Private Equity
Georgian Partners Growth Fund II, the second applied analytics fund of Canadian venture capital firm Georgian Partners, has secured a strategic investment from Cisco Systems Inc. The undisclosed commitment will add to the $100 million that Fund II raised in its first closing in February. Cisco announced plans last month to commit $150 million to support and accelerate innovation in Canada over the next 10 years. The strategy includes making investments in Canadian venture capital funds. Based in Toronto, Georgian Partners in May led the $10 million Series B financing of Top Hat, a mobile and web-based provider of classroom engagement and teaching tools.
2 min read · 10 July 2014
Wellspring Financial, a point-of-sale consumer finance company founded last year, has secured $3 million in an equity private placement. The investors in the deal, which was facilitated by Wildlaw Capital Markets Inc, were not disclosed. Based in Toronto, Wellspring provides point-of-sale financing and payment processing for small businesses across Canada. It said the company is now proceeding to complete a $15 million warehousing facility, as well as a $6 million preferred share offering, to support its finance operations. Wellspring's board of directors includes Canadian entrepreneur Anthony Lacavera, who in 2013 launched investment firm Globalive Capital.
3 min read · 09 July 2014
ATD Health Network, the Toronto-based owner of healthcare advice portal AskTheDoctor.com, has secured US$3 million from a group of Canadian and U.S.-based angel investors. The group includes physicians who will consult for the medical team that advises and answers questions for ATD clients, as well as business leaders, athletes and celebrities, the company said. ATD will use the funds to facilitate its global expansion, which includes opening a clinic in Hyderabad, India. Founded in 2010, the company plans to raise U$30 million in its next financing round to hire more physicians and launch a series of medical walk-in clinics and full-service hospitals.
3 min read · 09 July 2014
ATD Health Network, the Toronto-based owner of healthcare advice portal AskTheDoctor.com, has secured US$3 million from a group of Canadian and U.S.-based angel investors. The group includes physicians who will consult for the medical team that advises and answers questions for ATD clients, as well as business leaders, athletes and celebrities, the company said. ATD will use the funds to facilitate its global expansion, which includes opening a clinic in Hyderabad, India. Founded in 2010, the company plans to raise U$30 million in its next financing round to hire more physicians and launch a series of medical walk-in clinics and full-service hospitals.
3 min read · 09 July 2014
According to a blog post on its website, Busbud Inc has raised $9 million in a Series A financing round. The deal was led by OMER Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System and U.S. venture capital firm Revolution Ventures. Existing Canadian investors iNovia Capital and Real Ventures also joined the round. Based in Montréal, Busbud is the provider of a web and mobile application for global intercity bus travel information. The company received its initial funding in May 2013. That deal, totaling $1 million, was led by iNovia and Real Ventures.
1 min read · 09 July 2014
According to a blog post on its website, Busbud Inc has raised $9 million in a Series A financing round. The deal was led by OMER Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System and U.S. venture capital firm Revolution Ventures. Existing Canadian investors iNovia Capital and Real Ventures also joined the round. Based in Montréal, Busbud is the provider of a web and mobile application for global intercity bus travel information. The company received its initial funding in May 2013. That deal, totaling $1 million, was led by iNovia and Real Ventures.
1 min read · 09 July 2014
Maxime Detraux and other members of Anges Québec, and Desjardins Innovatech, a fund managed by Desjardins Capital de risque, have together invested $600,000 in Gullivert Technologies Inc. Founded in 2009, the Québec City-based Gullivert is a developer of air compressor technology capable of generating savings in such industries as pharmaceuticals, food, electronics, mining and automobiles. Funding proceeds will enable the company to complete its first industrial test models and anchor the product on the market. Anges Québec manages a network of 150 investors that has to date backed 47 early-stage companies.
3 min read · 08 July 2014
Fonds de solidarité des travailleurs du Québec FTQ has reported net earnings for the year ended May 31, 2014, at a record $774 million, resulting in an annual return of 8.3 percent. Net assets managed by the Montréal-based investor group have also reached a new high of $10.1 billion. Fonds de solidarité FTQ also reported investing $548 million during the year in support of Québec entrepreneurs. Last month, the organization appointed Gaétan Morin as its new president and CEO, replacing Yvon Bolduc.
3 min read · 07 July 2014
Resverlogix Corp (TSX: RVX) has secured an additional $30 million under its loan agreement with Citibank NA, raising its total borrowing to $68.8 million. The increase was backed by investor Eastern Capital, to which Resverlogix will pledge security and issue share purchase warrants. Upon the deal's closing, Eastern Capital will hold up to 24.27 percent of the company's common shares. The Calgary-based clinical stage cardiovascular company will use net proceeds from the loan for clinical trials in targeted patient groups as well as research and development activities and other purposes. Resverlogix is also backed by U.S. venture capital firm NGN Capital.
5 min read · 07 July 2014
Canada’s venture capital market had a pretty good year in 2013. Will the market show similar momentum in 2014? Things were looking hopeful in the first quarter, when both VC fund disbursements and deals showed year-over-year growth. In the second quarter, the auspices also appear to be favourable, primarily because of a relatively large crop of sizeable IT financing rounds.
4 min read · 03 July 2014
