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Ottawa to invest $700 mln in cleantech sectors through BDCOttawa said it will invest $700 million over the next five years in Canada's emerging clean technology sectors. The federal government's allocation will be managed by the Business Development Bank of Canada (BDC). BDC is expected to take on additional risk to help clean technology companies succeed by providing them with the capital required to hire staff, develop products, support sales, scale up and compete globally. Ottawa also announced the launch of Clean Growth Hub, which will support clean technology companies and projects, as well as coordinate programs and track results.
Storytelling app Wattpad secures $61.2 mln in latest roundWattpad, a Toronto-based multi-platform entertainment company for original stories, has raised about $61.25 million (US$51 million) in fresh funding. Investors included Tencent Holdings, BDC Capital, Kickstart Ventures, Peterson Group and Raine. Founded in 2006, Wattpad has created a social platform that builds direct connections between readers and writers. Its community now totals more than 65 million people. The company, which has so far secured US$117.8 million in venture capital, will use the latest funds raised to grow its team, invest in machine learning and interactive storytelling, expand its footprint in TV, film, digital media and publishing, and for other innovations.
Wattpad hauls in $51 mlnToronto-based Wattpad, a multiplatform entertainment company for original stories, has secured $51 million in funding. The investors included Tencent Holdings Limited, BDC, Globe Telecom's Kickstart Ventures, Peterson Group and return backer Raine.
SMEs to boost investments to $140.5 bln in 2018: BDCA study by the Business Development Bank of Canada (BDC) has found that Canadian small and mid-sized enterprises (SMEs) plan to invest more this year. Inspired by higher-than-expected economic growth in 2017, SMEs intend to invest $140.5 billion in 2018, up 3 percent from a year ago. Much of the increase in planned investment is due to an enhanced focus on acquisitions, which will account for $18.9 billion in 2018, up 79 percent year over year. SMEs also plan to invest more on R&D and employee training, an area that seen consistent growth since 2015. The BDC study is based on a survey conducted late last year of 4,019 business owners.
Surveillance company EhEye raises $480k from NBIF, othersNew Brunswick Innovation Foundation (NBIF) has made an investment of $150,000 in EhEye Inc, a Saint John, New Brunswick-based provider of automated public safety and video surveillance. EhEye CEO James Stewart said the commitment from NBIF leveraged an additional $330,000 from other investors, including a $100,000 loan from Business Development Bank of Canada. Founded in 2016, EhEye provides surveillance recognition technology that uses analytics and artificial intelligence to detect suspicious behaviours, objects and people, and then generate real-time alerts.
Ottawa’s $400 mln VC blueprint eyes late-stage ventures, gender disparityOttawa has unveiled the details of its $400 million program to shore up venture capital supply in Canada, giving particular focus to backing late-stage tech and righting gender imbalances. The Venture Capital Catalyst Initiative, first announced in March's federal Budget 2017, was launched today by the Liberal government to channel $1.5 billion of new money into Canada’s innovation ecosystem. VCCI will do this by leveraging private commitments to VC funds, primarily through market intermediaries. Every $1 VCCI allocates through Business Development Bank of Canada must be matched by $2.25 from private sources, such as corporations, institutional investors and wealthy individuals. The matching formula, a unique feature of current Canadian public policy in the VC space, is based on one already tested in the market by VCCI’s predecessor.
Micro optical switch provider Aeponyx seeded with $4.3 mlnAeponyx Inc, a Montréal-based provider of micro optical switches, has raised $4.3 million in seed-stage financing. The round was led by Fonds Innovexport and Ecofuel Fund, an affiliate of Cycle Capital Management, and joined by other private investors. Founded in 2011, Aeponyx designs and makes fabless micro optical switch semiconductor chips targeted at fibre optic access to the cloud and optical switching in the cloud. Led by President and CEO Philippe Babin, the company will use the funds raised to complete the development and industrialization of its chip technology. Aeponyx has received in-kind support from U.S. incubator Silicon Catalyst.
BDC adds to Women in Tech fund, brings total to $70 mlnBDC Capital has added $20 million to its Women in Tech investment program, which now has $70 million to invest in Canadian women-led technology companies over five years. Of the total, $60 million will be invested directly in seed, Series A and Series B financings of companies, while $10 million will go to funds, such as StandUp Ventures Fund I/canada/2017/5/five-questions-with-mars-iafs-michelle-mcbane-and-bdcs-michelle-scarborough/ and related regional initiatives. Since last November, BDC has committed $3 million to nine women-led companies, including team performance platform Nudge Rewards Inc, which this week announced the close of its $5 million Series A round /canada/2017/11/3481910/
Venture-backed Imagia acquires Cadens Medical ImagingImagia has acquired Cadens Medical Imaging, a Montréal-based provider of medical imaging software. No financial terms were disclosed for the deal, which was funded by Imagia's Series A round, led by BDC Capital's Healthcare Venture Fund and joined by Fidelity Investments Canada in late 2016. Founded in 2015 by COO Alexandre Le Bouthillier and CSO Nicolas Chapados, and led by CEO Frédéric Francis, Montréal-based Imagia said the deal will accelerate its ability to deliver artificial intelligence-driven personalized healthcare solutions. Cadens was backed by Anges Québec, Desjardins-Innovatech, Fonds de solidarité FTQ and other investors.
Venture capital goes to schoolWhat does a venture capital school have to teach Janet Bannister, general partner at Real Ventures, a former eBay executive, and founder of popular internet brand Kijiji? Plenty, Bannister tells PE Hub Canada. Last week, Bannister joined other investment pros in Vancouver at GP Academy, a program BDC Capital developed in consultation with Silicon Valley VC educator Kauffman Fellows. Launched in May, it provides a boot-camp-style learning environment that aims to buff up investors’ skills.