Bird Canada, a licensed affiliate of U.S. electric scooter provider Bird, has launched to bring the micro-mobility solution to Canadians. Bird Canada is backed by undisclosed financing from Obelysk, the investment arm of Canadian entrepreneur John Bitove, Canadian mobile venture capital firm Relay Ventures, and Alate Partners, a Toronto-based property technology platform. Stewart Lyons, a SiriusXM Canada co-founder, will serve as CEO. Bird Canada will begin operations in Alberta in July and eventually grow its fleet of electric scooters and other commuter solutions across Canada. Santa Monica, California-based Bird last year raised a US$300 million Series C financing led by Sequoia Capital.
3 min read · 27 June 2019
3 min read · 27 June 2019
Peloton Capital Management, founded by two former Ontario Teachers’ Pension Plan principals, raised an initial $330 million for its first long-term mid-market fund. The Toronto private equity firm held PCM Fund I’s initial close in March, securing two-thirds of the $500 million target after three months of fundraising, Managing Partner Steve Faraone told PE Hub Canada. PCM kicked off fundraising in January, shortly after announcing Fund I’s $150 million anchor commitment from Stephen Smith, CEO of First National Financial Corp. The fund has since raised capital from family offices, institutions and wealthy investors, Faraone said. Among them are Canada’s largest banks, including Bank of Montreal, CIBC, Royal Bank of Canada and Toronto-Dominion Bank.
2 min read · 27 June 2019
Canada Infrastructure Bank has agreed to provide $55 million of funding to further explore VIA Rail Canada's proposal for high frequency rail in the Québec City-Toronto corridor. The funding is part of a $71.1 million investment that includes money from the federal government. It will be used to establish a joint project team and support work to preserve the option of interoperability with local transit providers in Montréal and Toronto. Canada Infrastructure Bank was set up in 2017 by Ottawa to invest $35 billion in infrastructure projects alongside private investors.
5 min read · 26 June 2019
Dfuse, a Montréal-based blockchain application programming interface (API) platform, has closed a seed-stage financing, raising about $4.6 million (US$3.5 million). U.S. cryptofund Multicoin Capital and Intel Capital, the venture capital arm of U.S. chip maker Intel Corp, led the round. Diagram Ventures, which co-founded dfuse, BoxOne Ventures, Panache Ventures and White Star Capital also invested. Launched in 2018 by Marc-Antoine Ross, Richard Reiner, Alexandre Bourget and Mathieu Boulianne, dfuse has created a range of products to help developers build effective blockchain applications. The funds raised will be used to expand the platform and grow engineering and customer teams.
5 min read · 26 June 2019
Montréal-based cybersecurity software company Delve Labs has raised undisclosed follow-on financing. The round was led by 3dot6 Ventures, a U.S. cybersecurity venture capital firm, and Desjardins Capital, an investment arm of Desjardins Group. They were joined by BDC Capital. Delve Labs in 2016 closed a $1.5 million seed deal backed by Real Ventures and other investors. Founded in 2014, Delve Labs provides an artificial intelligence-enabled vulnerability management and prioritization solution to help businesses identify security issues, reduce risks and protect key assets. Led by CEO Gabriel Tremblay, the company will use the funds raised for go-to-market activities and further innovation.
4 min read · 26 June 2019
Ontario Power Generation (OPG) has agreed to acquire Cube Hydro Partners, a Bethesda, Maryland-based operator of small and medium-sized hydropower facilities in the northeast and southeast United States. The deal values Cube Hydro at US$1.12 billion ($1.48 billion). It is expected to close in the months ahead. The seller is I Squared Capital, a U.S. infrastructure investment firm. Cube Hydro was formed in 2014 when Enduring Hydro partnered with I Squared to develop and acquire hydropower plants. OPG, an Ontario government-owned electricity generator, said the acquisition will add scale to its U.S. hydro platform, create synergies, and expand opportunities for capital deployment.
2 min read · 26 June 2019
Pestell Group has acquired VersaPet Inc, a Toronto-based manufacturer of private label and branded cat litter products. Terms weren't disclosed. Antares Capital, BMO Sponsor Finance and PennantPark led the debt financing. Based in New Hamburg, Ontario, Pestell is an animal feed minerals and ingredients distributor, animal litter and bedding products maker, and dental pet treats co-maker. It said the deal expands its geographic presence and cat litter portfolio. Pestell was acquired last year by U.S. mid-market private equity firm Wind Point Partners. VersaPet is the company's third add-on transaction.
4 min read · 26 June 2019
MicroSintesis, a Charlottetown, Prince Edward Island-based developer of novel anti-infectives, has raised $16.4 million in financing. The investor was Northern Private Capital (NPC), an investment arm of CFFI Ventures, the holding company of Canadian billionaire John Risley. The deal gave NPC a minority stake. MicroSintesis has created a microbiome platform for developing products that support animal and human health and wellness. Last year, it launched its first commercial brands, Ygia and Nuvio, for Canada's pet and livestock markets. The company will use the funds raised for scaling-up production, increasing research capabilities, and global growth. Founded in 2011, MicroSintesis is led by President and CEO Hannah McIver.
4 min read · 26 June 2019
BenchSci, a Toronto-based biomedical artificial intelligence (AI) technology company, has raised an undisclosed investment from Gradient Ventures, Google’s AI fund. The deal brings total funding to $27.2 million. BenchSci last year closed a Series A financing led by Inovia Capital and joined by Gradient, Golden Ventures, Afore Capital, Real Ventures and Radical Ventures. Founded in 2015, BenchSci develops technology that enables scientists to run more successful experiments to accelerate drug discovery. Its first product is an AI-assisted antibody selection platform. BenchSci will use the funds raised to expand its Toronto team and global sales force to meet demand from pharmaceutical companies.
5 min read · 25 June 2019
