Delve Labs, a Montréal specialist in autonomous security solutions, has raised $1.5 million in seed-stage financing. The round was backed by Canadian investors Real Ventures, Desjardins Innovatech and Fonds Québecor Innovation. Delve Labs is the developer of Warden, an artificial intelligence-based assessment software platform that provides continuous security to enterprises. It will use the proceeds of the seed round to accelerate growth and meet increased demand. Founded in 2013, Delve Labs was a 2015 participant in FounderFuel's startup accelerator program.
3 min read · 15 December 2016
Encycle Corp, formerly known as Regen Energy Inc, has closed an initial tranche of an $11.5 million financing. Prelude Ventures and NGEN Partners led the investment and were joined by BDC Capital, Duke Ventures, Export Development Canada and EnerTech Capital. Founded in 2005, Toronto's Encycle has developed technology that enhances the performance of heating, ventilation and air conditioning systems to help commercial and industrial companies incur savings and reduce their carbon footprint. It will use the funds raised to support the launch of its latest product. Encycle also has offices in San Marcos, California and Taunton, United Kingdom.
3 min read · 15 December 2016
Montréal travel search app Hopper Inc has secured $82 million in a Series C financing, bringing its total funding to date to $104 million. The round was led by Caisse de dépôt et placement du Québec (CDPQ). It was joined by existing investors Brightspark Ventures, Accomplice, OMERS Ventures, Investissement Québec and BDC Capital IT Venture Fund. Founded in 2007 by CEO Frédéric Lalonde, CTO Joost Ouwerkerk and Lead Engineer Sébastien Rainville, Hopper has developed a mobile application that uses big data to predict and analyze airfare. It plans to use the funds raised to further scale its growth, expand its global presence, and partner with more airlines abroad.
4 min read · 15 December 2016
U.S. consumer private equity firm Brentwood Associates has invested nearly $50 million in SAXX Underwear, a Vancouver designer of men’s underwear brands. Founded in 2006 by Trent Kitsch, SAXX was acquired in 2010 by private investors, who remain the majority shareholders. The company reports showing revenue growth of more than 75 percent annually since 2012. Brentwood said it plans to build on this growth by helping broaden SAXX's product portfolio, enhance its digital presence, and expand its international distribution. SAXX is led by CEO Tim Bartels and chaired by Terry Holland, head of Canadian private equity firm Krystal Financial Corp.
4 min read · 15 December 2016
4 min read · 15 December 2016
4 min read · 15 December 2016
U.S. private equity firm Lake Pacific Partners has exited Maxi Canada Inc, a maker of frozen chicken products based in St-Lin-Laurentides, Québec. The exit resulted from the company's acquisition this week by U.S. private equity firm Altamont Capital Partners. Lake Pacific invested in Maxi in 2002. William Voss, managing director of Lake Pacific, said that during the investor's period of ownership the business "achieved dramatic growth, added capacity, shifted away from foodservice and industrial markets, built well-known brands and greatly expanded retail distribution."
2 min read · 14 December 2016
Star Mountain Capital, a U.S. lower mid-market alternative assets manager, has hired Mark Weisdorf as a strategic investor and senior advisor. Weisdorf, a 35-year market veteran, previously worked at Canada Pension Plan Investment Board, where between 2000 and 2003 he served as head of private market investments. During his time at CPPIB, he was a co-founding member of the Institutional Limited Partners Association (ILPA). Between 2005 and 2014, Weisdorf served as CEO and managing director of J.P. Morgan Asset Management's infrastructure investments group.
3 min read · 14 December 2016
Steelhead Petroleum Ltd has agreed to acquire Toro Oil & Gas Ltd (TSX-V: TOO), a Calgary junior energy company focused on opportunities in the Alberta-Saskatchewan Viking light oil fairway. Steelhead will acquire all of Toro's outstanding common shares and purchase warrants for a total purchase price of $44.1 million. Toro senior officers and directors holding about 21 percent of shares have agreed to vote in favour of the deal. It is expected to close in early 2017. Calgary oil and gas company Steelhead was launched last year with initial funding from ARC Financial Corp, a Canadian energy private equity firm.
5 min read · 14 December 2016
Aircraft Technical Publishers (ATP) has acquired CaseBank Technologies Inc, a Toronto-based provider of diagnostic, troubleshooting and fault detection solutions for the aviation, aerospace and defense industries. The deal's financial terms were not disclosed. ATP, which is headquartered in San Francisco, said the acquisition will enhance its information management and service offerings to customers in the aviation industry. ATP was acquired by U.S. private equity firm ParkerGale Capital in November 2015.
2 min read · 14 December 2016
