Canada

POET Technologies closes $6.6 mln facility with Espresso

POET Technologies Inc, a Toronto-based semiconductor development and manufacturing company, has closed a bridge loan of up to $6.6 million. The source of the financing is Espresso Capital, a Canadian technology venture debt provider. Led by CEO Suresh Venkatesan, POET designs and makes optical light source products for the sensing and data communications markets. The company previously said it expects the proceeds to be used for advancing its optical interposer platform, working capital and other priorities.

FINCAD secures $16 mln in Vistara-led growth financing

FINCAD, a Vancouver-based provider of enterprise solutions for derivative and fixed income portfolios, has raised about $16 million (US$12 million) in financing. The deal was led by Canadian technology growth capital firm Vistara Capital Partners, with a senior bank facility provided by CIBC Innovation Banking, the technology lending arm of CIBC. Vistara Managing Partner Randy Garg will become a board observer. FINCAD, led by President and CEO Bob Park, will use the funds raised to grow its F3 enterprise analytics platform, which supports modelling, pricing, valuation and risk management of portfolios in all asset classes.

CIBC Innovation Banking provides $7 mln to VC-backed Parchment

CIBC Innovation Banking has closed a US$7 million growth financing with Parchment, a Scottsdale, Arizona-based digital credential service. Parchment offers a platform of software tools and services that allow students, academic institutions and employers to request, verify and share transcripts and credential data. The company is backed by several U.S. investors, including GSV Capital, Novak Biddle Venture Partners, Raine Group and Salmon River Capital. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.

Incident response app Cobalt raises $1.3 mln in financing

Cobalt, a Montréal-based software-as-a-service incident response solution, has raised $1.3 million in financing. The round was led by Québec angel network Anges Québec, with the participation of Anges Québec Capital and other investors. Cobalt, founded in 2008 by CEO Jean-François Plante, provides an app that automates and simplifies the incident response process for physical security incidents, emergencies and cybersecurity issues. The funds raised will help the company accelerate its expansion in U.S. market.

CDPQ teams up with CREO to invest in sustainable economy

Caisse de dépôt et placement du Québec (CDPQ) has agreed to partner with the CREO Family Office Syndicate in a new initiative aimed at providing more capital to climate-related investments. No financial terms were disclosed. The partnership will focus on creating new deal opportunities, sharing expertise and exercising stronger climate leadership within the industry, CDPQ and CREO said. CDPQ said it reduced the carbon intensity of its global portfolio by 10 percent in the past year, while increasing investing in low-carbon assets by $10 billion. CREO is a New York City-based network of family offices.

Corporate learning platform Synapse nabs $3.3 mln in seed funding

Synapse, a Toronto-based technology provider to the learning and development market, has raised about $3.3 million (US$2.5 million) in a seed-stage financing. Generation Ventures, the venture capital arm of Canadian family office Generation Capital, led the round. It was joined by Ripple Ventures, Differential Ventures, CEAS Investments, Cathexis Ventures, Ideal Ventures and Neal Dempsey. Founded in 2016, Synapse has created a learning design system that streamlines the processes associated with planning and developing corporate training programs. Led by CEO Ryan Austin, the company will use the funds raised for growing sales, marketing and product expansion, and new hires.

The Co-operators launches fund earmarked for insurtech ventures

The Co-operators Group Ltd, a Canadian insurance and financial services co-operative, has launched a new fund to invest in insurance technology companies. The size of the fund was not disclosed. President and CEO Rob Wesseling said the fund will support The Co-operators' innovation strategy by partnering with companies that offer "cutting-edge technology and solutions to meet the changing needs and preferences of our clients." Last year, The Co-operators partnered with New York-based insurance cloud platform Slice Labs Inc to create a new digital insurance brand in Canada. It also led Slice Labs' US$20 million extended Series A financing.

Fintech startup Buckzy Payments closes $1.75 mln seed deal

Toronto-based financial technology startup Buckzy Payments has raised $1.75 million in a seed-stage financing. Canadian early-stage venture capital firm Mistral Venture Partners led the round. It was joined by U.S. early-stage venture capital firm Revel Partners. Founded last year by President and CEO Abdul Naushad, Buckzy provides a real-time payments ecosystem network and platform that enables rapid remittances, bill payments and e-commerce payments by consumers and small businesses. The company said it will use the financing's proceeds to scale its network.

HiMama secures $7.25 mln in Round 13-led Series A round

Toronto-based early childhood technology startup HiMama has raised $7.25 million in a Series A financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. Round 13 Managing Partner Bruce Croxon will join the board. Founded in 2013 by CEO Ron Spreeuwenberg and CTO Alana Frome, HiMama provides technology that helps child care directors and owners empower their staff, support parents, improve learning outcomes, and grow their business. The company reports ten-fold expansion in the past three years and use of its product in thousands of child care centres globally. The funds raised will support HiMama's growth strategy.

ABK Biomedical raises $40 mln in Series B financing

Halifax-based medical device company ABK Biomedical Inc has secured about $40 million (US$30 million) in a Series B financing. The round was led by F-Prime Capital, a U.S. healthcare venture capital firm, and Varian Medical Systems, a U.S. oncology business. ABK previously raised funding from Canadian early-stage venture capital firm Innovacorp and angel investors. Founded in 2012 at Dalhousie University by Bob Abraham, Daniel Boyd and Sharon Kehoe, ABK is focused on embolic therapies for patients with benign and malignant hypervascular tumors. The company will use the funds raised for research, manufacturing and clinical product development of its Eye90 and Easi-Vue microsphere offerings.