Canadian life sciences venture capital firm Lumira Capital said that a portion of the profit share from its latest fund, Lumira Capital IV, will be donated to up to fifteen healthcare foundations in Canada. The donation will support foundations' research, translational medicine and healthcare access missions. Additionally, affiliated foundation institutions will gain access to Lumira's team and networks to accelerate their strategies. Lumira said the initiative was welcomed by fund investors, including BDC, Caisse de dépôt et placement du Québec, Fondaction CSN, Fonds de solidarité FTQ, Iljin, Kensington Capital Partners, Northleaf Capital Partners and Teralys Capital.
4 min read · 06 June 2017
Canadian chatbot startup Zoom.ai Inc has raised $2.1 million in a seed-stage financing. Ten venture capital firms and angel investors backed the round, including leader Extreme Venture Partners (EVP) as well as Betaworks NYC, MaRS IAF, Golden Triangle Angel Network, BDC Capital, Good News Venture Partners, TribalScale and others. Founded last year by CEO Roy Pereira, Toronto-based Zoom.ai has developed an automated virtual assistant that helps offload unimportant workplace tasks and increase productivity. The company will use the funds raised to expand its team to include sales, customer success, support and marketing.
6 min read · 06 June 2017
BDC Capital has earmarked $250 million for investment in Canadian growth equity opportunities over the next five years. The initiative, which forms part of a $1.8 billion strategy announced in April, will focus on making minority investments of $2 million to $25 million in companies with at least $5 million to $10 million in revenue. Overseeing the initiative will be Vice President Claude Miron. Miron replaces Elmer Kim, who joined BDC last year to launch the growth equity practice and team. Miron has nearly three decades of experience in a range of professional roles in the corporate finance, mezzanine, private equity and venture capital markets.
4 min read · 05 June 2017
Alpine Growth Partners has invested in Datavalet Technologies Inc, a Montréal-based designer, installer and manager of customizable wireless environments. No financial terms were disclosed. With the deal, Alpine Managing Partners Toby Chang and Daniel Forest have joined the company's management team. Founded in 1998, Datavalet reports that its services reach more than 9,000 customer locations and manage more than 120 million user sessions annually. The partnership with Alpine is intended to accelerate Datavalet's long-term growth. Alpine makes control investments in small Canadian and U.S. businesses.
3 min read · 05 June 2017
Omnitracs LLC has agreed to acquire the assets of Shaw Tracking, a fleet management solutions provider in Canada, from Shaw Communications Inc. No financial terms were released for the deal, which is expected to close this summer. Omnitracs, a Dallas-based fleet management solutions specialist, said the buy puts it at the forefront of responding to major changes in the Canadian transportation industry. Omnitracs has been backed by U.S. private equity firm Vista Equity Partners since 2013. The Wall Street Journal recently reported that Vista is planning to sell the business for as much as US$2 billion.
4 min read · 05 June 2017
GroupBy Inc has acquired Edgecase, a U.S. retail data enrichment software company. No financial terms were released. GroupBy, a Toronto-based e-commerce search and merchandising provider, said the deal will create a comprehensive cross-channel digital commerce solution. It will also provide GroupBy with a U.S. headquarters in Austin, Texas. Founded in 2012, Edgecase has been backed by Allegro Venture Partners, Austin Ventures, Contour Venture Partners, Floodgate and other investors. GroupBy, founded in 2014, is a portfolio investment of Canadian venture capital firm BEST Funds.
4 min read · 05 June 2017
Canadian private equity firm Ironbridge Equity Partners has acquired control of Avena Foods Ltd, a Regina producer of gluten-free oat products for the celiac and non-celiac gluten sensitive market. No financial terms were disclosed for the deal, which will see Ironbridge partner with the company's management team to pursue continued growth. Founded in 2008 by a group of Canadian farmers, Avena has an established network of more than 90 gluten-free and organic oat growers across the Prairies and a milling facility. Ironbridge closed its third mid-market fund at $238 million last year. Update: Ironbridge said Avena is Fund II's 10th investment.
2 min read · 05 June 2017
Canadian private equity firm Novacap has invested in Owen & Co Ltd, which operates as Kingsdown Canada, a Toronto-based manufacturer and seller of mattresses and bedding products. No financial terms were released. Founded in 1995, Kingsdown operates out of three manufacturing facilities in Canada and sells its products to furniture retailers, department stores, specialty businesses and hotel chains across North America. Novacap Senior Partner Marc Paiement said the investor will work with Kingsdown's management, led by President and CEO Michael James, to drive growth in existing markets and expand into new markets.
2 min read · 05 June 2017
Beanworks Solutions Inc, a Vancouver accounting automation company, has raised $4.5 million in a Series A financing. Vancouver Founder Fund and TIMIA Capital Corp led the round. Founded in 2012, Beanworks has developed a software-as-a-service platform that helps enterprises manage their accounts payable workflows and pay their vendors. Led by CEO Catherine Dahl, the company plans to use the funds raised to scale its operations. PE Hub Canada earlier this week reported on TIMIA's $2 million revenue financing agreement with Beanworks.
3 min read · 02 June 2017
Aurora Plastics LLC has acquired Reinier Plastics Inc, a Marieville, Québec-based manufacturer of high quality polyvinyl chloride (PVC) compounds and alloys. No financial terms were released. Streetsboro, Ohio-based Aurora, which supplies a range of customized rigid PVC products, said the deal expands its product offering, supply chain and geographic footprint. The company has made plans to invest in Reinier's Canadian facility. Last August, Aurora was acquired by Ontario Teachers’ Pension Plan and U.S. private equity firm Wind Point Partners.
3 min read · 02 June 2017
