Private Equity
Slack, a San Francisco-based enterprise messaging software provider, has gone public on the New York Stock Exchange at a value of US$25 billion, Reuters reported. Slack went the unusual route of a direct listing, different from a traditional initial public offering because it does not raise fresh funds, the report said. The method was pioneered last year by Spotify Technology. Slack, which has an office in Vancouver, was launched in 2014 by CEO Stewart Butterfield, a Canadian entrepreneur. Its venture capital investors include Accel, Andreessen Horowitz, Dragoneer Investment Group and General Atlantic.
1 min read · 20 June 2019
Procurify, a Vancouver-based spend management platform, has closed its Series B financing, raising about $27 million (US$20 million). The round was led by Canadian venture capital firm Information Venture Partners. It was joined by Runa Capital, HarbourVest Partners, Manulife and BC Tech Fund, managed by Kensington Capital Partners. The company is also backed by Point Nine Capital, Nexus Venture Partners and BDC. Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify provides software that helps organizations manage their expenditures. The funds raised will be used for new hires, undertaking sales and marketing initiatives, and expanding Procurify's offering globally.
3 min read · 20 June 2019
BlockCerts Blockchain, a Victoria, British Columbia-based blockchain smart contracts and transactions platform, has raised $25 million in financing. The money came from Canadian private investment firms Hillcore Group and Robson Financial Group. BlockCerts was founded in 2016 by Tim Vasko, who is also CEO of the company's parent organization Finaeos. It provides a smart contracts streaming solution, a suite of software-as-a-service solutions, and distributed ledger technology to help businesses access blockchain and secure transactions. The funds raised will support global expansion and adoption of BlockCerts' platform.
3 min read · 20 June 2019
Canada's Weston family has hired Jim Orlando, managing partner of OMERS Ventures (OV), to run its new venture capital fund, the Globe and Mail reported. The $100 million fund will be an arm of the Westons' holding company Wittington Investments, the report said, and invest in areas of strategic interest to the family's businesses, including Weston Foods and Loblaw Cos Ltd. Orlando joined OV in 2013 and was responsible for leading its investment in Shopify. Before then, he was a managing director of OMERS Private Equity. Wittington is a cornerstone investor in the US$350 million debut fund of Radical Ventures, a Canadian artificial intelligence venture capital firm, launched in May.
1 min read · 19 June 2019
CIX has named Lightspeed POS (TSX: LSPD) its 2019 “Innovator of the Year”. Founded in 2005 by CEO Dax Dasilva, Lightspeed is a Montréal-based retail and restaurant POS and e-commerce solution. It went public this year in Canada, raising $276 million at a valuation of $1.5 billion. Lightspeed raised more than $400 million from venture capital firms. Going into the public launch, it was backed by Caisse de dépôt et placement du Québec, Inovia Capital and others. Dasilva will accept the award and tell his story as the opening keynote speaker with Inovia's Chris Arsenault at CIX on October 16 in Toronto.
4 min read · 19 June 2019
Canopy Rivers has invested US$10 million in ZeaKal, a San Diego, California-based plant science company. The deal gives Canopy, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, 8.7 percent of ZeaKal and an observer seat on its board. Founded in 2010, ZeaKal develops technology for sustainably increasing photosynthesis, improving plant yield and enhancing nutritional profiles for a variety of agricultural crops. Following Canopy's investment, the company will expand its commercial program, previously focused on row crops, to include cannabis and hemp.
4 min read · 19 June 2019
Calgary-based environmental technology company Recover Energy Services Inc has raised undisclosed financing from BDC Capital. BDC invested through its $700 million clean technology practice. Founded in 2008, Recover provides technology that recovers and refines base oil from contaminated drilling waste, resulting in avoidance of landfills and reduced CO2 emissions. Led by President and CEO Stan Ross, the company will use the financing's proceeds to expand, in part by opening an office in Houston, and complete modifications on its first commercial-scale facility in Lodgepole, Alberta.
3 min read · 19 June 2019
Animikii, a Victoria, British Columbia-based Indigenous digital agency and social enterprise, has raised $1 million in financing. The round's backers were Raven Indigenous Capital Partners, a Canadian Indigenous venture capital firm, and Business Development Bank of Canada (BDC). A representative of Raven will join the board. Founded in 2003 by Jeff Ward, Animikii provides website design, custom software, digital communications strategies and other technology-related solutions to Indigenous-focused organizations. Animikii will use the funds raised to further build its team and develop its Indigenous data sovereignty product.
3 min read · 18 June 2019
Fredericton-based connected care provider eChart Healthcare has raised $800,000 in a seed-stage financing. New Brunswick Innovation Foundation (NBIF) invested $200,000 in the round. The other investors were not disclosed. Founded in 2016 by CEO Amanda Betts, eChart Healthcare has created a digital patient charting system that helps long-term care homes simplify the charting process and provide staff and families with real-time data on a senior’s condition. The round's proceeds will support additional product development as well as sales and marketing activity.
3 min read · 17 June 2019
San Francisco-based health technology provider Collective Health has raised US$205 million in its latest financing. The round was led by SoftBank Vision Fund, with participation from several investors, including Canadian pension fund Public Sector Pension Investment Board (PSP Investments) and Canadian insurer Sun Life Financial. Founded in 2013, Collective Health provides a software platform that helps U.S. employers manage their health insurance programs. The company will use the funds raised to accelerate adoption of its platform and increase technology capabilities.
5 min read · 17 June 2019
