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BDC taps Claude Miron to deploy $250 mln in growth equityBDC Capital has earmarked $250 million for investment in Canadian growth equity opportunities over the next five years. The initiative, which forms part of a $1.8 billion strategy /canada/2017/4/bdc-capital-earmarks-1-8-bln-for-mezzanine-growth-equity-investing/ announced in April, will focus on making minority investments of $2 million to $25 million in companies with at least $5 million to $10 million in revenue. Overseeing the initiative will be Vice President Claude Miron. Miron replaces Elmer Kim, who joined BDC last year /canada/2016/5/bdc-capital-wades-into-growth-equity-with-hire-of-roynats-elmer-kim/ to launch the growth equity practice and team. Miron has nearly three decades of experience in a range of professional roles in the corporate finance, mezzanine, private equity and venture capital markets.
Monteris raises $26.6 mln in Versant, SightLine-led Series CMonteris Medical Inc has secured US$26.6 million in a Series C financing. The round was led by new investors Versant Ventures and SightLine Partners, with participation from current investors Birchview Capital and BDC Capital’s Healthcare Venture Fund. Based in Plymouth, Minnesota and Winnipeg, Manitoba, Monteris is a provider of minimally invasive laser ablation systems for treating brain lesions. It said it will use the funds raised to invest in further innovation, clinical research and commercial expansion. Founded in 1999, Monteris' technology was developed from research begun at Winnipeg's St. Boniface General Hospital.
Too few Canadian factories have embraced digitization: BDCSmall and medium-sized manufacturing companies in Canada that have adopted digitization in their production forecast higher growth and enjoy increased productivity and lower operating costs, according to a new study from Business Development Bank of Canada (BDC). However, the study, based on a Canada-wide business survey, found that 42 percent of small manufacturers have not yet "initiated their digital shift." Another 39 percent are currently implementing projects, while 17 percent are preparing to do so. Only 3 percent of companies have fully digitized their production.
Angels invest $157.2 mln in Canada in 2016, up 15 pct: NACOAngel organizations deployed more than $157.2 million across Canada in 2016, up 15 percent year over year, according to a survey published by the National Angel Capital Organization (NACO). The survey of 35 angel groups representing some 3,300 active angel investors, found disbursements went to 418 investments last year, up almost 50 percent compared to 2015. Angels were primarily active in information technology sectors, which accounted for 45 percent of total deals in 2016 and 26 percent of total dollars invested. However, the survey found angels put most of their money in life sciences sectors, which accounted for 15 percent of deals and 45 percent of dollars.
FirePower launches $100 mln Gap Debt fund with InsightAction, TheRedPin dealsFirePower Capital has completed the debut transactions of its new lending operation, backing a big-data SaaS company and a realty brokerage software platform. FirePower, a Toronto investment bank, launched its private capital division in late 2016. The unit oversees Gap Debt fund, earmarked for mezzanine financings of lower-mid-market companies. The fund was capitalized with an initial $100 million-plus by FirePower principals, high-net-worth investors and an unidentified U.S. strategic partner.
Voice recognition platform Fluent.ai nets $1.8 mln in seed roundMontréal voice recognition software company Fluent.ai Inc has raised $1.8 million in a seed-stage financing. The round was backed by BDC Capital, Danhua Capital, investors affiliated with Creative Destruction Lab and Maple Leaf Angels. Fluent.ai, which is now graduating from TandemLaunch's incubation program, is focused on developing a voice recognition software solution to be used in the products and services of original equipment manufacturers and user interface designers. Led by CEO Niraj Bhargava, the company plans to use the funds raised to commercialize its technology.
- Five Questions with MaRS IAF’s Michelle McBane and BDC’s Michelle Scarborough
While female founders are a growing presence in North America’s tech sectors, a wealth of anecdotal and statistical data show women-led startups face barriers to accessing risk capital. This week an important step was taken to reverse the trend in Canada. StandUp Ventures Fund I, a women-focused pre-seed and seed fund, raised an initial commitment and closed its debut deal. The fund, managed by MaRS Investment Accelerator Fund, is earmarked for investments in technology companies that have at least one female founder in the C-suite. PE Hub Canada sat down with BDC Capital Managing Director Michelle Scarborough and MaRS IAF Investment Director Michelle McBane to talk about the fund, its goals, and challenges faced by women entrepreneurs.
BDC's Dion Madsen, CTI's Shermaine Tilley depart Zymeworks boardShermaine Tilley, a managing partner at CTI Life Sciences Fund, and Dion Madsen, a senior managing partner at BDC Capital, have left the board of directors of Zymeworks Inc (NYSE, TSX: ZYME). The resignations, which also included Eli Lilly & Co's Kerry Blanchard, follow Zymeworks' initial public offering in Canada and the United States, which wrapped up earlier this month /canada/2017/5/3451188/ Vancouver-based Zymeworks, a biotherapeutics provider, went public after raising nearly /canada/2017/4/vc-backed-zymeworks-targets-110-mln-from-tsx-nyse-ipo/ US$150 million from a mix of venture capital and strategic investors.
Women-focused StandUp Ventures Fund I launches, backs TealbookBDC Capital and MaRS Investment Accelerator Fund (MaRS IAF) announced the initial close of StandUp Ventures Fund I, a pre-seed and seed fund that will focus on investing in Canadian women-led technology companies. BDC, which said last November it would help create a fund /canada/2016/11/3419350/ committed $5 million to the close. Additional investors will also be sought. The fund will be managed by MaRS IAF and make up to 20 investments sized $250,000 to $1 million over the next three to five years. It has already closed its debut deal, backing Tealbook, a Toronto supplier intelligence platform founded in 2014 by CEO Stephany Lapierre.