Kirk Falconer

Relay Ventures invests in $35 mln Series B financing of Scanadu

Scanadu Inc, a U.S. provider of mobile medical products to consumers, has secured US$35 million in Series B financing. The round was led by Fosun International and Tencent Holdings Ltd, with participation from China Broadband Capital and iGlobe Partners of Singapore. Other investors included Canadian venture capital firm Relay Ventures, which led Scanadu's Series A financing in 2013. Based in Mountain View, California, the company plans to use the proceeds of the follow-on investment to "further its vision to put the diagnostic power of a hospital in our smartphones." To date, Scanadu has raised US$49.7 million in funding.

Ontario government commits $25 mln to Scale Up Ventures Fund

The Ontario government has made a $25 million commitment to Scale Up Ventures Fund, a new venture capital fund that will provide startups in the province with a combination of early-stage capital, mentorship and market access. The fund will raise an additional $25 million from private investors. Led by Chair Nadir Mohamed, former CEO of Rogers Communications, the fund's activity will be supported by a leadership council of more than 30 Canadian business executives, including investment professionals Scott Bonham, founding partner of GGV Capital, Sam Duboc, CEO of Edgestone Capital Partners, and John Ruffolo, CEO of OMERS Ventures. The fund is expected to begin operations this summer.

Metamaterial Technologies secures $2 mln in funding from Innovacorp

Metamaterial Technologies Inc has received $2 million in financing from Canadian early-stage venture capital firm Innovacorp. According to a report by Entrevestor, the company has also raised $1.1 million from private investors, including First Angel Network. Based in Halifax, Metamaterial is an optical solutions and nano-composites company developing and commercializing metamaterial technology. It said it will use the new funds to tailor its product for the aerospace industry. Last year, the company received $3 million in research and development funding from the Atlantic Canada Opportunities Agency (ACOA).

IMMUNIO launched with $2.7 mln from Hoxton, Real Ventures, Bloomberg

IMMUNIO, a Canadian web security startup, has raised $2.7 million in a seed-stage financing. Investors in the round included British venture capital firm Hoxton Ventures, Canadian firm Real Ventures, and Bloomberg Beta, the venture investment arm of U.S. business and financial information provider Bloomberg LP. The funding deal was announced concurrently with IMMUNIO's emergence from stealth mode with a focus on bringing its new real-time web protection tools directly to web developers. Founded in 2013 by CEO Zaid Al Hamami and CTO Mike Milner, the company has its headquarters in Montréal.

SensorSuite raises $550k in funding to enable connected buildings

SensorSuite Inc, a provider of wireless monitoring and energy solutions to multi-residential, commercial and industrial buildings, has received $550,000 in financing. The backers of the round included Canadian venture capital firms Extreme Venture Partners and BDC Capital, as well as a number of angel investors. The company, which is based in Toronto, said the proceeds of the investment will support growth of its project pipeline and help fuel development of its smart buildings technology platform. SensorSuite was founded in 2012 by CEO Robert Platek, CTO Marc Carignan, Chief of Operations Vlad Platek and Vice President Salman Habib.

Shoreline Energy obtains creditor protection

Shoreline Energy Corp (TSX: SEQ), a Calgary-based oil and gas company, recently obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (CCAA). The company filed for CCAA protection as current cash in hand "would not allow it to meet its current obligations as they become due." Shoreline said it will continue operations and explore strategic alternatives, including restructuring debt obligations and pursuing asset sales. In 2013, the company entered into a funding agreement with U.S. private equity firm Acceleration Resources that included plans for an investment of up to $50 million in its Wattenberg Field assets in Colorado.

Brookfield affiliate to acquire Associated Estates Realty for $2.5 bln

U.S. real estate investment trust Associated Estates Realty Corp (NYSE, NASDAQ: AEC) has agreed to be bought by an affiliate of Brookfield Asset Management for about US$2.5 billion, including debt. The board of directors of the company has unanimously endorsed the transaction, which is expected to be completed in the second quarter, following a vote by shareholders. Headquartered in Richmond Heights, Ohio, Associated Estates manages a portfolio of 56 apartment communities containing 15,004 units located in 10 states. The Toronto-based Brookfield recently announced a US$1.1 equity issue to fund new deal opportunities.

Security manager TrackTik raises $1.5 mln from iNovia, Klass Capital

TrackTik, an integrated guard management software provider, has obtained $1.5 million in seed-stage funding. The round was led by Canadian venture capital firm iNovia Capital and was joined by existing investor Klass Capital. Klass Capital led TrackTik's prior financing in April 2014, which was also backed by several angel investors. The company, which assists security businesses in managing risk and gaining greater control over their operations, also announced the addition of Securitas North America to its list of clients. Based in Montréal, TrackTik was founded by President and CEO Simon Ferragne in 2010.

PSP Investments invests in U.S. specialty insurance provider AmWINS

The private equity group of Public Sector Pension Investment Board (PSP Investments) has made a strategic investment in AmWINS Group Inc, a distributor of specialty insurance products and services headquartered in Charlotte, North Carolina. The investment values the company at more than US$2.3 billion. As a result of the transaction, AmWINS is now equally owned by PSP, U.S. private equity firm New Mountain Capital, and the company's employees. The Montréal-based PSP, which currently has a $5 billion co-investment portfolio comprised of 12 businesses, including AmWINS, said the investment will support the company's continued global expansion.

North American Palladium to be recapitalized by Brookfield

Canadian precious metals producer North American Palladium Ltd (NAP) (TSX: PDL) has agreed to a recapitalization deal with Brookfield Asset Management's private equity group. Subject to receipt of a superior proposal prior to June 30, 2015, the deal will, among other things, see amounts owing to Brookfield converted into equity, giving Brookfield 92 percent of NAP's outstanding common shares. Following the deal's closing, the company will undertake a $50 million rights offering to raise equity. The offering will be backstopped by Brookfield and other parties. Brookfield has also provided a US$25 million interim credit facility to permit continued operations of the company's Lac des Iles mine in Ontario.