The Business Development Bank of Canada related stories
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BDC to put $280 mln more to work in Atlantic Canada SMEsThe Business Development Bank of Canada (BDC) announced a $280 million financing package to support small and medium-sized businesses in Atlantic provinces. The money will be deployed over the next two years to companies pursuing growth opportunities via acquisitions, ownership changes and export strategies in such industries as information technology, agri-food, ocean technology and tourism. BDC said the amount represents a $100 million increase in its normal lending volume for these industries. Last week, the bank announced $1.8 billion in fresh funding /canada/2017/4/bdc-capital-earmarks-1-8-bln-for-mezzanine-growth-equity-investing/ for its mezzanine and minority equity investment arm.
Pythian secures $15 mln in mezz financing from BDC CapitalOttawa-based information technology services company the Pythian Group Inc has closed a $15 million mezzanine financing with BDC Capital's Growth and Transition Capital. The proceeds will be used to invest in growth initiatives, including expansion into Europe, and to repurchase shares from several long-term shareholders. Founded in 1997, Pythian helps businesses adopt new technologies, such as advanced analytics, big data, cloud, databases, development and operations, and infrastructure management. Last week, BDC Capital announced a new $1.8 billion commitment /canada/2017/4/bdc-capital-earmarks-1-8-bln-for-mezzanine-growth-equity-investing/ to supply mezzanine debt and growth equity to small businesses in Canada.
VC-backed Zymeworks rolls out New York and Toronto IPOVancouver, British Columbia-based biotherapeutics provider Zymeworks Inc has raised $58.5 million for its IPO after pricing its 4.5 million shares at $13 per share. The stock began trading April 28, 2017 on the New York Stock Exchange and on the Toronto Stock Exchange under the ticker symbol “ZYME."Citigroup Global Markets Canada Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC are the lead underwriters. Zymeworks' pre-IPO backers include BDC Capital, Lumira Capital, CTI Life Sciences Fund, Fonds de solidarité FTQ, Perceptive Advisors, Teralys Capital, Northleaf Venture Catalyst Fund, Brace Pharma Capital and Merlin Nexus.
BDC Capital earmarks $1.8 bln for mezzanine, growth equity investingBusiness Development Bank of Canada has topped up resources in its private capital operation to address intensifying small-business demand for risk financing. BDC Capital, the bank’s investment arm, today announced $1.8 billion in fresh funding. It will be invested over the next five years in established companies in Canada seeking long-term financing options to back their growth and transition strategies. The commitment, to be overseen by BDC’s Growth and Transition Capital division, represents a 50 percent increase over the $1.2 billion deployed in the past five years.
GE, BDC Capital, Ryerson launch seed fund for Calgary startupsThe Canadian subsidiary of GE (NYSE: GE), GE Ventures, BDC Capital and Ryerson Futures have joined forces to launch the ZSC Seed Accelerator Fund. The fund will provide seed-stage financing to companies in Zone Startups Calgary (ZSC) that are looking to commercialize their technologies. BDC Capital said it also plans to facilitate access to other investment opportunities for ZSC-backed companies though its Venture Acceleration Program. ZSC focuses on accelerating local startups in the industrial internet of things, cybersecurity and energy sectors.
BDC unveils corporate innovation and venturing programBDC Capital has launched a new scheme to encourage more corporate players to participate in Canada's innovation ecosystem. The Corporate Innovation and Venturing Program was unveiled this week at the first ever Canadian Corporate Innovation Summit held in Toronto. BDC Capital's Neal Hill said the program is intended "to help move the needle on corporate innovation." It will focus on raising corporate awareness about the value of innovation and facilitating connections; increasing the number of corporate players active in the ecosystem as partners and investors, and; introducing global corporate venture capital funds to Canada.
Scarborough hired to run BDC's strategic, women-in-tech investingBDC Capital has hired Michelle Scarborough as managing director, strategic investments and women-in-tech. In that role, Scarborough will lead BDC's strategic investments in support of Canada's innovation ecosystem. She will also manage the firm's $50 million investment in women-led technology startups, announced last November /canada/2016/11/3419350/ Scarborough joins BDC from Kensington Capital Partners, where since 2015 she led the firm's investment activity in Western Canada. Her other prior roles include managing partner at Fronterra Ventures and chair of the National Angel Capital Organization.
- VC-backed Zymeworks files for U.S. and Canadian IPO
Vancouver-based biotherapeutics company Zymeworks Inc has filed for a U.S. and Canadian IPO. The IPO, which will give the company a listing on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol “ZYME”, has not been officially priced; however, the U.S. Securities and Exchange Commission notes a proposed offering size of as much as $75 million. Zymeworks' backers include BDC Capital and Lumira Capital.
- H.I.G. promotes one to MD
H.I.G. Capital has promoted Sanjoy Chattopadhyay to managing director of H.I.G. Realty, the firm's real estate investment affiliate. Chattopadhyay joined H.I.G. in 2013 and is based in London.
Robotics startup Novarc seeded with $1 mln by Seaspan, BDCNovarc Technologies Inc, a Vancouver robotics systems platform, has raised $1 million in a seed-stage financing. The round was led by Canadian marine transportation business Seaspan ULC with participation from Canadian venture capital firm BDC Capital. Founded in 2013, Novarc builds advanced custom robots for pipe welding and materials handling, a solution used in the shipbuilding industry. It will use the funds raised to scale commercialization of its Spool Welding Robot technology, expand sales and marketing activity in North America, and continue investing in R&D.