Home Capital Group Inc (TSX: HCG) has made a $3 million strategic investment in Lendified, a Toronto-based financial technology company. Home Capital, a Canadian alternative lender, said the deal will support the growth of independent business owners and create digital banking solutions for its customers and partners. Lendified provides online loans to Canadian small businesses and a software-as-a-service credit platform to North American financial institutions. The investment follows last month's $15 million financing of Lendified, led by WD Capital Markets and INFOR Financial.
2 min read · 30 May 2019
RBC Ventures has acquired Smart Reno, a Montréal-based online home renovation marketplace that connects consumers and renovation professionals, for an undisclosed amount. Founded in 2012 by CEO Andrei Uglar, Smart Reno currently operates in Alberta, Ontario and Québec. The company previously raised financing from Anges Québec, Anges Québec Capital Fund and 500 Startups Canada. RBC Ventures is a startup creation, acquisition and investment affiliate of Royal Bank of Canada. It said Smart Reno will be given access to assets and resources to help it scale operations in Canada, expand capabilities, and improve the user experience.
3 min read · 30 May 2019
Ontario Teachers’ Pension Plan has promoted six investment professionals to managing director. They include Maggie Fanari, who will assume this London-based role in the recently formed growth equity and venture capital group Teachers’ Innovation Platform (TIP). Additional managing director appointments were made in Ontario Teachers' private capital group. They include Kevin Mansfield in consumer and retail; Blake Sumler in industrials; Ashvin Malkani in technology, media and telecommunications; Jeff Markusson in financial services; and Terry Woodward in healthcare.
4 min read · 30 May 2019
3 min read · 30 May 2019
Toronto-based electronic glasses maker eSight has raised a debenture financing of $10 million. The investors were not identified. BetaKit reported the deal was led by Canadian healthcare technology venture capital firm iGan Partners. The company's other backers include MaRS Investment Accelerator Fund. The funds raised will be used by eSight to support technology development and global expansion. Along with the financing, eSight announced the promotion of former telecommunications executive Kevin Banderk to CEO. Launched in 2015, eSight makes electronic glasses with enhanced vision technology to improve sight and mobility for the visually impaired.
3 min read · 30 May 2019
Canadian venture capital firm Two Small Fish Ventures has initially closed its second early-stage fund, securing $9 million in committed capital. Fund II, targeted to raise $15 million in total, was backed in the first close by high-net-worth individuals, family offices and institutional investors. Toronto-based Two Small Fish was founded in 2014 by Managing Director Eva Lau, a former executive at Canadian storytelling app Wattpad, and Advisor Allen Lau, Wattpad's CEO. The firm invests in a range of early-stage internet companies able to create large-scale network effects. To date, it has backed some 22 companies.
4 min read · 30 May 2019
Morningstar Inc (Nasdaq: MORN) has agreed to acquire DBRS, a Toronto-based credit ratings agency, for about $904 million (US$669 million). The sellers include U.S. private equity firms Carlyle Group and Warburg Pincus, which acquired DBRS in 2014, reportedly for more than US$500 million. Founded in 1976 by Walter Schroeder, DBRS rates more than 2,400 issuer families and nearly 50,000 securities. Morningstar, a Chicago-based investment research business, said the acquisition will grow its asset class coverage and provide an enhanced platform for fixed-income analysis and research. With the deal's closing, expected in Q3 2019, DBRS will continue to be led by its existing management team.
5 min read · 30 May 2019
Noblegen, a Peterborough, Ontario-based advanced ingredients maker, has raised $25 million in a Series B financing, bringing total funding to $42.5 million. The round was led by Richardson Ventures, an affiliate of Canadian holding company James Richardson & Sons Ltd (JRSL), and the clean technology practice of Business Development Bank of Canada (BDC). Noblegen, founded in 2013 by CEO Adam Noble and Andressa Lacerda, makes proteins, carbohydrates and oils from the microorganism Euglena gracilis. Its technology enables production with minimal water and land use as well as a reduced carbon footprint. Noblegen will use the funds raised to scale production capabilities and bring its ingredients to market.
4 min read · 30 May 2019
Noblegen, a Peterborough, Ontario-based advanced ingredients maker, has raised $25 million in a Series B financing, bringing total funding to $42.5 million. The round was led by Richardson Ventures, an affiliate of Canadian holding company James Richardson & Sons Ltd (JRSL), and the clean technology practice of Business Development Bank of Canada (BDC). Noblegen, founded in 2013 by CEO Adam Noble and Andressa Lacerda, makes proteins, carbohydrates and oils from the microorganism Euglena gracilis. Its technology enables production with minimal water and land use as well as a reduced carbon footprint. Noblegen will use the funds raised to scale production capabilities and bring its ingredients to market.
4 min read · 30 May 2019
Toronto-based automotive prognostic platform Pitstop has raised $1.5 million in a seed-stage financing. Ripple Ventures, a Canadian early-stage venture capital firm, led the round. It was joined by WorldQuant Ventures, Hike Ventures, OCE and Michael Castellarin, managing director of Clairvest Group. Founded in 2015 by CEO Shiva Bhardwaj, Pitstop provides a cloud-based platform that helps customers to understand and leverage the data available from their automotive assets. Along with the round, Pitstop announced a pilot test program with Germany's Continental AG to deliver connected car prognostics and remote vehicle diagnostics to the automotive aftermarket.
4 min read · 30 May 2019
