Private Equity
DigitalEd, a Waterloo-based education technology startup, has secured $7 million in bridge financing. The deal was backed by new and existing investors, including Kevin Weiss, a principal at U.S. private investment firm Dorado Capital Partners. Founded last year, DigitalEd provides online education solutions designed especially for science, technology, engineering and mathematics (STEM) courses. Led by President and CEO Jim Cooper, the company will use the funds raised in part to enhance its e-learning platform Möbius, which provides interactive courses, including automated testing and assessment, to global educational institutions and trade schools.
2 min read · 20 March 2019
Maison Le Grand, a Montréal-based maker of artisanal, plant-based food products, has secured undisclosed financing from Fondaction and InvestEco Capital Corp, according to a statement by Fondaction. Founded by CEO Tatiana Bossy and Bernard Le Grand, Le Grand manufactures fresh pesto, sauces, soups and hummus made from natural ingredients. The company will use the deal's proceeds to expand across Canada and the United States and launch new products. Montréal-based Fondaction is a labour-sponsored growth capital provider. Toronto-based InvestEco is a sustainable food and agriculture venture capital firm.
1 min read · 19 March 2019
Generac Holdings Inc (NYSE: GNRC) has acquired Neurio Technology Inc, a Vancouver-based intelligent energy management technology company. Terms weren't disclosed. Founded in 2005 and led by CEO Keith Marett, Neurio provides software, hardware and data science solutions to optimize energy consumption and reduce energy-related costs in the home. Generac, a Waukesha, Wisconsin-based maker of power generation equipment products, said the acquisition accelerates its connectivity and remote monitoring strategy. Neurio was backed by BDC Capital's ICE Venture Fund and other investors. The BDC fund provided Neurio with $1.5 million of seed-stage financing in 2014.
2 min read · 19 March 2019
Canopy Rivers has agreed to partner with LeafLink in a joint venture to deploy the U.S. company's cannabis business-to-business software platform to global markets. Canopy Rivers invested an initial US$2 million in LeafLink Services International ULC and has the option to invest an additional US$6 million. LeafLink invested an initial US$1 million. The initial investment gives Canopy, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, an 18 percent stake in the joint venture. Based in Los Angeles, LeafLink serves more than 950 U.S. cannabis brands. Its investors include Lerer Hippeau, Nosara and Casa Verde Capital.
4 min read · 18 March 2019
Bridgit, a Kitchener, Ontario-based construction software provider, has secured $6.2 million in financing, according to a report by the Globe and Mail. The round was led by BDC Capital's Women in Technology Venture Fund. It was joined by MaRS Investment Accelerator Fund, Innovation Grade Ventures, Salesforce Ventures, Sands Capital Ventures, StandUp Ventures and Vanedge Capital. Bridgit is also negotiating debt financing with CIBC Innovation Banking that will bring new funds raised to $7.75 million, the report said. Founded in 2013 by CEO Mallorie Brodie and Lauren Lake, Bridgit provides software that simplifies communication and site management for developers, general contractors, subcontractors and property owners.
1 min read · 18 March 2019
Caisse de dépôt et placement du Québec (CDPQ) has launched a $250 million fund to invest in growing Québec companies with artificial intelligence (AI)-enabled product offerings. The fund, managed by the Canadian pension system's venture capital and technology team, will invest directly in expansion-stage companies with sound business models, growth potential, seasoned management and dedicated teams with AI experience. Target opportunities will include companies emerging from early stages of development in the portfolios of CDPQ-backed venture capital firms.
4 min read · 18 March 2019
Fonds de solidarité FTQ said it will invest $1 billion annually over the next three years with a focus on helping Québec businesses reduce their carbon footprint and adopt new technologies. The Montréal-based growth capital provider will do this partly by backing Québec startups, such as Kaloom, Mnubo and Worximity, focused on energy efficiency, cleaner industrial processes and technologies, less energy-hungry equipment, and more efficient transportation systems. Fonds de solidarité FTQ said the $1 billion annual target represents a nearly 30 percent increase over the pace of its investing during the past five years.
3 min read · 18 March 2019
Lightspeed POS (TSX: LSPD), a Montréal-based point-of-sale solution for retailers, restaurants and e-commerce businesses, has closed its initial public offering on the Toronto Stock Exchange. Lightspeed sold 17.25 million subordinate voting shares at $16 per unit for gross proceeds of $276 million, including the offering's greenshoe option. Founded in 2005 by CEO Dax Dasilva, Lightspeed raised more than $400 million from venture capital firms, according to Refinitiv data. At the time of the IPO, its investors included Caisse de dépôt et placement du Québec, Inovia Capital and Investissement Québec.
2 min read · 15 March 2019
Wattpad, a Toronto-based multi-platform entertainment company for original stories, has secured undisclosed financing from Times Bridge, the investment arm of Indian media business The Times Group. The investment forms part of a strategic partnership intended to expand Wattpad's operations in India. Working with Times Bridge, Wattpad will grow its Indian community of readers and writers, establish new partnerships, and create opportunities to turn stories into books, TV shows, films and digital projects. Led by CEO Allen Lau, Wattpad has raised more than $150 million from a range of Canadian and global venture capital firms.
4 min read · 14 March 2019
Aeponyx, a Montréal-based fabless micro-optical switch semiconductor chips designer and maker, has raised $7.9 million in a Series A financing. The round was led by Pangaea Ventures, a Canadian advanced materials venture capital firm. It was joined by Fonds Innovexport and Ecofuel Fund, which backed the company's $4.3 million seed financing in 2017, and other investors. Aeponyx will use the funds raised to ramp up commercial production of its planar micro-optical switch chips, which are based on technology that combines silicon photonics with micro-electro-mechanical systems. Founded in 2011, Aeponyx is led by CEO Philippe Babin.
3 min read · 14 March 2019
