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BDC offers online financial literacy training to entrepreneursBusiness Development Bank of Canada (BDC) has made available a free e-learning class in basic financial management to Canadian entrepreneurs. The online course uses gamification and simulations to bring small business owners through concepts such as cash flow management, financial statements, profitability, performance monitoring and raising external capital. BDC said the effort is being launched to address a perceived "deep financial literacy gap" that exists among entrepreneurs. A second phase of the course will be released in spring 2019.
Ottawa's VCCI commits $50 mln to seven innovative VC firmsThe federal government’s $400 million Venture Capital Catalyst Initiative (VCCI) has committed $50 million to seven Canadian venture capital firms. The recipients were chosen because they reflect new and innovative models, supply capital to under-served regions and sectors, and support emerging managers and diverse management teams. The seven firms, which will each secure between $5 million and $15 million, are: AmorChem, Brightspark, Build Ventures, Garage Capital, Highline BETA, Pique Ventures and TandemLaunch. Earlier this year, VCCI committed /canada/2018/06/ottawas-400-mln-vcci-commits-to-five-funds-of-funds-managers/ $350 million to five funds-of-funds managers.
VC funds invest $3.2 bln in Canadian tech companies YTDVenture capital (VC) investment in Canadian technology companies slowed slightly in Q3 2018, with $694 million deployed to 105 financings, according to final data released by Refinitiv. This marked only the second time in the past two years when quarterly dollar flows fell below $1 billion. However, since January, technology companies have raised $3.2 billion from VC funds, which represents the most active first nine months in dollar terms in 17 years. U.S. VC funds played a key role in year-to-date trends, accounting for 43 percent of the total invested. Information technology sectors remained the main driver of VC investment, securing $2.2 billion at the end of September.
BDC Capital's co-investment arm deploys $38 mln to tech dealsBDC Capital said its co-investments team has deployed $38.1 million to Canadian technology financings over the past 18 months. The team, set up to increase late-stage deal capitalization alongside other funds, backed seven financings in this period. Examples include the latest rounds of Ecobee, a Toronto-based smart Wi-Fi thermostat maker, Element AI, a Montréal-based artificial-intelligence solutions company, and Miovision, a Kitchener, Ontario-based smart-traffic technology provider. BDC's co-investments team, led by Managing Partner Dominique Bélanger, works with more than 70 venture capital fund managers.
Ottawa invests $49.3 mln in venture-backed General FusionGeneral Fusion, a Vancouver-based fusion energy technology company, has raised $49.3 million from Ottawa's Strategic Innovation Fund. The funds raised will support the company's development of a large-scale prototype plant to demonstrate a practical approach to commercializing electricity from fusion power. Founded in 2002 by CSO Michel Laberge, General Fusion is backed by BDC Capital, Bezos Expeditions, Braemar Energy Ventures, Cenovus Energy, Chrysalix Venture Capital, Entrepreneurs Fund, Khazanah Nasional Berhad, SET Ventures and other investors.
Finn AI nabs $14 mln in Yaletown and Flying Fish-led Series AFinn AI, a Vancouver-based conversational artificial intelligence platform for financial services, has raised $14 million in a Series A financing. The round was led by Yaletown Partners and Flying Fish Partners, which also led Finn AI's debut deal /canada/2017/10/3478073/ last year. They were joined by BDC Capital’s Women in Technology Fund and 1843 Capital as well as angel investors. Comerica Bank supplied lending facilities. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn AI provides an AI-enabled virtual assistant for personal banking and finance. The funds raised will be used for the company's continued growth in North America and Europe, enhancing its enterprise tooling, and extending its product to support additional capabilities.
Eigen Innovations secures $3.5 mln in Globalive-led financingEigen Innovations, a Fredericton-based internet-of-things solutions provider for manufacturing systems, has raised $3.5 million in its latest financing. The round was led by new investor Globalive Technology. It was joined by BDC Capital’s Women in Technology Venture Fund (WIT), New Brunswick Innovation Foundation, Opportunities New Brunswick and several angel investors. Founded in 2012 and led by CEO Scott Everett, Eigen's software helps manufacturers optimize highly complex and repeatable processes using artificial intelligence-enabled technology. It will use the funds raised to fuel additional growth at home and abroad.
Data collaboration platform Cinchy nabs $3 mln in Blindspot-led dealCinchy, a Toronto-based enterprise data collaboration platform, has secured $3 million in a financing round. Blindspot, a Canadian investor in wealth management technology, led the deal. It was joined by ScaleUp Ventures, MaRS Investment Accelerator Fund, Techstars, BDC Capital and other investors. Blindspot Partner Kevin Foley will join the board. Founded in 2014 by CEO Dan DeMers and CTO Karanjot Jaswal, Cinchy's platform enables multiple systems and users to collaborate on data in real-time, without requiring separate application databases. The startup's customers, which include financial institutions, save time and money by avoiding complex integration work.
BDC Capital invests $2.4 mln in growth of WellnessLivingWellnessLiving, a Richmond Hill, Ontario-based software provider for health and wellness businesses, has secured $2.4 million from BDC Capital. Founded in 2012 by CEO Len Fridman and COO Sasha Davids, WellnessLiving's platform features tools and mobile apps to help spas, salons, fitness and yoga studios attract, engage and retain clients. Its users currently total more than 5.2 million. The funds raised will be used to accelerate product development, which includes implementing artificial intelligence and machine learning, and hire new staff. BDC invested through its Growth and Transition Capital group, which was recapitalized /canada/2017/04/bdc-capital-earmarks-1-8-bln-for-mezzanine-growth-equity-investing/ last year with $1.8 billion in fresh funding.
SDTC invests $58.6 mln in 14 Canadian cleantech companiesSustainable Development Technology Canada (SDTC) has provided $58.6 million in funding to 14 Canadian clean technology companies. The companies, many of them venture-backed, are based in British Columbia, Alberta, Ontario and Québec. The companies are: Clir Renewables, Consolidated Biofuels, Semios and Terramera (B.C.); Ambyint (Alberta); Giatec Scientific, Li-Cycle, Ranovus, VueReal and Yava Alumina (Ontario), and; Boréas Technologies, Carbicrete, Lithion Recycling and Sanexen Environmental Services (Québec).