Private Equity
Searchlight Pharma Inc has agreed to acquire the Canadian assets of Merus Labs International Inc, an affiliate of European pharmaceutical company Norgine BV. Terms weren't disclosed. As a result, Searchlight, a Montréal-based specialty pharmaceutical company, will own and assume the distribution and promotion of Merus prescription drugs Enablex and Vancocin in Canada. Norgine will retain all assets outside of Canada. Last year, Searchlight raised financing from Emerillon Capital and Fonds de solidarité FTQ to back its growth and therapeutic area expansion.
4 min read · 01 October 2018
Thentia, a Toronto-based provider of regulatory and compliance software, has raised venture debt funding from Espresso Capital, a Canadian provider of technology debt financing. No financial terms were disclosed. Founded in 2014, Thentia's database technology helps regulatory bodies, licensing boards and private businesses to streamline their operations in regulation, compliance and governance. Led by CEO Julian Cardarelli, the company will use the funds raised to expand its suite of software solutions and build on its existing presence in Canadian, U.S. and U.K. markets.
2 min read · 01 October 2018
FirePower Capital has entered into a $100 million joint venture that will expand its debt-financing horizon, according to a news release. The Toronto firm said Friday it formed a JV with Arena Investors, a New York investor and merchant-capital provider. The partnership will enable FirePower to increase credit available to Canadian mid-market companies to a range of $1 million to $20 million. FirePower, which offers first-lien, unitranche, second-lien, mezzanine and venture loans through its Gap Debt fund, is especially active in Canadian technology sectors.
2 min read · 01 October 2018
John Ruffolo, CEO of OMERS Ventures, is leaving the firm, Ontario Municipal Employees Retirement System said. Ruffolo, who is also leaving his role as executive managing director of OMERS Platform Investments, the pension system's innovation arm, will remain in an advisory capacity until December 31. Ruffolo founded Toronto-based OMERS Ventures in 2011. The statement said Ruffolo will be succeeded as head of OMERS Ventures by Managing Partner Damien Steel, who has been with the group since 2011.
1 min read · 28 September 2018
Kontrol Energy Corp has closed its acquisition of CEM Specialties Inc, a London, Ontario-based developer of turn-key emission monitoring equipment and solutions. The purchase price was $3.35 million with a vendor take-back provision. Kontrol, a Vaughan, Ontario-based provider of energy efficiency solutions for buildings and cities, said the acquisition is a strategic fit for its existing emission business. The deal was backed with a $2 million secured loan provided by an affiliate of Pinnacle Funds and the private capital group of FirePower Capital.
4 min read · 28 September 2018
Daisy Intelligence Corp, a Vaughan, Ontario-based artificial intelligence (AI) software-as-a-service platform, has raised $5 million in funding from Espresso Capital, a Canadian provider of technology debt financing. The deal was a result of Daisy taking first place at ElevateR Pitch, a competition for Canadian companies in an AI or related sector. Founded in 2003 by CEO Gary Saarenvirta, Daisy analyzes transaction and operational data to make automated operational decision recommendations for improving businesses. It will use the funds raised for talent acquisition and marketing and to support growth in key industries.
3 min read · 27 September 2018
AbCellera, a Vancouver-based developer of therapeutic antibodies, has raised close to $13 million (US$10 million) in a Series A financing. The round was led by DCVC Bio, a U.S. biotechnology venture capital firm. Managing Partner John Hamer joined the board. AbCellera was founded in 2012 based on technology created at the University of British Columbia. Its antibody discovery engine combines a range of innovations, including artificial intelligence and microfluidic screening technology. Led by CEO Carl Hansen, the company will use the funds raised for growth, including investments to build capacity and integration of advanced technological capabilities.
3 min read · 27 September 2018
PAI Health, a Vancouver-based health software provider, has secured $9 million in its latest financing. The investors were not disclosed. PAI Health, formerly known as Mio Global, raised $20 million two years ago in a Series B round led by Hydra Ventures. Founded in 2000, PAI Health, known for its heart rate monitor wearable technology, develops personalized health engagement solutions to help users assess, monitor and increase their physical activity. The company, led by CEO Peter Taylor, will use the funds raised to expand into the insurtech sector, creating risk and cost management solutions for insurance providers.
3 min read · 27 September 2018
The National Angel Capital Organization (NACO) announced Randy Stewart Thompson, chairman and CEO of Valhalla Private Capital, has won the 2018 Canadian Angel of the Year Award. The award, sponsored by BDC Capital, recognizes an experienced angel who has made a significant contribution to the growth and development of angel investing in Canada. Thompson, who has been active as an angel, fund manager and company operator for 25 years, helped launch Calgary-based Valhalla in 2017. He oversees the investing of 100 angels and four funds with more than $30 million in deployed capital. Thompson has personally invested in 40 startups.
3 min read · 27 September 2018
CarbonCure Technologies Inc, a Halifax-based carbon dioxide (CO2) utilization platform, has secured undisclosed financing. The round was led by Breakthrough Energy Ventures, a U.S.-based clean energy fund. It was joined by GreenSoil Building Innovation Fund as well as existing investors, including BDC Capital's ICE Venture Fund, Pangaea Ventures, 350 Capital, Innovacorp, Brightpath Capital Partners, Neo Ventures, Shaw Group, Power Generations and Carmanah Management. Founded in 2007 by CEO Rob Niven, CarbonCure develops CO2 utilization technologies for the concrete sector, helping to reduce concrete’s carbon footprint and create efficiencies. It will use the funds raised to grow its solutions portfolio and enter new markets.
5 min read · 26 September 2018
