Canadian venture capital firm Cycle Capital Management has launched a new accelerator for startups in clean technology sectors. Called Ecofuel, the accelerator will be led by Simon McDougall, who will be its CEO and head coach. Ecofuel, which will also be supported by partners Écotech Québec and Sustainable Development Technology Canada (SDTC), will manage a four-month training, networking and mentoring program and offer participating companies seed funding of up to $100,000. Its first cohort is scheduled for January 2015.
3 min read · 02 October 2014
Content engagement platform Scribble Technologies Inc has raised $12 million in Series C funding. Waterloo Innovation Network Fund led the round with participation from the company's previous backers, including Canadian venture capital investors Georgian Partners, Export Development Canada, Summerhill Venture Partners and Rogers Venture Partners. Update: Founded in 2008, the Toronto-based Scribble's software product enables brands, sports organizations and media companies to drive engagement on their digital assets. Earlier this year, the company acquired live events platform CoveritLive.
2 min read · 02 October 2014
Online shopping club Beyond the Rack has obtained a US$10 million debt and banking facility with Silicon Valley Bank. Based in Montréal, Beyond the Rack offers men and women shoppers an array of consumer brands at discounts of up to 80% off of traditional retail prices. The company said it has attracted more than 13 million members in Canada and the United States and 5,000 brand partners since first launching in 2009. Backed by a mix of Canadian and U.S. venture capital firms since 2010, Beyond the Rack has raised more than $100 million in funding. Its last disclosed equity round took place last November.
3 min read · 01 October 2014
Hubub Inc, a digital platform for exploring and discussing interests, has secured a $5 million equity investment from Bell Media, a subsidiary of BCE Inc. The investment, which aims to support marketing to grow the company, will also entitle Bell Media to exclusive rights to monetize Hubub in Canada. The platform's desktop product, hubub.com, is currently in beta, and the Hubub mobile app will be released in October. A commercial launch is scheduled for the fall. The Toronto-based Hubub said it has raised $14 million to date, including a US$8.5 million Series A financing round from angel investors earlier this year.
4 min read · 01 October 2014
Women venture capital partners are becoming scarcer even as more women entrepreneurs are winning venture cash, according to a study from Babson College, Reuters reported. The study, “Women Entrepreneurs 2014: Bridging the Gap in Venture Capital,” paints a picture of a startup environment that is making strides in some areas, such as backing female entrepreneurs, even as the percentage of female venture capitalists slips.
2 min read · 30 September 2014
Orckestra has secured first-time venture capital funding. The company raised $8 million in a Series A financing round from Fondaction CSN, W Investments and the Fonds de solidarité des travailleurs du Québec FTQ. Based in Montréal, Orckestra will use the proceeds to expand global sales and advance commercialization and development of its Overture enterprise commerce platform. Founded in 2006, Orckestra said it recently achieved 3,056 percent, five-year revenue growth in exports, thanks to its expansion into the U.S., and will seek new market opportunities in North America and Europe.
6 min read · 30 September 2014
Canadian venture capital firm Real Ventures has added $25 million to the $50 million it raised in April in the first close of Real Ventures III. The investors in the latest close include the Business Development Bank of Canada, Export Development Canada and Fondaction CSN, as well as several family offices and individuals. Fund III has a target of $100 million, peHUB Canada previously reported. Montréal-based Real Ventures also announced that former eBay and Kijiji executive Janet Bannister has joined the firm as a general partner, while former consultant and startup entrepreneur Omar Dhalla has joined as a principal. Operating from Toronto, Bannister and Dhalla will focus on deal opportunities in the Toronto-Waterloo corridor.
4 min read · 30 September 2014
Ambit Biosciences Corp (NASDAQ: AMBI), a U.S.-based biopharmaceutical company with an early history in Canada, has agreed to be acquired by Japan's Daiichi Sankyo Co Ltd in a transaction valued at US$410 million. Focused on the discovery and development of treatments for unmet medical needs in oncology, autoimmune and inflammatory diseases, Ambit was venture-backed before it went public in 2013. Among its backers was Canadian venture capital firm GrowthWorks, which first invested in 2004 when the company was engaged in research and development activity in its Toronto office.
8 min read · 29 September 2014
AvidBiologics Inc, a Toronto-based oncology drug development startup, has secured follow-on financing of an undisclosed amount. The round was led by Canadian life sciences-focused venture capital firm Lumira Capital, with participation from the MaRS Investment Accelerator Fund, MaRS Innovation, Rosseau Asset Management and the company's founding investors. A 2011 spin-out from YM BioSciences Inc, and founded on antibody-drug conjugate technologies developed in partnership with the National Research of Council Canada, AvidBiologics plans to use funding proceeds for clinical trials.
4 min read · 29 September 2014
Sendwithus has raised $2.3 million in seed-stage funding. Steve Anderson, founder of U.S. venture capital firm Baseline Ventures, led the round with participation from other investors that included Initialized Capital, SV Angel, Maiden Lane, Acequia Capital and several angels. Based in Victoria, British Columbia and San Francisco, Sendwithus is an e-mail marketing startup. Update: The company said it plans to use investment proceeds to secure more people and resources to help it build and grow features on its existing template engine.
2 min read · 26 September 2014
