Kitchener, Ontario nanotechnology startup Nicoya Lifesciences Inc has secured $2 million in its latest financing. U.S. venture capital firm Ripple Ventures and Canadian angel group Golden Triangle Angel Network (GTAN) led the round. They were joined by MaRS Investment Accelerator Fund, BDC Capital, Garage Capital, Angel One, Maple Leaf Angels, Innovation Grade Ventures and others. Launched in 2012, Nicoya's premiere product is OpenSPR, a biosensor platform that supports R&D applications in a range of fields, from pharmaceuticals to diagnostics. The funds raised will be used for new product development and sales and marketing.
3 min read · 30 January 2018
Mnubo, a Montréal-based internet-of-things data analytics and artificial intelligence company, has raised $16.5 million in a Series B financing. HSB Group, an affiliate of German reinsurance provider Munich Re, led the round. The investment is being made in parallel with an HSB strategic partnership with the company. White Star Capital and McRock Capital, which backed Mnubo's Series A round in 2015, also invested. Founded in 2012 by CEO Frédéric Bastien, CTO JC Cimino, VP Growth Aditya Pendyala and VP Data Science Jean-Charles Beaudin, Mnubo will use the funds raised to grow its platform, which helps manufacturers build better connected products and services.
5 min read · 30 January 2018
Beach & Associates Ltd, a Toronto-based specialty reinsurance intermediary, has agreed to be acquired by Acrisure LLC, a Caledonia, Michigan-based provider of insurance brokerage services. No financial terms were disclosed for the deal, which is expected to close in Q1 2018. The primary seller is U.S. private equity firm Aquiline Capital Partners, which acquired a majority stake in Beach in 2014. Beach will retain its name and continue to operate as an independent advisory and broking business within Acrisure. Acrisure closed a management-led buyout in 2016 in partnership with ABRY Partners, Genstar Capital and other investors.
2 min read · 29 January 2018
Sudbury, Ontario-based medical device company FloSonics Medical has raised $5 million in a seed-stage financing. Canadian venture capital firm iGan Partners led the round. It was joined by Genesys Capital, MaRS Investment Accelerator Fund, Accel-RX, MaRS Catalyst, Angel One and Northern Ontario Angels. Founded in 2015, FloSonics is focused on developing non-invasive sensors to improve the management of critically-ill patients. Led by CEO Joe Eibl, the company will use the funds raised to commercialize FloPatch, a wearable sensor which adheres to a patient’s neck and detects blood flow following clinical interventions.
2 min read · 29 January 2018
Graeme Roustan, head of Roustan Capital, has acquired The Hockey News, an ice hockey magazine, from TVA Publications Inc, an affiliate of Quebecor Media Inc's TVA Group Inc. No financial terms were released. Roustan also announced the launch of Roustan Media, which will hold the asset. Founded in 1947, The Hockey News supplies news, analysis, opinion, scores, and statistics from the National Hockey League and hockey leagues around the world. Roustan said the acquisition will provide the foundation of the soon-to-be launched TheSportsNews.com. Last year, Roustan Capital acquired hockey equipment brands Christian and Torspo.
3 min read · 29 January 2018
Polychain Capital, a blockchain technology hedge fund manager backed by U.S. venture capital firms Andreessen Horowitz (a16z) and Sequoia Capital, is planning to launch an initial public offering in Canada, according to a report by Bloomberg. Polychain, which invests in blockchain-based digital assets, aims to raise about $400 million (US$325 million) and list on the Toronto Stock Exchange, the report said. San Francisco-based Polychain was founded in 2016 by CEO Olaf Carlson-Wee. The fund manager's other backers include U.S. venture capital firm Union Square Ventures.
1 min read · 29 January 2018
Canada Pension Plan Investment Board (CPPIB) has made an additional commitment to real estate development projects in China in partnership with Longfor Properties Co Ltd. CPPIB will contribute about $800 million to two development projects intended for residential and commercial use in the cities of Chengdu and Shanghai. CPPIB has previously invested with Longfor, a Chinese property developer, investor and manager, including in a 2016 joint venture involving Chongqing West Paradise Walk, a shopping centre.
4 min read · 29 January 2018
The technology group of Canadian private equity firm Novacap has agreed to buy Horizon Telcom Inc, a Chillicothe, Ohio-based provider of fiber-optic bandwidth infrastructure services. No financial terms were disclosed for the deal, which will see Novacap acquire the company from its more than 280 shareholders.
3 min read · 29 January 2018
Ethereum Capital, a newly-formed Canadian technology company that aims to become the central business and investment hub for the Ethereum ecosystem, has launched a private offering to raise $50 million. The proceeds will be used to implement Ethereum's strategy of acquiring Ether, the crypto-asset native to the Ethereum platform, as well as Ethereum-based businesses. As part of the deal, the company agreed to combine with an affiliate of Movit Media Corp (TSX.V: MV.H) to create the listed Ethereum Capital Corp. Ethereum is being supported by blockchain investors, including OMERS Platform Investments' John Ruffolo and Version One Ventures' Boris Wertz.
6 min read · 29 January 2018
The growth equity group of BDC Capital announced it has completed $57 million in minority equity investments in Canadian mid-market businesses. Companies financed include Altitude Sports, a Montréal web retailer specializing in urban and outdoor high-end clothing, and BID Group, a Prince George, British Columbia integrated supplier to the wood processing industry that was acquired last year by Highland West Capital. Delco Automation, Intelcom Express, InvestorCOM, Prodomax Automation and Rx Drug Mart were also financed. In June 2017, BDC allocated $250 million for growth equity investing over five years to help companies scale in size.
3 min read · 29 January 2018
