Canadian gold exchange platform BitGold Inc recently secured $3.5 million in a Series A financing round. The round, which was completed in late December 2014, was backed by PortVesta Holdings, PowerOne Capital, Soros Brothers Investments and a number of undisclosed financial services professionals. The Toronto-based startup also announced that it plans an early 2015 launch of its online platform, which facilitates global blockchain payments combined with access to gold for savings. Established last year, BitGold previously obtained funds from its co-founders to support development and acquisition of key intellectual property and proof of concept.
4 min read · 05 January 2015
ORBCOMM Inc (Nasdaq: ORBC) has closed its buy of SkyWave Mobile Communications, an Ottawa-based provider of satellite and satellite-cellular products and applications. The deal, which was previously valued at US$130 million, was reported by peHUB Canada in November 2014 to have an actual gross value of US$182 million. Founded in 1997, Skywave has been backed since 1999 by Canadian venture capital firm McLean Watson Capital and other investors. ORBCOMM, a U.S.-based provider of machine-to-machine solutions, said the deal adds more than 250,000 subscribers, 400 channel partners, annualized revenues of over US$60 million, and adjusted EBITDA of over US$12 million.
4 min read · 05 January 2015
The Fonds de solidarité des travailleurs du Québec FTQ has reported a new record for its share value, which stood at $31.36 at the end of November 2014. This translated into a 6-month return of 3.5 percent and a 12-month return of 7.4 percent. The Fonds de solidarité FTQ also reported comprehensive income of $351 million as of November 30, which increased its net assets to $10.5 billion. It also said it has invested $240 million in unsecured risk capital in Québec businesses. Last June, the Montréal-based firm appointed Gaétan Morin as its new president and CEO.
4 min read · 05 January 2015
Canadian venture capital firm iGan Partners has completed additional growth investments in six of its portfolio companies. The funds, which reflected a combined total of $11 million, were provided by iGan, family offices and angel investors from the firm's network, and went into Imagistx Inc, eSight Corp, MolecuLight Inc, FlipGive, Creator Cloud and Sciencescape Inc. In all, iGan's portfolio has received more than $40 million in amounts invested and syndicated by the firm. Based in Toronto and San Diego, California, iGan invests in emerging growth opportunities in internet-software and medical device-healthcare sectors.
2 min read · 05 January 2015
NeurAxon has raised $1.75 million from Knight Therapeutics, a Montreal-based specialty pharmaceutical company, which will also provide additional funding to further development of the company's pharmaceuticals. Montreal-based NeurAxon has been a recipient of venture capital financing since 2004 and is a portfolio company of BDC Venture Capital, CTI Life Sciences, Delphi Ventures, HIG Ventures, NeuroVentures Capital, Five Corners Capital (Ventures West), and the Ontario Capital Growth Corporation.
3 min read · 02 January 2015
Relay Ventures III, the third mobile technologies fund of Canadian venture capital firm Relay Ventures, has been awarded $15 million from the federal government's Venture Capital Action Plan (VCAP). The commitment, which was the result of a recommendation from the government's venture capital expert panel, is part of a $50 million VCAP initiative to invest in high-performing Canadian funds. Based in Toronto and Menlo Park, Relay Ventures is led by co-founders and managing partners John Albright and Kevin Talbot. According to the firm's website, it currently has 39 portfolio companies. They include Bionym, theScore and TouchBistro.
2 min read · 23 December 2014
The Canadian Venture Capital & Private Equity Association (CVCA) and research partner Thomson Reuters will in February 2015 publish their full report on Canadian venture capital market activity in 2014. In the meantime, peHUB Canada has compiled a list of the likely top 10 (disclosed) financings completed this year.
4 min read · 23 December 2014
Mobile sports platform theScore Inc (TSX-V: SCR), a portfolio investment of Canadian venture capital firm Relay Ventures, has bought daily fantasy sports game Swoopt. The seller in the deal, the financial terms of which were not released, was U.S.-based ApptheGame Inc. The acquisition includes Swoopt's mobile app and web offering, as well as members of its product development team, and will provide theScore with a strategic entry point into the daily fantasy sports space, the company said. In May 2014, the Toronto-based theScore raised $17.25 million in follow-on financing from Relay and Levfam Holdings.
4 min read · 22 December 2014
Canadian photo-sharing platform Vidigami Inc has secured $1.25 million in seed-stage financing. The round was led by Andrew Wright, managing director of U.S. venture capital firm Wright Ventures, and was joined by a number of angel investors, including Aaron Rallo, James Fletcher, Laurie Wallace and Robert Cruickshank. The Vancouver-based Vidigami, which has developed a content-management system for storing and sharing school and family photos, said it will use the funds to fuel growth by investing in sales, marketing and product innovation. The company was founded in 2010.
2 min read · 22 December 2014
The Fonds de solidarité FTQ has made a $4 million equity investment in Zymeworks Inc, a developer of best-in-class protein therapeutics for the treatment of cancer, autoimmune and inflammatory diseases. Based in Vancouver, the company has significant research activities in Québec. It is currently developing several antibody therapeutics in the field of oncology with anticipated IND filings beginning in 2016. Established in 2003, Zymeworks is also backed by Advanced Biotechnologies Venture Fund and CTI Life Sciences Fund. Earlier this year, the company announced it had raised $17.3 million in funding from a mix of new and existing investors.
4 min read · 19 December 2014
