Identity authentication solutions provider SecureKey Technologies Inc has raised $27 million in follow-on funding. The round's backers include the Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD Bank. They are partnering with the company to accelerate the commercial rollout of a privacy-enhancing digital identity network. Toronto-based SecureKey also announced that Founder Greg Wolfond has returned as CEO to oversee the initiative. SecureKey has previously raised funds from venture capital firms, including Blue Sky Capital and Rogers Venture Partners, which led its $19 million round in early 2015.
4 min read · 18 October 2016
Mio Global, a Canadian sports and fitness technology company, has raised about $20 million (US$15 million) in a Series B financing. The round was led by Hydra Ventures, the corporate venturing arm of Germany's Adidas AG, and joined by private investors. Founded in 2000 by CEO Liz Dickinson, Vancouver-based Mio Global is a developer of wearable fitness products. It said it plans to use the funds raised to bring its personal health metric device and Mio SLICE, the next generation of Mio's wrist-based heart rate sensors and activity trackers, to market. The investment will also support further technology enhancements.
4 min read · 18 October 2016
Personalized health platform Newtopia Inc has raised $10 million in a Series A financing. The round was led by a syndicate of U.S. and Canadian investors, including Bloom Burton & Co, an investment banking firm specializing in the health sector. Bloom Burton previously invested in the company in late 2014. Based in Toronto and New York, Newtopia uses genetic testing and behavioural science to build personalized disease prevention plans for the workplace. It plans to use the funds raised to expand its geographic reach in the United States. Founded in 2008 by CEO Jeff Ruby, Newtopia's other investors have included BDC Capital.
4 min read · 18 October 2016
Transcontinental Inc (TSX: TCL.A, TCL.B) has acquired all of the shares of Flexstar Packaging Inc, a Vancouver-based flexible packaging supplier. No financial terms were released. Flexstar is a maker of custom-printed, laminated, flexible roll-stock and specialty films for the consumer and industrial markets. Montréal-based Transcontinental, a publishing, media and marketing business, said the acquisition extends its footprint to Canada's West Coast and introduces new manufacturing capabilities. Flexstar was sold by Canadian private equity firm Stern Partners, which led the company's acquisition in 2005.
3 min read · 17 October 2016
Canadian venture capital firm Quark Venture and GF Securities Co Ltd, a Chinese investment bank, have launched a US$500 million health sciences fund. The fund, which held an initial close of US$100 million, will invest in global biotechnology and health sciences companies. Karimah Es Sabar, recently named Quark's CEO and partner, said it will focus on building a portfolio of "game-changing innovations in drug development, medical devices, health IT and emerging convergent technologies." Quark earlier this month led the US$30 million financing of Vancouver's MSI Methylation Sciences Inc.
3 min read · 17 October 2016
Canadian electric and gas utility business Fortis Inc (TSX: FTS) and Singapore sovereign wealth fund GIC Private Ltd have closed their acquisition of ITC Holdings Corp, an electricity transmission company headquartered in Novi, Michigan. The previously-announced deal had a value of US$11.3 billion. With the close, ITC's common stock will be de-listed from the New York Stock Exchange. The ITC acquisition puts Fortis among the top 15 North American regulated investor-owned utilities ranked by enterprise value, the company said. Earlier this year, GIC agreed to take a 19.9 percent interest in ITC for about US$1.2 billion.
7 min read · 17 October 2016
Portag3 Ventures, a new Canadian venture capital fund focused on deal-making in the financial technology (fintech) industry, has closed at an undisclosed amount. The fund is an exclusive corporate partnership of financial affiliates of Montréal-based Power Corp (TSX: POW), including Power Financial Corp, IGM Financial Inc and Great-West Lifeco Inc. Adam Felesky, co-founder and former CEO of Horizons Exchange Traded Funds, has been appointed president of Portag3, and Paul Desmarais III, a vice-president of Power Corp, will serve as executive chairman. Portag3 will target investments in early-stage fintech opportunities in Canada.
3 min read · 17 October 2016
Biologic products company Sterinova Inc has opened its plant in Saint-Hyacinthe, Québec. The launch was made possible by about $70 million in funding from a group of Québec investors. They include the Fonds de solidarité FTQ, Fonds Manufacturier Québécois, Saint-Hyacinthe Technopole, Desjardins, Investissement Québec and Canada Economic Development for Quebec Regions (CED). Established in 2012, Sterinova specializes in the development and manufacture of sterile, ready-to-use injectable products for domestic and international markets.
5 min read · 14 October 2016
Toronto-based Industrial SkyWorks, an unmanned aerial vehicle (UAV) and data analytics company, recently secured an investment from Ontario's Georgian Angel Network. The deal's financial terms were not released. Founded three years ago, Industrial SkyWorks has developed a first product, SkyBEAM, which uses aerial vehicles to photograph and map building "envelopes" for assessment and inspection purposes. Michael Cohen, the company's president and CEO, said the funds raised will accelerate sales and marketing activities.
2 min read · 14 October 2016
Future Design School (FDS) has raised an undisclosed seed-stage financing led by MaRS Catalyst Fund, a $5 million social venture fund managed by MaRS Discovery District. Founded last year by CEO Sarah Prevette, Toronto-based FDS provides educational programs to students, teachers and business professionals that aim to foster innovation and entrepreneurship. It currently offers programs in Toronto, Waterloo and London. FDS is the first business to receive an investment from the MaRS fund, which is backed by Sir Richard Branson’s Virgin Unite Foundation.
2 min read · 14 October 2016
