Private Equity
Whitecap Venture Partners initially closed its fourth early-stage tech fund, securing most of the $125 million target. In all, Whitecap IV raised $110 million in commitments, the Toronto venture capital firm said in a news release. The money came from new and returning limited partners, including Kensington Capital Partners and Bank of Montreal. Whitecap also said it expanded its partnership team to include Steve Lau. Lau was formerly the co-CEO of FieldEdge, a U.S. field service management software provider acquired in 2018 by Advent International. Before then, he was an investment pro with Highland Creek Partners and Canada Pension Plan Investment Board.
2 min read · 29 January 2019
Fiix, a Toronto-based maintenance and asset management software provider, has raised about $53 million (US$40 million) in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners. It was joined by BuildGroup, which led Fiix's Series A and B financings. Georgian Managing Partner Simon Chong joined the board. Founded in 2008 and led by CEO James Novak, Fiix creates software that helps businesses plan and schedule their maintenance to increase production and decrease unplanned downtime. It reports revenue growth in the past year of more than 90 percent. Fiix will use the funds raised to continue scaling and explore new technologies, such as artificial intelligence, internet of things and predictive maintenance capabilities.
4 min read · 29 January 2019
CIBC Innovation Banking has invested in Altia, a Colorado Springs, Colorado-based provider of graphical user interface (GIU) software development tools and services. No financial terms were disclosed. The CIBC group will also provide global banking services. Founded in 1991, Altia provides GIU solutions to automotive, medical, industrial and consumer electronics companies worldwide. It will use the funds raised to expand its global footprint. Last year, PE Hub Canada interviewed Mark McQueen, the CIBC group's president and executive managing director.
2 min read · 28 January 2019
NEXT Trucking, a Lynwood, California-based technology company focused on connecting shippers and carriers to meet transportation demands, has raised US$97 million in a Series C financing. The round, which brings NEXT's total funding to US$125 million, was led by Brookfield Ventures, an investment arm of Brookfield Asset Management. It was joined by Sequoia Capital, GLP and others. NEXT, founded in 2015, will use the funds raised to accelerate product innovation, hire staff, and launch Relay, a new service designed to address systemic congestion at shipping ports, like those at Los Angeles and Long Beach.
4 min read · 28 January 2019
The federal government’s Venture Capital Catalyst Initiative (VCCI) has committed $50 million to venture capital financing for Canadian clean technology companies. The funding represents Stream 3 of the program, announced in 2017 to shore up venture capital supply in Canada. Applicants are invited to submit an application by March 1, 2019. VCCI, managed by BDC Capital, has previously committed $350 million to five fund-of-funds managers and $50 million to seven venture capital firms as part of its strategy. Last year, Ottawa created a $700 million fund, also managed by BDC, to support the growth plans of Canadian clean technology companies.
4 min read · 28 January 2019
Ample Organics Inc has acquired Last Call Analytics, a Toronto-based sales analytics and visualization platform for the North American beverage and alcohol industry. Terms weren't released for the acquisition, the first made by Ample Organics, a Toronto-based provider of software for cannabis seed-to-sale tracking and reporting. President and CEO John Prentice said insights generated by Last Call's platform will be critical to his business as the cannabis industry continues to evolve in Canada. Last year, Ample Organics raised financing from Osmington Inc and Green Acre Capital. Last Call has been backed since 2017 by FirePower Capital's Gap Debt fund.
3 min read · 28 January 2019
FLIR Systems Inc (Nasdaq: FLIR) has acquired Aeryon Labs Inc, a Waterloo-based developer of unmanned aerial systems (UAS) for the military, public safety and critical infrastructure markets. FLIR, a Wilsonville, Oregon-based maker of sensor systems, paid about $266 million (US$200 million). Founded in 2007 by Dave Kroetsch, Steffen Lindner and Mike Peasgood, Aeryon's technology is deployed by 20 military forces in more than 30 countries. FLIR said the deal expands its UAS capabilities with advanced airframes, sensors and flight management software. Aeryon's investors have included MaRS Investment Accelerator Fund and Summit Partners. Summit invested $60 million in the company in 2015.
4 min read · 28 January 2019
Mobeewave, a Montréal-based contactless payment acceptance platform, has raised financing from Samsung Venture Investment Corp, the venture capital arm of South Korean technology giant Samsung Group. The deal adds to the Series B round secured by company in November, bringing the total to nearly $27 million (US$20 million). The round's first tranche was led by NewAlpha Asset Management, Mastercard and Forestay Capital. Mobeewave partnered with Samsung last year to make its technology available on Samsung devices in target markets. It said the additional funds raised will support R&D initiatives. Mobeewave was founded in 2012 by co-CEOs Benjamin du Haÿs and Maxime de Nanclas.
4 min read · 28 January 2019
Montréal-based advertising technology provider district m has raised $12 million in financing, bringing its total funding to $20 million. The round was backed by new investor Investissement Québec, which committed $9 million, and existing investor Fonds de solidarité FTQ, which committed $3 million. Founded in 2013 and led by President and CEO Jean-François Côté, district m provides a marketplace for publishers and advertisers to connect and maximize digital advertising opportunities. It will use the funds raised for hiring staff, developing artificial intelligence capabilities, and expanding in North America and abroad.
4 min read · 25 January 2019
DISCO, an Austin, Texas-based enterprise legal technology company, has raised US$83 million in its latest financing, bringing total funding to US$135 million. The round was led by Canadian growth equity firm Georgian Partners, with participation from existing investors. Georgian Partner Tyson Baber joined the board. Founded in 2012, DISCO applies artificial intelligence and cloud computing to legal problems to help lawyers improve outcomes for their clients. The funds raised will be used for scaling U.S. and global operations. The company plans to open several international offices over the next few years, including in Canada.
3 min read · 25 January 2019
