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Side Letter: InvestCorp taps China tech and consumer; Son's WeWork remorse; digging into IRRInvestCorp bets on China tech and Asian food brands; SoftBank's WeWork regret; and the "gameability" of IRR. Here’s today's brief, for our valued subscribers only.
HarbourVest raises $227.52mThe Boston private equity firm closed its second Canada-focused fund.
Canada's Amplitude more than halfway to final close on debut fundThe BDC spin-out has raised over half of the C$200 ($152 million) target for its first fund.
- HarbourVest closes second Canada growth fund
HarbourVest Partners has closed its second Canada growth fund at C$300 million. The fund was formed under the Canadian government's Venture Capital Catalyst Initiative. The fund's investors include institutional, corporate and high-net worth private sector investors from Canada, Europe and the U.S. As part of the VCCI program, the fund includes a cornerstone investment by the Canadian government through BDC Capital, the investment arm of BDC.
- Enterprise smart lock maker Sera4 pulls in $1.5 mln
Waterloo, Ontario-based Sera4, an enterprise smart lock maker, has secured $1.5 million in financing. The investor was BDC Capital's growth and transition capital division. The capital infusion will be used for inventory, product development and sales and marketing. Sera4 was founded in 2014 by Jerod Klin, an ex-software engineer at BlackBerry.
- BDC Capital backs acquisition of Quadra Plast
BDC Capital has provided $1.2 million in financing to back Sylvain Tassé and Normand Doucet's acquisition of Quadra Plast, a PVC parts manufacturer in Sainte-Thérèse, Quebec. As a result of the transaction, Quadra Plast founder Hubert Racine will remain with the company for the next three years during the transition. Quadra Plast was founded in 1991.
- Cord3 grabs $2 mln from BDC Capital
Ottawa, Canada-based Cord3 Innovation Inc, a data-centric cybersecurity company, has $2 million in funding. The investor was BDC Capital's growth and transition capital unit. The capital will be used to enable Cord3 to scale its solutions.
- Sofdesk locks in funding
Montreal-based Sofdesk Inc, a solar and roofing business accelerator, has raised $5.7 million in funding. Generac Holdings Inc led the round with participation from EnerTech, BDC Capital and Desjardins Capital. The capital infusion will be used by Sofdesk for product expansion and to scale its portfolio.
- BDC provides $750K to Finan Home Services
BDC Capital has provided $750,000 to London, Ontario-based Finan Home Services for its acquisition of St. Thomas, Ontario-based Millcreek Plumbing & Mechanical. Both companies provide plumbing and heating, ventilation and air-conditioning installation and maintenance services. Jeffrey Hill, director of growth and transition capital for Southwestern Ontario at BDC Capital, led the transaction.