Australis Capital has invested $2 million in Quality Green Inc, a Canfield, Ontario-based producer of medical cannabis. The investment is intended to support the company's proposed going public transaction. Founded in 2013, Quality Green operates 385,000 square feet of production space and is expected to produce 35,000 kilos of medical cannabis annually. Earlier this year, Australis, a U.S. investor in the cannabis industry, agreed to acquire Rthm Technologies Inc, a Toronto-based mobile health and fitness app. The deal was closed in November.
4 min read · 03 December 2018
Chainvu, a Toronto-based logistics technology startup, has raised about $2.6 million (US$2 million) in a seed-stage financing. The round was led by U.S. family office Leonite Capital. Chainvu's cloud-based platform provides continuous, live monitoring of product shipments to help reduce waste and increase safety and security in food and pharmaceutical supply chains. It will use the funds raised for hiring, product development, and sales and marketing. Chainvu was established this year as a spin-off of Axios Mobile Assets Corp, the assets of which were acquired by Leonite. Its founder, CEO Bob Burrows, is a former Axios executive.
2 min read · 03 December 2018
Ashtead Technology Ltd has acquired Welaptega Marine Ltd, a Halifax-based provider of offshore mooring inspection technologies and mooring fitness-for-purpose assessment services. No financial terms were released. Welaptega President and CEO Anthony Hall will continue to lead the business, which was established in 1990. Ashtead, a Westhill, United Kingdom-based subsea equipment solutions specialist, said the deal strengthens its subsea inspection capabilities. Ashtead was acquired two years ago by U.K. oilfield services private equity firm Buckthorn Partners and Arab Petroleum Investments Corp.
3 min read · 03 December 2018
EverCommerce has acquired EMHware, a Belleville, Ontario-based provider of agency management software solutions for social, addictions and mental health services. Terms weren't disclosed. The deal was announced by Canadian technology M&A advisory firm Tequity Inc, which advised EMHware. The acquisition will provide EverCommerce, a Denver, Colorado-based service commerce platform, with additional growth opportunities in the agency and case management markets in North America. EverCommerce is a portfolio company of U.S. private equity firm Providence Equity Partners.
2 min read · 03 December 2018
MYM Nutraceuticals Inc, a Vancouver-based producer and seller of medicinal cannabis supplements and topical products, has struck a deal to receive a draw-down equity facility of $25 million. The investor is Alumina Partners, a U.S. private equity firm active in the cannabis sector. MYM CEO Rob Gietl said the facility's proceeds will support projects under construction in Québec. The company is building a 1.5 million square-foot greenhouse in the Eastern Township community of Weedon, and expanding an existing production facility in Laval to 37,000 square feet.
3 min read · 03 December 2018
Royal Dutch Shell plc has completed its sale of a 45 percent interest in the Corrib Natural Gas Field in Ireland to Nephin Energy Holdings Ltd (NEHL), an affiliate of Canada Pension Plan Investment Board (CPPIB). The deal, announced last year, is valued at up to US$1.3 billion (€1.14 billion). In a separate statement, Calgary-based oil and gas company Vermilion Energy Inc, CPPIB's partner in the transaction, said it assumed management of the Corrib project. As a result, Vermilion will hold a 20 percent operated stake in the project, while NEHL will hold a 43.5 percent non-operated stake. The rest will continue to be held by Norway's Equinor ASA.
2 min read · 03 December 2018
Atlanta-based biopharmaceutical company Antios Therapeutics Inc has raised US$25 million in a Series A financing. The round was led by Canadian life sciences venture capital firm Lumira Ventures and U.S. firm Domain Associates. Other investors, including Fonds de solidarité FTQ, also participated. Lumira Managing Director Beni Rovinski has joined the board. Antios is focused on developing novel antiviral therapies for unmet medical needs. The funds raised will be used to develop ATI-2173, the company's lead oral drug candidate for treating patients infected with Hepatitis B virus and potentially Hepatitis D.
3 min read · 30 November 2018
BluWave-ai, an Ottawa-based renewable energy usage software platform, has raised more than $1 million in a pre-seed financing. Angel and institutional investors backed the round. They included Ecofuel Fund, a seed fund affiliated with Canadian clean technology venture capital firm Cycle Capital Management. Founded last year by CEO Devashish Paul, BluWave-ai's technology uses artificial intelligence to enhance renewable energy usage in smart grids for electric utilities. The startup, which is part of Ecofuel Accelerator's fall 2018 cohort, is planning to raise a seed round targeted at $2 million.
4 min read · 29 November 2018
Jim Pattison Group Inc (JPG) has agreed to sell the U.S. magazine distribution assets of TNG Inc to American News Co LLC (ANC), an affiliate of U.S. hedge fund Chatham Asset Management. No financial terms were released for the sale, which includes TNG's interest in The News Group LP. It is expected to close next month. TNG's Canadian assets will continue to be held by JPG, a Vancouver-based conglomerate owned and led by Canadian billionaire Jim Pattison. The deal will result in the launch of ANC as a magazine wholesaler in the United States for publishers and retailers.
3 min read · 29 November 2018
Ratehub Inc has acquired MoneySense, a personal finance media brand, from an affiliate of Canadian communications and media company Rogers Communications Inc. Terms weren't released for the deal, which is expected to close on December 1. MoneySense will continue to operate as a distinct brand. Toronto-based Ratehub, which owns Ratehub.ca, a financial product comparison site, and CanWise Financial, a mortgage brokerage, said the acquisition will increase the number of Canadians it reaches per month. Founded in 2010 by Alyssa Furtado and James Laird, Ratehub in January raised $12 million in a Series A financing led by Elephant.
3 min read · 29 November 2018
