JOLT, an accelerator and seed fund focused on Web and mobile ventures, reports to have invested in 23 companies since its launch in 2012. These companies, 17 of which remain active, have raised $10.5 million, with nearly half of its program graduates attracting outside funding. JOLT said companies secured an average of $1.1 million in seed financing, with 63 percent of the total coming from angel investors. To date, JOLT has invested $910,000 across its portfolio. The organization is affiliated with Toronto commercialization hub MaRS Discovery District.
3 min read · 17 November 2014
Eventbase Technology Inc, a Canadian mobile event technology platform, has secured $2 million in a Series A financing round. The investor was SXSW Tech, a venture capital fund recently formed by SXSW Inc, a U.S. organizer of conferences, events and festivals. The investment, which is Eventbase's first, will help it further accelerate the pace of product development and global expansion. Concurrent with the deal, the company announced that it has bought U.K.-based LetsLynk, a provider of trade show technology. The acquisition's value was not disclosed. Eventbase is based in Vancouver.
4 min read · 14 November 2014
Ehsan Mokhtari and Hadi Shiravi Khozani, co-founders of Ara Labs Security Solutions Inc, are the latest successful applicants under the Start-up Visa Program, launched by the federal government in 2013 to attract foreign entrepreneurs to Canada. Ara Labs, a Fredericton, New Brunswick-based online fraud monitoring platform, was launched by the Iranian-born founders with a February 2014 investment from New Brunswick Innovation Foundation and Technology Ventures Corp. The first successful Start-up Visa applicants were Zeetl Inc's founders. Zeetl was in September acquired by Hootsuite Media.
3 min read · 13 November 2014
Canadian venture capital and private equity firm BEST Funds has provided undisclosed debt funding to Financeit Inc, a consumer financing platform based in Toronto. The deal will support the company's future market growth in North America. Since launching in 2011, Financeit has signed up over 3,500 retail, vehicle, home improvement and healthcare businesses that have processed more than $700 million in loans, the company said. Earlier this year, Financeit closed $40 million in renewable purchase and warehouse line facilities, and in 2013 raised US$13 million in a Series A round from U.S. venture capital firm TTV Capital and other investors.
3 min read · 13 November 2014
Dr. Vicky Sharpe has joined the advisory board of EnerTech Capital, a venture capital firm focused on innovation in the energy and power industries. Sharpe is the founder and former CEO of Sustainable Development Technology Canada (SDTC), which invests in Canadian clean technology startups. She has more than 35 years of experience in the energy industry. EnerTech, which has offices in Toronto, Calgary, Montréal, Philadelphia and Menlo Park, is currently investing from its fourth fund, which raised nearly $120 million in 2013.
4 min read · 13 November 2014
SupplyStream has obtained $250,000 in seed-stage funding from Canadian early-stage venture capital firm Innovacorp. Based in Halifax, Nova Scotia, SupplyStream is developing a technology management system for manufacturers, distributors and retailers to access industry data more efficiently. It plans to use investment proceeds to further product development and expand into new markets. Founded in 2011, the company said it has raised more than $1 million from investors to prove the concept in the electronics industry.
3 min read · 13 November 2014
Deloitte has announced the winners of its 2014 Technology Fast 50 program, which together achieved an average five-year growth rate of 4,736 percent, a significant increase from last year’s growth rate of 832 percent. As in past editions of the Fast 50, a high proportion of the Canadian winners were venture-backed. They include the top three: Chango, a digital media company; social media innovation developer Hootsuite; and Shopify, an e-commerce and retail platform. Chango, Hootsuite and Shopify achieved five-year growth rates of 69,800 percent, 56,514 percent and 16,759 percent, respectively. A full list of the 2014 Fast 50 can be obtained here.
4 min read · 13 November 2014
U.S. e-commerce platform VIDA has been launched with US$1.3 million in seed-stage financing. Backers of the round included Canadian angel investment firm Beehive Holdings, as well as Google Ventures, The Valley Fund, Slow Ventures, Universal Music Group, Nanon and others. VIDA's technology connects shoppers with international artists, designers and manufacturers to buy socially responsible apparel and accessories. Based in Vancouver, Beehive invests in innovative companies with diversified teams and products and services that are used by women.
3 min read · 13 November 2014
Monteris Medical Corp has received about US$30 million in Series B funding. Birchview Capital led the round with participation from The Vertical Group and previous Canadian backer BDC Capital Healthcare Fund, one of three sector-focused funds managed by BDC Capital. Based in Plymouth, Minnesota, and Winnipeg, Manitoba, Monteris is a developer of minimally invasive laser systems to address brain lesions. Update: Monteris said the capital infusion would support expansion of commercial and clinical programs for its robotic neurosurgical system. Founded in 1999, the company's technology was developed from research begun at Winnipeg's St. Boniface General Hospital.
4 min read · 13 November 2014
Sequoia Capital-backed [24]7 has acquired IntelliResponse. The financial terms of the all-cash transaction were not disclosed. Based in Toronto, IntelliResponse is a provider of digital self-service technology solutions for the enterprise. Update: Based in Campbell, California, [24]7 is a consumer experience technology platform that enables customer connections with businesses. Founded in 2000, it has raised funds from several investors, including U.S. venture capital firm Sequoia.
4 min read · 12 November 2014
