Private Equity
Resverlogix Corp (TSX: RVX) has closed a private placement of 3.5 million common shares at a price of $0.65 per share for gross proceeds of $2.3 million. U.S. healthcare-focused venture capital firm NGN Capital, which has backed the company since 2009, accounted for most of the investment, with the balance taken by Resverlogix directors and officers. The Calgary-based clinical stage cardiovascular company plans to use proceeds from the offering to fund research and development activities, general and administrative expenses, increased working capital and other general corporate purposes.
3 min read · 11 June 2014
Emerald Technology Ventures and EnerTech Capital have co-led an undisclosed investment in GeoDigital International Inc, a provider of airborne and ground mapping services to utilities and other sectors. Existing investors NGP Energy Technology Partners and North Sky Capital joined the deal, which will facilitate the Hamilton, Ontario-based company's product extensions and global expansion. A venture capital investor in energy, water and materials, Emerald has offices in Toronto and Zurich, Switzerland, while energy and power-focused EnerTech has offices across Canada and in the United States. Geodigital was reported to have raised US$11.3 million from unknown sources in early 2014.
3 min read · 11 June 2014
Kinaxis Inc has closed its initial public offering and secondary offering of its common shares. As anticipated in a recent report by Reuters, the Ottawa-based provider of cloud-based subscription software, which is backed by U.S. private equity firm HarbourVest Partners and Canadian venture capital firm TechnoCap, raised gross proceeds of $100.6 million from combined offerings. Of that amount, $65 million went to Kinaxis, with the balance going to selling shareholders. Beginning on June 10, the company began trading its common shares on the Toronto Stock Exchange under the symbol "KXS."
3 min read · 10 June 2014
Airex Energy Inc, a designer and manufacturer of biomass-to-biocoal equipment, has secured $3 million in financing. The investors were Seed Fund Cycle-C3E, a fund managed by Cycle Capital Management, and Desjardins-Innovatech LP, a fund managed by Desjardins Capital de risque. Investment proceeds will assist Airex in building a new demonstration plant that will become the showcase for its CarbonFX biocoal technology. The Laval, Québec-based company has operated a pilot plant using the CarbonFX process since 2011. Cycle is a clean-tech venture capital firm, while Desjardins is broadly focused private equity firm. Both have their headquarters in Montréal.
3 min read · 10 June 2014
Renowned Canadian pollster Angus Reid is stepping down as executive chair of Vision Critical Communications Inc, a Vancouver-based customer intelligence platform provider. Reid co-founded the company with his son Andrew Reid in 2000, and the Reid family will remain Vision Critical's largest shareholders. Angus Reid also will continue to advise the company, which has been venture-backed since 2004. Vision Critical's currents investors include Canadian venture capital firms OMERS Ventures and TELUS Ventures, and Canadian specialty finance firm Difference Capital Financial.
2 min read · 10 June 2014
FilterBoxx Water & Environmental Corp has secured $14.7 million in follow-on financing. The deal was led by an unnamed Swiss family office, a representative of which will join the company's board of directors. It also saw the participation of existing Canadian investors XPV Capital Corp and EnerTech Capital, which co-led FilterBoxx's $9 million round in 2011. Based in Calgary, FilterBoxx is a provider of packaged potable water and wastewater treatment systems to drilling, mining and pipeline camps, small municipalities and aboriginal communities. The new funds will support company growth in new and emerging markets, as well as its role as a leading source of solutions in Alberta.
3 min read · 10 June 2014
Like all budgets, the Québec government's recent Budget 2014–2015 attracted much media scrutiny. However, one item you might have missed in the headlines is of particular significance to the venture capital industry. The Québec government announced that it intends to participate in a $375 million "new venture capital fund" with the private sector and the federal government.
3 min read · 10 June 2014
The Trendlines Group Ltd, an Israeli startup incubator and investor, has filed a preliminary prospectus with securities regulatory authorities in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba and Nova Scotia about a proposed initial public offering of its shares. Established in 2007, Trendlines invests in, incubates and provides services to medical and agricultural technology companies, all of which are based in Israel. To date, the firm has launched and incubated 52 companies. Four Trendlines' portfolio companies have been acquired, including three acquisitions since August 2013. The firm has its headquarters in Misgav, Israel.
2 min read · 09 June 2014
Financeit Inc has closed a $35 million renewable purchase facility and a $5 million warehouse line facility with Pacific & Western Bank of Canada (TSX: PWB). The facilities are intended to support Financeit's platform for enabling small businesses to offer financing to their customers. Founded in 2011, the Toronto-based company has signed up more than 3,500 retail, vehicle, home improvement and healthcare businesses that have processed more than $500 million in loans. Financeit raised US$13 million last year in a Series A round from U.S. venture capital firm TTV Capital and other investors, and previously secured angel funding.
3 min read · 09 June 2014
The Fonds de solidarité des travailleurs du Québec FTQ said the $650 million cap on labour-sponsored fund share issues announced in the 2014-2015 Québec budget will reduce its ability to invest in small businesses. The Fonds de solidarité FTQ currently finances close to 2,400 companies, of which 80 percent have fewer than 100 employees and 70 percent are in the regions. It also said the cap will reduce Québec workers’ ability to save for retirement. The Montréal-based Fonds de solidarité FTQ has committed close to $5.5 billion in investments over the 10-year period ending May 31, 2013.
3 min read · 06 June 2014
