Fairfax India Holdings Corp, a vehicle launched in 2014 to make private equity and other investments in India, has proposed to acquire 51 percent of the share capital of the Catholic Syrian Bank Ltd, a Thrissur, India-based full-service bank with some 430 branches. Fairfax agreed to pay INR 140 per share for the stake, or about US$186 million in total according to Reuters. Fairfax India is an affiliate of Fairfax Financial Holdings Ltd, a Toronto-based holding company.
2 min read · 20 February 2018
TransAlta Renewables Inc (TSX: RNW) has agreed to acquire two wind development projects in New Hampshire and Pennsylvania, reflecting 29 megawatts and 90 megawatts, respectively. The total cost of the projects is about US$240 million, of which about 70 percent will be funded in 2018 and the rest in 2019. Commercial operation is expected in 2019's second half. TransAlta, a Calgary-based renewable power producer, said the deal provides asset and geographic diversification. TransAlta is backed by Alberta Investment Management Corp (AIMCo). AIMCo invested $200 million in the business in 2015.
3 min read · 20 February 2018
Fonds de solidarité FTQ has invested $5.75 million in Immunovaccine Inc (TSX: IMV), a clinical-stage biopharmaceutical company with offices and labs in Halifax and Québec City. The investment was made through a $14.4 million bought deal offering closed last week. Founded in 2000, Immunovaccine develops cancer immunotherapies and infectious disease vaccines using DepoVax, a proprietary drug release platform. Led by President and CEO Frédéric Ors, the company will use the funds raised for R&D to further advance its product pipeline. Immunovaccine's other Canadian investors include CTI Life Sciences Fund.
3 min read · 20 February 2018
Fonds de solidarité FTQ has invested $5 million in Terranova Worldwide Corp, a Laval, Québec-based provider of information security awareness programs, such as online training and Phishing simulations. Founded in 2001, Terranova offers some 90 courses on information security awareness to large and mid-sized businesses and other clients. Owned and led by President Lise Lapointe, the company will use the funds raised to support its growth strategy, which includes investing in marketing and developing new platforms.
2 min read · 20 February 2018
Unsplash, a free, curated photo platform based in Montréal, has raised C$7.25 million in a Series A financing. The round was led by OST, a blockchain technology company that sponsors Simple Token, a digital currency enabler. In a blog post, OST said its investment was a combination of 80 percent cash and 20 percent tokens. OST CEO Jason Goldberg will join the board as a result. The financing’s other new and returning investors included Accomplice, Betaworks and Real Ventures. Unsplash CEO Mikael Cho, who co-founded the company in 2013, said the funds raised will help create a “new economic model around photography” using cryptocurrency.
6 min read · 16 February 2018
Vancouver-based financial software startup Dojo Technology Corp has raised undisclosed seed-stage financing. The backer was Vested Ventures, the investment arm of U.S. public relations agency Vested. Founded in 2016, Dojo has created a gamified mobile platform that helps youth and their families interact with financial institutions. Dojo's app, currently focused on kids, will soon expand to include teenagers and adults. Led by Chad Sichello, the company will use its partnership with Vested to grow the brand across Canada and the United States and develop new prospects and revenue opportunities.
4 min read · 16 February 2018
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired the shares of Pointbreak Consulting Group Ltd, a Burnaby, British Columbia-based provider of employee benefits and pension consulting and advisory services. No financial terms were released. Pointbreak Principal and CEO Kevin Jeffrey will join Hub International TOS Ltd as a result. Hub, a Chicago-based insurance brokerage, was bought by H&F for about US$4.4 billion in October 2013.
2 min read · 16 February 2018
Unsplash, a free, curated photo platform based in Montréal, has raised $7.25 million in a Series A financing. The round was led by OST, a blockchain technology company that sponsors Simple Token, a digital currency enabler. In a blog post, OST said its investment was a combination of 80 percent cash and 20 percent tokens. OST CEO Jason Goldberg will join the board as a result. The financing's other new and returning investors included Accomplice, Betaworks and Real Ventures. Unsplash CEO Mikael Cho, who co-founded the company in 2013, said the funds raised will help create a "new economic model around photography" using cryptocurrency.
6 min read · 16 February 2018
Ottawa announced the five technology supercluster strategies that will share in $950 million under the government's innovation agenda. The winning strategies, the result of a competition launched last year, are: Ocean Supercluster, focused on ocean-based industries; SCALE.AI Supercluster, focused on artificial intelligence and robotics; Advanced Manufacturing Supercluster; Protein Industries Supercluster, focused on plant proteins, and; Digital Technology Supercluster, focused on the role of big data and digital technologies in key industries. Ottawa's investment will be matched dollar for dollar by the private sector.
6 min read · 15 February 2018
Canadian venture capital firm Golden Venture Partners is returning to the market with a third fund, according to a U.S. regulatory filing. Golden Venture Partners III's target was not disclosed. Based in Toronto, Golden invests in seed-stage and early-stage companies focused on mobile products and services. It is led by Managing Partner Matthew Golden. The firm has been highly active in the North American market of late, including this month when it joined the $4 million seed financing of SkyWatch, a satellite data aggregation and distribution platform. Golden raised $40 million for Golden Venture Partners II in 2014.
1 min read · 15 February 2018
