Private Equity
Canadian venture capital firm Renewal Funds has raised a total of $63 million in the final close of its third fund, Renewal3. The fund, which is focused on investing in early-stage growth companies in organic and natural foods, green products, and environmental and social innovation sectors, received capital commitments from individual investors, families, foundations and institutional investors based in Canada, the U.S. and Europe. Limited partners include 22 foundations. With Fund III's final close, total assets under management now stand at nearly $100 million. Founded in 1994, Renewal Funds has its headquarters in Vancouver.
2 min read · 10 March 2014
Golden State portfolio’s venture holdings continue to generate solid results
2 min read · 10 March 2014
Retail venture capital fund GrowthWorks Canadian Fund has been given extended creditor protection by the Ontario Superior Court of Justice, pursuant to the Companies' Creditors Arrangement Act, until April 10. The fund also completed its previously announced sale and investor solicitation process, though none of the proposals received were accepted. It is now in discussions with Roseway Capital, to which GrowthWorks Canadian Fund is obliged, to formulate an asset management and realization plan.
4 min read · 07 March 2014
HootSuite Media Inc has launched HootSuite Labs, a team focused on emerging social technologies and that will engage with the company's early adopters and customers to shape the future of social media and digital marketing. Among its activities, HootSuite Labs will develop disruptive products, experiment with new innovations, and promote related sector events. Based in Vancouver, HootSuite last year raised US$165 million in a Series B financing round led by Insight Venture Partners, with participation from Accel Partners and OMERS Ventures.
3 min read · 06 March 2014
U.S. information technology giant Cisco Systems Inc (NASDAQ: CSCO) has selected Toronto as the site for one of four global Cisco® Internet of Everything Innovation Centres. The decision includes a planned investment of up to $100 million over 10 years. The centre's support for Canadian-based innovation will include establishing research chairs, professorships and innovation centres at 10 universities across the country. Cisco estimates that the initiative will make available approximately $500 billion to private and public-sector organizations.
4 min read · 06 March 2014
Benchmark Capital has raised $34 million for its latest Founders Fund, according to filings with the Securities and Exchange Commission. The filings show Benchmark raised $22.75 million for Benchmark Founders' Fund VIII and $11.3 million for Benchmark Founders' Fund VIII-B.
1 min read · 06 March 2014
3 min read · 06 March 2014
San Francisco-based Founders Fund, an investor in Palantir Technologies, Practice Fusion, Ripple Labs, Twilio and others, announced it has raised $1 billion for its fifth fund. The firm raised $625 million for its fourth fund, which closed in December 2011, according to Thomson Reuters data. The firm, through co-founder Peter Thiel, was one of the earliest investors in Facebook, which went public in May 2012. However, other recent portfolio company exits for the firm have included Topsy Labs, which Apple bought in December for $200 million, and The Climate Corp, which Monsanto purchased in October for $930 million in cash.
2 min read · 06 March 2014
Crowdfunding platform Kickstarter has reported that its pledging activity surpassed the US$1 billion mark on March 3, 2014. Pledges were made by 5.7 million people in a range of charities, entrepreneurial businesses and other creative projects. Over half of total pledges to date were made in the past 12 months alone, the platform said. Pledging activity on Kickstarter has originated in 224 countries and territories, across all seven continents. The United States led in dollar contributions with US$663.3 million in total pledges. Canada took third spot on the global list, accounting for US$44.9 million in contributions to date.
1 min read · 04 March 2014
Retail venture capital fund Golden Opportunities Fund, which is managed by Saskatoon, Saskatchewan-based investment firm Westcap Management, has raised a total of $40 million in new commitments. With this raise, the fund reached the subscription limit for its 2013 tax credit-eligible fund-raising year. Founded in 1999, Golden Opportunities invests in small and medium-sized growth companies in diverse sectors of the economy. To date, it has invested over $275 million in 112 companies.
2 min read · 03 March 2014
