Toronto peer-to-peer lending marketplace Lending Loop has raised $2 million in financing. The round was led by Canadian early-stage venture capital fund MaRS Investment Accelerator Fund and joined by finance and technology investors. Lending Loop said the funds raised backed the roll-out its new automated investing product, Auto-Lend, and will support new product expansion. Founded in 2014 by CEO Cato Pastoll and CTO Brandon Vlaar, Lending Loop has facilitated more than $7 million of small business financing with the help of over 9,500 investors. It closed its seed round in 2015.
3 min read · 02 August 2017
Canadian private equity firm Clairvest Group has completed its sale of CRS Contractors Rental Supply LP to Sunbelt Rentals, a North American affiliate of the United Kingdom's Ashtead Group plc. The deal, announced last month, reflected a purchase price of $275 million plus a potential earn-out. Clairvest, which invested in CRS in 2013, said it realized an internal rate of return of 31 percent over the life of the investment. Based in Kitchener, Ontario, CRS is a provider of construction equipment rentals, sales and related services.
2 min read · 02 August 2017
Enbala Power Networks has secured funding from Zoma Capital, the investment arm of a U.S. family office. It resulted in a second close of Enbala's Series B financing, bringing the round's total to $17.5 million. The initial close, announced earlier in 2017, was led by ABB Technology Ventures, with participation from National Grid, GE Ventures, Obvious Ventures, EnerTech Capital and Chrysalix Venture Capital. Vancouver-based Enbala provides distributed energy resource management software to make power grids greener and more efficient. Founded in 2003, the company is led by President and CEO Arthur “Bud” Vos.
3 min read · 02 August 2017
Canadian private equity firm Ironbridge Equity Partners has invested in A V Gauge & Fixture Inc, an Oldcastle, Ontario maker of specialized gauging and check fixture equipment for the automotive industry. No financial terms were disclosed. Founded in 1985, AV Gauge supplies most major OEMs and Tier-I’s and operates in eight facilities across Canada, United States and Mexico. The partnership with Ironbridge will help the company grow and diversify, CEO Denis Levasseur said. Ironbridge invested in AV Gauge through Ironbridge Equity Partners II and Ironbridge Equity Partners III. Fund III closed last year at its hard cap target of $238 million.
2 min read · 01 August 2017
Toronto reservations and ticketing software platform Betterez Inc has raised a strategic investment from JetBlue Technology Ventures (JTV), the venture capital arm of JetBlue Airways Corp (NASDAQ: JBLU), a U.S. discount airline. No financial terms were released. The deal follows the company's seed financing in March, led by the venture fund of Amadeus IT Group. Launched in 2011 by CEO Tal Shalit, Betterez helps modernize bus and motorcoach operators by digitizing their businesses and introducing online booking, mobile ticketing and e-commerce. It said the JTV partnership will support continued growth and innovation.
3 min read · 01 August 2017
Toronto-based sales financing company Flexiti Financial has raised $6.25 million in a convertible debentures offering. The source of the funding was not disclosed. Flexiti, which offers point-of-sale financing and payment technology to retailers, said the funds raised will support continued growth and development of its platform. Founded in 2013 by CEO Peter Kalen, Flexiti reports its platform is currently used in more than 1,500 merchant locations and by more than 10,000 Canadian customers. The company closed a $5 million Series A financing last November.
2 min read · 01 August 2017
Dollars invested in the global financial technology sector more than doubled quarter over quarter in Q2 2017 to US$8.4 billion, according to a report by KPMG. The KPMG Pulse of Fintech report found M&A deal-making led global trends in this period with US$5.9 billion in deal value, while venture capital investment activity declined slightly at just over US$2.5 billion. In the Americas region, a single deal, the acquisition of Toronto's DH Corp by Vista Equity Partners, accounted for more than half the total fintech funding in the second quarter. This deal aside, most fintech investment was located in the United States and Europe.
6 min read · 01 August 2017
Stingray Digital Media Group Inc (TSX: RAY.A-B) has bought SBA Music PTY Ltd, a Sydney, Australia-based provider of in-store media solutions. No financial terms were released. Stingray, a multi-platform music services specialist, said the integration of SBA into its in-store media operation will support expansion in the Asia-Pacific market. Montréal-based Stingray raised $180 million in an initial public offering in 2015. It continues be a portfolio company of Caisse de dépôt et placement du Québec, Novacap, Telesystem and other investors.
3 min read · 01 August 2017
Montréal clinical-stage cardiovascular company Milestone Pharmaceuticals Inc has secured more than $68 million (US$55 million) in a Series C financing. The round, which brings Milestone's total funding to more than $100 million, was led by Denmark's Novo Holdings A/S. It was joined by new and existing investors, including Forbion Capital Partners, Tekla Capital Management, Domain Associates, Fonds de solidarité FTQ, BDC Capital, Pappas Capital and GO Capital. The funds raised will be used to advance Milestone's lead product, etripamil, into Phase 3 and pre-launch development. Founded in 2005, Milestone is led by President and CEO Joseph Oliveto.
6 min read · 01 August 2017
SPE Finance LLC, an affiliate of Serruya Private Equity (SPE), has agreed to exchange its secured term loan to Second Cup Ltd (TSX: SCU) for equity. The $8 million loan, provided to the Toronto-based specialty coffee retailer last December, will be converted to common shares for four SPE shareholders. As a result, each of the shareholders will hold about 6.9 percent of Second Cup's outstanding common shares or 7.2 percent if related warrants are exercised. Taken together, SPE shareholders will hold up to 28.89 percent of shares and have the right to nominate two board members with the deal's close next month. SPE is a Canadian family office.
4 min read · 31 July 2017
