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Federal finance minister appoints Annette Verschuren to chair VCAP panelThe federal Minister of Finance Jim Flaherty has named Annette Verschuren as the new chair of the Venture Capital Expert Panel. Verschuren is currently Chair and CEO of NRStor Inc, a business focused on accelerating the commercialization of energy storage technologies. The panel was previously chaired by Canadian private equity professional Sam Duboc, who was recently appointed /canada/2013/11/18/sam-duboc-appointed-chair-bdcs-board-directors/ chair of the board of directors of the Business Development Bank of Canada. Established in May 2013, the panel advises the government on key issues of venture capital policy, including the $400 million Venture Capital Action Plan (VCAP), launched last year.
BDC to award mentors, innovation, resiliency and serial entrepreneursThe Business Development Bank of Canada (BDC) unveiled plans for four new awards that will recognize Canadian entrepreneurs in four areas: mentorship, innovation, resiliency and serial entrepreneurship. The first of the awards, the BDC Mentorship Award, is now open http://www.bdc.ca/EN/about/awards/mentorship/Pages/default.aspx for nominations. This award category, developed in partnership with the Canadian Youth Business Foundation, recognizes a Canadian mentor credited by peers for having provided valuable advice and support to the creation and growth of Canadian companies. The other awards will be launched in the coming weeks. BDC offers financing, subordinate financing, venture capital and consulting services to more than 28,000 small and medium-sized companies.
Canadian public-private venture capital fund raises C$217 mln-ReutersA Canadian government-backed investment fund set up to help revive the country's ailing venture capital industry raised C$217.5 million ($198 million) at its initial closing, its backers said on Tuesday.
Company creation studio BrandProject officially underway with $12 mln consumer tech fundBrandProject LP, a company creation studio and fund that makes early-stage investments in consumer products and technology, has been officially launched. The firm has been backed with over $12 million in commitments from BDC Venture Capital and other investors. With offices in Toronto and New York, BrandProject will focus on seeding and mentoring Internet-enabled consumer products and services startups located in Canada and the U.S. Founded in 2012, BrandProject builds on the record of the consumer-focused Blackpoynt Brand Ventures. Both BrandProject and Blackpoynt were founded by Andrew Black, the former president and CEO of Virgin Mobile Canada.
E-sports startup Battlefy nets $1.3 mln from Deep Fork, BDC and other investorsBattlefy, a Vancouver-based e-sports management platform, has secured $1.3 million in seed-stage financing. The deal was led by U.S. venture capital firm Deep Fork Capital, with the participation of Canadian firm BDC Venture Capital, and a number of angels and entrepreneurs, including Jarl Mohn, former Chairman of Riot Games. Founded in 2012, and a graduate of startup accelerator Amplify LA, Battlefly gives organizers of e-sports tournaments and leagues a solution for managing video game competitions. According to the company, it has already powered over 600 virtual events involving more than 1.5 million players and viewers.
BTI Systems secures $2 mln from Difference Capital FinancialBTI Systems Inc, an Ottawa-based provider of intelligent networking software and systems, has obtained a $2 million investment from Canadian specialty finance firm Difference Capital Financial. The investment follows the $27 million in total funding that the company has in recent months received from other major investors, including U.S. venture capital firm Bain Capital Ventures and Canadian firms BDC Venture Capital, Covington Funds and GrowthWorks. BTI Systems, which also has offices in Boston, Massachusetts and Palo Alto, California, has been venture-backed since 2000.
OrbiMed Advisors leads Series A round for Clementia PharmaceuticalsClementia Pharmaceuticals Inc has raised $22.5 million in a Series A financing round. OrbiMed Advisors led the round with participation from return backer BDC Venture Capital. Clementia has also agreed to acquire the global rights to palovarotene, a retinoic acid receptor gamma agonist from Roche Pharmaceuticals. No financial terms were disclosed. Based in Dorval, Québec, Clementia Pharmaceuticals is a clinical-stage biotechnology company focused on developing a treatment for fibrodysplasia ossificans progressiva. Update: The company, which was founded in 2010, secured its seed funding in 2012.
- OrbiMed Advisors leads Series A round for Clementia Pharmaceuticals
Clementia Pharmaceuticals has raised $22.5 million in Series A financing. OrbiMed Advisors led the round with participation from return backer BDC Venture Capital. Clementia has also agreed to acquire the global rights to palovarotene, a retinoic acid receptor gamma agonist from Roche Pharmaceuticals. No financial terms were disclosed. Based in Quebec, Clementia Pharmaceuticals is a biotech company focused on developing a treatment for Fibrodysplasia Ossificans Progressiva.
Dx3 and Extreme Startups launch Acceleration Zone for Canadian digital companiesDigital conference and trade show Dx3 and venture-backed startup accelerator Extreme Startups have launched The Extreme Startups Acceleration Zone @ Dx3, a partnership focused on putting digital product companies "in front of brands eager to be at the forefront of global digital marketing and commerce innovation." The partnership, geared to Dx3's and Extreme Startups' programs in 2014, will give Canadian digital companies opportunities for showcasing, networking, support and funding by interested investors. Investors in selected startups may include Extreme Startups, the Ontario Centres of Excellence and BDC Venture Capital.
BDC's Paul Kirkconnell joins team at Kirchner GroupPaul Kirkconnell, the former executive vice president of the Business Development Bank of Canada (BDC), has joined merchant banking services firm Kirchner Group. Kirkconnell, who also has been managing director of healthcare funds at the Drug Royalty Corp, will be active in all aspects of Kirchner's client services, including operational diagnostics, advisory, transition management, deal management and asset management. While at BDC, Kirkconnell was responsible for its venture capital business, including both direct technology investing and fund-of-funds activity.