Canada

VC-backed Shopify to acquire 6 River Systems

Ottawa-based Shopify, a multi-channel commerce platform, has agreed to acquire Waltham, Massachusetts-based 6 River Systems Inc, a provider of collaborative warehouse fulfillment solutions. The deal is valued at about US$450 million. Orrick advised Shopify on the transaction. The acquisition is expected to close in the fourth quarter of 2019. Shopify's backers include OMERS Ventures, Bessemer Venture Partners, FirstMark, Felicis Ventures, Insight Partners and Georgian Partners.

Fitness Technologies nabs funding

Fitplan Technologies, a Vancouver, British Columbia and Los Angeles-based mobile fitness platform, has raised US$4.5 million in funding. Corazon Capital and Sam Yagan, co-founder of OKCupid, Sparknotes and former CEO of Match Group, led the round. Other investors included Alex Rodriguez, Lerer Hippeau, Bullpen Capital and Advancit Capital.

Mill Point completes buyout of Pythian's services unit

Mill Point Capital, a New York-based middle-market private equity focused on the business services and industrial sectors, has acquired The Pythian Group Inc's services division. No financial terms were disclosed. Based in Ottawa, Pythian is a provider of IT services. Pythian's backers included BDC Capital‘s Growth and Transition Capital.

Stash Energy rakes in C$400K

Fredericton, New Brunswick-based Stash Energy Inc, a provider of affordable smart energy solutions, has secured C$400,000 in funding. The investors were The New Brunswick Innovation Foundation and PEI-based Island Capital Partners. The capital infusion will be used for additional product development, testing and market expansion.

CPPIB invests in Delhivery

Canada Pension Plan Investment Board has invested US$115 million in India-based Delhivery, a third-party logistics provider. The investment was made through CPPIB’s fundamental equities Asia Group. As a result of the investment, CPPIB will have one seat on Delhivery’s board.

Canopy Rivers starts trading on the Toronto Stock Exchange

Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, will begin trading September 9, 2019 on the Toronto Stock Exchange. The stock will list under the ticker symbol "RIV." Narbe Alexandrian is serving as president and CEO of Canopy Rivers.

PE-backed Lithion acquires Aved Electronics

Lithion Power Group Ltd, a portfolio company of Canadian private equity firm TriWest Capital Partners, has acquired Aved Electronics Inc. No financial terms were disclosed. MFA Capital Advisors was the financial adviser to Aved on the deal. Aved Electronics is a New England-based manufacturer of custom cable, wire and harness assemblies as well as battery packs, electro-mechanical assemblies and box builds. Headquartered in Calgary, Lithion is a provider of mission-critical power solutions to the oil and gas pipeline industries.

McRock Capital launches second industrial IoT venture fund

McRock Capital, a Canadian industrial internet-of-things venture capital firm, has raised C$80 million for its second venture fund. The target is C$100 million. Investors of McRock Fund II LP include Cisco Investments, Shell, BDC Capital, Export Development Canada, Alberta Enterprise Corporation and HarbourVest. Co-founded by Scott MacDonald and Whitney Rockley, McRock invests exclusively in industrial IoT companies across Canada, the US, and Europe.

Clio amasses Series D from TCV and JMI

Clio, a provider of cloud-based legal technology, has raised US$250 million in Series D funding. The investors were TCV and JMI Equity. Raymond James served as a buyside financial adviser to TCV on this transaction. According to the announcement of this fundraising, it "marks one of the largest in legal technology, the largest in Canadian history, and a definitive shift for the future of the legal industry." Clio has offices in Toronto, Calgary, Los Angeles and Ireland.

MIMS grabs C$2.6 mln seed

Montreal-based My Intelligence Machines, which provides a SAAS platform for analyzing omics data via different types of artificial intelligence, has secured C$2.6 million in seed funding. The investors were Anges Québec, Anges Québec Capital, Desjardins Capital, Consortium MEDTEQ, Real Ventures and StandUp Ventures. The capital infusion will be used to "develop so-called turnkey and integrated solutions enabling life scientists, without expertise in bioinformatics or data sciences, to stratify human, animal and plant populations." MIMS was founded in 2016 by Sarah Jenna, Mickaël Camus and Abdoulaye Baniré Diallo.