Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $67 million (US$50 million) in follow-on financing. The investment was made by Upper90, the fund of Grubhub Co-founder Jason Finger. It comes on the heels of Clearbanc's initial financing of about $94 million (US$70 million) last month, backed by 12 Canadian and U.S. venture capital firms. Founded in 2015 by CEO Andrew D’Souza and President Michele Romanow, Clearbanc reports more than 1,000 companies have approached it in the past four weeks, representing capital demand of up to $1 billion. Deploying over $100 million this year, Clearbanc plans to launch new products, secure new partnerships, and expand globally in 2019.
5 min read · 18 December 2018
NTT DATA Services has closed its acquisition of Sierra Systems Group Inc, a Vancouver-based information technology services and management consulting provider. Terms weren't disclosed for the deal, which was announced in October. The acquired business will be led by Pat Kaiser, formerly COO of Sierra. The seller was an affiliate of U.S. private equity firm Golden Gate Capital, which acquired Sierra in 2007. NTT DATA, a U.S. technology services subsidiary of Japan's NTT DATA Corp, said the transaction will expand its presence and capabilities in Canada.
2 min read · 18 December 2018
Toronto-based automated customer service Ada has raised C$19 million in a Series A financing. The round was led by FirstMark Capital. It was joined by Leaders Fund and Burst Capital, as well as Bessemer Venture Partners, Version One Ventures and Barney Pell, which backed last year’s C$2.5 million seed deal. Founded in 2016 by CEO Mike Murchison and Head of Design David Hariri, Ada’s platform allows customer service teams to build and manage artificial intelligence-enabled chatbots to automate interactions.
2 min read · 18 December 2018
Northleaf Capital Partners has invested in PPRO Group, a London, U.K.-based cross-border e-payment specialist. No financial terms were disclosed. Founded in 2006, PPRO helps businesses accept more than 140 alternative payment methods globally, including bank transfers, e-wallets and cash-based payments. Earlier this year, the company raised US$50 in financing led by PayPal and joined by longstanding investor HPE Growth Capital, a Dutch private equity firm. Northleaf is a Canadian private equity, infrastructure and private credit investment firm.
3 min read · 18 December 2018
Toronto-based cybersecurity provider Cybeats has secured $3 million in financing. Canadian early-stage venture capital firm Ripple Ventures led the deal, which builds on Cybeat's pre-seed round in January. Also investing were GreenSoil Building Innovation Fund, MaRS Investment Accelerator Fund, MLA48, ScaleX Ventures and iNovia Capital. Founded in 2016, Cybeats' technology protects internet-of-things devices in the smart building, medical and critical infrastructure environments from cyber threats. Led by CEO Dmitry Raidman, the startup will use the funds raised for sales, research and development, and team expansion.
4 min read · 18 December 2018
Toronto-based automated customer service Ada has raised $19 million in a Series A financing. The round was led by U.S. venture capital firm FirstMark Capital. It was joined by Leaders Fund and Burst Capital, as well as Bessemer Venture Partners, Version One Ventures and Barney Pell, which backed last year's $2.5 million seed deal. Founded in 2016 by CEO Mike Murchison and Head of Design David Hariri, Ada's platform allows customer service teams to build and manage artificial intelligence-enabled chatbots to automate interactions. It will use the funds raised to expand into new global markets and sectors, enhance the platform, and grow the team.
3 min read · 18 December 2018
Cycle Capital Management has promoted Pascal Drouin to partner, Natalya Novikov to partner and CFO, and Catherine Bérubé to vice president, sustainability, investor relations and public affairs. Drouin, formerly a junior partner, joined Cycle in 2013. He previously served as a risk modeling leader at GE Capital. Novikov, formerly vice president, finance and administration, also joined in 2013. Before then, she was an accountant with MNP. Bérubé, formerly head of communications and public relations, came on board in 2014 following a career in public and governmental relations. Cycle is a Montréal-based clean technology venture capital firm. It oversees assets of $355 million.
3 min read · 17 December 2018
U.S. private equity firm Graham Partners has invested in Giraffe Foods Inc, a Toronto-based maker of custom sauces, marinades, dips and dressings. Terms weren't disclosed for the deal, which saw Graham partner with the company's family owner-operators. Giraffe is led by CEO and Founding Partner Ari Powell. Established in 1997, Giraffe serves industrial food processors, retailers and food service providers across North America. Graham said it will support a growth plan that includes operational initiatives, geographic expansion and add-on acquisitions. Varagon Capital Partners served as administrative agent and lead arranger for a credit facility that backed the transaction.
3 min read · 17 December 2018
Northleaf Capital Partners has initially closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies. The amount raised was not disclosed. The Globe and Mail reported NVCF II secured half of its C$300-million target. NVCF II was launched with the help of the C$400-million Venture Capital Catalyst Initiative. It was also backed by Canada Pension Plan Investment Board, a longtime Northleaf partner. Other investors included Sun Life Financial and TD Bank Group. Ottawa announced in June that VCCI would commit capital to five fund-of-funds managers, including Northleaf, a Toronto-based private-markets investor. NVCF I closed at its C$300-million hard cap in 2015.
3 min read · 17 December 2018
CI Financial Corp (TSX: CIX) has agreed to acquire a majority stake in WealthBar Financial Services Inc, a Vancouver-based online wealth management and financial planning platform. No financials terms were released for the deal, which is expected to close in January. CI Financial, a Toronto-based asset manager and wealth management advisor, said the transaction will help accelerate its digital strategy. WealthBar will continue to operate as a stand-alone business led by CEO Tea Nicola. Two years ago, WealthBar secured $5.5 million in a financing led by Nicola Wealth Management.
3 min read · 17 December 2018
