San Francisco-based digital wealth management specialist Personal Capital has secured US$75 million in a Series E financing. IGM Financial Inc, an affiliate of Canadian financial holding company Power Financial Corp, was the sole investor in the round. It invested US$50 million initially and has committed to investing another US$25 million in the next year. Personal Capital, founded in 2009, said the round valued it at about US$500 million. It plans to use the proceeds of the investment to scale the business and add to its suite of financial services.
4 min read · 20 May 2016
Convene, a U.S. provider of conference spaces and services for off-site meetings, has raised an additional US$20 million for its Series B round, bringing its total to US$35 million. The extension was led by the property investment arm of Toronto-based Brookfield Asset Management, and joined by Arrowpoint Partners, Conversion Capital, Boathouse Capital and Sunrise Capital Partners. New York-based Convene said the funds raised will be used to increase its locations to over 20, and support acquisitions. The company expects to raise a Series C financing later in 2016 to fund global growth and platform development.
3 min read · 20 May 2016
Convene, a U.S. provider of conference spaces and services for off-site meetings, has raised an additional US$20 million for its Series B round, bringing its total to US$35 million. The extension was led by the property investment arm of Toronto-based Brookfield Asset Management, and joined by Arrowpoint Partners, Conversion Capital, Boathouse Capital and Sunrise Capital Partners. New York-based Convene said the funds raised will be used to increase its locations to over 20, and support acquisitions. The company expects to raise a Series C financing later in 2016 to fund global growth and platform development.
3 min read · 20 May 2016
Sulliden Mining Capital has invested $5 million in Carpathian Gold Inc, a Toronto-based gold exploration and development company. As part of the deal, Sulliden's Peter Tagliamonte and Stan Bharti have joined the company's board, and will play an active role in the development of its Rovina Valley Gold Project in Romania. In a separate statement, Carpathian said it has also secured funding from Black Iron Inc. Toronto-based Sulliden is focused on acquiring and investing in mining projects and companies.
4 min read · 19 May 2016
AMP Capital and Northleaf Capital Partners have closed their buy of Chicago Downtown Public Parking System (Millennium Garages), the largest underground parking system in the United States. The deal, announced earlier this year, saw LMG2 LLC sell the system to MPG LLC, a joint venture established by AMP and Northleaf, for US$370 million. The acquisition gives MPG exclusive rights and obligations to manage, maintain and collect revenue in connection with Millennium Garages. Chicago-based SP Plus Corp has been appointed by MPG as the system's operator. Based in Toronto, Northleaf is a private equity and infrastructure investor with over $7 billion under management.
2 min read · 19 May 2016
Canadian venture capital firm Avrio Capital has invested a total of $15 million in three new portfolio companies. They are: Intelia Technologies Inc, a Montréal-based maker of control systems and data analytics services for the poultry and swine markets; Alasko Foods Inc, a Montréal-based supplier of branded and private label frozen fruits and vegetables; and Cadcan Marketing & Sales Inc, which operates as CheeCha Puffs, a Calgary-based healthy snack foods provider. Avrio made the investments through Avrio Ventures LP III, which raised $110 million in a final close in February. The fund invests in late-stage opportunities in agricultural and food technology sectors.
4 min read · 19 May 2016
Canadian venture capital firm Avrio Capital has invested a total of $15 million in three new portfolio companies. They are: Intelia Technologies Inc, a Montréal-based maker of control systems and data analytics services for the poultry and swine markets; Alasko Foods Inc, a Montréal-based supplier of branded and private label frozen fruits and vegetables; and Cadcan Marketing & Sales Inc, which operates as CheeCha Puffs, a Calgary-based healthy snack foods provider. Avrio made the investments through Avrio Ventures LP III, which raised $110 million in a final close in February. The fund invests in late-stage opportunities in agricultural and food technology sectors.
4 min read · 19 May 2016
Tony James, president and COO of Blackstone Group LP, will be one of the star attractions at next week’s annual conference of the Canadian Venture Capital and Private Equity Association (CVCA). James, Blackstone’s No. 2 executive, will deliver the opening keynote address at the Toronto event on Wednesday, May 25th.
2 min read · 19 May 2016
Bit Stew Systems Inc, a Canadian data integration platform for the industrial Internet, has wrapped up the initial close of its Series C financing. The undisclosed tranche was backed by existing investors, including Yaletown Partners, GE Ventures and BDC Capital, and new investors, including Canadian fund of funds Kensington Capital Partners. Based in Vancouver, Bit Stew has recently expanded its customer base and introduced its technology to new industries and applications. Raising more than $30 million in funding, including $20.6 million from its Series B round last May, the company reported record growth of late. In 2015, Bit Stew's revenue increased 171 percent year over year.
4 min read · 19 May 2016
PharmaCan Capital Corp, a merchant bank that invests in the Canadian medical marijuana industry, has appointed Michael Gorenstein as its president and CEO, replacing Paul Rosen, who has resigned. Gorenstein, who has served as vice-chairman of PharmaCan, is a partner at Alphabet Ventures, a New York-based investment management firm. Toronto-based PharmaCan also announced the close of the first tranche of a $6 million private placement deal.
4 min read · 18 May 2016
