Private Equity
Toronto-based enterprise software company CryptoNumerics has raised about $3.4 million (US$2.5 million) in a seed-stage financing. The round was led by 11.2 Capital, a U.S. venture capital firm. It was joined by fellow U.S. investors Lux Capital and Silicon Valley Data Capital. Shelley Zhuang, an 11.2 Capital managing partner, will join the board. Founded last year and led by CEO Monica Holboke, CryptoNumerics helps organizations to use data to gain insights while overcoming privacy and data residency issues. Along with the round, CryptoNumerics announced the launch of its CN-Protect software, which uses artificial intelligence to create privacy-protected data sets.
3 min read · 13 March 2019
Investment activity in Canada’s venture capital (VC) market in 2018 largely matched 2017's results in dollar terms, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). A total of $3.7 billion was invested in technology companies as of December 31, down a moderate 2 percent from 2017. The year-end total was strengthened by fourth-quarter activity, which saw nearly $1.3 billion invested in 165 financings, up 16 percent from the same time in 2017. Q4 2018 was one of two quarters last year when VC deployments rose above the $1 billion mark. IT sectors accounted for more than two-thirds of total VC invested in Canada in 2018, followed by life sciences sectors, which took a 17 percent share.
5 min read · 13 March 2019
ZayZoon, a Calgary-based provider of employee financial payroll solutions, has secured $15 million in financing. The round was backed by a group of investors, including Prairie Merchant Corp and Bluesky Equities Ltd. Launched in 2014 by CEO Darcy Tuer and President Tate Hackert, ZayZoon partners with payroll businesses and employers to give employees a financial wellness platform, including access to early wages on-demand. The early wages service is currently available to more than 2 million employees across North America, the company reports. ZayZoon said it will use the round's proceeds to further develop its platform.
3 min read · 12 March 2019
Cribcut, a Halifax-based mobile hair styling service, has raised $800,000 in the second tranche of a pre-seed financing, bringing the round to $1.06 million. The investors included Ramen Ventures, Innovacorp, Valhalla Angels, Georgian Angel Network, Broken Glass Angels and fellows and associates with Creative Destruction Lab. Founded in 2017, Cribcut provides a software-enabled marketplace that connects mobile hair stylists with their customers. It currently serves four Canadian provinces and 27 U.S. states. Led by CEO David Howe, Cribcut will use the funds raised to expand its presence across North America and grow its teams in Halifax and Toronto.
3 min read · 12 March 2019
Mofang Gongyu, a Shanghai, China-based institutional rental apartment operator, has raised US$150 million in a Series D financing. The round was led by Canadian pension fund manager Caisse de dépôt et placement du Québec. Founded in 2009, Mofang operates long-term rental housing for urban professionals in major Chinese cities, such as Beijing, Shanghai, Guangzhou and Shenzhen. It will use the funds raised to augment the company's market presence, extend operational capabilities, enhance its IT system and loyalty program, and pursue acquisitions. Mofang previously raised rounds backed by AVIC Trust and Warburg Pincus.
3 min read · 12 March 2019
Walter Craft Caesar, a Vancouver-based producer of a healthy Caesar cocktail mix brand, has raised a Series A financing. The round, the value of which was not disclosed, was led by District Ventures Capital, a Canadian consumer venture capital firm. Founded in 2013 by CEO Aaron Harowitz and Zack Silverman, Walter's all-natural products are sold in more than 2,500 retail locations and featured in restaurants and bars across Canada. Arlene Dickinson, founder and general partner of District Ventures, said her firm will work with Walter to take the company "to the next level."
3 min read · 12 March 2019
Fonds de solidarité FTQ has invested $5 million in IMV Inc (TSX, Nasdaq: IMV), a clinical-stage biopharmaceutical company with offices and labs in Halifax and Québec City. The investment forms part of a $29.5 million public offering announced this week. The Fonds, a Canadian growth capital provider, has to date invested $10.75 million in the company. IMV will use the offering's proceeds mainly to accelerate development of new immunotherapies for people facing cancer using its drug release platform DPX-Survivac. Founded in 2000 and led by CEO Frédéric Ors, IMV is also backed by Canadian life sciences venture capital firm CTI Life Sciences Fund.
2 min read · 11 March 2019
Lightspeed POS, a Montréal-based point-of-sale solution for retailers, restaurants and e-commerce businesses, will begin trading on the Toronto Stock Exchange (TSX) today under the symbol LSPD. The company, which filed for an initial public offering (IPO) last month, is expected to raise $240 million. The amount could increase to $276 million if the IPO's greenshoe option is exercised in full. Founded in 2005 by CEO Dax Dasilva, Lightspeed secured about $207 million (US$166 million) in a Series D financing in 2017. Caisse de dépôt et placement du Québec led and was joined by IQ, iNovia Capital and Silicon Valley Bank. The IPO is the largest by a Canadian venture-backed technology company in two years.
4 min read · 08 March 2019
BDC Capital's Healthcare Venture Fund and New Enterprises Associates (NEA) have agreed to vote in favour of Ipsen's acquisition of Clementia Pharmaceuticals (Nasdaq: CMTA). Last month, France's Ipsen agreed to acquire Clementia, a Montréal-based developer of treatments for ultra-rare bone disorders and other diseases, for US$1.31 billion ($1.72 billion). BDC and NEA, which respectively own about 14 percent and 7.1 percent of Clementia's issued and outstanding shares, join OrbiMed Advisors and other investors that have already indicated approval of the deal. These shareholders together hold a 51.7 percent interest in the company.
3 min read · 06 March 2019
PointClickCare Technologies has acquired QuickMAR, an Eagle, Idaho-based medication management software company. No financial terms were disclosed. PointClickCare, a Toronto-based cloud software platform for the long-term post-acute-care and senior living sectors, said the deal expands its health and wellness portfolio and provides customers with more medication management solutions. Last year, PointClickCare raised $187 million (US$146 million) from U.S. growth equity firm Dragoneer Investment Group, which acquired shares from other existing investors. The company is also backed by U.S. growth equity firm JMI Equity.
4 min read · 06 March 2019
