3 min read · 09 April 2019
The Co-operators Group Ltd, a Canadian insurance and financial services co-operative, has launched a new fund to invest in insurance technology companies. The size of the fund was not disclosed. President and CEO Rob Wesseling said the fund will support The Co-operators' innovation strategy by partnering with companies that offer "cutting-edge technology and solutions to meet the changing needs and preferences of our clients." Last year, The Co-operators partnered with New York-based insurance cloud platform Slice Labs Inc to create a new digital insurance brand in Canada. It also led Slice Labs' US$20 million extended Series A financing.
2 min read · 09 April 2019
Toronto-based financial technology startup Buckzy Payments has raised $1.75 million in a seed-stage financing. Canadian early-stage venture capital firm Mistral Venture Partners led the round. It was joined by U.S. early-stage venture capital firm Revel Partners. Founded last year by President and CEO Abdul Naushad, Buckzy provides a real-time payments ecosystem network and platform that enables rapid remittances, bill payments and e-commerce payments by consumers and small businesses. The company said it will use the financing's proceeds to scale its network.
3 min read · 09 April 2019
Toronto-based early childhood technology startup HiMama has raised $7.25 million in a Series A financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. Round 13 Managing Partner Bruce Croxon will join the board. Founded in 2013 by CEO Ron Spreeuwenberg and CTO Alana Frome, HiMama provides technology that helps child care directors and owners empower their staff, support parents, improve learning outcomes, and grow their business. The company reports ten-fold expansion in the past three years and use of its product in thousands of child care centres globally. The funds raised will support HiMama's growth strategy.
3 min read · 09 April 2019
Swiss private equity firm Partners Group has opened an office in Toronto, its fourth in North America. Co-CEO David Layton said the new location will allow Partners Group to "cater to increasing demand from a broad spectrum of Canadian institutions for private markets solutions." To run the office, the firm appointed Brad Ballard, a former director at U.S. investment firm BlackRock. Ballard will manage the Toronto team and develop a Canada-wide network. Partners Group's Canadian investments have included the passenger terminal at Billy Bishop Toronto City Airport, sold in February, and Axia NetMedia Corp, a Calgary-based services provider on fibre communications infrastructure, sold last year.
3 min read · 09 April 2019
North American Palladium Ltd (TSX: PDL) (NAP), a Toronto-based palladium producer, announced a secondary bought deal offering of about 5.8 million common shares at a price of $13 per unit. The offering, which will generate $75 million in proceeds, not including the greenshoe option, is being made on behalf of the private equity group of Brookfield Asset Management, NAP's majority shareholder. Upon completion, but prior to the exercise of the greenshoe option, Brookfield's interest in the company will be reduced to about 81 percent from 91 percent. NAP was recapitalized by Brookfield in 2015.
3 min read · 08 April 2019
Halifax-based medical device company ABK Biomedical Inc has secured about $40 million (US$30 million) in a Series B financing. The round was led by F-Prime Capital, a U.S. healthcare venture capital firm, and Varian Medical Systems, a U.S. oncology business. ABK previously raised funding from Canadian early-stage venture capital firm Innovacorp and angel investors. Founded in 2012 at Dalhousie University by Bob Abraham, Daniel Boyd and Sharon Kehoe, ABK is focused on embolic therapies for patients with benign and malignant hypervascular tumors. The company will use the funds raised for research, manufacturing and clinical product development of its Eye90 and Easi-Vue microsphere offerings.
3 min read · 08 April 2019
Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has completed its initial public offering (IPO), raising more than $100 million. The proceeds include the full exercise of the IPO's greenshoe option. CGGC II's Class A restricted voting units began trading on April 5 on the Neo Exchange under the symbol CGGZ.UN. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. CGGC II’s predecessor raised $46 million from its 2018 IPO. In the same year, it agreed to merge with Columbia Care LLC, a New York-based medical cannabis company.
4 min read · 08 April 2019
Blue Acorn, a Charleston, South Carolina-based digital commerce UX design and strategy agency, has merged with iCiDIGITAL, a Raleigh, North Carolina-based data-driven marketing solutions provider. Terms weren't released for the deal, which was led by Canadian advertising and marketing private equity firm Beringer Capital. Beringer acquired Blue Acorn and iCiDIGITAL in 2017. The new business, Blue Acorn iCi, will be led by Co-CEOs Greg Boone and Kevin Eichelberger. Concurrent with the merger, Blue Acorn iCi acquired BrandShop, a Shelton, Connecticut-based direct-to-consumer commerce company, for an undisclosed amount.
3 min read · 05 April 2019
OMERS Infrastructure has agreed to acquire a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR). The purchase price consists of an upfront payment of $3 billion. The seller, Canadian engineering business SNC-Lavalin Group Inc, said in a statement that its total proceeds could reach $3.25 billion over time. The deal is expected to close within two months. 407 ETR is an all-electronic, barrier-free toll highway located in the Greater Toronto Area. It is also owned by Ferrovial SA, which currently holds a 43.23 percent interest, and Canada Pension Plan Investment Board.
2 min read · 05 April 2019
