Toronto financial technology company Borrowell has secured $12 million in a Series A financing. The round was led by Portag3 Ventures, Equitable Bank and White Star Capital and joined by FirstOntario Credit Union and other new and existing investors. The company said it also raised $45 million in new credit facilities supplied by Concentra and FirstOntario. Launched in 2014, Borrowell provides an online system for users to access free credit scores, personal loans and financial recommendations. Led by CEO Andrew Graham, it will use the funds raised to accelerate product adoption and invest in artificial intelligence to enhance its financial tools.
5 min read · 21 July 2017
KGK Science Inc, a contract research organization (CRO) offering human clinical trials and regulatory services to the health nutrition industry, has secured an investment from CPS Capital, a Canadian private equity firm. No financial terms were disclosed. The partnership with CPS will help the London, Ontario-based company pursue strategic growth opportunities. Founded in 1997, KGK Science is led by President and CEO Najla Guthrie. Vancouver's CPS provides growth capital to small and medium-sized businesses in Canada, the United States, and other developed markets.
2 min read · 20 July 2017
Vancouver renewable energy company Alterra Power Corp (TSX: AXY) has agreed to share ownership of the 200 megawatt Flat Top wind project with BlackRock Real Assets, an affiliate of U.S. investment manager Blackrock Inc. BlackRock Real Assets acquired a 49 percent sponsor-partner interest in the project. No financial terms were released. Alterra acquired the central Texas asset in 2016, placing a US$1.6 million security deposit with the local transmission provider. The company is undertaking construction of the project, which is expected to be in operation by the first half of 2018.
3 min read · 20 July 2017
Montréal-based financial technology startup TickSmith Corp has closed a $2 million strategic investment with Illuminate Financial Management, a U.K. venture capital firm. Launched in 2012, TickSmith provides software that helps manage capital markets data. Its assists exchanges, trading groups and other financial services businesses with data centralization and distribution, surveillance, risk management, strategy discovery and analytics. Led by Co-Founder and CEO Francis Wenzel, the company plans to use the funds raised to further commercialize its flagship product, TickVault, and build a global client base.
4 min read · 20 July 2017
Ada Support Inc has emerged from stealth to launch its automated chat platform and raise $2.5 million in initial funding. The round was led by U.S. venture capital firm Bessemer Venture Partners and joined by Canadian firm Version One Ventures. Led by Co-Founders Mike Murchison and David Hariri, Toronto-based Ada provides customer support automation software that enables companies to leverage machine learning to give instant answers to questions in chat. The platform has been growing 30 percent and answering 2 million questions on a monthly basis, the company said. Ada will use the funds raised for growth and product development.
3 min read · 20 July 2017
Canadian private equity firm Novacap has invested in Bestar Inc, a designer, maker and distributor of ready-to-assemble home and office furniture primarily sold online in Canada and the United States. No financial terms were disclosed for the deal, which will support the growth strategy of the Lac-Mégantic, Québec-based company. Founded in 1948, Bestar is led by President Mario Aubé. It was previously backed by Fonds de solidarité FTQ. The new investment was made by Novacap's industries group. Last year, the group closed its fourth mid-market fund, Novacap Industries IV, at $470 million.
2 min read · 20 July 2017
Novacap has closed its fifth mid-market technology fund, securing $840 million with the help of an expanded base of limited partners. Novacap TMT V exceeded by 40 percent its original goal of $600 million, the Montréal private equity firm announced today. The fund is more than twice the size of its predecessor, which raised $380 million in 2014. Fund V is the largest raised in Novacap’s 35-year history. Its close brings assets managed by the firm to $2.25 billion.
2 min read · 20 July 2017
2 min read · 20 July 2017
Canadian private equity firm Ironbridge Equity Partners has bought the assets of Armtec LP’s Ontario Standard Precast Concrete division. No financial terms were released. Ironbridge said the business, a maker of precast landscaping and structural concrete building products, will operate as Power Precast Solutions Ltd in Ottawa and Brooklin Concrete Products Corp in other locations. The investment is the eleventh made by Ironbridge Equity Partners II. Armtec, a Canadian maker of infrastructure products and engineered construction solutions, was acquired by Brookfield Asset Management's private equity group in 2015.
2 min read · 19 July 2017
The British Columbia Investment Management Corp (bcIMC) reported a 12.4 percent annual return in fiscal 2017, versus a combined market benchmark of 11.7 percent. This resulted in $680 million in added value, bringing bcIMC's total assets under management to $13.6 billion. Performance was supported by infrastructure, private equity, real estate and renewable resources, all of which delivered above-benchmark returns. The pension fund committed $9.9 billion to illiquid assets in the fiscal year. Private equity's allocation stood at $7.8 billion or 5.8 percent of the total.
3 min read · 19 July 2017
