Private Equity
LynX Inspection, a Québec City-based provider of industrial inspection solutions, has raised more than $1 million in its first financing. The round, announced last month, was backed by members of Anges Québec, Anges Québec Capital, Fonds Innovexport and ACET Capital. Founded in 2016, LynX's technology combines three-dimensional analysis and X-ray imaging to rapidly inspect manufactured parts and detect defects. It is targeting opportunities in the aerospace, automotive and defence sectors. President and CEO Luc Perron said the funds raised will help the company move from R&D to commercialization and increase its global profile.
4 min read · 02 January 2019
Boosted, a Mountain View, California-based producer of last-mile electric vehicles, including the Booster board, has raised US$60 million in a Series B financing. The round, which brings total funding to more than US$70 million, was led by Canadian venture capital firm iNovia Capital and U.S. firm Khosla Ventures. They were joined by Series A investors. Patrick Pichette, an iNovia general partner, will take a preferred board seat. Boosted said it will use the funds raised for global growth and to introduce new products that leverage the company's light electric vehicle technology.
3 min read · 21 December 2018
Canada Pension Plan Investment Board (CPPIB) is planning to put $500 million to $1 billion to work in the venture capital market, according to a report by The Logic. The $368 billion pension fund is hiring a senior principal to focus on investments in the space, the report said. The investment pro will be responsible for committing capital to 10 to 15 venture capital funds in North America and Europe. CPPIB Managing Director Shane Feeney, who heads global private equity, told The Logic the pension fund could make investments "with more direct VC exposure" in the future. CPPIB joined the initial close of Northleaf Capital Partners' second Canadian venture capital fund of funds, announced this week.
1 min read · 19 December 2018
Espresso Capital last month provided $7 million in debt financing to ScribbleLive, a Toronto-based digital content marketing platform. Founded in 2008, ScribbleLive provides brands and enterprises with data insights and content solutions to help them improve the performance of sales and marketing initiatives. The funds raised will support the company's growth strategy. Led by CEO Efrem Ainsley, ScribbleLive has secured more than $65 million from investors, including Emerillon Capital, Georgian Partners, OpenText Enterprise Apps Fund, Rogers Ventures and Summerhill Venture Partners.
2 min read · 19 December 2018
AmorChem has created MyX Therapeutics Inc, a Montréal-based mucosal delivery platform technology company. Along with transferring to the startup the rights to the technology, developed at the University of Waterloo, AmorChem provided seed financing of $450,000. The funds raised will help MyX establish commercial partnerships, targeting ocular diseases in both animal and human health. MyX will be led by President and CEO Gregory White. AmorChem, a Canadian seed-stage life sciences investor, was backed last month by Ottawa's Venture Capital Catalyst Initiative (VCCI).
3 min read · 18 December 2018
Laval, Québec-based clinical-stage biopharmaceutical company Bellus Health Inc (TSX: BLU) has secured $35 million in an equity offering. The offering was led by U.S. healthcare investment firm OrbiMed. New Leaf Venture Partners, First Manhattan Co, Samsara BioCapital, Fonds de solidarité FTQ, AppleTree Partners and Amzak Health also participated. OrbiMed Partner Chau Khuong has joined the board. The proceeds will be used to advance the company's lead drug candidate, BLU-5937, for chronic cough. A Phase 2 study will be initiated in mid-2019. Bellus is led by President and CEO Roberto Bellini.
5 min read · 18 December 2018
South African internet giant Naspers and Canada Pension Plan Investment Board (CPPIB) have invested US$540 million in Indian educational technology startup Byju’s, Reuters reported. Bengaluru-based Byju’s launched a learning app in 2015 that offers tools for school students in India, a country with the world’s largest number of children in primary education. The latest investment values the company at around US$3.6 billion, Indian media reported. CPPIB, one of the world’s biggest investors, is expanding its interests in India due to the country’s young population and growing middle class, its chief executive said last week.
2 min read · 18 December 2018
Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $67 million (US$50 million) in follow-on financing. The investment was made by Upper90, the fund of Grubhub Co-founder Jason Finger. It comes on the heels of Clearbanc's initial financing of about $94 million (US$70 million) last month, backed by 12 Canadian and U.S. venture capital firms. Founded in 2015 by CEO Andrew D’Souza and President Michele Romanow, Clearbanc reports more than 1,000 companies have approached it in the past four weeks, representing capital demand of up to $1 billion. Deploying over $100 million this year, Clearbanc plans to launch new products, secure new partnerships, and expand globally in 2019.
5 min read · 18 December 2018
Northleaf Capital Partners has invested in PPRO Group, a London, U.K.-based cross-border e-payment specialist. No financial terms were disclosed. Founded in 2006, PPRO helps businesses accept more than 140 alternative payment methods globally, including bank transfers, e-wallets and cash-based payments. Earlier this year, the company raised US$50 in financing led by PayPal and joined by longstanding investor HPE Growth Capital, a Dutch private equity firm. Northleaf is a Canadian private equity, infrastructure and private credit investment firm.
3 min read · 18 December 2018
Toronto-based cybersecurity provider Cybeats has secured $3 million in financing. Canadian early-stage venture capital firm Ripple Ventures led the deal, which builds on Cybeat's pre-seed round in January. Also investing were GreenSoil Building Innovation Fund, MaRS Investment Accelerator Fund, MLA48, ScaleX Ventures and iNovia Capital. Founded in 2016, Cybeats' technology protects internet-of-things devices in the smart building, medical and critical infrastructure environments from cyber threats. Led by CEO Dmitry Raidman, the startup will use the funds raised for sales, research and development, and team expansion.
4 min read · 18 December 2018
