Canada

Chinook Therapeutics secures $86 mln in Series A financing

Chinook Therapeutics, a Vancouver-based developer of precision medicines for kidney disease, has raised about $86 million (US$65 million) in a Series A financing. U.S. life sciences venture capital firm Versant Ventures led the round, with participation from Apple Tree Partners and Samsara BioCapital. Chinook was incubated through Versant's Inception Sciences and seeded by Versant and Apple Tree. Chinook's technology leverages single-cell RNA sequencing, human-derived organoids and new translational models to develop therapeutics with novel mechanisms of action against kidney disease pathways. Led by President and CEO Eric Dobmeier, the company will use the funds raised to advance several programs into clinical trials by 2021.

Rewards app Drop raises $59 mln in HOF-led Series B, RBC invests

Toronto-based mobile rewards platform Drop has raised $59 million (US$44 million) in a Series B financing, bringing total funding to $95 million (US$71 million). The round was led by U.S. venture capital firm HOF Capital and joined by New Enterprise Associates, Sierra Ventures and White Star Capital. RBC, Canada’s largest bank, also signed on as a strategic investor. Founded in 2015 and led by CEO Derrick Fung, Drop provides a free app that allows users to earn cash rewards on their purchases with more than 300 merchants. In addition, it connects brands with shoppers, including much sought-after Millennials.

SDTC commits $3.3 mln of funding to venture-backed ​​GHGSat

​​GHGSat, a Montréal-based provider of emissions monitoring services, has raised $3.3 million of funding from Sustainable Development Technology Canada (SDTC). GHGSat is focused on remote sensing of greenhouse gas and air quality gas emissions from industrial sites. The funds raised will support a study in British Columbia's Montney region to compare emissions data collected by terrestrial sensors to GHGSat's satellite and aircraft measurements. Field operations will begin in 2020. Last year, GHGSat closed a US$10 million Series A2 round led by OGCI Climate Investments and joined by Schlumberger, Space Angels and Business Development Bank of Canada (BDC).

Mobile savings app Quber lands $450k in funding, NBIF invests

Quber Technologies, a Moncton-based mobile savings app, has raised $450,000 in financing. New Brunswick Innovation Foundation (NBIF) invested $200,000 in the round. The balance was accounted for by angel investors and the startup's founders. Launched in 2016 and led by CEO Jennifer Leger, Quber provides a secure smartphone app that helps Canadian consumers manage their spending and accumulate savings for personalized financial goals. The deal's proceeds will support the expansion of Quber's users, revenue and team members.

VC-backed MolecuLight nabs $10 mln loan from Oxford Finance

Toronto-based medical imaging company MolecuLight has secured a nearly $10 million (US$7.5 million) loan from Oxford Finance LLC, a U.S. healthcare and life sciences finance firm. The proceeds will support the commercial growth of MolecuLight i:X, a real-time, handheld fluorescence imaging solution for the global wound care market. The device helps clinicians diagnose and treat chronic wounds. Founded in 2013 by CSO Ralph DaCosta, and led by CEO Anil Amlani, MolecuLight is backed by Canadian healthcare technology venture capital firm iGan Partners and other investors. Last week, MolecuLight announced the sale of its oncology business to Photonamic GmbH & Co KG.

CPPIB adds San Francisco office as it crosses C$400bn mark

San Francisco will be the Canadian giant's second US location, where it expects its on-ground-presence in the technology ecosystem to help various initiatives

Nudge Rewards raises $12.4 mln in Jump Capital-led financing

Nudge Rewards, a Toronto-based frontline employee engagement app, has raised about $12.4 million (US$9.3 million) in its latest financing, bringing total funding to more than $20 million (US$15 million). The round was led by U.S. late-stage venture capital firm Jump Capital, with participation from existing investors BDC Capital, Brightspark, Generation Ventures and Standup Ventures. Founded in 2012 by CEO Lindsey Goodchild, CTO Dessy Daskalov and CCO Jordan Ekers, Nudge provides mobile solutions to retail, restaurant and hospitality brands to help improve frontline employee engagement and performance. The company will use the funds raised for growth and to add to its data science team.

Lightspeed selling investors to see $189 mln from secondary deal

Lightspeed POS (TSX: LSPD) has priced its previously announced offering of subordinate voting shares on behalf of selling shareholders. Underwriters have agreed to buy about 5.4 million shares for $35 per unit, generating proceeds of about $189 million. The amount increases to about $217 million if the greenshoe option is exercised in full. The selling shareholders include Lightspeed Founder and CEO Dax Dasilva, Caisse de dépôt et placement du Québec and Inovia Capital. Lightspeed, a Montréal-based retail and restaurant point-of-sale and e-commerce platform, closed its initial public offering (IPO) in Canada earlier this year, raising $276 million. The IPO valued the company at $1.5 billion.

Canadian tech companies raise $2.8 bln of VC in H1, up 12 pct

Venture capital (VC) investment in Canadian technology companies sustained a robust pace in the second quarter of 2019, with $1.4 billion deployed across 153 financings, according to final data released by Refinitiv. This marked the most active April-through-June period in dollar terms since 2000. The number of rounds, however, were down slightly year over year. As a result, VC investment in the first half of the year hit $2.8 billion, up 12 percent from $2.5 billion invested at the same time in 2018. Life sciences sectors secured $587 million in the first half, more than the entire 2018 amount. In contrast, information technology sectors captured a relatively flat $1.7 billion.

Telus Health buys iGan Partners-backed Akira and Right Health

Telus Health has acquired Toronto-based Akira Health and Right Health, together a provider of virtual and in-person healthcare technology. No financial terms were released for the deal, which will see Akira and Right Health continue to operate under their existing brand. Founded in 2015, Akira was acquired two years later by Right Health, a portfolio company of Canadian healthcare technology venture capital firm iGan Partners. Akira-Right Health is led by Co-founders and Co-CEOs John Mozas and Dan Pawliw. Telus Health is the digital health solutions and technology affiliate of Canadian telecommunications company Telus Corp (TSX: T).