Finn AI, a Vancouver-based conversational artificial intelligence platform for financial services, has raised $14 million in a Series A financing. The round was led by Yaletown Partners and Flying Fish Partners, which also led Finn AI's debut deal last year. They were joined by BDC Capital’s Women in Technology Fund and 1843 Capital as well as angel investors. Comerica Bank supplied lending facilities. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn AI provides an AI-enabled virtual assistant for personal banking and finance. The funds raised will be used for the company's continued growth in North America and Europe, enhancing its enterprise tooling, and extending its product to support additional capabilities.
6 min read · 22 October 2018
Canadian specialty finance firm TIMIA Capital Corp has provided a US$2.5 million facility to Real Savvy Inc, an Austin, Texas-based real estate software company. TIMIA, a provider of revenue-based financing to technology companies, will deploy an initial US$1 million, followed by a further US$1.5 million when certain milestones are met. Founded in 2014, Real Savvy develops custom websites and apps for brokers and agents that enable collaborations with buyers in home searches. TIMIA said the investment is its first in the United States.
3 min read · 22 October 2018
First Bauxite Corp (TSX-V: FBX) has entered into a going private transaction with U.S. mining private equity firm Resource Capital Funds (RCF), the company's majority shareholder. The deal will be done partly through a consolidation of First Bauxite's common shares, increasing RCF's ownership to 100 percent. RCF earlier converted its outstanding convertible debt held in First Bauxite, valued at more than $43 million, into equity, raising its stake to about 90.7 percent. Shareholders will vote on the deal later this year. First Bauxite, a Canadian natural resources company, explores and develops bauxite deposits in Guyana. It has its head office in New Orleans.
7 min read · 22 October 2018
Canadian private equity firm TerraNova Partners has acquired York Analytical Laboratories Inc, a Stratford, Connecticut-based environmental laboratory operating in the Northeastern United States. No financial terms were disclosed. Founded in 1990, York provides analysis of environmental samples, including water, soil, air and drinking water, for regulated contaminants. The company said the partnership with TerraNova enabled it to expand its lab testing facility in New York and will support additional growth opportunities. Toronto-based TerraNova invests in growth, turnaround, carve-out and comparable deals in a range of sectors.
3 min read · 19 October 2018
Foxquilt, a Toronto-based insurance financial technology provider, has raised $1.2 million in a seed-stage financing. The round was led by Canadian early-stage venture capital firm Extreme Venture Partners. Foxquilt was launched in 2016 by CEO Mark Morissette and Karim Jamal, both formerly with Real Matters and Aviva Canada. Its platform uses big data and machine learning to help social groups save on home, small business and auto insurance. Foxquilt will use the funds raised to develop its technology and grow through sales and marketing and customer acquisition in Ontario.
3 min read · 18 October 2018
NEOGOV has acquired High Line Corp, a Markham, Ontario-based provider of human resources, payroll and time and talent management software. No financial terms were disclosed. Founded in 1974, management-owned High Line has been led by President Megan Rogister. NEOGOV, an El Segundo, California-based human resources software provider for the public sector and higher education markets, said the deal will create an integrated solutions suite. NEOGOV has been backed since 2016 by U.S. private equity firm Warburg Pincus.
3 min read · 18 October 2018
Montréal-based turnkey events platform Entr has raised $1.13 million in a seed-stage financing. The round was led by U.S. venture capital firm Telegraph Hill Capital with participation from iNovia Capital, Peter Kern, Interaction Ventures and Guillaume Jacquet. Founded last year by Marc-Antoine Bonin, Emeric Noël and Alexandre Vanier, Entr helps enterprises plan and book events. Platform users can select from a curated portfolio of 1,000 Canadian venues and vendors. Entr, which is debuting in Toronto next month, will use the funds raised to expand across Canada, improve its product, and bring on additional talent.
3 min read · 18 October 2018
Canaccord Genuity Growth Corp (NEO: CGGC.UN) has agreed to negotiate a merger with Columbia Care LLC, a New York-based provider of medical cannabis products and services. As part of the negotiation, the parties have agreed that CGGC, a Canadian special purpose acquisition corporation (SPAC), will be valued at $60.7 million, while Columbia Care will be valued at US$1.35 billion. Founded in 2012, Columbia Care holds 33 licenses in 13 states and has a portfolio of more than 60 dispensaries and 16 cultivation-manufacturing facilities. CGGC is managed by an affiliate of Canaccord Genuity Group Inc.
6 min read · 18 October 2018
GWL Realty Advisors US Inc (GWLRA US), an affiliate of Winnipeg-based financial services holding company Great-West Lifeco, has agreed to acquire the real estate private equity platform of Guggenheim Investments. Terms weren't released for the deal, which is expected to close in Q4 2018. Power Corp of Canada's Great-West said the acquisition of Guggenheim Real Estate LLC (GRE) will enhance its investment platform in the United States. GRE will be combined with Denver, Colorado-based EverWest Real Estate Investors, which was acquired by GWLRA US earlier this year.
3 min read · 18 October 2018
Canadian private equity firm Onex Corp has acquired a 42 percent interest in Ryan LLC, a Dallas-based tax services and software provider. Onex paid US$317 million for the stake, which values the company at US$1.1 billion. Founded in 1991 by Chairman and CEO Brint Ryan, Ryan offers a integrated suite of federal, state, local and international tax services, including tax recovery, consulting, advocacy, compliance and technology services. It serves more than 14,000 clients in over 50 countries. Last year, Onex closed its fifth flagship fund, Onex Partners V, raising US$7.15 billion.
4 min read · 17 October 2018
