Halifax-based construction app Harbr has raised $1.75 million in a seed-stage financing. The round was backed by a mix of angel and venture capital investors, including Jevon MacDonald, George Armoyan, Frank Sobey, John Risley, Mark Dobbin of Killick Capital, David Dufresne of Panache Ventures, Gavin Uhma, Don Clow, Jim Spatz, Dan Flaminio, Wade Dawe, Joe Fiander, Victor Kielbratowski and Innovacorp. Founded in 2016, Harbr's technology manages construction scheduling data to create insights, analytics and predictions for project managers and owners. It said the deal gives Harbr access to key North American markets.
3 min read · 14 March 2018
OB1, the company behind decentralized marketplace OpenBazaar, has raised US$5 million in a Series A financing. OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System, led the round. Chinese bitcoin miner Bitmain Technologies Ltd also backed the financing, joining the company's existing investors, including Andreessen Horowitz, Union Square Ventures and BlueYard Capital. Launched in 2015, New York-based OB1 is developing technologies that help give users more control over their online trade, including making purchases with digital currencies.
3 min read · 14 March 2018
Vancouver mining company International Tower Hill Mines Ltd (TSX: ITH) has closed a private placement deal, generating about $15.5 million (US$12 million) in proceeds. A fund managed by U.S. resources investment firm Electrum Group, a new shareholder of ITH, backed the deal alongside Paulson & Co, a U.S. hedge fund manager. Paulson & Co will as a result increase its ITH ownership stake to 32 percent of issued and outstanding shares, while Electrum will hold 10.7 percent. The company said it will use the proceeds for studies related to its Livengood Gold Project in Alaska and other priorities.
5 min read · 14 March 2018
Conexiom, a Vancouver-based provider of document automation software solutions, has secured an investment from Luminate Capital Partners, a U.S. enterprise software private equity firm. No financial terms were released. As a result, Luminate's Hollie Haynes, Mark Pierce, Scott Kingsfield, David Ulrich and Sanjay Palakshappa will join the board. Founded in 2001, Conexiom's cloud-based technology automates the processing of purchase orders, supplier invoices and other key business documents. President and CEO Brent Halverson said the deal will help Conexiom continue to grow in manufacturing and distribution, expand geographically, and enter new verticals.
3 min read · 14 March 2018
U.S. technology debt financing firm Silicon Valley Bank (SVB) has expanded into Canada, securing a federal order establishing it as a lending branch. The Santa Clara, California-based firm will begin operations following the approval of the Superintendent of Financial Institutions. SVB said it hired Barbara Dirks to lead its Canadian expansion and team. Dirks joins the firm from Royal Bank of Canada, where she served as a senior vice president of network and advisor strategy. SVB, a part of SVB Financial Group (Nasdaq: SIVB), will provide banking solutions to private and public technology companies and their investors in Canada, as well as cross-border services.
4 min read · 14 March 2018
Canadian mining company Northern Vertex Mining Corp (TSX-V: NEE) has secured a commitment of up to US$100 million for acquisition and development initiatives from the private resource lending fund of Sprott Resource Lending Corp. The deal is in addition to a US$20 million senior secured credit facility provided by Sprott last year for the company's Moss Mine gold-silver project in Arizona, which recently saw its first gold pour. Vancouver-based Northern Vertex in 2017 also closed a US$20 million private placement deal with Greenstone Resources, giving the U.K. metals and mining private equity firm an initial 30.2 percent stake.
4 min read · 13 March 2018
Public Sector Pension Investment Board (PSP Investments) has made a "significant" equity investment in Learning Care Group (US) Inc, a Novi, Michigan-based provider of care and education of children between the ages of six weeks and 12 years. No financial terms were disclosed for the deal, which will see the Canadian pension fund investing alongside majority shareholder American Securities, a U.S. private equity firm. American Securities first invested in the company in 2014. PSP Investments Head of Private Equity Simon Marc said Learning Care Group is "uniquely positioned to further capture growth in the early childhood education market."
4 min read · 13 March 2018
Alberta Enterprise Corp has committed $5 million to Panache Ventures I, the debut fund of Canadian early-stage venture capital firm Panache Ventures. Fund I, which invests in pre-seed and seed opportunities in artificial intelligence, blockchain, cybersecurity, financial technology and other sectors, last week raised an initial $25 million. The fund is targeted to raise $40 million in total. Managing Partner Patrick Lor, who along with other Panache principals formerly served with 500 Startups Canada, will run the Montréal-based firm's office in Calgary.
3 min read · 13 March 2018
Canadian Solar Inc (Nasdaq: CSIQ) has sold its interests in three U.S. solar photovoltaic projects to Korea Electric Power Corp (KEPCO), a South Korean electric utility. No financial terms were disclosed for the deal, which saw KEPCO partner with Corporate Partnership Fund (COPA Fund), a South Korean private equity investor. Recurrent Energy LLC, the U.S. affiliate of Canadian Solar, developed the three 235 megawatt projects located in southern California, which reached commercial operation in 2016. Canadian Solar is a Guelph, Ontario-based solar power company.
3 min read · 13 March 2018
VueReal Inc, a Waterloo-based developer of technologies for micro-LED displays, has initially closed its Series A financing at about $13.5 million (US$10.5 million). The round was led by the venture capital arm of an Asian business and a North American vendor, neither of which were identified. Founded in 2016 by CEO Reza Chaji, VueReal will use the funds raised to accelerate development of its micro-LED technologies, which are used in a range of display applications. It will do this by expanding the company's team and launching a micro-device development and characterization centre. VueReal said it is planning a subsequent Series A close.
3 min read · 13 March 2018
