The Business Development Bank of Canada related stories
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BDC Capital funds buy of Canadian Space Services, CSS WindCSS Industrial Group of Cos has acquired Carp, Ontario-based Canadian Space Services, a provider of repair and maintenance services for dome-shaped enclosures for radars, and CSS Wind, a provider of similar services for wind turbines. Terms weren't disclosed. The deal was backed by $800,000 of mezzanine financing from BDC Capital's Growth and Transition Capital group. CSS Group is a newly formed holding company led by President Allan Duncan. It also holds Midstream Infrastructure Protection Technologies, a Toronto-based provider of field services for hard-to-access industrial installations. The three operating companies serve Canadian government agencies and businesses.
- Agtech company Vive Crop Protection raises $10 mln in funding
Mississauga, Ontario-based agricultural technology company Vive Crop Protection has secured $10 million in follow-on financing. The round was backed by new and existing investors, including Middleland Capital and the cleantech practice of the Business Development Bank of Canada (BDC). Founded in 2006 out of the University of Toronto, Vive develops new ways to use crop protection products using its Allosperse Delivery System, which improves the targeting and performance of pesticide ingredients. This creates farming efficiencies, as well as higher crop quality and yields. Led by CEO Darren Anderson, Vive will use the funds raised for commercialization of new products and continued field development.
- BDC Capital's growth equity group invests in TeraXion's succession
TeraXion, a Québec City-based designer and maker of photonic components, has finalized a succession plan and restructured its share capital. The deal was backed by an undisclosed minority investment from the growth equity group of BDC Capital. BDC's Growth and Transition Capital division also partnered with CIBC to help the company with its bank refinancing. TeraXion said CEO Alain-Jacques Simard will assume the role of executive chairman, while CFO Richard Kirouac will retire but continue to hold a board seat. Simard and Kirouac are both co-founders. Ghislain Lafrance will be promoted to CEO. Established in 2000, TeraXion serves businesses in the light and heavy manufacturing, telecommunications, medical equipment, aerospace and defence industries.
- Rewards app Drop raises $59 mln in HOF-led Series B, RBC invests
Toronto-based mobile rewards platform Drop has raised $59 million (US$44 million) in a Series B financing, bringing total funding to $95 million (US$71 million). The round was led by U.S. venture capital firm HOF Capital and joined by New Enterprise Associates, Sierra Ventures and White Star Capital. RBC, Canada’s largest bank, also signed on as a strategic investor. Founded in 2015 and led by CEO Derrick Fung, Drop provides a free app that allows users to earn cash rewards on their purchases with more than 300 merchants. In addition, it connects brands with shoppers, including much sought-after Millennials.
- SDTC commits $3.3 mln of funding to venture-backed GHGSat
GHGSat, a Montréal-based provider of emissions monitoring services, has raised $3.3 million of funding from Sustainable Development Technology Canada (SDTC). GHGSat is focused on remote sensing of greenhouse gas and air quality gas emissions from industrial sites. The funds raised will support a study in British Columbia's Montney region to compare emissions data collected by terrestrial sensors to GHGSat's satellite and aircraft measurements. Field operations will begin in 2020. Last year, GHGSat closed a US$10 million Series A2 round https://www.pehub.com/canada/2018/09/ghgsat-secures-13-mln-in-ogci-led-series-a2-financing/ led by OGCI Climate Investments and joined by Schlumberger, Space Angels and Business Development Bank of Canada (BDC).
- Nudge Rewards raises $12.4 mln in Jump Capital-led financing
Nudge Rewards, a Toronto-based frontline employee engagement app, has raised about $12.4 million (US$9.3 million) in its latest financing, bringing total funding to more than $20 million (US$15 million). The round was led by U.S. late-stage venture capital firm Jump Capital, with participation from existing investors BDC Capital, Brightspark, Generation Ventures and Standup Ventures. Founded in 2012 by CEO Lindsey Goodchild, CTO Dessy Daskalov and CCO Jordan Ekers, Nudge provides mobile solutions to retail, restaurant and hospitality brands to help improve frontline employee engagement and performance. The company will use the funds raised for growth and to add to its data science team.
- CIBC Innovation Banking provides loan to VC-backed Bridgit
CIBC Innovation Banking has provided undisclosed debt financing to Bridgit, a Kitchener, Ontario-based construction software provider. The funding came alongside Bridgit's Series A round. This year, the company was reported to be negotiating debt financing https://www.pehub.com/canada/2019/03/bridgit-raises-6-2-mln-in-bdc-capital-led-financing-report/ that would increase its latest round to $7.75 million. CIBC Innovation Banking said the proceeds will support the launch of a new product, Bridgit Bench, a resource planning platform for general contractors. Founded in 2014 by CEO Mallorie Brodie and COO Lauren Lake, Bridgit provides end-to-end productivity and performance solutions for construction operations managers and their teams.
- Top Canadian VC deals draw $522 mln in Q2 as focus shifts to early-stage
Canada’s venture capital market sustained robust levels of activity in Q2, despite somewhat fewer dollars going into the largest financings. The top 10 second-quarter rounds secured $522 million from VC funds. That’s down 4 percent from the $542 million raised by the top 10 deals a year earlier, and down 16 percent from the $625 million that went to the top deals in Q2 2017. The estimate is based on PE Hub Canada’s list of the largest financings announced from April through June, supplemented by preliminary data from Refinitiv. It indicates some moderation in the influence of big late-stage rounds, which dominated Canadian VC trends last year.
- BlueDot nabs $9.2 mln in Series A led by The Co-operators, BDC
Toronto-based digital health company BlueDot has secured about $9.2 million (US$7 million) in a Series A financing, bringing total funding to about $12.6 million (US$9.5 million). The round was led by The Co-operators, a Canadian insurance and financial services co-operative, and BDC Capital’s Women in Technology Venture Fund. They were joined by existing investor Horizon Ventures. Founded in 2013 by CEO Kamran Khan, BlueDot applies human- and artificial intelligence-enabled analytics to big data to track, contextualize and anticipate infectious diseases worldwide. The company will use the funds raised to develop its product suite, grow sales and commercialization efforts, and expand into new markets.
- BDC Capital invests $2.9 mln in Renaissance Repair and Supply
BDC Capital has provided $2.9 million of mezzanine financing to Renaissance Repair and Supply, an Ottawa-based telecommunications network equipment repair and re-manufacturing specialist. The financing, BDC's fifth involving Renaissance since 2009, was undertaken by the Growth and Transition Capital group. Director Robert Shaw led the transaction. Established in 2004 and led by President and CEO Len Anderson, Renaissance serves Canadian and U.S. carrier and integrator customers. It has a second office in Dallas. The company will use the deal's proceeds for growth, long-term working capital needs, and to refinance a number of smaller loans.