Private Equity
Vention, a Montréal-based digital manufacturing platform for machine design, has secured $17 million in a Series A financing. U.S. venture capital firm Bain Capital Ventures led the round, with participation from White Star Capital, Bolt and Real Ventures, which invested in last year's $3.5 million seed financing. Founded in 2016 by CEO Etienne Lacroix and CTO Max Windisch, Vention helps engineers and other professionals in robotics, aerospace, automotive and other industries to rapidly design, order and assemble custom factory equipment. It will use the funds raised to accelerate development of its MachineBuilder 3D software, expand its modular hardware library, and bring additional solutions to market.
4 min read · 15 January 2019
Solink, an Ottawa-based data-driven cloud security platform, has raised $16.3 million in a Series A financing. The round was led by U.S. growth equity firm Valor Equity Partners. It was joined by Generation Ventures, ScaleUp Ventures and BDC Capital's IT Venture Fund. All four investors backed the company's $5 million round in 2017. Founded in 2009, Solink's video-centric software helps brick-and-mortar businesses manage operations, security and loss prevention. Its customers include restaurants, retailers and financial institutions. Led by CEO Mike Matta, the company will use the funds raised to further develop the platform and expand its team.
3 min read · 15 January 2019
Sonrai Security, a Fredericton-based provider of cloud data control and compliance solutions, has officially launched with the close of a $24.5 million (US$18.5 million) Series A financing. U.S. venture capital firms Polaris Partners and TenEleven Ventures led the round. They were joined by New Brunswick Innovation Foundation. Sonrai was founded two years ago by CEO Brendan Hannigan and CTO Sandy Bird, who formerly led Fredericton-born security intelligence software company Q1 Labs, acquired in 2011 by IBM. The company's technology provides enterprise users with end-to-end data security and compliance across a range of cloud platforms.
5 min read · 15 January 2019
OMERS Ventures (OV) has expanded to the United States with the opening of an office in Silicon Valley. OV, the venture capital arm of the Ontario Municipal Employees Retirement System (OMERS), also said it hired Michael Yang to lead U.S. operations. Yang joins OV from Comcast Ventures, where he served as a managing director. Before then, he was an executive at Yahoo and a principal at Atlas Venture. OV Principal Michelle Killoran will relocate from Toronto to Silicon Valley to provide Yang with additional support. Managing Partner and Head of Ventures Damien Steel, who replaced John Ruffolo last year, said the new office and resources will allow OV to "deploy additional capital to startups in the U.S."
1 min read · 15 January 2019
Canadian life sciences venture capital firm AmorChem has made an undisclosed investment to develop new technology focused on short sequences of RNA that direct intracellular traffic. AmorChem invested through an agreement with Univalor, the commercialization arm of the University of Montreal, and researchers with the Montreal Clinical Research Institute and McGill University. The project is intended to create a better understanding of RNA sequencing and help improve treatment options. AmorChem invested through its second seed-stage fund, AmorChem II Fund LP, which is backed by Fondaction CSN, Fonds de solidarité FTQ, Merck and other investors.
4 min read · 14 January 2019
Greenhouse, a Toronto-based healthy beverage company, has raised $9 million in financing from Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp. Founded in 2014 by Anthony Green, Emma Knight and Hana James, Greenhouse manufactures plant-based beverage products, including cold-pressed juices. The investment by Canopy Rivers is part of a strategic partnership to help launch a new line of cannabidiol-infused beverages. Canopy Rivers will also support Greenhouse's national growth strategy, which will include new retail partners, new stores in key urban markets, and expanded e-commerce capabilities.
3 min read · 14 January 2019
WorkJam, a Montréal-based digital workplace solutions provider, has acquired Peerio Technologies, a Montréal-based employee communication software company. No financial terms were disclosed. WorkJam said the acquisition adds secure messaging and file sharing to its technology, enhancing team communication and workstream collaboration capabilities. Founded in 2014, WorkJam raised about $16 million two years ago in a first-time financing backed by Lerer Hippeau Ventures, Blumberg Capital, Founder Collective and NovelTMT. Also founded in 2014, Peerio's investors have included InnoStart Capital and Real Ventures, according to Crunchbase.
3 min read · 13 January 2019
Cycle Capital Management, a Canadian clean technology venture capital firm, has hired Dan Pinault as a principal. Pinault previously served as director of mergers and acquisitions at Brookfield Asset Management-owned Enwave Energy Corp. Before then, he was a management consultant with A.T. Kearney and Navigant. Pinault also recently worked with the clean technology group at MaRS Discovery District, supporting early-stage companies. Based in Montréal, Cycle has assets under management of more than $350 million.
2 min read · 11 January 2019
CIBC Innovation Banking has provided $2 million in debt financing to Jane Software Inc, a North Vancouver, British Columbia-based clinic management software company. Jane offers a secure, cloud-based platform to a range of health practitioners, including physiotherapists, massage therapists, chiropractors, acupuncturists and counsellors, to perform online booking, charting, scheduling and invoicing. Founded in 2012 by Co-CEOs Alison Taylor and Trevor Johnston, Jane will use the funds raised to accelerate growth of its platform and team in Canada and globally. Last year, PE Hub Canada interviewed Mark McQueen, the CIBC group’s president and executive managing director.
3 min read · 10 January 2019
Toronto-based software studio Myplanet has raised mezzanine financing of $2 million from the growth and transition capital group of BDC Capital. Founded in 2009 and led by CEO Jason Cottrell, Myplanet's designers and developers help businesses implement software platforms from Acquia, IBM and Salesforce. Its global clients include companies in retail, technology, finance and business services sectors. The funds raised will be used for working capital needs and Myplanet's growth strategy, which includes strengthening strategic partnerships and hiring software developers.
3 min read · 10 January 2019
