Los Angeles-based entertainment studio Sonar Entertainment has raised a new production finance facility of US$121 million led by MidCap Financial. Sonar, a portfolio company of Canadian private equity firm Catalyst Capital Group, develops, produces, finances and distributes television content. It said the facility doubles the capital available to partner in content development. Last year, Sonar acquired assets from Tricon Films & Television, a Toronto-based producer and distributor.
4 min read · 12 December 2018
Black Diamond Therapeutics, a Stony Brook, New York-based cancer precision medicine platform, has emerged from stealth with a US$20 million Series A financing. The round was backed by U.S. life sciences venture capital firm Versant Ventures. The company will use a share of the proceeds to set up operations in Toronto, giving it access to the city’s pool of computing talent. Black Diamond, the first startup launched out of Versant's Swiss discovery engine, is developing precision medicines directed against allosteric mutant oncogenes.
4 min read · 12 December 2018
Canadian private equity firm Ardenton Capital Corp has invested in Shaftec Automotive Components Ltd, a U.K. supplier of remanufactured and new parts to the automotive industry. Terms weren't disclosed. Established in 1995, Birmingham, West Midlands-based Shaftec distributes its products across the United Kingdom and Europe. Allan Dunn, an Ardenton director of strategic development, will work with the company to implement the investor’s operating system and support growth. Ardenton has backed several U.K. businesses, including PP Control and Automation, which secured an investment earlier in 2018.
3 min read · 12 December 2018
Ireland's Accenture (NYSE: ACN) has agreed to acquire select professional services assets of Zafin, a Toronto-based provider of banking solutions software. Terms weren't released for the deal, which is expected to close in Q1 2019. Founded in 2002 by CEO Al Karim Somji, Zafin's technology supports pricing, product and customer strategies for more than 35 global banks. Accenture said the transaction will enhance its capabilities in financial innovation and modernization. Accenture will also serve as a preferred integrator of Zafin's platform as part of a joint go-to-market strategy. Zafin's investors include Beedie Capital, Kayne Partners and Vistara Capital Partners.
3 min read · 12 December 2018
Stem Inc has acquired most of the assets of Constant Power Inc, a Toronto-based developer, integrator and operator of distributed energy resources with an energy storage-as-a-service solution. No financial terms were disclosed. Stem, a Millbrae, California-based artificial intelligence-enabled energy storage provider, said it has also appointed Brad Marks as country manager for Canada. The announcements come several months after the company secured $200 million from Ontario Teachers’ Pension Plan. The investment by Ontario Teachers' was intended to support Stem's acquisition of Ontario energy storage projects and delivery of its systems.
3 min read · 12 December 2018
BCF Ventures, a Montréal-based pre-seed and seed-stage venture capital firm, has increased the potential size of its fund to $12 million. Initially capitalized at $5 million by BCF Business Law partners, the fund raised additional commitments from family offices and accredited investors. Led by CEO and Partner Sergio Escobar, BCF and its co-investors provide financing to cloud and software-as-a-service companies leveraging artificial intelligence, big data, analytics and security, primarily in North America. To date, BCF has invested in six companies, including Canada's Bridgr, CareTeam and FleetOps.
5 min read · 11 December 2018
Englobe Corp has acquired DST Group Inc, an Ottawa-based consulting engineering business. No financial terms were released. Established in 1956, DST’s service capability covers environmental, geotechnical, blast and demolition engineering, and consulting projects. Englobe, a Québec City-based soil, materials and environmental engineering company, said the acquisition will help consolidate its presence in Ontario and Western Canada. Englobe is backed by ONCAP, the mid-market arm of Canadian private equity firm Onex Corp. ONCAP invested in 2006 and later partnered in the company’s acquisitions and go-private deal in 2011.
3 min read · 11 December 2018
Robotiq, a Lévis, Québec-based provider of tools and software for the collaborative robotics market, has raised $31 million in a first institutional financing. The investor was U.S. venture capital firm Battery Ventures. Spun out of Laval University in 2008 by CEO Samuel Bouchard, Vincent Duchaine and CTO Jean-Philippe Jobin, Robotiq makes equipment that can handle manufacturing tasks previously done by human hands. Today, the company partners with more than 190 distributors in 48 countries and sells its products to customers in electronics, aerospace, automotive and other sectors. Robotiq will use the funds raised for product development, global growth and support of its partner ecosystem.
3 min read · 11 December 2018
CareWorx Corp, an Ottawa-based managed service provider (MSP) focused on senior care, has merged with Fully Managed Technology Inc, a Vancouver-based MSP and cloud service provider. Terms weren't disclosed. The new business, which will be known as CareWorx Fully Managed, will have three divisions: managed services, enterprise service management and senior care. It will be led by CEO Mark Scott, who formerly led CareWorx. Joel Abramson, formerly CEO of Fully Managed, will serve as executive vice president and head of managed services. Financing for the deal was provided by Kayne Partners, which invested $17 million in CareWorx earlier this year, and CIBC Innovation Banking, also an existing investor.
3 min read · 11 December 2018
Mysa Smart Thermostats, a St. John’s, Newfoundland and Labrador-based smart home technology startup, has raised more than $2 million in a follow-on financing. The round was backed by new and repeat Canadian investors, including Killick Capital, Pelorus Venture Capital, Conconi Growth Partners, Chris Huskilson and Nicholas Ponari. Founded in 2014 by CEO Joshua Green and COO Zachary Green, Mysa has developed a smart thermostat that helps people with electric heating systems cut down on their bill by as much as 26 percent. The funds raised will be used by the company for new and existing products.
3 min read · 11 December 2018
