Private Equity
Ecofuel Fund, a seed fund affiliated with Canadian clean technology venture capital firm Cycle Capital Management, has secured $40.6 million in a second close. The fund raised an additional $10.6 million in commitments. Investors in the initial and second closes included BDC Capital, CRIBIQ, Desjardins Capital, Fonds de solidarité FTQ, Fondaction and Investissement Québec. Ecofuel Fund, overseen by Managing Partners Richard Cloutier and Johanne Sévigny, will maintain its strategy of investing in clean technology startups located in Québec and Eastern Canada. Since 2017, it has backed 12 companies, including seven pre-seed deals as part of Ecofuel Accelerator.
2 min read · 25 January 2019
Caisse de dépôt et placement du Québec has invested an undisclosed amount in AddÉnergie Technologies, a Québec City-based provider of electric vehicle charging solutions. The Caisse, which was joined in the deal by the Québec government, partnered in a $12.8 million investment in the company in 2016. Founded in 2009 and led by President and CEO Louis Tremblay, AddÉnergie makes charging stations and develops network management software. It expects to have more than 100,000 stations in service within the next three years. AddÉnergie will use the funds raised to double production capacity at its Shawinigan plant, develop new products and pursue growth in the U.S. market.
4 min read · 24 January 2019
BDC Capital said it will provide scholarships for Canadian venture capitalists attending the Kauffman Fellows Program, with a focus on female professionals. BDC is offering up to two partial scholarships annually for the Silicon Valley program, which each year engages 35 to 50 venture capitalists from around the world in skills training and network building. To date, only seven Fellows are active in the Canadian industry. One of the scholarships is earmarked for a female professional and will be funded by BDC's Women in Technology Venture Fund. To be considered, applicants must apply to Kauffman Fellows by February 22nd.
3 min read · 24 January 2019
7shifts, a Saskatoon-based restaurant employee scheduling solution, has raised about $13.4 million (US$10 million) in a Series A financing. Napier Park Financial Partners, the private equity group of U.S. investor Napier Park Global Capital, led the round. It was joined by Teamworthy Ventures, existing backer Relay Ventures and former Snag CEO Peter Harrison. The funds raised will be used to accelerate the company's growth and enhance its product suite. Founded in 2014, 7shifts provides software to help restaurant operators and employees manage scheduling, team communication and shift feedback. The technology is used by more than 250,000 industry professionals worldwide.
5 min read · 24 January 2019
Two Hat Security has acquired ImageVision, an Anna, Texas-based image recognition and visual search company. No financial terms were disclosed. Two Hat, the Kelowna, British Columbia-based creator of Community Sift, said the acquisition will enhance its all-in-one content moderation solution for social platforms. Founded in 2012 by CEO Chris Priebe, Two Hat's artificial intelligence-enabled technology helps online communities filter abuse, harassment, hate speech, adult content and other disruptive behavior. Two Hat is backed by Canadian early-stage venture capital firm iNovia Capital.
3 min read · 23 January 2019
Natural Systems Utilities (NSU) has acquired Bennett Environmental Associates LLC, a Brewster, Massachusetts-based environmental and engineering services business. No financial terms were disclosed. NSU, a Hillsborough, New Jersey-based specialist in water reclamation and reuse innovation, said the deal facilitates its expansion into Cape Cod and the islands in Massachusetts. The company now operates more than 240 onsite systems in 10 states. NSU's backers include XPV Water Partners, a Canadian water-focused growth equity firm.
2 min read · 23 January 2019
Zafin, a Toronto-based provider of financial services software, has raised about $22.9 million (US$17.2 million) in a Series B financing. The round was led by existing Canadian investors Vistara Capital Partners and Beedie Capital as well as Accenture Ventures, the venture capital arm of Irish professional services company Accenture. Vistara Managing Partner Randy Garg will join the board. Founded in 2002 by CEO Al Karim Somji, Zafin’s technology supports relationship pricing, bundling and rates management strategies for global financial institutions. It will use the funds raised for sales and marketing and product innovation. In December, Accenture agreed to acquire select assets of Zafin and back its growth.
4 min read · 23 January 2019
K-eCommerce, a Montréal and Northville, Michigan-based provider of e-commerce solutions, has raised $2.3 million in financing. The round's backer was BDC Capital, which invested through its growth and transition capital group. Founded in 1999, k-eCommerce's cloud platform simplifies and accelerates the ability of businesses to sell online. Its solutions are used on more than 1,500 sites worldwide. Led by CEO Laurent Allardin, the company will use the funds raised for R&D, product development, sales and marketing efforts, acquiring new equipment, and improving infrastructure.
3 min read · 22 January 2019
Tilray Inc (Nasdaq: TLRY) has agreed to acquire Natura Naturals Holdings Inc, the owner of a Leamington, Ontario-based cannabis cultivator. Tilray agreed to pay up to $70 million in cash and stock, half of which will be delivered at closing, expected within the next 30 days. As a result, Tilray, a Nanaimo, British Columbia-based cannabis researcher, cultivator, producer and distributor, will obtain Natura’s 662,000 square-foot greenhouse facility. Last year, Tilray raised about US$153 million in an initial public offering in the United States. It continues to be majority owned by U.S. cannabis private equity firm Privateer Holdings.
4 min read · 22 January 2019
AmacaThera, a Toronto-based developer of injectable hydrogel technology for medical applications, has raised $3.25 million in initial seed-stage financing. The round was led by BioVentures and Viva Biotech and joined by Grey Sky Venture Partners and other investors. Based on research discovered at the University of Toronto, AmacaThera's technology aims to provide a sustained release of therapeutic agents from injectable, biocompatible hydrogels. Its first product, AMT-143, targets post-operative pain control with the goal of eliminating opioid use. AmacaThera will use the funds raised for Phase I clinical trials.
3 min read · 22 January 2019
