Private Equity
BeniPlus Inc, a provider of group benefits to small businesses in Canada, announced has secured a second round of seed funding from Global Excel Management Inc. No financial terms were disclosed. Global Excel Management made its first investment in BeniPlus in May 2018. With offices in Quebec, Miami, and Mexico, Global Excel is a cost containment, claims management and medical assistance company.
1 min read · 04 September 2019
Fyllo, a marketing tech platform for the cannabis industry, has raised US$16 million in seed funding. JW Asset Management and Canadian-based K2 & Associates led the round. In addition to the funding, Jason Klarreich, managing director of JW Asset Management, will join Fyllo's board of directors.
1 min read · 04 September 2019
Vensana Capital, which was launched by healthcare-focused venture firm Versant Ventures, has closed its debut fund at US$225 million. Vensana Capital I's limited partners include public pensions, university endowments, foundations, academic health systems, family offices and fund-of-funds. The fund will invest in the medical tech sector. Versant's offices include San Diego, San Francisco, Minneapolis, New York City and Vancouver, British Columbia.
4 min read · 04 September 2019
Laval, Québec-based clinical-stage biopharmaceutical company Bellus Health Inc has filed for a US$60 million public offering and to list on the NASDAQ under the ticker symbol "BLU." Jefferies, Cowen and Guggenheim are serving as lead underwriters. Bellus Health's backers include OrbiMed Advisors LLC, Power Corporation of Canada, Rocabe Investments Inc., New Leaf Venture Partners, First Manhattan Co and Samsara BioCapital.
2 min read · 03 September 2019
Export Development Canada has invested $10 million in APG-Neuros, a provider of wastewater treatment solutions. The capital infusion will allow APG-Neuros to finish the research and development phase on two new turbo blower products. EDG has been working with APG-Neuros for 10 years.
2 min read · 03 September 2019
EPACT Network has closed a Series A financing, raising $4.5 million, PE Hub Canada has learned. The round, which brings total funding to $12 million-plus, was co-led by Disruption Ventures, a women-focused venture firm, and Yaletown Partners, an investor in emerging-growth tech companies. Vancouver’s ePACT was founded in 2012 by CEO Christine Sommers and President and COO Kirsten Koppang Telford to provide a cloud-hosted system that converts traditional paper-based forms of emergency, health and contact information to a free e-network. It is the first Canadian investment of Disruption, launched in 2018 by Managing Partner Elaine Kunda to invest in North American early-stage companies founded and managed by women.
3 min read · 29 August 2019
Temenos has agreed to acquire Kony Inc, an Austin, Texas-based digital and mobile application development company focused on the financial sector. Tenemos agreed to buy Kony for an enterprise value of US$559 million and an earn-out of US$21 million. The deal is expected to close in the fourth quarter. Tenemos, a Swiss banking software provider, said the acquisition will enhance its scale and capabilities in the U.S. market. Founded in 2007, Kony was backed by Canadian growth equity firm Georgian Partners and other investors. Last month, the company raised US$37 million of debt financing from BMO's Technology and Innovation Banking group.
7 min read · 29 August 2019
TerrAscend Corp has agreed to acquire ABI SF LLC, which operates a San Francisco-based cannabis cultivation facility and owns State Flower, a cannabis flower brand. TerrAscend, a Toronto-based cannabis business, agreed to initially acquire 49.9 percent of State Flower for US$2.85 million through the conversion of a convertible debenture. It will buy the remaining stake for a price based on future revenue. In May, TerrAscend completed a private placement, raising about $70 million (US$52 million), intended in part to fund the company's U.S. acquisition strategy. TerrAscend is backed by Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
4 min read · 29 August 2019
Montréal-based digital health company Aifred Health has secured more than $490,000 in financing. The round was backed by Anges Québec, other angel investors based in Ontario and the United Kingdom, and Consortium MEDTEQ. Founded in 2017, Aifred specializes in clinical decision support for the treatment of depression and other mental conditions. It is developing an artificial intelligence-enabled tool to help physicians visualize a patient’s data and support the decision process. The financing's proceeds will be used to validate Aifred's business model and launch its first application in partnership with local hospitals.
4 min read · 29 August 2019
Worximity Technology, a Montréal-based smart factory analytics provider, has secured $6.25 million in a Series A financing. The round included a $5 million strategic investment by Marel, an Irish multi-national food processing company. The balance came from Worximity's existing Canadian investors Fonds de solidarité FTQ and W Investments. Founded in 2011 by CEO Yannick Desmarais, Worximity uses artificial intelligence and machine learning to enable automatic data collection, real-time monitoring, analysis and predictive insights in factory settings. The company will use the funds raised to accelerate the development of its technology and expand globally.
4 min read · 28 August 2019
