Private Equity
Zenith Epigenetics Corp, a Calgary-based early-stage biotechnology company, has raised $4.6 million from a private placement offering. The source of the funding was an existing investor, U.S. healthcare-focused venture capital firm NGN Capital. NGN also participated with Eastern Capital in a US$8 million financing in March. Zenith, which last year emerged as the result of RVX Therapeutics Inc's spinout from Resverlogix Corp (TSX: RVX), intends to use offering proceeds to fund research and development activities and other business purposes.
3 min read · 23 July 2014
Sviral Inc has secured additional financing from Canadian investment and merchant banking firm Pinetree Capital. Pinetree, which invested US$5 million in the company in June, has purchased an additional 10 million shares, worth 25 percent of total Sviral securities, and the rights to acquire an additional 10 million shares. The investment is valued at US$20 million in total. The Sunnyvale, California-based Sviral said the new funding will allow it to move forward in the deployment of the company's multi-core processing technology to expand capacity in multiple compute-intensive markets.
4 min read · 22 July 2014
Normand Chouinard has been appointed executive vice-president, investments, of the Fonds de solidarité des travailleurs du Québec FTQ. Chouinard, who joined the Fonds de solidarité FTQ in 1998, has since held a number of executive positions at the firm and at the Caisse de dépôt et placement du Québec. Most recently, he was the Fonds de solidarité FTQ's senior vice-president, natural resources, industries and consumer goods, and head of investments. Last month, the Montréal-based firm named Gaétan Morin as its new president and CEO.
3 min read · 21 July 2014
Normand Chouinard has been appointed executive vice-president, investments, of the Fonds de solidarité des travailleurs du Québec FTQ. Chouinard, who joined the Fonds de solidarité FTQ in 1998, has since held a number of executive positions at the firm and at the Caisse de dépôt et placement du Québec. Most recently, he was the Fonds de solidarité FTQ's senior vice-president, natural resources, industries and consumer goods, and head of investments. Last month, the Montréal-based firm named Gaétan Morin as its new president and CEO.
3 min read · 21 July 2014
Ron Dizy, previously head of ENBALA Power Networks Inc and a partner at Celtic House Venture Partners, has been appointed managing director of the Advanced Energy Centre of MaRS Discovery District. The Advanced Energy Centre is a public-private partnership focused on driving the adoption of innovative energy technologies in Ontario and Canada. It works closely with a number of affiliated organizations, including MaRS Cleantech Venture Services and private Canadian venture capital firm ArcTern Ventures, which has invested in several clean technology startups in the MaRS community.
4 min read · 21 July 2014
Ron Dizy, previously head of ENBALA Power Networks Inc and a partner at Celtic House Venture Partners, has been appointed managing director of the Advanced Energy Centre of MaRS Discovery District. The Advanced Energy Centre is a public-private partnership focused on driving the adoption of innovative energy technologies in Ontario and Canada. It works closely with a number of affiliated organizations, including MaRS Cleantech Venture Services and private Canadian venture capital firm ArcTern Ventures, which has invested in several clean technology startups in the MaRS community.
4 min read · 21 July 2014
Innoventé Inc (TSXV: IGE), a Québec City-based provider of technologies for producing green energy from organic residues, has flagged its intention to make a proposal to creditors under the terms of the Bankruptcy and Insolvency Act. The company has retained PricewaterhouseCoopers Inc as a trustee. Innoventé said it believes this process will contribute positively to its efforts of finding stategic and financial partners. The company has in past been backed by a number of equity and debt funders, including the Caisse de dépôt et placement du Québec.
2 min read · 21 July 2014
Trupanion Inc, a pet insurance provider with offices in Seattle and North Vancouver, British Columbia, has priced its initial public offering of 7.125 million shares of common stock at US$10.00 per share. According to a report by Reuters, the company has since raised US$71 million on the New York Stock Exchange under the trading symbol "TRUP." Originally founded in 1998 as Canada-focused company Vetinsurance Inc, Trupanion has been backed by U.S. venture capital firms Maveron and Highland Capital Partners.
2 min read · 21 July 2014
Slyce Inc, a visual search technology platform targeting the retail sector, will commence trading on the TSX Venture Exchange on July 21. The new listing, to appear under the trading symbol "SLC", completes an agreement with Oculus Ventures Corp (TSX-V: OVX) announced in April. As a condition to completing the deal, Slyce closed a private placement financing that raised gross proceeds of $12 million and will be converted into common shares of the company. With offices in Calgary and Toronto, Slyce has been backed by angel investors and venture capital firms since early 2013.
5 min read · 18 July 2014
The Government of Nova Scotia plans to launch a new venture capital fund to augment existing initiatives in the local market. A request for proposals will be issued in the fall to find ideas for creating private and public partnerships to improve access to venture capital for investment in high-growth companies. The government also flagged changes to existing programs, including a more streamlined approach to Innovacorp's early-stage venture capital activity and strengthened business acceleration. The Government of Newfoundland and Labrador earlier in 2014 announced its intention to establish a new provincial venture capital fund.
4 min read · 18 July 2014
