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BDC Capital to offer Kauffman scholarships for Canadian VCsBDC 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.
- k-eCommerce closes $2.3 mln round with BDC Capital
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.
- Labour shortage to impede SME investing in 2019: BDC
Canadian small and mid-sized enterprises (SMEs) expect their investing in 2019 will be curbed by a shortage of qualified labour, according to a survey by the Business Development Bank of Canada (BDC). BDC's fourth annual investment intentions report https://www.bdc.ca/en/about/sme_research/pages/investment-intentions-canadian-entrepreneurs-outlook-2019.aspx found the labour shortage to be the top barrier to investing. Other impediments include insufficient cash flow and economic uncertainty. Overall SME optimism remains stable, with 73 percent of the 4,024 business owners surveyed expecting their revenue to grow this year. Four in 10 SMEs plan to devote all or some of their investing to new technologies.
BDC Capital lends $2.5 mln to spa tech platform Book4TimeBook4Time, a Markham, Ontario-based cloud business management software platform for the spa and wellness industry, has raised a monthly-recurring-revenue loan of $2.5 million. The source of the loan was the growth and transition capital group of BDC Capital. Founded in 2004 by CEO Roger Sholanki, Book4Time provides a software-as-a-service solution to more than 3,000 luxury and chain spas in over 70 countries. The company will use the funds raised to accelerate growth over the next three years, by hiring staff for sales and marketing, R&D and operations and expanding its headquarters.
Myplanet secures $2 mln in mezz funding from BDC CapitalToronto-based software studio Myplanet has raised mezzanine financing of $2 million from the growth and transition capital group of BDC Capital. Founded in 2009 and led by CEO Jason Cottrell, Myplanet's designers and developers help businesses implement software platforms from Acquia, IBM and Salesforce. Its global clients include companies in retail, technology, finance and business services sectors. The funds raised will be used for working capital needs and Myplanet's growth strategy, which includes strengthening strategic partnerships and hiring software developers.
- CPPIB joins first close of Northleaf Venture Catalyst Fund II
Northleaf Capital Partners has initially closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies. The amount raised was not disclosed. The Globe and Mail reported NVCF II secured half of its C$300-million target. NVCF II was launched with the help of the C$400-million Venture Capital Catalyst Initiative. It was also backed by Canada Pension Plan Investment Board, a longtime Northleaf partner. Other investors included Sun Life Financial and TD Bank Group. Ottawa announced in June that VCCI would commit capital to five fund-of-funds managers, including Northleaf, a Toronto-based private-markets investor. NVCF I closed at its C$300-million hard cap in 2015.
CPPIB joins first close of Northleaf Venture Catalyst Fund IINorthleaf Capital Partners has initially closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies. The amount raised was not disclosed. The Globe and Mail reported https://www.theglobeandmail.com/business/article-three-recipients-of-ottawas-venture-capital-program-hit-halfway-mark/ NVCF II secured half of its $300-million target. NVCF II was launched with the help of the $400-million Venture Capital Catalyst Initiative (VCCI). It was also backed by Canada Pension Plan Investment Board (CPPIB), Sun Life Financial and TD Bank Group. Ottawa announced in June /canada/2018/06/ottawas-400-mln-vcci-commits-to-five-funds-of-funds-managers/ that VCCI would commit capital to five fund-of-funds managers, including Northleaf, a Toronto-based private-markets investor. NVCF I closed at its $300-million hard cap in 2015.
BDC Capital invests in Effenco's $12 mln Series A financingEffenco, a Montréal-based electric and connected mobility platform, has raised $12 million in a Series A financing. The round was backed by BDC Capital, which invested $6 million, and Investissement Quebec. Founded in 2006 by engineers, Effenco develops and markets hybrid solutions to help heavy vocational trucks reduce operational costs and greenhouse gas emissions. Led by CEO David Arsenault, Effenco will use the funds raised to fuel growth and commercialize software that can rapidly detect and interpret behavioural, mechanical and logistics problems. BDC invested through Ottawa's $700 million clean technology strategy, announced in /canada/2018/01/ottawa-invest-700-mln-cleantech-sectors-bdc/ January.
Alberta Enterprise, BDC commit to Builders VC's $200 mln fundAlberta Enterprise Corp and BDC Capital have committed capital to the inaugural fund of Builders VC, a U.S. venture capital firm with an office in Calgary. The size of the commitments was not disclosed. Builders VC has reportedly /2018/07/builders-vc-fund-marches-toward-200-mln-target/ targeted US$200 million for Fund I. Founded in 2016 by General Partners Jim Kim and Paul Lee, Builders VC invests in early-stage companies with technologies capable of disrupting healthcare, agriculture, industrial and real estate industries. The Calgary office is led by Partner Mark Blackwell. Builder VC's Canadian investments include Calgary-based artificial lift optimization solution Ambyint and Calgary-based capital project delivery platform Veerum.
Karl Reckziegel, Alison Nankivell step up in BDC’s changing VC operationBDC Capital’s Karl Reckziegel and Alison Nankivell have assumed new leadership positions as the organization evolves its $3 billion venture capital strategy. Reckziegel was recently promoted to senior vice president, venture capital, giving him oversight of the direct VC investment team. That puts the veteran BDC investment pro in charge of a $1.6 billion deal platform, one of the largest and most active in Canada, especially in underserved market segments. Reckziegel’s appointment comes as important changes are taking place in BDC’s direct VC operations, including the current efforts of the Healthcare Venture Fund and IT Venture Fund to raise capital from third-party investors.