Private Equity
Mobile investor Eniac Ventures said it has raised $55 million for its third fund, just 16 months after it closed Fund II with $12 million in commitments. The firm, which has offices in New York and San Francisco, said the fund was oversubscribed and that it also turned down some $20 million in interest from potential LPs. Eniac investments have included the ad targeting company TapCommerce, which Twitter acquired last year for $100 million.
5 min read · 23 January 2015
Canadian venture capital firm McRock Capital has raised new commitments for the second close of McRock iNFund LP, an industrial Internet of Things (IIoT) fund. The undisclosed commitments came from Cisco Investments and Teralys Capital Innovation Fund, the Canadian venture fund of funds managed by Teralys Capital. BDC Capital also increased its stake in the fund, which is scheduled to close this year at a cap of $65 million. Based in Toronto, McRock is focused on the intersection of sensors and software in large industrial markets, known as the IIoT. It invests in companies located across North America. In 2013, the firm announced a strategic partnership with GE Canada.
3 min read · 22 January 2015
Cisco Systems has almost doubled in size its Entrepreneurs-in-Residence incubation program, claiming broad success with the now two-year-old effort.
1 min read · 22 January 2015
Private equity and venture capital firm the Fonds de solidarité FTQ said it plans to invest $1.6 billion in businesses that impact the Québec economy. Gaétan Morin, the firm's new president and CEO, announced the initiative, noting that the investment will take place over the next three years. With its headquarters in Montréal, the Fonds de solidarité FTQ manages net assets of $10.5 billion. It reports that the firm is a partner, either directly or through its network members, in more than 2,450 companies.
3 min read · 21 January 2015
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has agreed to commit up to $9 million to an Ontario seed fund. Launched by the Ontario Centres of Excellence (OCE), the SmartStart Seed Fund provides seed financing to help young entrepreneurs grow their startups and make them investment and customer ready. The program was first piloted with FedDev Ontario funding in 2012 and was renewed with Ontario government funding in April 2014.
3 min read · 21 January 2015
The Next 36 has chosen its fifth cohort of young Canadian entrepreneurs from a pool of over 630 applicants. The successful individuals will spend the next seven months building their companies with the support of mentors, including Janet Bannister, general partner at Canadian venture capital firm Real Ventures. The companies will also receive seed capital from a fund that includes Canadian venture capital firm Relay Ventures as a partner. A non-profit organization focused on developing young innovators, The Next 36 also sponsors The Next Founders program, which helps companies scale rapidly.
4 min read · 20 January 2015
CalPERS’ Sacramento portfolio benefits from Emergence, OrbiMed, Third Rock, TauTona
1 min read · 20 January 2015
Kensington Venture Fund, which last November raised $160 million in its initial close, has completed its first round of investments. The fund made undisclosed commitments to Georgian Partners Growth Fund II, the second applied analytics fund of Georgian Partners; Novacap TMT IV LP, the fourth technology, media and telecommunications fund of Novacap; and Walden Venture Capital VIII, the latest digital media and cloud services fund of U.S.-based Walden Venture Capital. It also made a direct investment in Blue Ant Media Inc, a media company with headquarters in Toronto. A venture fund of funds targeted to raise $300 million in total, the Kensington fund is managed by Kensington Capital Partners.
4 min read · 19 January 2015
The Canadian firm has secured C$134 million (US$112 million) in an initial close to invest in biotherapeutics and other life sciences
3 min read · 15 January 2015
Boston-based HarbourVest Partners is expected to complete an initial close on a new Canadian venture fund of funds before the end of January, said three people with knowledge of the matter.
3 min read · 15 January 2015
