Private Equity
Canadian water-focused growth equity firm XPV Water Partners has invested in Mobiltex Data Ltd, a Calgary-based engineer, designer and maker of industrial mobile data systems. The investment's value was not disclosed. Founded in 1985 by Jerry Chilibecki and Dale Poloway, Mobiltex's internet-of-things products and services help monitor corrosion protection in pipelines and other distribution and storage infrastructure assets. XPV Partner Khalil Maalouf said his firm's investment will help the company scale up its geographic presence and expand its offering. Based in Toronto, XPV oversees more than $400 million in committed institutional capital.
3 min read · 20 August 2018
Vancouver Founder Fund (VFF) has closed its second seed-stage venture capital fund to invest in technology companies in the Pacific Northwest. VFF said Fund II raised more than twice the committed capital of Fund I, which raised $14 million in 2016. According to a report by BetaKit, the amount secured was $31 million. BDC Capital was Fund II's sole institutional investor, the report said. Fund II's debut investment was real estate marketing software platform AvenueHQ, which earlier in 2018 raised $4.5 million in a seed round. Vancouver-based VFF was founded in 2015 by Managing Partner Fraser Hall and Partner Dan Eisenhardt, who together formerly led Recon Instruments, and Partner Jay Rhind.
3 min read · 16 August 2018
Bank of Montreal (BMO) said it has successfully launched a pilot fixed income issuance transaction, mirrored on a blockchain platform alongside Ontario Teachers' Pension Plan. The transaction saw BMO sell $250 million of one-year floating rate deposit notes to Ontario Teachers’. It represents the first Canadian dollar fixed income issuance showing the viability of blockchain platforms, the bank said. BMO Capital Markets designed and built a blockchain issuance system using open-source blockchain infrastructure with the goal of testing a settlement system.
3 min read · 16 August 2018
Electrobac, a Montréal-based electronics recovery technology company, has closed a seed-stage financing of $1 million. The round's investors were Fondaction and Ecofuel Fund, a seed investment affiliate of Cycle Capital Management. Founded in 2011 by CEO Philip Bénard, Electrobac implements and manages a network of smart recycling bins for small, end-of-life electronics. It also offers businesses a buyback scheme for mobile devices. The company said it will use the funds raised to expand into new markets, including Ontario and British Columbia, double the size of the team, and enhance its platform.
4 min read · 15 August 2018
Province Brands of Canada, a Toronto-based cannabis beverage company, has raised $10.95 million in a Series A financing. The round, which brings the company's total funding to more than $15 million, was backed by 91 accredited investors. It was structured as a convertible note. Founded in 2016 by CEO Dooma Wendschuh and CCO Jennifer Dianne Thomas, Province Brands is developing a suite of non-alcoholic, cannabis-based beers and spirits. The company said it is planning to raise a Series B round of $20 million to $30 million to coincide with its listing on the TSX Venture Exchange. The listing will be achieved through a reverse takeover.
3 min read · 15 August 2018
Qindom, a Toronto-based quantum intelligence startup, has raised about $2.6 million (US$2 million) in a seed-stage financing. The round was led by an angel investor, identified as one of the early limited partners of Sequoia Capital. Launched in January, Qindom is a quantum intelligence research and application service provider. It aims to apply quantum computing technologies to solve complex combinatorial optimization problems in industrial scenarios. Yao Wang, a Qindom co-founder and former Alibaba Group manager, said the funds raised will support the company's strategic development.
3 min read · 14 August 2018
Impak Finance, a Montréal-based social impact financial technology company, has raised $1.1 million in financing. The round was backed by Anges Québec, Anges Québec Capital and several private investors from Canada and France. Investors Claude Chagnon, Didier Kuhn, Michel Lozeau and Daniel Paillé have joined the board. Led by CEO Paul Allard, who co-founded the company in 2016, Impak is building an application and marketplace to facilitate and reward socially and environmentally responsible purchases from impact enterprises. Buyers who use Impact's application receive impak coins, a social impact digital currency.
4 min read · 14 August 2018
Vancouver-based financial technology company Progressa said it closed a debt and equity financing of $84 million. Canaccord Genuity and Gravitas Securities led the equity funding. They were joined by a syndicate that included Eight Capital and Paradigm Capital. The investment facilitates a loan purchasing program of up to $72 million with Cypress Hills Partners, a Canadian merchant banking firm. Progressa said it expects the private round to be its last, as the company has begun preparing for an initial public offering next year. Founded in 2013 and led by CEO Ali Pourdad, Progressa is an alternative lender focused on helping consumers resolve overdue bills and other outstanding debts.
5 min read · 14 August 2018
Canadian revenue financing firm TIMIA Capital Corp has provided a $2 million investment facility to Ziva Dynamics Inc, a Vancouver-based virtual character technology company. TIMIA will initially deploy $750,000 and make another disbursement of $1.25 million when certain milestones are met. Founded in 2015 by Co-CEO James Jacobs, Ziva’s biophysical simulation software platform is used by film, entertainment, retail and consumer brand companies worldwide. The facility's proceeds will support the expansion of Ziva's suite of products and marketing activity.
3 min read · 13 August 2018
Chinova Bioworks, a Fredericton developer of a mushroom-based natural preservative, has closed a seed-stage financing. No financial terms were released; however, Entrevestor reports Chinova raised about $2.6 million. The round was led by DSM Venturing and Rhapsody Venture Partners and joined by AgFunder, Natural Products Canada and others. Founded in 2016 by CEO Natasha Dhayagude and COO David Brown, Chinova is developing an antimicrobial mushroom chitosan fibre to enhance the shelf-life of foods, beverages and cosmetics. It will use the funds raised to build its team, scale up production and manufacturing, and accelerate commercialization.
4 min read · 13 August 2018
