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VC-backed Indochino wins strategic investment from MitsuiVancouver apparel company Indochino recently raised a strategic investment from Japan's Mitsui & Co. No financial terms were disclosed. The funds raised and partnership will help the company expand across North America and invest in its global operations and supply chain. Founded in 2007 and led by CEO Drew Green, Indochino provides custom men's clothing online, via mobile and in its showrooms. Mitsui is the company's third strategic partner, joining Dayang Group, which invested in 2016 /canada/2016/03/venture-backed-indochino-nets-up-to-42-mln-from-chinas-dayang/ and Postmedia Network Inc. Indochino is also backed by Acton Capital Partners, Highland Consumer Partners, Madrona Venture Group and Version One Ventures.
Frank & Oak raises $20 mln in Caisse de dépôt-led financingFrank & Oak, a Montréal-based clothing brand, has secured about $20 million (US$16 million) in its latest financing. Caisse de dépôt et placement du Québec led the round and was joined by other investors, including Goodwater Capital and Investissement Québec. Founded in 2012 by CEO Ethan Song and COO Hicham Ratnani, Frank & Oak provides clothing and accessories for men and women on the web and in 16 boutiques. It will use the funds raised to expand its digital experience and support growth online. Frank & Oak's other investors include BDMI, Campfire Capital, Lightbank, Real Ventures, Rho Canada Ventures and Version One Ventures.
Frank & Oak raises $20 mln in Caisse de dépôt-led financingFrank & Oak, a Montréal-based clothing brand, has secured about $20 million (US$16 million) in its latest financing. Caisse de dépôt et placement du Québec led the round and was joined by other investors, including Goodwater Capital and Investissement Québec. Founded in 2012 by CEO Ethan Song and COO Hicham Ratnani, Frank & Oak provides clothing and accessories for men and women on the web and in 16 boutiques. It will use the funds raised to expand its digital experience and support growth online. Frank & Oak's other investors include BDMI, Campfire Capital, Lightbank, Real Ventures, Rho Canada Ventures and Version One Ventures.
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.
- Venture-backed VarageSale sold to VerticalScope
VerticalScope has bought VarageSale, a Toronto-based buy-and-sell website and mobile app. No financial terms were released. VerticalScope, a Canadian digital media company, said the deal supports its focus on enthusiast websites and interest-based online communities. VarageSale was founded in 2012 by Carl Mercier and Tami Zuckerman as a community-based “virtual garage sale." Led by CEO Andrew Sider, it raised nearly $60 million from Canadian and U.S. venture capital firms, according to Crunchbase. Its investors included iNovia Capital, Lightspeed Venture Partners, Real Ventures, Sequoia Capital and Version One Ventures.
Venture-backed VarageSale sold to VerticalScopeVerticalScope has bought VarageSale, a Toronto-based buy-and-sell website and mobile app. No financial terms were released. VerticalScope, a Canadian digital media company, said the deal supports its focus on enthusiast websites and interest-based online communities. VarageSale was founded in 2012 by Carl Mercier and Tami Zuckerman as a community-based “virtual garage sale”. Led by CEO Andrew Sider, it raised nearly US$60 million from Canadian and U.S. venture capital firms, according to Crunchbase. Its investors included iNovia Capital, Lightspeed Venture Partners, Real Ventures, Sequoia Capital and Version One Ventures.
Tencent to invest $50 mln in storytelling platform WattpadToronto storytelling app Wattpad will soon receive about $50 million (US$40 million) from an investment by China's Tencent Holdings, according to a report https://www.wsj.com/articles/ritual-gobbles-up-43-million-for-order-ahead-dining-app-1506339041 by the Globe and Mail. The investment will form part of a new US$50 million financing of Wattpad, to be finalized in the weeks ahead, the report said. The round, which will be backed by a mix of Canadian and U.S. venture capital firms, is expected to value the company at about US$400 million. Founded in 2006 by CEO Allen Lau and CPO Ivan Yuen, Wattpad operates a social platform that creates direct connections between readers and writers. In 2014, it raised US$46 million in a Series C financing led by OMERS Ventures.
Manifold launches, nets $18.4 mln in OMERS Ventures-led Series AManifold, a developer services platform, has emerged from stealth and raised about $18.4 million (US$15 million) in a Series A financing. The round was led by OMERS Ventures and joined by Boldstart Ventures, Version One Ventures, Amplify Partners and Leaders Fund. Based in Halifax and San Francisco, Manifold has created technology that supports developers by reducing the complexity of building and deploying applications with micro-services and third-party infrastructure services. Founded last year and led by CEO Jevon MacDonald, the company will use the funds raised to build its team, which already includes top developers, and expand its roster of services.
- Upverter of Toronto acquired by Altium
Upverter, a Toronto-based company providing web-based electronic design tools for engineers, announced this week that it has been acquired by, Australia-based Altium. Financial terms were not disclosed, but Upverter had been a portfolio company of Version One Ventures since 2013, securing over $3 million.
- PE-backed CollabNet and VersionOne merge
Software companies CollabNet and VersionOne merged. No financial terms were disclosed.The newly combined company will be based in Atlanta while Flint Brenton, CEO of CollabNet will serve as CEO and VersionOne Robert Holler will be the chief strategy officer. CollabNet is backed by Vector Capital.