Private Equity
Toronto-based contextual data intelligence company Flybits has raised about $46 million (US$35 million) in a Series C financing. The round was led by Point72 Ventures, the venture capital fund of U.S. billionaire Steve Cohen. It was joined by Mastercard, Citi Ventures and Reinventure, as well as existing investors Portag3 Ventures, TD Bank Group and Information Venture Partners. Founded in 2013 by CEO Hossein Rahnama, Flybits leverages data science to help banks and other financial institutions connect with customers through more personalized experiences. It will use the funds raised to grow global teams, commercialize artificial-intelligence and machine-learning patents, enhance its technology, and develop a marketplace for creating new services.
5 min read · 16 July 2019
DefenseStorm, an Alpharetta, Georgia-based provider of cybersecurity and cybercompliance solutions to banks, has raised US$15 million in a Series A financing. The round was led by Canadian growth equity firm Georgian Partners. Georgian Managing Partner Justin LaFayette will join the board. Founded in 2014, DefenseStorm provides cloud-based, compliance-automated solutions to help regional and community banks and credit unions achieve real-time cyber safety and soundness. DefenseStorm said it will also partner with Georgian's impact team to accelerate the adoption of applied artificial intelligence and trust and create new product capabilities.
3 min read · 15 July 2019
CIBC Innovation Banking, the technology lending arm of CIBC, has opened a new office in Austin, Texas. The location, which brings the group's North American offices to nine, will be joined by Sara Johnson, who was hired as managing director. CIBC Innovation Banking also expanded its teams in Menlo Park, hiring Holly Dungan as managing director, and Denver, Colorado, hiring Kevin Grossman as managing director, corporate finance. Dungan, Grossman and Johnson all previously worked as technology financing solutions providers in the U.S. market. PE Hub Canada last year interviewed Mark McQueen, the group's president and executive managing director, about his North American scaling strategy.
3 min read · 15 July 2019
Aspen Technology Inc (Nasdaq: AZPN) has agreed to acquire Mnubo, a Montréal-based provider of artificial intelligence (AI) and internet-of-things data analytics, for $102 million. Founded in 2012 by CEO Frédéric Bastien, CTO JC Cimino, VP Growth Aditya Pendyala and VP Data Science Jean-Charles Beaudin, Mnubo is the maker of SmartObjects, a solution that helps manufacturers build better connected products and services. Aspen, a U.S. asset optimization software company, said the acquisition will enable solutions that combine process expertise with AI and machine learning. Last year, Mnubo raised a $16.5 million Series B financing led by Munich Re. McRock Capital and White Star Capital, which backed 2015's $6 million Series A round, also invested.
4 min read · 12 July 2019
Subversive Capital Acquisition Corp (SCAC) has filed a final prospectus with Canadian regulatory authorities outside of Québec for an initial public offering (IPO) on the Neo Exchange. The IPO is for Class A restricted voting units priced at US$10 per unit, for total proceeds of US$500 million, not including the greenshoe option. SCAC, a newly-formed special purpose acquisition corporation (SPAC), in June said it will target businesses in the cannabis industry or related sectors. SCAC is sponsored by Subversive Capital Sponsor LLC. Its chairman is Michael Auerbach, general partner of U.S. venture capital firm Subversive Capital.
5 min read · 11 July 2019
Two Canadian investment pros are enrolled in the world’s foremost school for venture capitalists. Last month, Real Ventures’ Janet Bannister and Build Ventures’ Rob Barbara joined VCs from around the globe in the 24th class of Silicon Valley educator Kauffman Fellows, a program dedicated to boosting VC skills. The goal is to equip the some 64 participants in the class with new tools and strategies for performing the daily tasks of a VC, everything from managing a fund to nurturing a startup. Upon completing the program, they will become part of an exclusive network of graduates, called Fellows. Bannister and Barbara, who enrolled with the help of scholarships provided by BDC Capital, are set to bring the number of Canadian Fellows to 11.
3 min read · 11 July 2019
Montréal-born hospitality brand Sonder has raised about $275 million (US$210 million) in a Series D financing led by Valor Equity, Westcap and Nicolas Pritzker, all new investors. The round values the business at more than US$1 billion, according to a news release. Other first-time backers of the deal include Canada’s Inovia Capital, which earlier this year raised US$600 million for new venture and growth-equity funds. Founded in 2012 by CEO Francis Davidson and COO Lucas Pellan, Sonder has its headquarters in San Francisco, relocating from Montréal in 2017. As part of the Series D, the company said it will open a second global HQ in Canada.
2 min read · 11 July 2019
Toronto-based enterprise wealth management platform d1g1t has secured an additional $3 million in financing, bringing its total funding to $12 million. The investment, made by U.K. venture capital firm Illuminate Financial Management, tops up d1g1t 's Series A round, announced last November. It was led by Canadian financial services firm Purpose Financial LP. Founded in 2017, d1g1t provides integrated technology that uses advanced analytics and risk management tools to help wealth management companies better advise and serve their clients. Led by CEO Dan Rosen, d1g1t will use the funds raised to accelerate product innovation and expand in the U.S. market.
3 min read · 10 July 2019
District Ventures Capital, a Canadian consumer-goods venture capital firm founded by Dragon’s Den star and entrepreneur Arlene Dickinson, has raised additional capital. Ontario Municipal Employees Retirement System (OMERS) and Bank of Montreal (BMO) provided the commitments, increasing District's debut fund to $70 million. OMERS committed $33 million. Calgary-based District invests in early-stage consumer-goods companies, including innovative brands in Canada’s food, beverage and health sectors. The firm also sponsors an accelerator. Fund I was initially capitalized in 2017 by George Weston Ltd, the Saputo family, ATB Financial, Canada Goose CEO Dani Reiss, Retail Ready Foods and other limited partners.
3 min read · 10 July 2019
Ontario Teachers’ Pension Plan has appointed Jo Taylor as its president and CEO, effective January 1, 2020. Taylor, who is currently executive managing director, global development, will replace Ron Mock, who is retiring. Mock joined Ontario Teachers' in 2001 and became president and CEO in 2014. Taylor began with Ontario Teachers’ in 2012, leading Europe, Middle East and Africa (EMEA) operations and later assumed additional responsibility for Asia-Pacific operations. His prior roles include serving as managing partner of U.K. private equity and infrastructure firm 3i Group. Toronto-based Ontario Teachers’ oversees more than $191 billion in net assets.
5 min read · 09 July 2019
