Canadian real estate technology platform Real Matters Inc has appointed Lisa Melchior to its board of directors. Melchior is a former managing director of OMERS Private Equity (OPE). Joining OPE in 1999, she most recently led its North American technology investment group. Since late 2016, Melchoir has led Vertu Capital, a Canadian late-stage venture capital firm she founded. Markham, Ontario-based Real Matters, which is backed by Whitecap Venture Partners and other investors, is reportedly planning to raise an initial public offering this year.
2 min read · 14 February 2017
Edgefront Real Estate Investment Trust (TSX-V: ED.UN) has agreed to merge with Nobel Real Estate Investment Trust (TSX-V: NEL.UN) to create a $300 million REIT with 36 commercial properties located across Canada. The deal, which will see Noble unit-holders receive, for each trust unit held, 1.67 trust units of Edgefront, is expected to close in April. The combined company is expected to be named Nexus Real Estate Investment Trust. Canadian private equity firm TriWest Capital, Edgefront's largest unit-holder, has agreed to support the merger. Calgary-based Edgefront has an acquisition sourcing partnership with TriWest and RFA Capital Partners.
8 min read · 14 February 2017
Specialty finance firm Wellington Financial has invested $6 million in Electric Cloud, a San Jose, California-based DevOps release automation platform. Electric Cloud, whose technology solutions help organizations to deliver software faster by automating and accelerating build, deployment and release processes, also secured $5 million from Bridge Bank. The company said the funds raised will support operational expansion and further product development. Electric Cloud is backed by Rembrandt Venture Partners, US Venture Partners, RRE Ventures and Siemens Venture Capital.
4 min read · 14 February 2017
Vancouver mobile customer engagement platform Mobify has closed a follow-on financing. The undisclosed round was led by BDC Capital IT Venture Fund, a new investor, and joined by Acton Capital Partners, which led Mobify's $10 million Series A financing last year. As a result, BDC Capital Partner Andrew Lugsdin has taken a seat on the board. Led since its founding in 2007 by CEO Igor Faletski, Mobify has developed technology that helps retailers and brands to boost revenue by building strong customer relationships. It said the latest round follows the company's best sales year to date. Last April, Mobify bought machine learning platform Pathful.
4 min read · 14 February 2017
Callidus Capital Corp's (TSX: CBL) exploratory privatization process has attracted the interest of 17 parties, meeting the expectations of its majority owner, Canadian private equity firm Catalyst Capital Group. Catalyst's Newton Glassman, who is also executive chairman and CEO of Toronto specialty lender Callidus, said 17 parties were approved to enter into non-disclosure agreements and participated in the initial stage of the process. A smaller number are expected to continue discussions about a potential deal, he added. The process, which is being advised by Goldman, Sachs & Co, was launched last year and is scheduled to wrap up by the end of Q2 2017.
3 min read · 14 February 2017
Source Energy Services Ltd, a Calgary proppant sourcing and oilfield logistics company, has filed with most Canadian securities commissions for an initial public offering of its common shares. The IPO, which has not yet been priced, will run concurrently with a secondary offering by Canadian private equity firm TriWest Capital Partners, the company's backer since 2013, and other shareholders. Source Energy, which operates from locations across Western Canada and in United States, may seek a $1 billion valuation in a listing, Bloomberg recently reported. Last week, STEP Energy Services Ltd, an oilfield service provider backed by ARC Financial Corp, also filed to go public.
3 min read · 14 February 2017
QD Solar Inc, a Toronto solar technology startup created by the University of Toronto and MaRS Innovation, has secured $2.5 million in a Series A financing. The round was led by Dutch venture capital firm DSM Venturing with participation from MaRS Innovation and Saudi Arabia's KAUST Innovation Fund. The company said the round's proceeds bring available funding from all sources to $10 million. That includes $2.5 million raised from Sustainable Development Technology Canada last year. Founded in 2014, QD Solar has developed quantum dot-based solar cells that can absorb wasted infrared light and boost the output of solar panels.
4 min read · 13 February 2017
Canada is creating "financially unattractive" technology companies, according to a new study by the Impact Centre at the University of Toronto. The study, which compared 49 of Canada's largest-financed technology ventures to 49 U.S.-based unicorns, found that the former wait longer before raising funds; they raise funds less often; and they raise less money over time. As a result of a better fundraising experience, U.S. companies tend to scale more rapidly, the study found. This is evidenced in a U.S. growth rate of 63 percent per year compared with a Canadian rate of 47 percent.
2 min read · 13 February 2017
Canadian specialty finance firm Wellington Financial has invested US$6 million in Electric Cloud, a San Jose, California-based DevOps release automation platform. Electric Cloud, whose technology solutions help organizations to deliver software faster by automating and accelerating build, deployment and release processes, also secured US$5 million from Bridge Bank. The company said the funds raised will support operational expansion and further product development. Electric Cloud is backed by Rembrandt Venture Partners, US Venture Partners, RRE Ventures and Siemens Venture Capital.
5 min read · 13 February 2017
Presteve Foods Ltd, the debut investment of Canadian family office Tricor Pacific Founders Capital, has acquired La Nassa Foods Inc, a Kingsville, Ontario freshwater fish processor and distributor. No financial terms were released. La Nassa will as a result form part of Wheatley, Ontario's Presteve and be held by Purewater Foods Inc, a specialty protein investment platform created by Tricor Founders. Ulysses Pratas, Presteve's founder and president, said the deal will help make the company a leading North American supplier of wild, freshwater fish and other specialty seafood. Last November, Tricor Founders acquired home meal replacement company Fresh Selections Inc.
3 min read · 10 February 2017
