Cinchy, a Toronto-based enterprise data collaboration platform, has secured $3 million in a financing round. Blindspot, a Canadian investor in wealth management technology, led the deal. It was joined by ScaleUp Ventures, MaRS Investment Accelerator Fund, Techstars, BDC Capital and other investors. Blindspot Partner Kevin Foley will join the board. Founded in 2014 by CEO Dan DeMers and CTO Karanjot Jaswal, Cinchy's platform enables multiple systems and users to collaborate on data in real-time, without requiring separate application databases. The startup's customers, which include financial institutions, save time and money by avoiding complex integration work.
4 min read · 10 October 2018
Optina Diagnostics Inc, a Montréal-based developer of an eye scan for early detection of Alzheimer's, has raised $4 million in a seed-stage financing. Zoic Capital, a U.S. medical device venture capital firm, led the round. It was joined by Desjardins Capital, DigitalDx Ventures, Pallasite Ventures, Barney Pell, Barney Pell's AngelList Syndicate, Advisors.fund and Hike Ventures. Optina uses artificial intelligence and spectral retinal imaging to detect Alzheimer's disease in order to treat it in patients before irreversible damage occurs. The company, led by CEO David Lapointe, will use the funds raised to advance clinical development and accelerate growth and market readiness.
4 min read · 10 October 2018
Northleaf Capital Partners has made an undisclosed investment in Lifemark Health Group, a Toronto-based provider of physiotherapy, medical assessments and home care services. The deal will support Lifemark’s acquisition-led growth strategy and help build the company as a "national leader in the Canadian physiotherapy market," Northleaf Managing Director Matt Shafer said. Lifemark is a portfolio company of Audax Private Equity, the mid-market investment arm of U.S.-based Audax Group. Audax acquired the business two years ago from Centric Health Corp for $250 million.
3 min read · 10 October 2018
Swiss clinical-stage biotechnology company Therachon AG has acquired GLyPharma Therapeutic Inc, a Montréal-based developer of a drug for short bowel syndrome and other rare gastrointestinal diseases. Terms weren't disclosed. With the deal, Therachon acquires the rights to apraglutide, originally discovered by Ferring Pharmaceuticals and licensed to GLyPharma. Since its launch in 2012, GLyPharma has been backed by Canadian life sciences venture capital firm CTI Life Sciences Fund, Ferring and Fonds de solidarité FTQ. In August, Therachon raised a US$60 million financing led by Novo Holdings and joined by multiple other investors.
3 min read · 10 October 2018
Sagard Credit Partners has secured more than $706 million (US$545 million) in committed capital for its debut debt fund, according to a news release. SCP, part of Sagard Holdings, an affiliate of Canada’s Power Corp, exceeded its original target size of about $648 million (US$500 million) with the help of several institutional investors. SCP said the fund’s hard cap is about $778 million (US$600 million). It is expected to remain open for additional commitments until the end of 2018. SCP, led by Managing Partner and CIO Adam Vigna, formerly Canada Pension Plan Investment Board's head of global principal credit investments, lends directly to mid-market companies, both private and public, in Canada and the United States.
2 min read · 10 October 2018
Storyflow, a Toronto-based interactive voice entertainment hub, has raised $500,000 in a seed-stage financing. The round was led by Canadian venture capital firm Ripple Ventures, which closed its $10 million debut fund last month. Founded in 2017 by CEO Braden Ream, Creative Lead Michael Hood and Product Lead Andrew Lawrence, Storyflow's technology helps individuals and organizations create, distribute and monetize interactive voice entertainment, allowing content creators to publish directly to voice apps on smart speakers. The company will use the funds raised to acquire new talent and scale its platform.
2 min read · 10 October 2018
WellnessLiving, a Richmond Hill, Ontario-based software provider for health and wellness businesses, has secured $2.4 million from BDC Capital. Founded in 2012 by CEO Len Fridman and COO Sasha Davids, WellnessLiving's platform features tools and mobile apps to help spas, salons, fitness and yoga studios attract, engage and retain clients. Its users currently total more than 5.2 million. The funds raised will be used to accelerate product development, which includes implementing artificial intelligence and machine learning, and hire new staff. BDC invested through its Growth and Transition Capital group, which was recapitalized last year with $1.8 billion in fresh funding.
3 min read · 10 October 2018
GFL Environmental Inc, a Toronto-based environmental services provider, has agreed to acquire Waste Industries, a Raleigh, North Carolina-based solid waste management company. The deal, expected to close in Q4 2018, values Waste Industries at about $3.65 billion. Waste Industries will be merged with GFL’s solid waste operations. The combined business, which will be led by GFL President and CEO Patrick Dovigi, will be the largest privately owned environmental services provider in North America, the companies said. Earlier in 2018, GFL was recapitalized by a consortium led by BC Partners and Ontario Teachers’ Pension Plan, valuing it at $5.13 billion.
7 min read · 10 October 2018
Chrysalix Venture Capital, a Canadian industrial innovation venture capital firm, announced the first close of its latest fund vehicle, Chrysalix RoboValley Fund. The fund, which has a target of about $155 million (US$120 million) has so far signed on a range of investors, including Teck Resources Ltd, Mistletoe Venture Partners International, Petronas, Severstal, Delft University of Technology, Mitsubishi Corp and Golden Properties. It will invest in early-stage companies that are developing technologies in intelligent systems and resource productivity solutions for industries such as energy, mining, mobility, chemicals and materials. Vancouver-based Chrysalix is led by Managing Partners Fred van Beuningen, Richard MacKellar and Wal van Lierop.
3 min read · 10 October 2018
Real Ventures has recruited Marcel LeBrun as a venture partner, according to a news release. LeBrun joins the Montréal venture firm after more than two decades as a tech entrepreneur and executive, including senior vice president at San Francisco cloud-software maker Salesforce. He took on that job with Salesforce’s 2011 acquisition of Radian6, a Fredericton, New Brunswick, social-media-monitoring platform, for US$326 million. LeBrun, who co-founded Radian6 in 2006, was the company’s CEO. In the new role at Real Ventures, Fredericton-based LeBrun will source Canadian tech opportunities and support the firm's portfolio.
1 min read · 10 October 2018
