.5 million, is expected to close in early February. For the Toronto-based Slyce, the acquisition, its third in the past six months, provides for new opportunities in widening its service offering to retailers, the company said. Founded in 2011, SnipSnap has received funding from U.S. angel investors and venture capital firms, including Dreamit Ventures and MentorTech Ventures.
8 min read · 29 January 2015
Witkit has secured $5 million in financing from undisclosed sources. The software company said proceeds of the investment will help it launch a new collaboration platform that allows individuals and businesses to easily assemble groups to tackle projects and solve problems safely and without the risk of data breaches. Additionally, the platform facilitates creation of tailored collaborative workspaces, Wikit said. Based in Vancouver, the company is led by president and CEO Sean Merat. It was founded in 2012.
3 min read · 27 January 2015
QuickMobile Inc recently appointed Craig Brennan as its new CEO. He succeeds company founder Patrick Payne, who will continue to serve on the board of directors and as an advisor. Brennan joined QuickMobile as its board chairman in 2014. Prior to then, he was an advisor to Silicon Valley startups and led Overtone, a social media listening analytics company, and Brio Software, a business intelligence company. The Vancouver-based QuickMobile is a provider of mobile enterprise meeting and event apps. It is backed by BDC Capital IT Venture Fund and other investors.
3 min read · 27 January 2015
Singspiel has secured $350,000 in seed-stage financing. The round was led by MaRS Investment Accelerator Fund (IAF), an early-stage venture capital fund managed by MaRS Discovery District. The company, which was co-founded in 2013 by CEO Arian Rahbari and CTO Ivan Cheung, has developed a mobile app to make it easier for individuals to learn and practice music. It plans to use proceeds of the round to expand the core engineering team, accelerate sales and marketing efforts and increase user adoption. Based in Toronto, Singspiel received initial financing when it participated in JOLT's Winter 2013 accelerator program.
3 min read · 26 January 2015
The federal government's Immigrant Investor Venture Capital (IIVC) pilot program, announced in December 2014, will begin accepting applications on January 28, 2015. The application period will be open until February 11, 2015 or until the maximum of 500 applications are received. Under the IIVC program, wealthy business immigrants will contribute to an IIVC fund that will invest in high-growth Canadian innovative companies. The fund, which will be managed by BDC Capital, is expected to raise at least $100 million.
3 min read · 26 January 2015
Chalk.com Inc has closed a $500,000 seed-stage financing. The round was led by the MaRS Investment Accelerator Fund with the participation of BDC Capital, Ryan Holmes, CEO of Hootsuite Media, and John Baker, president and CEO of Desire2Learn. Based in Kitchener-Waterloo, Ontario, Chalk.com provides a suite of productivity apps for primary and secondary teachers linked with an online collaboration platform. Currently being used in over 20,000 schools worldwide, the company's technology seeks to create "more personalized learning" for students, Chalk.com said.
2 min read · 26 January 2015
Canadian boutique finance advisory firm GreenSky Capital has reorganized and added new team members to support its angel network and prepare for the launch of a new seed investment vehicle, GreenSky Accelerator Fund. The fund will invest in Canadian technology companies. GreenSky said Geoff Simonett will be stepping down as president, but will continue to chair the angel network and will join the investment committee of the new fund. Current vice president Greg Stewart will assume the president's mantle. Last June, GreenSky was profiled by peHUB Canada for its role in leveraging early-stage financing for Smart Energy Instruments Inc.
3 min read · 23 January 2015
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has invested a total of $1.25 million in two Ottawa technology companies. According to FedDev Ontario, AppZero Software Corp, which develops technology that moves server applications to and across any cloud or data centre, also raised $1.5 million in financing from Covington Capital Corp, Woodford Farm Trust and Seaver Kent Family Investments. It also said Glitchsoft Corp, which designs, builds and publishes games for mobile smartphones and tablet devices, raised $1 million in financing from Wesley Clover International Corp and angel investors.
5 min read · 22 January 2015
Canadian venture capital firm McRock Capital has raised new commitments for the second close of McRock iNFund LP, an industrial Internet of Things (IIoT) fund. The undisclosed commitments came from Cisco Investments and Teralys Capital Innovation Fund, the Canadian venture fund of funds managed by Teralys Capital. BDC Capital also increased its stake in the fund, which is scheduled to close this year at a cap of $65 million. Based in Toronto, McRock is focused on the intersection of sensors and software in large industrial markets, known as the IIoT. It invests in companies located across North America. In 2013, the firm announced a strategic partnership with GE Canada.
3 min read · 22 January 2015
Private equity and venture capital firm the Fonds de solidarité FTQ said it plans to invest $1.6 billion in businesses that impact the Québec economy. Gaétan Morin, the firm's new president and CEO, announced the initiative, noting that the investment will take place over the next three years. With its headquarters in Montréal, the Fonds de solidarité FTQ manages net assets of $10.5 billion. It reports that the firm is a partner, either directly or through its network members, in more than 2,450 companies.
3 min read · 21 January 2015
