Robert Antoniades, a general partner at Canadian venture capital firm Information Venture Partners, is the 2018 recipient of the Canadian Venture Capital & Private Equity Association‘s (CVCA) Ted Anderson Community Leadership award. Antoniades won the award for his role in co-founding and building the Upside Foundation of Canada, an organization that encourages high-growth companies in Canada to donate stock options or warrants to a charity of their choice. Since its launch in 2013, Upside has signed on more than 200 companies pledging to give back through the platform. PE Hub Canada interviewed Antoniades about Upside's mission in 2015.
5 min read · 07 June 2018
Novacap and Real Ventures are the 2018 recipients of the Canadian Venture Capital & Private Equity Association‘s (CVCA) Deal of the Year awards. Real Ventures won in the venture capital category for its 2017 sale of location-based marketing analytics and automation company SweetIQ to Gannett Co Inc. The exit generated a 66 percent IRR and a 5.6 x cash-on-cash multiple. Novacap won in the private equity category for its 2017 sale of drug discovery software provider Chemical Computing Group to Altaris Capital Partners. The exit generated a 48 percent IRR and a 7.6 x multiple on invested capital. Novacap and Real Ventures are both based in Montréal.
5 min read · 07 June 2018
Toronto-based online financial planning company Planswell has raised an additional $7 million in financing, bringing its total funding so far to $13.8 million. The investors were not identified. Planswell launched nationally in January, closing a seed round backed by former senior financial executives and others. The proceeds of the latest deal will be used for technology development and expanding marketing efforts. Founded in 2015 and led by CEO Eric Arnold, Planswell helps build financial plans for users located across Canada. The company reports building more than 50,000 financial plans since its launch.
3 min read · 07 June 2018
Canadian private equity firm Clairvest Group has sold its interest in MAG DS Corp (MAG Aerospace), a Fairfax, Virginia-based provider of operations, training and technical services and other specialty aviation enabling real-time situational awareness. No financial terms were disclosed for the deal, which saw MAG go to New Mountain Capital, a U.S. private equity firm. Clairvest, which acquired a minority stake in the company in 2013, said it realized cash proceeds equal to about US$110 million, representing 8.2 times invested capital. CEO Joe Fluet said Clairvest helped MAG grow "from a small, emerging company to a market leader in less than five years."
3 min read · 07 June 2018
Pinnacle Renewable Holdings Inc (TSX: PL), a Richmond, British Columbia-based industrial wood pellet maker and distributor, has launched a secondary offering of common shares. The sellers, which include ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, are expected to realize proceeds of about $50 million or $57.5 million if the greenshoe option is exercised in full. As a result, ONCAP, which made a majority investment in Pinnacle in 2011, will reduce its stake to about 33.1 percent, assuming no exercise of the greenshoe option. Pinnacle went public in February, raising $172 million.
3 min read · 06 June 2018
Squiggle Park, a Halifax-based adaptive web-based learning app, has closed a seed-stage financing that brings its total funding so far to more than $1 million. The company's investors include Heather Reisman, CEO of Indigo Books and Music, and John Montalbano, head of Royal Bank of Canada’s global asset management group. Founded in 2015 by CEO Leah Skerry and CMO Julia Rivard Dexter, Squiggle Park's app provides bite-sized games designed by teachers, researchers and gamers to help children develop foundational reading skills. The funds raised will be used for product development and continued global growth.
3 min read · 06 June 2018
IRYStec Software Inc, a Montréal-based perceptual display processing technology company, has closed a Series A2 financing. The undisclosed round was led by Canadian venture capital firm Whitecap Venture Partners. It was joined by BDC Capital, Skunkworks and angels investors, including Jean-François Grenon and Purple Angels, several of which invested in the company's Series A in 2016. IRYStec, which launched in 2015, helps consumer device makers and automotive original equipment manufacturers solve challenging display issues. Led by CEO Simon Morris, the company will use the funds raised to scale its sales and engineering teams.
3 min read · 06 June 2018
Canadian private equity firm Yaletown Partners has held a first close of its emerging-growth technology fund at more than $100 million. As reported by PE Hub Canada in December, the firm is also increasing the target for Yaletown Innovation Growth Fund (IGF) to $200 million from $135 million. IGF's initial close secured capital commitments from domestic and global institutional investors, including OPTrust, BDC Capital, Alberta Enterprise Corp, Kensington Venture Fund and BC Tech Fund, as well as family offices and wealthy individuals. IGF has already led or co-led financings of Finn.ai, ThoughtWire and Circle Cardiovascular Imaging.
3 min read · 06 June 2018
Toronto-based food ordering app Ritual has secured more than $90 million (US$70 million) in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners and joined by Greylock Partners, Insight Ventures and Mistral Venture Partners, all of which backed the company's Series B last year. Founded in 2014, Ritual connects restaurants with customers through a tool to place, pay for and pick-up lunch orders for themselves and workplace teams. The company said in the past year it has increased workplace teams to over 44,500, seen 2 x growth in restaurant partners, and expanded into four new cities. Ritual is led by Co-founder and CEO Raymond Reddy.
5 min read · 06 June 2018
Canadian steelmaker Stelco Inc (TSX: STLC) has acquired thousands of acres of lands owned by Legacy Lands LP for about $114 million. The properties are where the company conducts its operations in Hamilton and Nanticoke, Ontario, including lands in Hamilton that contain the Hamilton Works blast furnace and cast houses, as well as developable lands and port facilities. Stelco said the deal provides for greater operational flexibility and will allow it to grow the core business now and in the future. Stelco, which went public last year, raising $230 million, is majority owned by U.S. private equity group Bedrock Industries.
3 min read · 05 June 2018
