Canada

Clearbanc offers $1 bln in startup funding via 20-Min Term Sheet

Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, said it will supply $1 billion in growth funding through a new product, the 20-Min Term Sheet. The product will support the rapid provision of $10,000 to $10 million of non-dilutive financing to 2,000 startups in the next 12 months. Clearbanc said the 20-Min Term Sheet offers an alternative to entrepreneurs "pushing back against the traditional VC model for funding" and under-served markets. Founded in 2015 by CEOs Andrew D’Souza and Michele Romanow, Clearbanc secured about $160 million (US$120 million) last year from a syndicate of venture capital firms.

CIBC Innovation Banking puts $5 mln to work in Geoforce

CIBC Innovation Banking, the technology lending arm of CIBC, has provided US$5 million in working capital financing to Geoforce, a Dallas, Texas-based provider of field-asset tracking solutions. Founded in 2007, Geoforce uses hardware and software solutions to help companies in the energy, transportation and services sectors track large assets around the globe. It will use the funds raised to accelerate product delivery and execute on client growth strategies. Geoforce has been backed since 2013 by Houston Ventures, a U.S. energy technology growth equity firm.

Corus Entertainment buys Canadian affiliate of VC-backed Kin

Corus Entertainment Inc (TSX: CJR.B) has acquired the Canadian operations of Kin Community, a Los Angeles-based digital media company focused on lifestyle content for women. Terms weren't disclosed. The Kin Canada team will remain in place. Corus, a Toronto-based media and content provider, said the acquisition strengthens its position in the lifestyle space and complements its existing social digital agency, so.da. Corus led Kin's US$12 million Series C financing in 2014 and joined its US$13.5 million Series D financing in 2016. The company's other investors include Emil Capital Partners, General Catalyst and Rustic Canyon Partners.

CIBC Innovation Banking supplies credit facilities to Lightspeed

Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce solution, has entered into new credit facilities with CIBC Innovation Banking, the technology lending arm of CIBC. The facilities include a US$25 million ($33 million) demand revolving operating credit facility and a US$30 million ($40 million) stand-by acquisition term loan. They replace a prior US$15 million working capital line of credit provided by Silicon Valley Bank. In March, Lightspeed closed its initial public offering (IPO) in Canada, raising $276 million. It continues to be backed by Caisse de dépôt et placement du Québec, Inovia Capital and other pre-IPO investors.

Telus Ventures backs Acorn Biolabs, GenXys, Vital Biosciences

Telus Ventures, the venture capital arm of Canadian telecommunications company Telus Corp (TSX: T, NYSE: TU), has invested in three precision medicine and diagnostics-focused startups. They include Acorn Biolabs, a Toronto-based maker of an at-home cryopreservation solution for future therapeutic uses, which recently closed a $3.3 million seed-stage round. Telus Ventures also joined a recent $1.8 million seed financing of GenXys Health Care Systems, a Vancouver-based developer of precision prescribing software and pharmacogenetics testing. The third company is Vital Biosciences, a Canadian health monitoring and disease management platform that remains in stealth mode.

Radiotherapeutics pioneer Fusion lands $140 mln in Series B round

Fusion Pharmaceuticals, a cancer radiotherapeutics specialist, raised $140 million (US$105 million) in a Series B financing, one of the largest Canadian biotech deals on record. Varian Medical Systems, a Silicon Valley oncology business, co-led the round with New York healthcare investment giant OrbiMed. They were joined by new and existing investors, including Canadian life sciences venture firm Genesys Capital. Fusion's platform uses technology to link targeting molecules with short-path alpha medical isotopes to effectively kill cancer cells. “It’s essentially a smart bomb for cancer,” Genesys Managing Director Damian Lamb told PE Hub Canada.

Avrio rebrands as Rio Investment Partners, unveils $150 mln fund

Canadian venture capital firm Rio Investment Partners has raised $77.5 million in the first close of a $150 million fund focused on investing in North America's agri-technology and food technology value chain. The fund's backers include Farm Credit Canada. Rio, which has offices in Calgary and Montréal, is the successor to Avrio Capital. It is led by several Avrio team members, including Co-founder and Managing Director Aki Georgacacos, Managing Director Steven Leakos and Principal Jonathan Goodkey. Jean-Francois Huc, formerly the CEO of BioAmber Inc, also joined Rio as co-founder and managing director. Rio's fund will invest $3 million to $10 million in growth-stage companies operating in the various segments of the agri-food technology market.

Untether AI lands $13 mln in Intel Capital-led Series A round

Toronto-based artificial intelligence (AI) chip startup Untether AI has emerged from stealth, raising $13 million in a Series A financing. The round was led by Intel Capital, the venture capital arm of U.S. chip maker Intel Corp. It was joined by other investors, none of which were identified. Founded in 2018 by CEO Martin Snelgrove, CTO Darrick Wiebe and Raymond Chik, Untether AI has developed new chip architecture for neural net inference that eliminates data movement bottlenecks that cost energy and performance. Untether said its Kensington architecture, which moves data 1,000 times faster than traditional architectures, will "enable new frontiers in AI applications."

Agorize raises $20 mln in funding to speed Canadian growth

Agorize, a Paris-based online platform for hackathons and open innovation challenges, has raised $20 million from European investors Creadev, Sofiouest, Iris Capital and Capnamic Ventures. The funds raised will allow the company to accelerate its development in Canada, invest in local teams, and meet demand from client organizations. Agorize currently has locations in Montréal and Toronto led by Aurélie Wen, managing director, North America. Canada is the world's fifth most active adopter of innovation marathons, Agorize reports, holding 247 hackathons last year out of 5,636 organized globally.

Lightspeed's public debut drives IPO activity in Q1: PwC

Canada’s initial public offering (IPO) market had a "stable start" in Q1 2019, potentially opening a window for new issues later this year, according to a report by PwC Canada. In all, eight new issues on exchanges raised $327 million in the first quarter, up from $157 million raised by nine new issues at the same time in 2018. Activity between January and March was led by the public debut of venture capital-backed Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce solution. Dean Braunsteiner, PwC national IPO leader, said Lightspeed's IPO is the first of several technology companies that have "long been expected to enter public markets."