Private Equity
TVM Capital Life Science and Caisse de dépôt et placement du Québec (CDPQ) are the 2019 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. TVM Capital won in the venture capital category for the 2018 sale of AurKa Pharma, a Montréal-based developer of a cancer treatment for solid tumors, to Eli Lilly. The US$575 million deal generated an IRR of 348 percent and 9.3 x multiple of invested capital. CDPQ won in the private equity category for the 2018 sale of Camso, a Magog, Québec-based maker of off-the-road tires and rubber tracks to Michelin. The transaction was valued at US$1.45 billion.
5 min read · 05 June 2019
The federal government’s Venture Capital Catalyst Initiative (VCCI) has committed $50 million to ArcTern Ventures, Cycle Capital Management and Renewal Funds, all Canadian venture capital firms active in the clean technology sector. Montréal-based Cycle and Vancouver-based Renewal will receive $20 million apiece, the Globe and Mail reported, while Toronto-based ArcTern will get $10 million. ArcTern initially closed its second fund last year, raising $60 million, while Cycle initially closed its fourth fund in February, raising $109 million. VCCI, a $400 million program to shore up venture capital supply in Canada, in 2018 secured an additional $50 million from Ottawa earmarked for clean technology.
3 min read · 05 June 2019
The Securities and Exchange Commission (SEC) has sued Kik Interactive Inc, alleging the Waterloo-based messaging app conducted an illegal US$100 million offering of digital tokens. In 2017, Kik said it would raise US$125 million by selling tokens called Kin. The SEC charges the offering and sale were not registered as required by U.S. securities laws. By failing to register, Kik “deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions,” the SEC said. Kik has raised financing from Foundation Capital, Millennium Technology Value Partners, RRE Ventures, Spark Capital, SV Angel, Tencent, Union Square Ventures, Valiant Capital Partners and other investors.
3 min read · 05 June 2019
Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
2 min read · 04 June 2019
Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
2 min read · 04 June 2019
Toronto-based food innovation platform New Skew has secured an undisclosed initial financing. The round was backed by unidentified investors, consisting of family offices and investment dealers with links to the food, retail and hospitality sectors in Canada and the United States. Founded in 2017 by Alex Yurek, New Skew helps craft food and beverage brands launch and scale more quickly and efficiently. Its current portfolio includes Detour Coffee Roasters, Dear Grain, Royal Canadian Mead and Brainbow. New Skew will use the funds raised to expand its North American presence, scale existing brands and develop new brands.
3 min read · 04 June 2019
Vancouver-based two-wheel technology company Damon Motorcycles has raised $2.5 million in a seed-stage financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. It was joined by Techstars, Extreme Venture Partners and Pallasite Ventures. Founded in 2017 by CEO Jay Giraud and CTO Dom Kwong, Damon has developed an advanced warning system that uses sensor fusion, robotics and artificial intelligence to make motorcycling safer. Damon said manufacturers are evaluating the technology for factory integration. The funds raised will support further growth and product development.
4 min read · 04 June 2019
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
3 min read · 04 June 2019
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
3 min read · 04 June 2019
Northleaf Capital Partners has closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies, raising $300 million. NVCF II, backed by Ottawa's Venture Capital Catalyst Initiative (VCCI), closed at its hard cap with the help of institutional, high-net-worth and family office investors. They included BDC Capital, Canada Pension Plan Investment Board, Sun Life and TD Bank Group, which joined the fund's initial close in December. New money came from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and others. NVCF II has so far made commitments to Inovia Capital, StandUp Ventures and Versant Ventures.
4 min read · 04 June 2019
