Canadian alternative assets manager and advisor Kensington Capital Partners has appointed Greg Cochrane to the firm's advisory board. Cochrane is a managing partner at VRG Capital Corp, a Toronto-based family office focused on private equity investments. Since joining VRG in 2011, he has been a lead investor in several private companies, from real estate to financial services. Cochrane also sits on the advisory board of Lumira Capital, a Canadian life sciences venture capital firm.
2 min read · 21 March 2016
Shareholders of Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) have approved the company's proposed merger with Fuel Systems Solutions Inc (Nasdaq: FSYS). The deal, announced in September, will create a premier alternative fuel vehicle and engine company with an expanded product and technology portfolio, and a combined equity value of $351 million, Vancouver-based Westport said. In January, U.S. private equity firm Cartesian Capital Group agreed to invest up to $71.3 million in Westport to support its growth initiatives.
7 min read · 21 March 2016
Finance Minister Bill Morneau has announced the federal government's new Advisory Council on Economic Growth. The council's 14 members include: Katherine Barr, general partner at Mohr Davidow Ventures and a former C100 co-chair; Angela Strange, partner at Andreessen Horowitz and a current C100 co-chair; and Ilse Treurnicht, CEO of MaRS Discovery District and a former venture professional. Michael Sabia, head of the Caisse de dépôt et placement du Québec, was also appointed, as was Mark Wiseman, president and CEO of Canadian Pension Plan Investment Board.
3 min read · 21 March 2016
In its 2016-2017 budget, the Québec government announced commitments to two venture capital funds. It said it would commit $20 million to the second early-stage life sciences fund managed by Montréal-based venture capital firm GeneChem. The fund, AmorChem II, invests in R&D-stage initiatives to enable pre-clinical proof-of-concept in a semi-virtual mode. Additionally, the government said it would commit $30 million to a new clean technology seed-stage fund. These commitments are intended to help leverage additional capital from private sector investors.
4 min read · 21 March 2016
Toronto-based Nudge Rewards, formerly known as Greengage Mobile, has secured $825,000 in financing. MaRS Investment Accelerator Fund, RBC Impact Fund and angel investors accounted for $550,000 of the round, while the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) accounted for the balance. Founded in 2012, Nudge is mobile software developer that helps companies increase sales and profitability by improving team performance. It will use the funds raised to expand its platform to include occupational health and safety programs.
3 min read · 21 March 2016
MaRS Catalyst Fund, which is managed by Toronto-based innovation hub MaRS Discovery District, has begun the process of investing in up to a dozen Canadian early-stage, for-profit companies founded to solve a social or environmental issue. It is currently looking to close two seed-stage investments for $250,000 each in the health and education markets. The fund, launched in late 2014 with the backing of Sir Richard Branson’s Virgin Unite Foundation and Mindset Foundation, has so far raised $3 million of a targeted $5 million.
3 min read · 21 March 2016
U.S. mining private equity firm Resource Capital Funds (RCF) has closed the second tranche of a US$15 million private placement deal with First Bauxite Corp (TSX-V: FBX). Earlier this month, RFC was issued US$11 million in a convertible note. The first tranche, which totaled US$4 million, closed in October. RCF also holds an option to purchase up to US$20 million in additional notes from the company. Toronto-based First Bauxite is an explorer and developer of bauxite deposits in Guyana. The deal's proceeds are intended to support the company's financial position and bauxite project work.
5 min read · 21 March 2016
Montréal-based Teralys raised its fund thanks to VCAP and 16 LPs, including European institutional investor Bpifrance
3 min read · 21 March 2016
Montréal-based Teralys Capital has closed its second venture fund of funds, Teralys Capital Innovation Fund (TCIF), at its hard-cap target of $375 million. It is the third and largest fund closed in partnership with Ottawa's Venture Capital Action Plan (VCAP). VCAP-backed funds have so far collected about $1.3 billion in committed capital, two-thirds of which was provided by a mix of corporate, institutional and other private sector investors.
3 min read · 21 March 2016
The Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ have made a minority investment of $80 million in Triotech, a Canadian provider of immersive and interactive attractions for the entertainment industry. Headquartered in Montréal, Triotech designs, manufactures and markets rides that integrate multiple technologies to deliver a multi-sensorial experience. Its products are installed in more than 50 countries and over 53 million people have experienced them, the company reports. Triotech was founded in 1999 by President and CEO Ernest Yale.
3 min read · 18 March 2016
