Opus One Solutions, a Toronto-based smart grid software engineering company, has raised additional capital for its Series B financing. The undisclosed second tranche was led by Canadian growth equity firm MacKinnon Bennett & Co (MKB) and Export Development Canada (EDC). Canadian venture capital firm Renewal Funds, which led the round's undisclosed first tranche in December, added to its investment. The funds raised will be used by Opus One to accelerate growth in North American and global markets. Founded in 2011 by President and CEO Joshua Wong, Opus One provides transactive energy and distributed energy management solutions to utilities and other market participants.
4 min read · 24 June 2019
Ackroo Inc (TSX-V: AKR), an Ottawa-based gift card and loyalty marketing technology and services provider, has secured a $4 million debt facility from BDC Capital. The facility's proceeds will be used for acquisitions. They include Ackroo's acquisition of certain assets of I.Q. 7/24 Inc, the digital marketing and business intelligence business of Mobi724 Global Solutions Inc. The $2.7 million deal is expected to close next month. Founded in 2012, Ackroo provides its in-store and online automated marketing solution to automotive, petroleum, hospitality and retail merchants.
3 min read · 24 June 2019
Xanadu, a Toronto-based photonic quantum computing and AI startup, has raised $32 million in a Series A financing. The round brings the company's total funding to date to $41 million, according to a news release. The Series A was led by OMERS Ventures. OV, the venture arm of $97 billion Canadian pension fund OMERS, also led Xanadu’s seed financing last year. Also participating were Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and individual investor Tim Draper, founder of DFJ. Launched in 2016 by CEO Christian Weedbrook, Xanadu is focused on leveraging the discovery that quantum computing can make use of photons, or particles of light, to rapidly perform complex calculations at room temperature.
2 min read · 24 June 2019
Imperial Capital Group wrapped up its seventh mid-market fund, raising $650 million. The Toronto private equity firm closed Imperial Capital Acquisition Fund VII in May, exceeding a $500 million target and hitting its hard cap in less than five months of fundraising, Managing Partners Jeff Rosenthal and Justin MacCormack told PE Hub Canada. Fund VII, Imperial’s largest fund to date, secured 30 percent more than Fund VI, which raised $500 million in 2017. It brings assets managed to more than $1.5 billion. The fund was backed by 300-plus new and existing limited partners, consisting of wealthy investors based primarily in Canada as well as eight Canadian institutional investors.
3 min read · 21 June 2019
Alaris Royalty Corp has invested $70 million in Amur Financial Group Inc, a Surrey, British Columbia-based originator, manager and servicer of home equity loans. Alaris, a Canadian alternative equity firm, committed $50 million in exchange for debt and preferred units in Amur, which will result in an annualized cash distribution of $6.5 million. Alaris also invested $20 million for a minority interest. The deal's proceeds were used for partial liquidity of existing shareholders. Amur facilitates loans for customers looking to use home equity for debt consolidation, renovations and other priorities. Its operates through Alpine Credits, a mortgage originator, and fund management brands.
5 min read · 21 June 2019
Nikon Corp has invested about $10 million (US$7.5 million) in Wrnch, a Montréal-based provider of computer vision tools. Nikon, a Japanese maker of optical instruments, said the investment will help expand the range of its imaging business. Launched in 2015 in partnership with Canadian seed investor TandemLaunch, Wrnch provides an artificial intelligence software platform to digitize and analyze human motion and behaviour from standard video in real time. It is led by CEO Paul Kruszewski. Wrnch closed a $1.8 million Series A financing in 2016. It was led by Mark Cuban’s Radical Ventures and joined by Aligo Innovation, gr0k Technologies and TandemLaunch.
2 min read · 21 June 2019
Procurify, a Vancouver-based spend management platform, has closed its Series B financing, raising about $20 million. The round was led by Canadian venture capital firm Information Venture Partners. It was joined by Runa Capital, HarbourVest Partners, Manulife and BC Tech Fund, managed by Kensington Capital Partners. Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify provides software that helps organizations manage their expenditures. The funds raised will be used for new hires, undertaking sales and marketing initiatives, and expanding Procurify’s offering globally.
3 min read · 21 June 2019
Canadian pension fund OMERS has agreed to acquire through a private placement about 5.1 million units of Brookfield Business Partners for US$39.40 per unit, generating proceeds of about US$200 million, or $264 million. The deal is part of a broader US$795 million equity offering launched by Brookfield Business Partners, the listed vehicle of Brookfield Asset Management's private equity group. Toronto-based Brookfield said the proceeds of the entire offering will be used for future growth opportunities and other priorities. Brookfield last year began fundraising for its fifth mid-market private equity fund, Brookfield Capital Partners V.
4 min read · 21 June 2019
Slack, a San Francisco-based enterprise messaging software provider, has gone public on the New York Stock Exchange at a value of US$25 billion, Reuters reported. Slack went the unusual route of a direct listing, different from a traditional initial public offering because it does not raise fresh funds, the report said. The method was pioneered last year by Spotify Technology. Slack, which has an office in Vancouver, was launched in 2014 by CEO Stewart Butterfield, a Canadian entrepreneur. Its venture capital investors include Accel, Andreessen Horowitz, Dragoneer Investment Group and General Atlantic.
1 min read · 20 June 2019
3 min read · 20 June 2019
