4 min read · 17 April 2019
Concordia University Foundation (CUF) has agreed to invest in the portfolio of Inerjys Ventures, a Canadian clean technology venture capital firm. The agreement will see Inerjys invest, through limited partnerships, $1.2 million from CUF’s pool in three companies. They are AESP Green Energy, a Terrebonne, Québec-based provider of scalable off-grid solar solutions; Still Good, a Montréal-based maker of sustainable snacks; and Goliath Wind, an Estonian developer of modular wind turbines that will soon incorporate in Canada. The deal will also see Concordia University students and researchers exchanging with the companies at the operational level.
3 min read · 17 April 2019
Canadian life sciences venture capital firm AmorChem has made an undisclosed investment in a project to optimize antibiotic molecules developed at the Université de Sherbrooke. The project is based on research by François Malouin and Éric Marsault on tomatidine, a natural product with antibiotic properties that could potentially treat infections, including infections of cystic fibrosis patients. The deal is AmorChem's first with the Québec university. AmorChem is currently investing from its second seed-stage fund, AmorChem II Fund, launched in 2017 with the backing of Fondaction, Fonds de solidarité FTQ, Merck and others.
3 min read · 17 April 2019
Enerkem, a Montréal-based producer of biofuels and renewable chemicals from waste, has secured $76.3 million in a follow-on financing. New investor Suncor, a Calgary-based energy company, backed the round alongside existing investors. The latter include Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, IQ, National Bank, Rho Ventures, Sunkem, Waste Management of Canada and Westly Group. Enerkem said the proceeds will fund development of its waste-to-energy facilities, including in Varennes, Québec, and Rotterdam, Holland. The round, combined with the company's $280 million deal in 2018, brings total financing to more than $676 million.
2 min read · 17 April 2019
Verdemed Holdings Inc, a Toronto-based medical cannabis company, has raised about $17 million (US$12.7 million) of mostly equity and convertible debt financing. The funding came from unidentified private investors located in Latin America. Led by President and CEO José Bacellar, Verdemed aims to provide a wide range of cannabinoid-based medications to address unmet clinical needs in Latin American countries. The company will use the deal's proceeds to acquire production assets in Colombia and Brazil and develop its business plans in Chile and Mexico.
4 min read · 17 April 2019
Toronto-based financial technology company Lendified has secured $15 million in its latest financing. The round was led by WD Capital Markets and INFOR Financial. It included funding from CI Financial Corp, Windsor Private Capital LP, FirePower Capital and high-net-worth investors, such as Glenn Murphy, founder of FIS Holdings and former CEO of Gap and Shoppers Drug Mart. Founded in 2015 by CEO Troy Wright and President Kevin Clark, Lendified provides online loans to Canadian small businesses and an SaaS credit platform to North American financial institutions. The funds raised will support the company's growth strategy.
3 min read · 17 April 2019
Canopy Rivers has invested in High Beauty Inc, a Santa Rosa, California-based cannabis-infused beauty brand. Canopy subscribed for US$2.5 million of shares in the company, giving the investor an 18.4 percent interest. Founded in 2018, High Beauty is the creator of high, a skincare product formulated using cannabis sativa seed extracts in combination with other ingredients. The funds raised will support the development of a new product line. Canopy is the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
3 min read · 16 April 2019
Ovivo Inc has acquired Varec Biogas, a U.S. affiliate of Westech Industrial Ltd, a Calgary-based supplier of analytical instrumentation and process control equipment. No financial terms were disclosed. Based in Stafford, Texas, and Huntington Beach, California, Varec designs, services and distributes biogas safety and handling equipment for municipal waste management and industrial applications. Ovivo, a Montréal-based water treatment company, said the acquisition is complementary to its biosolids management and resource recovery offering. Ovivo was acquired in 2016 by German family office SKion GmbH and Caisse de dépôt et placement du Québec for $185 million.
3 min read · 16 April 2019
Prometic Life Sciences Inc (TSX: PLI) has negotiated deals to reduce debt and costs and raise financing for the next phase of the Laval, Québec-based biopharmaceutical company's development. The transactions include a $75 million equity offering led by Consonance Capital Management, a U.S. healthcare investment firm. They also include the conversion of about $229 million of debt held by an affiliate of Thomvest Asset Management, an investment arm of Canadian billionaire Peter Thomson, into common shares. As a result, Thomvest is expected to grow its stake in Prometic to about 81 percent of issued and outstanding shares. After closing these deals, Prometic will launch a rights offering to shareholders to raise up to $75 million.
10 min read · 16 April 2019
Toronto-based virtual care platform OnCall Health has raised $2 million in a seed-stage financing. The round was led by Canadian early-stage venture capital firm Ripple Ventures, with participation from Panache Ventures, Stout Street Capital and Maple Leaf Angels. Founded in 2016, OnCall provides secure telemedicine technology that facilitates video- or text-based consultations for healthcare providers. It currently supports more than 10,000 healthcare video appointments per month and works with over 300 healthcare organizations in North America. Led by CEO Nicholas Chepesiuk, OnCall will use the funds raised to expand its operations in Canada and the United States.
3 min read · 16 April 2019
