U.S. enterprise cloud computing business Salesforce.com has topped up the latest financing round of Introhive Inc, a Fredericton, New Brunswick-based social selling platform. Combined with other funds provided in recent months by existing investors, including Build Ventures, CIT GAP, Fortify VC, Growthworks Atlantic Venture Fund and New Brunswick Innovation Foundation, the round is now estimated by TechVibes to total $5 million. Investment proceeds will be used to accelerate growth and expand sales and marketing activities.
2 min read · 03 October 2013
Waterloo, Ontario-based Avenir Medical Inc, a medical devices company that develops intelligent instruments to improve joint replacement surgery, has received $3.3 million in a Series A financing round. The round was led by Canadian venture capital fund MaRS Investment Accelerator Fund, managed by MaRS Discovery District, with the participation of angel groups based in Waterloo, Toronto, and Boston. Funding proceeds will be used to accelerate Avenir's clinical and commercialization plans in North America and Europe.
3 min read · 03 October 2013
The previously announced US$4.4 billion acquisition of Hub International Ltd, a global insurance brokerage, by U.S. private equity firm Hellman & Friedman has been completed. The private equity sellers are Apax Partners and Morgan Stanley Principal Investments, which bought the company for US$1.8 billion in 2007. The Chicago-based Hub was founded in 1998 through a merger of 11 Canadian insurance brokerages and continues to have significant operations and employees in Canada. Canadian counsel on the deal was provided by Torys LLP.
2 min read · 03 October 2013
Tulip Retail, a Waterloo, Ontario-based software company that creates tools to empower retailers with offline, mobile, and online presence, has secured $2.4 million in startup financing. The deal was led by U.S. venture capital firm SoftTech VC with the participation of Canadian firm iNovia Capital, as well as BoxGroup, Founder Collective, KIMA Ventures, Lerer Ventures, Promus Ventures, the founders of Bufferbox and Wordpress, and others. Tulip Retail was founded by Ali Asaria, former founder and CEO of venture-backed Well.ca, an online health, baby and beauty store.
4 min read · 03 October 2013
Venture professional Lars Leckie, co-chair of the C100, bets that Canada is the big winner when Canadian entrepreneurs and VCs leave home to work in Silicon Valley. His case example: Mike Serbinis, a serial entrepreneur who founded, and continues to lead, the fast-growing e-reading business Kobo.
4 min read · 03 October 2013
British insurer Aviva Plc has garnered $800 million more than it initially expected from the sale of its U.S. business, benefiting from an economic upturn which gained pace while regulatory scrutiny held up the deal’s completion, sister news service Reuters reported.
2 min read · 03 October 2013
TPG Capital-backed private equity firm Northstar Group is seeking to raise around $1 billion in a new fund to invest in Southeast Asia’s fast-growing economies, people familiar with the matter told Reuters.
3 min read · 03 October 2013
Private equity firm Ardian, which was recently spun off from French insurer AXA, has completed fundraising for a new 2.4 billion euro ($3.26 billion) buyout fund with fresh money from the United States and Asia, sister news service Reuters reported.
1 min read · 03 October 2013
A report of a possible second expression of interest in BlackBerry Ltd reversed a stock price slide on Wednesday, after the struggling smartphone maker announced $400 million in pre-tax charges related to cuts announced last month. The Wall Street Journal, citing people familiar with the matter, said BlackBerry has attracted interest from firms including Cerberus Capital Management LP that specialize in distressed investing. Cerberus aims to sign a confidentiality agreement with BlackBerry that would allow it to access private financial information, but it might in the end not bid, the Journal quoted one of its sources as saying.
2 min read · 02 October 2013
Canadian specialty finance company Difference Capital Financial (TSX VENTURE:DCF) has made a private investment in Wheels Group Inc (TSX VENTURE:WGI), a provider of North American provider of third party logistics and transportation services. Difference Capital has acquired 1,000,000 outstanding common shares and 1,000,000 outstanding Series 1A preference shares in the Mississauga, Ontario-based company.
3 min read · 02 October 2013
