Canadian private equity and venture capital firm the Fonds de solidarité des travailleurs du Québec FTQ has decided to increase disclosures concerning compensation of top professionals, emulating the transparency of public companies. It has also reviewed the compensation paid to the Fonds de solidarité FTQ's president and CEO. It was determined that the new president and CEO, Gaétan Morin, will receive a salary of $625,000 but see some retirement benefits reduced. As a result, his total compensation will be about 18 percent less than his predecessor’s.
3 min read · 13 August 2014
A new survey from Deloitte and the National Venture Capital Association (NVCA) shows that global investor confidence in Canada has risen. The 2014 Global Venture Capital Confidence Survey, which polled more than 300 venture capital, private equity and growth equity investors in the Americas, Europe, Asia and Africa, found that Canada was among several nations for which confidence has grown. Others included the United States, the United Kingdom and Israel.
2 min read · 13 August 2014
Thrasos Therapeutics, a biotherapeutics company focused on delivering new treatments for kidney disease, has appointed Gaétan Gravel and Joe Zakrzewski to its board of directors. Gravel is the life sciences portfolio director at the Fonds de solidarité des travailleurs du Québec FTQ. Zakrzewski was between 2010 and 2011 a venture partner at U.S. venture capital firm Orbimed Advisors. In 2012, Montréal's Thrasos raised $35 million from SR One, GSK Canada Life Sciences Innovation Fund, SW Co, Advanced Technology Ventures, Fonds de solidarité FTQ, Lumira Capital, MP Healthcare Venture Management and Pappas Ventures.
4 min read · 13 August 2014
Crowdfunding has been assumed to be a valuable channel for sourcing venture capital deals. Now, here is the proof. CB Insights, in a pioneering study, found that hardware startups raising more than US$100,000 on Kickstarter or Indiegogo have gone on to collect US$312 million from VCs over the past four years, including from top U.S. venture capital firms.
2 min read · 13 August 2014
Canadian automotive supplier Magna International Inc (TSX: MG) has joined the US$8 million financing of Zubie, a Charleston, South Carolina-based connected car service focused on making driving easier, safer and less expensive. The round, which was also backed by U.S. venture capital firm Nokia Growth Partners and existing investors Castrol innoVentures, Comporium and OpenAir Equity Partners, will help develop Zubie's car and driver management system, the company said. Magna said it is investing in technology startups like Zubie because of their potential to deliver novel solutions to the automotive market.
4 min read · 12 August 2014
Muzooka Inc, a Calgary-born social music discovery and technology company now based in San Francisco, has raised US$3 million in a Series A-1 financing. The investors were not disclosed. The company said that the latest round, when combined with earlier angel investment, brings its total raise to more than US$3.6 million. Founded in 2012, Muzooka's platform allows independent artists to reach an audience of music lovers, while connecting them to industry professionals to collaborate and get discovered. The company also announced that Ron Sakamoto, owner of Gold & Gold Productions Ltd, has joined its board of directors.
4 min read · 12 August 2014
Tacit Innovations recently secured a further $450,000 in financing from The Laurier Start-up Fund and angel investors. The deal tops up the $700,000 raised in February from BDC Capital, Canrock, Hyperdrive and other investors, bringing the total seed-stage funding round to $1.1 million. Tacit will use the proceeds to develop its mobile platform that allows customers to discover restaurants, browse menus, manage their orders and pay for their meals. The Toronto-based startup also will focus on additional growth in local markets and expansion in new markets through partnerships with point of sales businesses and other suppliers to the hospitality industry.
3 min read · 11 August 2014
Enthrill Distribution Inc has received over $1.3 million in a new round of financing. Canadian venture capital firm AVAC was one of the investors. Based in Calgary, Enthrill is a provider of digital content distribution technologies for the publishing industry. Update: The company said that it plans to use investment proceeds to fuel ongoing product development and the next stage in its commercial growth, which will include sales and marketing efforts for international distribution. The Alberta-based AVAC invests in early-stage companies in a range of innovative sectors.
3 min read · 08 August 2014
Provender, an online marketplace for agricultural produce, has secured $800,000 in seed-stage financing reports Québec business journal Les Affaires. Provender, a graduate of the Summer 2013 cohort of startup accelerator FounderFuel, received the investment from Canadian venture capital firms Real Ventures and BDC Capital. Matthew Corrin, founder and CEO of Canadian fast-food franchise business Freshii, also participated in the round. The company is based in Montréal.
1 min read · 07 August 2014
Four Canadian medical marijuana producers are working on transactions that will allow them to go public in the next few weeks, Reuters reported. Mettrum Ltd, OrganiGram Inc, Bedrocan Canada Inc and PharmaCan Capital, a holding company involved with three licensed producers, will join Tweed Marijuana Inc on the TSX Venture Exchange. Producers report robust demand from patients as well as rising interest from domestic and foreign fund managers and venture capital firms.
3 min read · 07 August 2014
