Toronto-based commercialization hub MaRS Discovery District and Virgin Unite Canada have announced a partnership that includes a new venture capital fund. The fund has been seeded with $1.5 million by Virgin Unite, Mindset Social Innovation Foundation and other sources to invest in Canadian early-stage for-profit companies with a core social or environmental mission. MaRS, which will manage the fund, will continue raising capital up to a total of $5 million. The partnership will also support several Canadian accelerator programs, including MaRS' Impact8, RADIUS Ventures and Esplanade.
4 min read · 12 December 2014
Canadian venture capital firm Renewal Funds has made an investment in PRANA, an organic foods manufacturer. The investment's value was not published. Based in Montréal, PRANA's core product offerings include nuts, chia seeds, dried fruits and trail mixes, which are sold by food retailers across Canada. The company is the fourth to enter the portfolio of Renewal3, which invests in organic and natural foods, green products and environmental and social mission businesses in Canada and the United States. Renewal3, the Vancouver-based Renewal Funds' third partnership, raised $63 million in its final close in March.
3 min read · 11 December 2014
The Fonds de solidarité des travailleurs du Québec FTQ has committed US$15 million to the newly closed fifth healthcare fund of U.S. venture capital firm Versant Ventures. The Fonds said it backed the US$305 million fund because Versant is making an important contribution of capital and investment models to Québec’s life sciences sector. Earlier this year, Versant launched a new incubator in Montréal, Inception Sciences Montréal, which specializes in drug discovery and development.
3 min read · 11 December 2014
Gallop Labs has secured $2 million in seed-stage funding. The round was co-led by Canadian venture capital firms Golden Venture Partners and Mantella Venture Partners, and was joined by angel investors, including Allen Lau of Two Small Fish Ventures and CEO of Wattpad, Albert Lai, CEO of Big Viking Games, and Jennifer Lum, founder of Adelphic Mobile. Based in Toronto, Gallop Labs is a mobile marketing platform that leverages data and behavioral analytics to support marketing activity. It said proceeds of the investment will be used to accelerate company growth.
2 min read · 10 December 2014
U.S. venture capital firm Versant Ventures has closed Versant Venture Capital V LP at US$305 million, surpassing its initial target of US$250 million. The fund will invest across the global healthcare sector and at all stages of company development. Versant, which has an office in Vancouver, has received capital commitments for Fund V from a number of Canadian institutional investors, including BDC Capital, Fonds de solidarité FTQ, Northleaf Venture Catalyst Fund and Teralys Capital. This support owed to Versant’s current and planned activity in developing Canada’s life sciences ecosystem.
3 min read · 10 December 2014
Routehappy Inc has received US$3.3 million in follow-on financing. The round was led by Canadian venture capital firm iNovia Capital and was joined by a mix of new and existing investors, including PAR Capital Ventures, High Peaks Venture Partners, Contour Venture Partners and Vocap Investment Partners. Founded in 2011, Routehappy is a New York-based SaaS platform that provides the airline industry with data, content, and tools to improve flight shopping. It said the deal will allow the company to expand its team and accelerate development, trialing, and sales of its product.
4 min read · 10 December 2014
BuildDirect, a Vancouver-based online home improvement products supplier, has secured $50 million in new financing, adding to the $30 million it raised in early 2014. The latest round was backed by Canadian and U.S. investors, including Mohr Davidow Ventures, OMERS Ventures and BMO Asset Management. BuildDirect said the funds will be used to expand and scale its Home Marketplace platform, which creates a one-stop solution connecting buyers with sellers. Founded in 1999, BuildDirect has been venture-backed since 2006. Its other investors include BDC Capital, Difference Capital Financial and GrowthWorks. In April, the company was profiled by peHUB Canada in an interview with Mohr Davidow's Katherine Barr.
6 min read · 10 December 2014
Anges Québec, Anges Québec Capital Fund and Desjardins Capital de risque have invested in a $2.75 million follow-on financing of medical device company Handyem Inc. Led by technology entrepreneur Jean-François Grenon, 23 members of Anges Québec contributed to the round. Investment proceeds will support the marketing of the company's portable flow cytometer, which was designed for life sciences researchers to measure and analyze biological samples. Founded in 2010, the Québec City-based Handyem raised $1.7 million in initial financing in January 2013.
4 min read · 09 December 2014
Clean energy crowd-funding platform CoPower Inc has provided a $370,000 loan to support solar photovoltaic rooftop projects developed by OYA Solar Inc. Around a dozen individual investors placed capital into the loan through CoPower's online platform. OYA, which is based in Windsor, Ontario, is building the solar projects, which include a 120 kW and a 48 kW installation located on two rooftops. CoPower's latest investment follows its recent refinancing of an energy retrofit project at Toronto’s Harbourfront Centre. Founded last year, CoPower has its headquarters in Montréal.
3 min read · 09 December 2014
Clean energy crowd-funding platform CoPower Inc has closed its first deal, refinancing an energy retrofit project at Toronto's Harbourfront Centre (HFC). The transaction, the value of which was $60,000, was made by private investors through Co-Power's platform in partnership with the Toronto Atmospheric Fund. CoPower said the initiative has helped HFC to improve its energy efficiency and reduce its operating costs. Based in Montréal, CoPower facilitates the pooling of investor capital to invest in pre-vetted clean energy opportunities, such as solar and energy efficiency systems.
4 min read · 09 December 2014
