The Business Development Bank of Canada related stories
All articles and analysis
Luge Capital grows debut fintech fund to $85 mln, iA Financial, BDC investLuge Capital has raised additional resources for its debut early-stage financial technology venture capital fund, bringing it to a total size of $85 million. The new commitments came from iA Financial Group and BDC Capital, which join existing Luge investors Caisse de dépôt et placement du Québec, Desjardins Group, Sun Life Financial, Fonds de solidarité FTQ and La Capitale. Montréal- and Toronto-based Luge was founded last year https://www.pehub.com/canada/2018/06/caisse-helps-luge-capital-raise-debut-fintech-funds-100-mln-target/ by General Partners David Nault and Karim Gillani. It has to date led or co-led investments in Finaeo, Flare Systems, Flinks and Owl.co.
- Impact investor Renewal Funds closes latest fund at $145 mln
Canadian impact venture capital firm Renewal Funds has closed its latest fund, Renewal4, at $145 million. The fund was backed by more than 140 investors, including BDC Capital, The Co-operators and the clean technology stream of Ottawa's Venture Capital Catalyst Initiative (VCCI). Based in Vancouver, Renewal Funds invests in environmental technology and sustainable consumer products across North America. The fundraising brings the firm's total assets under management to $240 million.
- Verafin completes $515 mln equity and debt recap
Verafin, a Canadian financial crime management software company, has completed a $515 million equity and debt recapitalization. Proceeds of the recap will be used for growth. Investors in the equity round were Spectrum Equity, Information Venture Partners, Northleaf Capital Partners, BDC Capital and Teralys Capital. Wells Fargo Capital Finance led the senior debt financing with participation from other backers that included Scotiabank.
- Listen Technologies acquires AudioConexus
Listen Technologies Corporation has acquired AudioConexus, a Kingston, Ontario-based tourism technology company. No financial terms were disclosed. Earlier this year, AudioConexus secured undisclosed mezzanine https://www.pehub.com/canada/2019/04/audioconexus-secures-mezz-financing-from-bdc-capital/ financing from BDC Capital. Bluffdale, Utah-based Listen Technologies is a provider of assistive listening systems.
- ArcTern Ventures wraps up sophomore fund
Toronto-based ArcTern Ventures, a venture firm that invests in clean tech companies, has closed its second fund at $200 million. The fund's investors include TD Bank Group, Suncor, BDC, The Ivey Foundation and another Canadian pension fund. The anchor investors were OMERS and Equinor, a Norwegian energy company. Last October, ArcTen raised $60 million in the first closing of its second fund, as reported by PE HUB https://www.pehub.com/canada/2018/10/omers-equinor-anchor-60-mln-initial-close-of-arctern-fund-ii/ ArcTern’s Managing Partners Murray McCaig and Tom Rand co-founded ArcTern Ventures in 2012.
- Trulioo nabs $70 mln in VC, including Goldman Sachs-led Series C
Trulioo, a Vancouver-based identity verification platform, has secured $70 million in new funding, including $60 million in Series C financing. Goldman Sachs Growth Equity led the Series C, with participation from American Express Ventures, Citi Ventures and Santander InnoVentures. The other $10 million came from early investors Blumberg Capital and BDC Capital. Trulioo provides an application programming interface that gives electronic identity and verification coverage for five billion consumers and more than 250 million businesses in a range of global industries. Led by Founder and CEO Stephen Ufford, the company will use the funds raised for scaling up operations in new markets, new hires and other growth initiatives.
- Element AI scores Series B
Element AI, a developer of artificial intelligence-powered software solutions, has raised C$200 million (US$151.4 million) in Series B financing. The investors included Caisse de dépôt et placement du Québec, McKinsey & Company, QuantumBlack, Gouvernement du Québec, DCVC, Hanwha Asset Management, BDC Capital and Real Ventures. With this funding, Element AI has raised a total of C$340 million (US$257 million). Allen & Company LLC was financial adviser for the financing. Element AI has offices in Montreal, Toronto, London, Seoul and Singapore.
- H.I.G. Capital to buy BioVectra for $250 mln
Mallinckrodt said Sept. 10 that it agreed to sell BioVectra Inc to H.I.G. Capital for about $250 million. The fixed consideration of $175 million includes an upfront payment of $135 million and a long-term note for $40 million, and contingent payments of up to $75 million. BioVectra is a contract development and manufacturing organization.
- 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.
- Repare Therapeutics picks up Series B funding
Montreal and Boston-based Repare Therapeutics, a precision oncology company, has closed US$82.5 million in Series B financing. Cowen Healthcare Investments led the round. Other participants in the financing included OrbiMed, Redmile, BVF Partners LP, Logos Capital, Versant Ventures, MPM Capital, Fonds de solidarité FTQ and BDC Capital. In addition to the funding, Kevin Raidy, managing partner at Cowen Healthcare Investments and Dr. David Bonita, a partner at OrbiMed, will join Repare’s board of directors.