Validere Technologies, a Calgary-based oil and gas internet-of-things and artificial intelligence platform, has raised $7 million in a seed-stage financing. The round was led by Sallyport Investments, a U.S. energy investment firm. It was joined by Y Combinator, Real Ventures, Moment Ventures and ZhenFund. Founded in 2015 by Nouman Ahmad, Joanna Aizenberg and Ian Burgess, Validere's technology helps midstream and upstream companies in the oil and gas sector to optimize blending, logistics and trading decisions. Validere will use the seed round's proceeds to fuel its U.S. expansion and further enhance its platform.
3 min read · 31 October 2018
Canadian private equity firm Walter Capital Partners has acquired a majority stake in Edge Imaging, a Burlington, Ontario-based school and sports photography provider. No financial terms were disclosed. Dan Boudreau, a school photography industry executive, has been appointed CEO of the company, replacing Dave Pond, who will stay on as president and serve on the board. Walter Managing Partner Sam Ramadori said his firm will help accelerate Edge Imaging's national growth strategy. Edge Imaging is the first Ontario platform investment of Montréal-based Walter, an affiliate of Canadian family office Walter Group of Cos.
3 min read · 31 October 2018
Calgary-based oil and gas companies Blackbird Energy Inc (TSX-V: BBI) and Pipestone Oil Corp have agreed to combine. The deal, which will create Pipestone Energy Corp, will be achieved by a conversion of Blackbird's common shares to shares of Pipestone Energy and consolidated on a 10:1 basis. Expected to close in Q1 2019, the deal includes shareholder commitments and other arrangements for $310 million in equity and debt financings. Pipestone Oil is an affiliate of Canadian Non-Operated Resources LP, which is backed by U.S. energy private equity firm Riverstone Holdings and other investors. Pipestone Energy will be the operator of a Montney asset in Alberta's Pipestone region.
10 min read · 31 October 2018
Osisko Mining Inc (TSX: OSK), a Toronto-based mineral exploration company, has agreed to a $25 million equity investment by Caisse de dépôt et placement du Québec. Osisko is focused on the acquisition, exploration and development of precious metal resource properties in Canada. Its holdings include a 100 interest in the Windfall Lake gold project located near Lebel-sur-Quévillon, Québec. The Caisse, a Canadian pension system with $308 billion in net assets, said its private placement will support the continued growth and development of the Windfall project.
3 min read · 30 October 2018
OPTrust has invested in ACT Commodities, a Dutch trading house active in the global environmental commodities market. The Canadian pension fund invested alongside U.K. private equity firm Three Hills Capital Partners. The deal's value was more than €60 million ($90 million). Founded in 2009, ACT specializes in trading energy commodities related to incentive schemes for meeting environmental compliance and goals. OPTrust President and CEO Hugh O'Reilly said the market ACT focuses on "will grow exponentially with the progressive long-term shift towards clean energy."
3 min read · 30 October 2018
BDC Capital said its co-investments team has deployed $38.1 million to Canadian technology financings over the past 18 months. The team, set up to increase late-stage deal capitalization alongside other funds, backed seven financings in this period. Examples include the latest rounds of Ecobee, a Toronto-based smart Wi-Fi thermostat maker, Element AI, a Montréal-based artificial-intelligence solutions company, and Miovision, a Kitchener, Ontario-based smart-traffic technology provider. BDC's co-investments team, led by Managing Partner Dominique Bélanger, works with more than 70 venture capital fund managers.
3 min read · 30 October 2018
Toronto-based digital sports platform theScore Inc (TSX-V: SCR) has launched a private placement offering intended to generate $8.5 million in proceeds. Relay Ventures, a Canadian mobile venture capital firm that has backed theScore since 2013, will invest in the offering. The family of John Levy, the company's founder and CEO, will also invest. The proceeds will be used to "capitalize on the introduction of legalized sports betting in the United States," Levy said. Formerly part of Score Media Inc, theScore's flagship mobile sports news and data app, theScore, serves millions of fans on a monthly basis.
3 min read · 30 October 2018
Toronto-based specialty lender Callidus Capital Corp (TSX: CBL) has appointed Patrick Dalton as interim CEO, effective November 5. Dalton has more than 25 years of experience in private credit markets, most recently in several leadership positions at Fifth Street Asset Management. Before then, he was founder, president and CEO of Gordon Brothers Finance Co and held senior executive roles at Apollo Investment Corp and Goldman Sachs. Dalton is taking the new job to help position Callidus for growth and manage the medical leave of CEO Newton Glassman. Glassman is also managing partner of Catalyst Capital Group, Callidus' majority owner.
6 min read · 30 October 2018
Toronto-based digital healthcare software provider Think Research has raised more than $25 million in its latest financing. The round was backed by new and existing investors. They include Fidelity Investments Canada ULC, Kayne Partners, Canaccord Genuity Group Inc and National Bank of Canada. Founded in 2006 by President Chris O’Connor, Think Research taps clinical evidence and healthcare algorithms to create software that supports clinical decision-making in about 1,200 facilities in North America and Europe. Led by CEO Sachin Aggarwal, Think Research will use the round's proceeds for enhancing its product line, advancing machine-learning capabilities and expanding into new markets.
5 min read · 30 October 2018
Portag3 Ventures, the financial technology firm of Canadian holding company Power Corp, has secured $198 million in the initial close of its second fund. Portag3 Ventures II LP, which is targeted to raise more than $300 million, was backed in the first close by Power affiliates and third-party investors. The latter include National Bank of Canada, Intact Financial Corp, Guardian Capital Group, Equitable Bank, La Capitale and SSQ Insurance. Fund II will maintain Portag3's strategy of investing in early-stage companies and funds in the global financial technology sector. Since its launch in 2016, the firm has made more than 30 investments. Portag3 is led by President and Managing Partner Adam Felesky.
3 min read · 30 October 2018
