The Business Development Bank of Canada related stories
All articles and analysis
CVCA applauds Ottawa's new $400 mln venture capital schemeThe Canadian Venture Capital and Private Equity Association (CVCA) has welcomed the federal government's decision to implement a new scheme to stimulate risk financing of Canadian technology entrepreneurs and startups. Ottawa's Budget 2017 unveiled the Venture Capital Catalyst Initiative (VCCI), a $400 million program to be administered by BDC Capital. Like the Venture Capital Action Plan (VCAP), a comparable program /canada/2017/1/3431747?preview=true launched in 2014, VCCI will leverage private-sector capital to bring up to $1.5 billion into the market. It will give a particular focus to late-stage opportunities. CVCA CEO Mike Woollatt said VCCI will help "catalyse Canadian venture capital."
Seeding Canada's VC innovation ecosystemMcRock Capital believes access to funding through the Venture Capital Action Plan (VCAP) played a major role in its recent success as a Canadian venture capital firm. In light of this, the firm decided to conduct an in-depth analysis of VCAP's broader impact. Using its “Canadian Venture Capital Innovation Tree”, McRock shows how VCAP influenced the Canadian VC industry as a whole and how all of its beneficiaries interact together as one functional ecosystem. McRock believes this is a key measure of VCAP's benefits to Canada's innovation system and economy, which far outweigh the program's costs.
Caitlin MacGregor's Plum.io nets $400k from BDC's women fundPlum.io, a Waterloo software startup led by CEO Caitlin MacGregor, has secured the final tranche of a $400,000 investment by BDC Capital. The money came from a fund set up by BDC Capital last November /canada/2016/11/3419350/ to support women founders in Canada. Launched in 2012, Plum.io has developed an SaaS platform that helps employers optimize teams and make pre-employment assessments. The company said the funding has helped it grow and attract new hires, such as former Blackberry executive Nigel Vanderlinden, who became Plum.io's CRO in January.
PE-backed Métal 7 acquires equipment maker EndurideSept-Îles, Québec manufacturing company Métal 7 Inc has bought Enduride Canada-USA, a Québec City-based maker of rollers and idlers for power-driven or gravity conveyors. No financial terms were released. Established in 1974, Métal 7 is a designer and maker of equipment for the iron ore and aluminum industries. It said the acquisition is the first in a strategy to create a flagship value-added products and services business dedicated to the global primary industry. Métal 7 was acquired in April 2014 /canada/2014/4/metal-7-bought-by-pe-consortium-led-by-ncp-investment-management/ by a group led by NCP Investment Management and including BDC Capital, Fondaction CSN and Fonds de solidarité FTQ.
BDC Capital pledges debt funding to realtor platform WebsiteBoxWebsiteBox Corp, a Toronto website developer for realtors, has secured undisclosed debt financing from BDC Capital, an investment arm of Business Development Bank of Canada. WebsiteBox offers mobile-friendly real estate websites integrated with marketing automation capabilities and MLS listing data to industry professionals. Founded in 2013 by CEO Peyman Aleagha, it reports a current active user base of more than 25,000. The company said the funds raised will accelerate its revenue growth and solution offering.
Vanedge Capital raises $161 mln in final close of second IT fundCanadian venture capital firm Vanedge Capital has secured $161 million in committed capital in the final close of Vanedge Capital II. Fund II, which invests in early-stage companies in cloud computing, artificial intelligence, cyber security, SaaS and digital media, closed with an additional investment from HarbourVest Partners. HarbourVest joins existing limited partners, including BDC Capital, Export Development Canada, Kensington Capital, Nicola Wealth Management and BC Tech Fund. Vancouver-based Vanedge was founded in 2008 by Managing Partner V. Paul Lee. Last year, PE Hub Canada interviewed /canada/2016/3/vanedge-leverages-strong-returns-in-104-mln-first-close-of-fund-ii/ Managing Partner Moe Kermani about Fund II's initial close.
Vanedge raises $161 mln for fundVancouver-based Vanedge Capital Partners Ltd, an early-stage venture capital firm, has closed its latest fund at $161 million. The fund's limited partners included HarbourVest Partners, BDC Capital, Export Development Canada, Kensington Capital, Nicola Wealth Management and the BC Tech Fund. The firm focuses on computing, artificial intelligence, cyber security, SaaS and digital media.
Sofdesk raises $3 mln in EnerTech Capital-led Series A financingMontréal software company Sofdesk has raised $3 million in a Series A financing led by EnerTech Capital, an investor in Canadian and U.S. energy and power sectors. EnerTech was joined in the round by BDC Capital's ICE Venture Fund/canada/2016/11/bdc-capital-unveils-135-mln-fund-to-help-fill-yawning-gap-in-cleantech-investing/ As a result, EnerTech Managing Director Wally Hunter will join the company's board. Founded in 2013, Sofdesk provides technology that helps reduce soft costs for solar installation and roofing businesses and is developing solutions for the insurance and utility sectors. Led by CEO Lennie Moreno, the company plans to use the funds raised to expand and scale its platform in target markets and add to its team.
MaRS completes $290 mln private deal to refinance West TowerToronto innovation hub MaRS Discovery District has completed a $290 million private financing of its West Tower, which offers more than 1.5 million square feet to research labs, startups and other groups. The proceeds of the deal, which was led by Manulife, Sun Life Financial and iA Financial Group, will be used to repay most of the loans provided to MaRS by the Ontario government almost three years ahead of schedule. Ilse Treurnicht, CEO of MaRS, said the refinancing will allow West Tower to be become "entirely self-sustaining, putting MaRS on stable footing for decades to come." MaRS reports that ventures within its network raised $2.6 billion in capital between 2008 and 2015.
Bullish Canadian entrepreneurs to invest more in 2017: BDCCanadian entrepreneurs are showing more confidence in the economy and plan to boost investment to $96.6 billion in 2017, up 1.6 percent from a year ago, according to a new study by the Business Development Bank of Canada (BDC). Of some 3,988 small business executives surveyed late last year, 70 percent said they believe their revenue will increase in 2017, up from 45 percent who had the same expectation in 2016. Technology companies, manufacturers and goods exporters reported the strongest growth in investing intentions. Top spending priorities are growth and productivity projects, led by IT, training, machinery, equipment and vehicles.