Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
2 min read · 04 June 2019
Toronto-based food innovation platform New Skew has secured an undisclosed initial financing. The round was backed by unidentified investors, consisting of family offices and investment dealers with links to the food, retail and hospitality sectors in Canada and the United States. Founded in 2017 by Alex Yurek, New Skew helps craft food and beverage brands launch and scale more quickly and efficiently. Its current portfolio includes Detour Coffee Roasters, Dear Grain, Royal Canadian Mead and Brainbow. New Skew will use the funds raised to expand its North American presence, scale existing brands and develop new brands.
3 min read · 04 June 2019
Navacord Corp has acquired Future Benefits Management Inc (FBMI), a Toronto-based group benefits provider. No financial terms were disclosed. FBMI will join JDIMI Consulting, Navacord's broker partner focused on group benefits and retirement consulting. Navacord, a Toronto-based commercial broker, said the acquisition will deepen its specialization and create a more robust service offering. Last year, Navacord undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).
3 min read · 04 June 2019
Headland Capital Partners has acquired a majority stake in Anenda Systems Inc, a Vancouver-based building products company that does business as AL13 Architectural Systems. No financial terms were disclosed. Founded in 2011, AL13 specializes in developing and distributing aluminum cladding systems to the North American real estate development and construction industry. AL13, which reports an annual growth rate of 40 percent since inception, said the partnership with Headland will support its expansion in key markets. Headland, a Canadian venture equity firm, invests in lower mid-market companies.
2 min read · 04 June 2019
Jardine Transport Group has acquired Gil Trucking, a Saint-Jacques, New Brunswick-based open-deck, long-haul trucking company. No financial terms were disclosed. The seller was President Danny Soucy, who will remain with the business as general manager. Established in 1987, Gil Trucking operates a fleet of more than 40 power units servicing customers in Canada and the United States. Jardine, a Fredericton-based long-haul truckload carrier, said the acquisition increases its fleet to 150 power units and will expand its geographic coverage and customer base. Jardine was acquired in 2015 by Canadian private equity firm SeaFort Capital.
2 min read · 04 June 2019
Vancouver-based two-wheel technology company Damon Motorcycles has raised $2.5 million in a seed-stage financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. It was joined by Techstars, Extreme Venture Partners and Pallasite Ventures. Founded in 2017 by CEO Jay Giraud and CTO Dom Kwong, Damon has developed an advanced warning system that uses sensor fusion, robotics and artificial intelligence to make motorcycling safer. Damon said manufacturers are evaluating the technology for factory integration. The funds raised will support further growth and product development.
4 min read · 04 June 2019
Northleaf Capital Partners has closed Northleaf Venture Catalyst Fund II, a fund of funds earmarked for investments in Canadian venture capital funds and technology companies, raising C$300 million. NVCF II, backed by Ottawa’s Venture Capital Catalyst Initiative, closed at its hard cap with the help of institutional, high-net-worth and family office investors. They included BDC Capital, Canada Pension Plan Investment Board, Sun Life and TD Bank Group, which joined the fund’s initial close in December. New money came from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and others. NVCF II has so far made commitments to Inovia Capital, StandUp Ventures and Versant Ventures. Toronto-based Northleaf is a global private equity, private credit and infrastructure manager.
3 min read · 04 June 2019
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
3 min read · 04 June 2019
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
3 min read · 04 June 2019
Northleaf Capital Partners has closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies, raising $300 million. NVCF II, backed by Ottawa's Venture Capital Catalyst Initiative (VCCI), closed at its hard cap with the help of institutional, high-net-worth and family office investors. They included BDC Capital, Canada Pension Plan Investment Board, Sun Life and TD Bank Group, which joined the fund's initial close in December. New money came from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and others. NVCF II has so far made commitments to Inovia Capital, StandUp Ventures and Versant Ventures.
4 min read · 04 June 2019
