New Brunswick Innovation Foundation (NBIF), a Fredericton-based venture capital firm, has appointed Jeff White as its new CEO. White joins NBIF from East Valley Ventures, a startup accelerator and early-stage investor he co-founded in 2011. He served there as COO. Before then, White had a long entrepreneurial career that included serving as CFO for New Brunswick venture-backed technology companies Radian6 and Q1 Labs. NBIF has invested more than $100 million in local startups and research projects and helped leverage $457 million from other sources.
3 min read · 04 October 2018
Toronto-based visual content marketing platform CrowdRiff has secured about $11.5 million (US$9 million) in a Series A financing. Canadian venture capital firm Leaders Fund led the round. It was joined by High Alpha Capital, Gibraltar & Co and BDC Capital, all of which invested in CrowdRiff's seed financing in 2016. Founded in 2014 by CEO Dan Holowack and CTO Abhi Ajgaonkar, CrowdRiff's platform uses artificial intelligence to help travel and tourism marketers source and share visuals with their audiences. Since 2016, it has more than tripled revenue and grown its customer base to over 500 brands. CrowdRiff will use the funds raised for growth and to develop new products.
4 min read · 04 October 2018
Bud.com, a San Francisco-based cannabis delivery company, has raised US$1 million in a seed-stage financing. The round was led by Serruya Private Equity (SPE), which invests on behalf of Canada’s Serruya family. Bud.com, launched this year, said it will use the round's proceeds for staffing, marketing and expanding its delivery areas. SPE Managing Director Aaron Serruya said bud.com offers an "unprecedented direct-to-consumer-opportunity for the recreational cannabis industry."
4 min read · 03 October 2018
VueReal Inc, a Waterloo-based developer of technologies for micro- and nano-devices, has secured $8.5 million from Sustainable Development Technology Canada (SDTC). The funds raised from SDTC will support VueReal's development of micro-LED technologies, which are used in a range of display applications. This will be achieved by growing the company's team and launching an Advanced Nano-Technology Center, a fabrication facility. VueReal was founded in 2016 by CEO Reza Chaji. Earlier this year, it initially closed a Series A financing of about $13.5 million (US$10.5 million).
3 min read · 03 October 2018
Stornoway Diamond Corp (TSX: SWY), a Montréal-based diamond explorer and developer, has entered into a series of financing deals of up to $129 million. The deals include a loan principal repayment deferral agreement and amendments to a streaming agreement involving Osisko Gold Royalties Ltd, Caisse de dépôt et placement du Québec, Triple Flag Mining Finance, Albion Exploration Fund and Washington State Investment Board. Additionally, the Caisse agreed to invest $20 million in Stornoway, giving it an 11.4 percent interest and board representation, while an IQ affiliate agreed to invest $10 million. Stornoway said the transactions will provide it with financial and operational flexibility.
8 min read · 03 October 2018
ECi Software Solutions Inc has acquired Office Document Consulting Inc (ODC), an Oakville, Ontario-based provider of sales automation software for the office equipment, managed print and information technology channels. No financial terms were released. ODC was founded in 2011 by President Mike Lamothe. ECi, a Forth Worth, Texas-based provider of cloud business management solutions, said the deal broadens its capabilities for serving office equipment and managed print services customers. ECi was acquired last year by U.K. private equity firm Apax Partners from Carlyle Group and Level Equity.
3 min read · 03 October 2018
Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan have agreed to invest alongside Impulsora del Desarrollo y el Empleo en América Latina (Ideal) in Pacifico Sur, a 309-kilometre toll road in Mexico. CPPIB and Ontario Teachers’ together will acquire a 49 percent stake in the toll road's concessionaire for an initial $314 million and a possible second payment of up to $218 million. Ideal, a Mexican infrastructure company, will hold the remaining interest. The deal builds on a 2016 transaction that saw CPPIB and Ontario Teachers’ pay $1.35 billion for a 49 percent stake in Mexico's Arco Norte toll road.
4 min read · 03 October 2018
Clairvest Group has acquired a minority stake in Meriplex Communications Ltd, a Houston-based managed solutions provider, focused on designing, implementing and overseeing intelligent network solutions for business clients in the United States. Terms weren't disclosed. Clairvest, a Canadian private equity firm, did the deal in partnership with existing management led by CEO David Henley. Henley said Clairvest will provide capital and expertise to fuel his company's network and customer expansion. Meriplex is Clairvest's 51st platform deal and the seventh investment of Clairvest Equity Partners V, which raised $600 million in 2014.
2 min read · 03 October 2018
Kooltra, a Toronto-based cloud platform for automating foreign exchange trading, has closed a C$6.5 million round, bringing total early-stage funding to C$8.8 million. The deal was backed by new investors Hyde Park Venture Partners, Round 13 Capital and Salesforce Ventures and existing investor Real Ventures. Founded in 2012 by CEO Adam Katz, Kooltra’s platform helps financial institutions and non-bank businesses modernize FX operations traditionally enabled by legacy technology, manual processes and spreadsheets.
4 min read · 03 October 2018
Public Sector Pension Investment Board (PSP Investments) has agreed to acquire the stake of Arcus Infrastructure Partners in U.K. ports group Forth Ports Ltd. No financial terms were disclosed. Arcus first invested in group in 2008, while PSP invested in 2011. Forth Ports owns and operates eight commercial ports on the United Kingdom's Firth of Forth, Firth of Tay and the Thames, including positions in Tilbury (London), Grangemouth, Dundee, Rosyth and Leith (Edinburgh). Patrick Samson, PSP managing director and head of infrastructure investments, said the pension system will support the growth of Forth Ports and enhance its asset management responsibilities.
4 min read · 03 October 2018
