Private Equity
Toronto-based early-stage venture capital firm Ripple Ventures has closed its inaugural fund, raising $10 million in committed capital. Ripple Ventures Fund I was backed by unidentified limited partners in Canada and the United States. Launched this year by Managing Partner Matt Cohen, who will run Fund I alongside General Partner Michael Garbe, Ripple also opened an incubator space called the Tank. Fund I's first investments include Toronto telemedicine platform OnCall Health and Toronto construction technology provider Tread Technologies. The fund will invest in other companies in a range of North American technology sectors.
3 min read · 12 September 2018
Silicon Valley Bank (SVB) has co-led a $100 million senior secured term loan and $25 million senior secured revolver for HLS Therapeutics Inc (TSX-V: HLS), a Toronto-based pharmaceutical company specializing in the central nervous system and cardiovascular markets. The deal will refinance the company's existing debt and provide working capital. Founded in 2015 and led by CEO Greg Gubitz, HLS is focused on acquiring and commercializing late-stage development branded pharmaceutical products in North America. SVB, a U.S. technology financial services firm, established its first branch in Canada earlier this year.
2 min read · 12 September 2018
Integrate.ai, a Toronto-based artificial intelligence software company, has secured about $39.5 million (US$30 million) in a Series A financing. Portag3 Ventures, the investment arm of Power Financial, led the round. It was joined by existing investors Georgian Partners and Real Ventures. As a result, Portag3 Executive Chairman Paul Desmarais III will join the board. Launched last year by CEO Steve Irvine, a former Facebook executive, Integrate.ai's cloud-based machine learning platform helps businesses harness consumer intelligence and engage customers without compromising privacy. Integrate.ai will use the funds raised to expand its operations and client base in the United States.
4 min read · 12 September 2018
CIBC Innovation Banking, the tech-lending arm of CIBC, is pursuing a bold North American scaling strategy, boosting in-house resources and accelerating its deal pace. The activity includes a batch of senior hires. Since launching earlier this year, the group has recruited no fewer than six managing directors, most of them from rivals in the debt space. Mark McQueen, president and executive managing director, says the hires bring fresh talent to CIBC’s tech-lending arm, and extend its reach into Canadian and U.S. tech hubs.
4 min read · 12 September 2018
Ledn Inc, a Toronto cryptoasset-backed lender, has raised $1.55 million in a seed-stage financing. The round was led by Andrew Clark, co-CEO of Spark Power Group Inc, and Someren Capital. As a result, Clark will join the company's advisory board. Founded by CEO Adam Reeds and CSO Mauricio Di Bartolomeo, Ledn's platform allows users to borrow Canadian dollars using Bitcoin as collateral. It plans to launch a new website application this fall. Ledn will use the funds raised to further develop the platform and expand its cryptoasset-backed lending operations in Canada.
3 min read · 11 September 2018
Canadian water-focused growth equity firm XPV Water Partners last month backed a management buyout of Metasphere Ltd, a U.K. telemetry water systems business. Terms weren't released for the deal, which saw U.K. investment firm Kaye Enterprises sell its stake in the company. Based in Tadworth, Surrey, Metasphere's technology helps reduce the cost of telemetry ownership for customers seeking to monitor remote assets and systems. XPV Partner Khalil Maalouf said his firm will support Metasphere as it expands relationships with utilities and grows its offering.
3 min read · 10 September 2018
A study by the Business Development Bank of Canada (BDC) found 39 percent of Canadian small and medium-sized enterprises (SMEs) face challenges finding new employees. The labour shortage, which is most acute in Atlantic Canada, British Columbia and Ontario, and in the manufacturing, retail trade and construction sectors, is not expected to improve for at least a decade. The study, based on a survey of 1,208 entrepreneurs, also found SMEs affected by labour shortages are 65 percent more likely to generate low sales. Among the strategies used to locate talent, SMEs were least likely to consider hiring immigrants.
3 min read · 07 September 2018
CIBC Innovation Banking has hired Charlie Kelly as a manager director. Kelly will head the technology financing and advisory group's new office in Denver, Colorado. Kelly joins CIBC from Silicon Valley Bank, where he served for more than a decade, most recently as a managing director with the Colorado technology group. Before then, he was a U.S. Navy officer. CIBC Innovation Banking launched in January with the acquisition of the assets of Canadian specialty finance firm Wellington Financial.
2 min read · 07 September 2018
EnergyX Solutions Inc, a Toronto-based energy management software platform, has raised $1.3 million in financing. Globalive Capital, the investment firm of Anthony Lacavera, led the round. It was joined by Verstra Ventures, Armco Group of Companies and Impact Investment Partners. Founded in 2016, EnergyX is a marketing automation company that helps homes and businesses save up to 25 percent on energy bills by licensing its energy audit and marketplace app, MyEnergyXpert, to utilities and government organizations. CEO Nishaant Sangaavi said the funds raised will support EnergyX's expansion into the United States and beyond.
5 min read · 07 September 2018
Canadian Innovation Exchange (CIX) has announced this year’s roster of 20 innovative companies to be inducted into the annual CIX Top 20 program. The companies, many of them venture-backed, were selected by technology experts and investors from across Canada. The CEO of each top 20 company will present at CIX 2018 on October 22-23 in Toronto. The top 20 are Borrowell, Canvass Analytics, Clearbanc, Coconut Software, Delphia, Dialogue, eSight, inkbox, Intuitive AI, IRYStec Software, Island Water, Kiite, Klue, Myant, Roadmunk, skritswap, Smooch, Validere, Vendasta and Zighra.
3 min read · 06 September 2018
