Toronto-based comic strip app Bitstrips Inc has received $8 million in Series B funding, a spokesperson for the company confirmed. The investors in this round were U.S. venture capital firm Kleiner Perkins Caufield & Byers and return backer Hong Kong-based Horizons Ventures. The capital infusion will be used for personnel hiring and product development. Update: Founded in 2007, Bitstrips raised $3 million in a Series A financing in December 2013. Horizons invested in that round.
1 min read · 30 October 2014
Solegear Bioplastics Inc, a developer of plant-based plastics for packaging and durable product applications, has secured a venture debt facility with Comerica Bank, a U.S. technology lender. Financial terms of the deal were not released. The company said it will use the funding proceeds to support planned sales growth and deliveries of its products. Based in Vancouver, Solegear is backed by Canadian venture capital firm Yaletown Venture Partners, Best Buy Capital, the investment arm of U.S. retailer Best Buy Co Inc, and a number of angel investors.
3 min read · 30 October 2014
Canadian specialty finance firm Wellington Financial has led a US$25 million venture debt financing of a U.S.-based on-demand software company. The company's identity was not released, however, Wellington indicated that it is backed by a number of Silicon Valley venture capital firms. The Toronto-based firm said it has led approximately US$70 million of growth capital financings to seven U.S. companies in 2014. They include: Operative Media Inc and SOA Software Inc.
2 min read · 29 October 2014
Led Innovation Design, a technology-oriented manufacturer of LED lighting products for professional sports, agricultural and industrial markets, has received a subordinated loan totaling $500,000 from BDC Capital, a division of the Business Development Bank of Canada (BDC). The company, which is currently focused on lighting large professional sports arenas in North America, said the funds will be used to increase its sales force and expand its customer base. Founded in 2009, Led Innovation Design is based in Laval, Québec.
4 min read · 28 October 2014
Canadian cleantech venture capital firm Cycle Capital Management has partnered with Qingdao City Construction Investment Group to invest in cleantech companies and establish a venture capital fund in Qingdao, China. The partnership will also create new opportunities in Qingdao for two portfolio companies of Cycle Capital: Enerkem Inc, a waste-to-biofuels and chemicals producer, and Eocycle Technologies Inc, developer of a direct drive alternator for wind turbines. Based in Montréal, Cycle Capital has $230 million in assets under management.
3 min read · 28 October 2014
Knight Therapeutics Inc (TSX: GUD), a specialty pharmaceutical company, has committed $30 million to Teralys Capital Innovation Fund LP, a life sciences fund managed by Canadian fund of funds manager Teralys Capital. The initiative follows the company's investments in other fund vehicles, including its commitment earlier this month to Dutch venture capital firm Forbion Capital Partners. The Montréal-based Knight Therapeutics said it plans to invest up to $130 million in its fund strategy, which is intended to secure Canadian product rights for the company. Teralys manages a $600 million fund sponsored by the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Investissement Québec.
3 min read · 28 October 2014
Peter Carrescia has been appointed the new managing director of The Next 36, a non-profit organization focused on supporting the development of young entrepreneurs in Canada. He replaces Claudia Hepburn, who is transitioning to the board of directors. Carrescia previously served as a managing director at OMERS Ventures, as a general partner at VenGrowth Capital Partners, and as a director at a number of technology companies. Founded in 2010, Next 36 is based in Toronto. Its investment partners include Alignvest Ventures, Relay Ventures and Slaight Communications.
4 min read · 27 October 2014
Advertising technology startup Pretio Interactive Inc has bought Tap for Tap, a mobile app exchange network located in Victoria, British Columbia. The financial terms of deal were not published, however, it included a cash and equity component which will result in Tap for Tap founder Todd Dunlop becoming an investor in Pretio. Pretio, which supports brands in placing rewards inside apps and games, said the acquisition adds more than 12,000 app developers to its platform. Founded in 2012, Pretio, which is also based in Victoria, obtained seed-stage funding from Canadian venture capital firms Wesley Clover International and Yaletown Venture Partners in 2013.
3 min read · 24 October 2014
Canadian early-stage venture capital firm Version One Ventures, which this week closed its second fund at $35 million, received a $10 million anchor commitment from Northleaf Venture Catalyst Fund. Version One, which is led by founding partner Boris Wertz, invests in Internet, SaaS and mobile companies in Canada and the United States. Northleaf Venture Catalyst Fund, which is managed by Northleaf Capital Partners, raised around $218 million in its initial close earlier in 2014.
3 min read · 24 October 2014
Jostle Corp has received an additional $2 million in equity financing. The round, which was backed by unidentified private investors, brings the startup's total financing to date to $6.6 million. Founded in 2009, Jostle is a provider of intranet software that helps enterprises better engage their workforce. The Vancouver-based company said it will use the latest investment proceeds to accelerate customer acquisition and "enhance its reinvention of the employee intranet."
2 min read · 23 October 2014
