Private Equity
Canopy Rivers has invested in High Beauty Inc, a Santa Rosa, California-based cannabis-infused beauty brand. Canopy subscribed for US$2.5 million of shares in the company, giving the investor an 18.4 percent interest. Founded in 2018, High Beauty is the creator of high, a skincare product formulated using cannabis sativa seed extracts in combination with other ingredients. The funds raised will support the development of a new product line. Canopy is the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
3 min read · 16 April 2019
Prometic Life Sciences Inc (TSX: PLI) has negotiated deals to reduce debt and costs and raise financing for the next phase of the Laval, Québec-based biopharmaceutical company's development. The transactions include a $75 million equity offering led by Consonance Capital Management, a U.S. healthcare investment firm. They also include the conversion of about $229 million of debt held by an affiliate of Thomvest Asset Management, an investment arm of Canadian billionaire Peter Thomson, into common shares. As a result, Thomvest is expected to grow its stake in Prometic to about 81 percent of issued and outstanding shares. After closing these deals, Prometic will launch a rights offering to shareholders to raise up to $75 million.
10 min read · 16 April 2019
Toronto-based virtual care platform OnCall Health has raised $2 million in a seed-stage financing. The round was led by Canadian early-stage venture capital firm Ripple Ventures, with participation from Panache Ventures, Stout Street Capital and Maple Leaf Angels. Founded in 2016, OnCall provides secure telemedicine technology that facilitates video- or text-based consultations for healthcare providers. It currently supports more than 10,000 healthcare video appointments per month and works with over 300 healthcare organizations in North America. Led by CEO Nicholas Chepesiuk, OnCall will use the funds raised to expand its operations in Canada and the United States.
3 min read · 16 April 2019
Hamilton Lane, a US$470 billion private-markets investment and advisory firm, has opened an office in Toronto, its first in Canada. The location will be run by Mike Woollatt, hired in January as a principal in the fund investments and co-investments team. Woollatt joined from $97 billion Canadian pension fund OMERS, where he was a director, strategic partnerships, with OMERS Platform Investments. Prior to joining OMERS in 2018, Woollatt for four years led the Canadian Venture Capital and Private Equity Association. Hamilton Lane’s opening of a Toronto office follows its selection for investment last year by Ottawa’s Venture Capital Catalyst Initiative.
2 min read · 16 April 2019
TandemLaunch has raised $23 million in the first close of its third company creation and seed-stage fund. TandemLaunch Ventures III, expected to wrap up by the summer of 2019, secured a lead commitment of $5 million from BDC Capital. Other limited partners included Venture Capital Catalyst Initiative (VCCI), Harbor Street Ventures and more than 30 entrepreneurs and angel investors. Montréal-based TandemLaunch, founded in 2010 by General Partner and CEO Helge Seetzen, partners with global post-secondary institutions to launch synthetic startups in the consumer-electronics space. Fund III will support the creation of 20 new Canadian technology companies.
3 min read · 15 April 2019
Montréal-based cardiovascular drug maker Milestone Pharmaceuticals has filed a preliminary prospectus with the U.S. Securities Exchange Commission for an initial public offering. The company is seeking up to $115 million (US$86 million) from an offering of common shares on the Nasdaq Global Market, the filing said. It intends to list under the symbol MIST. Founded in 2005, Milestone is the developer of etripamil, a nasal spray formulation of calcium channel blockers used to terminate episodes of transient cardiovascular conditions. Milestone has raised roughly $220 million in venture capital financing. This includes $105 million raised last year, led by RTW Investments .
1 min read · 15 April 2019
Mogo Finance Technology Inc (TSX, Nasdaq: MOGO), a Vancouver-based online lender, has agreed to combine with Difference Capital Financial (DCF), a Canadian investor in late-stage technology companies. The deal will see each common share of Mogo exchanged for one DCF share. DCF currently holds a 23 percent stake in Mogo. It said the deal represents an equity value for Mogo of about $110 million. Following the combination, Mogo shareholders will own about 80 percent of the new entity, expected to be named Mogo Inc. Mogo said the new business will continue to execute on its "vision of building the leading fintech platform in Canada." It will assume control of DCF investments, including Hootsuite and Vision Critical.
5 min read · 15 April 2019
San Francisco-based data stream network PubNub has secured US$23 million in a Series D financing, increasing total funding to US$70 million. The deal was backed by Hewlett Packard Enterprise and existing investors. The latter included Relay Ventures, a Canadian mobile venture capital firm that led PubNub's Series A round in 2012. Founded in 2010, PubNub enables its customers to connect, scale and manage real-time applications and internet-of-things devices. The funds raised will support the company's global growth and response to demand, especially in emerging markets.
3 min read · 12 April 2019
HistoSonics, an Ann Arbor, Michigan-based medical device company, has raised US$54 million in a Series C financing. The round was led by Varian Medical Systems Inc and joined by new and existing investors, including Lumira Ventures, a Canadian life sciences venture capital firm. Founded in 2009, HistoSonics has created a non-invasive robotic platform and novel beam therapy that destroys targeted tissues, including diseased tissues and tumors. The round's proceeds will be used to complete regulatory and commercial milestones and further develop the technology.
4 min read · 12 April 2019
Vivid Seats has acquired Fanxchange, a Toronto-based ticket marketplace, for up to $85 million. Founded in 2009 by Brandon Koffler and Shawn Brookes, Fanxchange provides live event ticketing solutions for loyalty programs, financial institutions, travel and hotel providers, concierge services, e-commerce platforms and other distribution partners. Vivid Seats, a Chicago-based ticket marketplace, said the deal will enhance its portfolio. Fanxchange was backed by Azure Capital Partners and Plaza Ventures, which led its 2016 Series B financing, Gibraltar & Co, which led its 2014 Series A financing, and others. Vivid Seats is majority owned by U.S. private equity firm GTCR. It is also backed by Vista Equity Partners.
3 min read · 11 April 2019
