Real Ventures has raised $180 million for its fourth early-stage fund with the help of an expanded LP base, including two powerhouse Asian investors won over by the firm’s artificial-intelligence strategy. The Montréal venture firm this week announced the close of Real Ventures IV at its hard cap. It is backed by more than 60 LPs, among them new LPs Caisse de dépôt et placement du Québec, Boston-based HarbourVest, Singapore sovereign-wealth fund Temasek and Chinese tech giant Tencent. They join returning LPs Teralys Capital, BDC Capital and Investissement Québec.
4 min read · 30 November 2017
Toronto meal-kit delivery company Chefs Plate has secured $10 million in a Series C financing. The round was backed by Acton Capital, Emil Capital and InvestEco Capital, which invested in last year's Series B financing, as well as Comerica Bank. Founded in 2014, Chefs Plate is now delivering 450,000 meals per month, up 300 percent from Q3 2016, and operating in all regions of Canada. Led by CEO Jamie Shea, one of its co-founders, the company will use the funds raised to invest in technology, recruitment, automation of its fulfillment centres, and support of its supply chain of farmers and artisans. Chefs Plate is also backed by BrandProject.
4 min read · 29 November 2017
BDC Capital has earmarked $900 million for deals backing ownership changes in Canadian small businesses. The initiative is part of the $1.8 billion in fresh funding supplied to BDC Capital's Growth and Transition Capital (GTC) division, announced last April, for mostly mezzanine debt and growth equity financings. The new allocation will support business successions through management buyouts, acquisitions and dividend-recaps. Senior Vice President Patrick Latour said GTC has financed 53 deals valued at $142 million since April. Last month, it provided funding to Fuller Industrial Corp to support the company's acquisition of ACR Group Inc.
3 min read · 29 November 2017
Enghouse Systems Ltd (TSX: ENGH) has bought XConnect GmbH, a German provider of carrier change processes and number portability services to telecommunications companies. No financial terms were released. The business was sold by XConnect Global Networks Ltd, a London, U.K.-based provider of voice, messaging and number information services. Enghouse, a Markham, Ontario-based enterprise software solutions company, said the deal establishes its Enghouse Networks division in Germany. Venture-backed XConnect closed its most recent round in 2013 with Young Associates and Crescent Group.
2 min read · 29 November 2017
Corvus Energy Inc has closed an investment with Norsk Hydro ASA, an Oslo, Norway-based aluminum supplier. Hydro acquired 25.9 percent of the company's shares for an undisclosed sum. As a result, it joined other Corvus investors, including BW Group, Statoil Technology Invest, the venture capital arm of Norwegian energy company Statoil ASA, and affiliates of El Cuervo Holdings LP. Founded in 2009, Richmond, British Columbia's Corvus is a provider of energy storage in the form of modular lithium ion battery systems. It said the deal will help scale the company's operations and accelerate market penetration.
2 min read · 28 November 2017
Waterloo connectivity technology company Dejero Labs Inc has secured a $32 million investment from U.S. growth equity firm Kayne Partners and European satellite communications services provider Intelsat SA. As part of the deal, Kayne's Leon Chen and Rob Shilton and Intelsat's Michael DeMarco will join the board. Dejero blends internet connections to deliver connectivity needed for cloud computing, online collaboration, and the secure exchange of video and data. Led by CEO Bruce Anderson, the company will use the funds raised to take its solutions into new markets. In February, Dejero raised $14 million in growth funding from Wellington Financial.
4 min read · 28 November 2017
Canadian private equity firm Walter Capital Partners has invested in Sustainable Produce Urban Delivery Inc (SPUD.ca), a Vancouver-based omnichannel grocery company. As part of the deal, the financial terms of which were not disclosed, several existing SPUD.ca institutional and individual investors made additional commitments. Founded in 1997, SPUD.ca's model is focused on the delivery of fresh, organic produce and groceries through an online platform. Led by CEO Peter van Stolk, the company will use its partnership with Walter to expand its omnichannel operations. SPUD.ca is also backed by Canadian impact venture capital firm Renewal Funds.
3 min read · 28 November 2017
Quantum software company 1QB Information Technologies Inc has raised $45 million in a Series B financing comprised of equity and revenue contracts. Japan's Fujitsu Ltd led the round. It was joined by Accenture, Allianz, Royal Bank of Scotland and CME Ventures. Founded in 2012 by CEO Andrew Fursman, President Landon Downs, and Head of Research Phil Goddard, Vancouver-based 1QB said it will use the funds raised to continue building its hardware-agnostic software platform and services. The company's technology is used to enable the development of applications which scale alongside advances in classical and quantum computers.
4 min read · 28 November 2017
Canadian activist investor Smoothwater Capital Corp has increased the offer for its take-private acquisition of Equity Financial Holdings Inc (TSX: EQI), a Toronto-based provider of residential first mortgage loans through its affiliate, Equity Financial Trust Co. Smoothwater agreed to increase the purchase price to $10.25 per share from $9.75 per share. The change implies an equity value of close to $110 million. The deal, announced last month, will prior to closing see Smoothwater, an existing shareholder, joined by Hennick & Co, Freycinet Ventures and others as capital partners.
3 min read · 27 November 2017
Affinio Inc, a Halifax-based interest analytics platform, has secured about $11.4 million (US$9 million) in a Series B financing, according to a report by AdExchanger. The round follows the company's $4 million Series A financing two years ago. That deal was led by Whitecap Venture Partners and joined by Build Ventures, Affinio’s seed investor, as well as Social Starts, BRaVe Ventures and several angel backers. The Series B round saw Round13 Capital come on board as a new investor, the report said. Affinio was founded in 2013 by CEO Tim Burke, CTO Stephen Hankinson, Vice-President of Engineering Phil Renaud, and Chief of Staff Ardi Iranmanesh. Its technology helps marketers better connect with customers by using rich interest and affinity data.
1 min read · 27 November 2017
