Private Equity
TELUS Ventures, the venture investment arm of telecommunications provider TELUS Corp (TSX: T), has made an undisclosed strategic investment in Sprout, a technology company focused on helping companies engage employees to improve their health and wellness. Sprout said the capital injection will enable it to expand the reach of its platform to additional businesses, and to increase the size of engineering, account management and customer success teams. TELUS Health said it has entered into a reseller arrangement with the company to allow TELUS to promote Sprout's solution to large enterprise customers. Founded in 2011, Sprout has offices in Toronto and Vancouver.
4 min read · 14 May 2015
Montréal-based mnubo, an Internet-of-Things data analytics company, has secured $6 million in Series A financing. The round was led by U.K. venture capital firm White Star Capital and was joined by Canadian firm McRock Capital. Founded in 2012, mnubo said funds will be used to expand its commercial team, enhance user experience, and accelerate data science and machine learning initiatives. It said that over the past year the company has seen an increase of over 400 percent in the number of connected objects on its platform, and now counts customers in North America, Europe and Asia. In April, McRock Capital's latest fund, McRock iNFund LP, exceeded its target with new limited partner commitments.
4 min read · 14 May 2015
Canadian private equity firm Serruya Private Equity has acquired Tivoli Audio LLC, an audio products manufacturing company with offices in Boston, Massachusetts and Utrecht, the Netherlands. The financial terms of the deal were not disclosed. Levy Capital Partners advised Tivoli on the transaction. Update: Serruya Private Equity, a Markham, Ontario-based firm that oversees the consumer brand investments of the Serruya family, said it will focus on enhancing Tivoli's market share by supporting the development of new products in additional locations around the world.
3 min read · 13 May 2015
Bit Stew Systems, a Canadian provider of data integration and management solutions to utilities, has closed a Series B financing to bring its technology to a broader range of customers, including energy businesses. The round, which provided Bit Stew with US$17.2 million in fresh capital, was led by the venture investment arm of U.S. conglomerate General Electric (GE), the second major strategic investor to throw its weight behind the startup.
3 min read · 12 May 2015
Wave Accounting Inc, a cloud-based provider of online software products "for the money side of small businesses," has secured $10 million in a Series C financing. The investors in the round included Charles River Ventures, OMERS Ventures, The Social+Capital Partnership, and an unidentified strategic investor in the global financial technology software sector. Financial Technology Partners advised the company on the transaction. Update: Founded in 2010, Wave has with the latest round attracted a total of $35 million in venture capital. The company, which is headquartered in Toronto, will use the deal's proceeds for continuing innovation and development of its small business financial tools.
4 min read · 12 May 2015
The acquisition of a local technology startup by a foreign buyer often inspires feelings of regret in Canadian hearts. However, there are no mixed emotions about the imminent sale of Distech Controls, a Brossard, Québec-based energy management specialist, to Acuity Brands. On the contrary, the deal is viewed as an unqualified win for Distech, its employees, its investors, and Canada's cleantech industry.
3 min read · 11 May 2015
Canadian brain health technology company InteraXon Inc has received $10 million in Series B financing. The round was led by OMERS Ventures, its second investment in the company since 2013, and was joined by Felicis Ventures, Horizons Ventures and Flextronics Lab IX. As part of the round, Kent Thexton, managing director of OMERS Ventures, is joining InteraXon's board of directors. Based in Toronto, InterAxon is the maker of Muse, a wearable brain fitness tool for reducing stress, increasing focus, and improving sleep and mental performance. Founded in 2007, the company has raised close to $22 million in venture capital investment, including the latest round.
3 min read · 07 May 2015
GaN Systems Inc, a Canadian developer of gallium nitride power switching semiconductors, has secured US$20 million in a Series C financing. Canadian venture capital firm Cycle Capital Management led the round with participation from BDC Capital, Tsing Capital, Chrysalix Energy Venture Capital and RockPort Capital. Update: GaN Systems, which has its headquarters in Ottawa, said the investment's proceeds will enable it to ramp up sales and marketing support for its international customer base and to continue manufacturing line expansion. Founded in 2008, the company has with the latest round raised close to US$30 million since 2011, according to Thomson Reuters' data.
3 min read · 07 May 2015
3 min read · 05 May 2015
JSS Medical Research Inc has bought Max Neeman International, a contract research organization (CRO) with headquarters in New Delhi, India, for an undisclosed amount. JSS, a Montréal-based CRO that offers clinical trial, health economics and outcomes research, post-marketing trial and market access solutions, said the acquisition widens its presence in the Asia-Pacific region. The deal was supported by an equity investment recently made in the company by Capital Croissance PME, a joint private equity fund of the Caisse de dépôt et placement du Québec and Capital régional et coopératif Desjardins.
4 min read · 04 May 2015
