With a number of Canadian venture-backed startups reportedly poised to go public, advice from someone with experience in this area might be welcome. Earlier in 2014, visual search technology platform Slyce began public trading after a period of raising venture capital financing. The startup's co-founder Cameron Chell, shares three things he wished he had known before taking the plunge.
4 min read · 15 October 2014
Molecular diagnostics company Xagenic Inc has secured $6 million from Genome Canada for a project being done in partnership with the University of Toronto. The project, which is supported by a matching grant from the Ontario Ministry of Research and Innovation, will develop lower-cost technology for Hepatitis C testing. In July, the Toronto-based Xagenic announced the $25.5 million second close of its Series B financing round. Venture capital firms investing in the round included BDC Capital, CTI Life Sciences Fund, Domain Associates and Ontario Capital Growth Corp.
3 min read · 15 October 2014
Wirkn Inc, a mobile platform designed to help young people enter the workplace, has received $400,000 in a first round of financing. The round was led by Kinetic Companies Inc and a group of angel investors. Wirkn, a startup with offices in Toronto and Montréal, also announced that it has recruited Derek Szeto, the founder of Canadian bargain shopping community RedFlagDeals.com, to be its new CEO. Anthony Chan, formerly a senior executive at MasterCard Worldwide, has also been brought on as a general manager. Wirkn said another financing round is expected in the next 60 days.
3 min read · 15 October 2014
Columbia Green Technologies Inc has secured debt and equity financing of an undisclosed amount. The round was led by Canadian venture capital firm Yaletown Venture Partners and was joined by several unidentified existing investors. Based in Portland, Oregon, Columbia Green is a green roof company with products that help manage stormwater, reduce energy use and costs, and reduce air and water pollution. Update: The company plans to use funding proceeds to expand its sales in the North American market.
3 min read · 14 October 2014
Ron Sege, chairman and CEO of U.S.-based Echelon Corp (Nasdaq: ELON), has been appointed to the advisory board of Canadian venture capital firm McRock Capital. In addition to his current leadership at Echelon, Sege previously served as a senior executive at a number of technology businesses, including 3Com Corp. Based in Toronto, McRock invests in companies that are targeting industrial markets looking to maximize efficiency by making their machines, equipment and devices run more intelligently. Last December, the firm raised $50 million in the initial close of McRock iNFund LP.
3 min read · 14 October 2014
San Francisco-based genetic information company Invitae Corp has secured US$120 million in a Series F financing round. New investors in the company included The Broe Group, Decheng Capital, Deerfield Management, OrbiMed, Perceptive Advisors, Rock Springs Capital and Wellington Management. They were joined by existing investors, including Canadian venture capital firm Genesys Capital and U.S. firm Thomas McNerney & Partners. Invitae, which was founded in 2010, said it would use proceeds of the deal to accelerate the build out of its infrastructure for its genetic information business, and to expand its global market presence.
2 min read · 14 October 2014
Cloudcade, a free-to-play mobile games developer, has secured US$1.55 million in seed-stage funding in a round led by Chinese venture capital firm IDG Capital. The startup, which was co-founded in late 2013 by San Francisco-based CEO Di Huang and Montréal-based CTO Mathieu Rouleau, will use proceeds to develop its technology platform and recruit personnel. Cloudcade also announced that Johan Eile, formerly a director at THQ Inc and Ubisoft, recently joined the company as COO in Canada to oversee and co-ordinate operations.
4 min read · 10 October 2014
Ranovus Inc, a Canadian provider of multi-terabit interconnect solutions for data centre and communications networks, has secured an additional US$24 million in financing from new and existing investors. Canadian and international venture capital firms that back the company include Azure Capital Partners, BDC Capital, Export Development Canada, MaRS Investment Accelerator Fund, OMERS Ventures and T-Venture. Update: Founded in 2012, the Ottawa-based Ranovus plans to use the new funding to accelerate its expansion plan to support product delivery to global customers. The company raised an original $11 million round in September 2013.
5 min read · 09 October 2014
Anges Québec and Fonds régionaux de solidarité FTQ (FRS) have agreed to partner in sourcing startup investment opportunities in Québec. Under the terms of the partnership, the two groups will refer opportunities to each other. This is expected to result in seed financings led by Anges Québec and potential follow-on rounds that include FRS. FRS may also co-invest in other Anges Québec deals. Based in Montréal, FRS is a regional funds network managed by Fonds de solidarité des travailleurs du Québec FTQ. Anges Québec is a network of 160 private investors that back early-stage companies.
3 min read · 08 October 2014
Cardiac Dimensions Inc has added US$8.5 million to a previously announced round of financing, bringing the round's total to US$28.5 million. The latest tranche was provided by U.S. venture capital firm Arboretum Ventures, which joins existing investors that include Canadian firm Lumira Capital and M.H. Carnegie & Co. Cardiac, a developer of minimally invasive treatments for heart failure and related cardiovascular conditions, said the funds will be used to expand commercial activity and capitalize on clinical trial results. Founded in 2001, the company is based in Kirkland, Washington.
4 min read · 08 October 2014
