Private Equity
Tilray, a Nanaimo, British Columbia-based cannabis cultivator, processor and distributor, has filed with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common shares in the United States. It plans to list on the Nasdaq Global Select Market under the symbol TLRY. The IPO has not yet been priced. The company also filed a preliminary prospectus with Canadian securities regulators, but does not intend to list domestically. Tilray has been owned since its founding in 2014 by U.S. cannabis private equity firm Privateer Holdings. Earlier this year, it closed a $60 million Series A financing backed by unidentified institutional investors.
3 min read · 20 June 2018
Canadian financial services provider Peoples Trust Co has acquired Lendful Financial Inc, a Vancouver-based financial technology company. Terms weren't disclosed. Peoples Trust said the deal adds consumer lending to its product suite. Founded in 2015 by CEO Alex Benjamin, CRO Mitch Salis and CTO Pat Forgione, Lendful provides an online lending marketplace that helps borrowers in Canada save as much as 30 percent when refinancing. The company was backed by Canadian venture capital firms Ferst Capital Partners and Stanley Park Ventures. It also raised funding from Alterna Savings.
3 min read · 20 June 2018
Toronto-based financial technology platform FundThrough has raised $9 million in equity and a $25 million credit facility. The Series A equity round was led by David Mirvish and ScaleUP Ventures. ScaleUP also led the company's $24.3 million round in 2016. The credit facility was provided by Canadian merchant banking firm Intercap Inc. Founded in 2014, FundThrough offers small businesses flexible, on-demand working capital using their outstanding invoices to overcome cash flow gaps and accelerate growth. Led by CEO Steven Uster, the company will use the funds raised for technology development, building integrations with platform partners, and continued U.S. market expansion.
4 min read · 20 June 2018
POTLOC, a Montréal provider of location-based consumer intelligence, has raised $2.5 million in its latest financing. The round was led by Ecofuel Fund, an affiliate of Cycle Capital Management. It was joined by new backers Desjardins Capital and CapHorn Invest, a French venture capital firm, as well as existing backers BDC Capital and Robert Dutton, the former CEO of Rona Inc. POTLOC captures consumer insights with geotargeted campaigns on social networks. Founded in 2014 by Co-CEOs Rodolphe Barrerre and Louis Delaoustre and CTO Jérémy Lagrue, the startup will use the funds raised to expand its team and further develop its technology.
3 min read · 19 June 2018
Vancouver-based enterprise commerce company Elastic Path has secured $43 million in a Series B financing, increasing its total funding to more than $63 million. The round was led by U.S. growth equity firm Sageview Capital and joined by existing Canadian investors Yaletown Partners and BDC Capital's IT Venture Fund. Founded in 2000, Elastic Path provides API-oriented commerce solutions for enterprises. It has so far helped brands generate more than $60 billion in over 170 countries. CEO Harry Chemko said the funds raised will be used for R&D addressing the B2B market and other innovations. Elastic Path is also hiring sales personnel and opening a Toronto office to recruit developers.
4 min read · 19 June 2018
Precision NanoSystems (PNI), a Vancouver-based developer of nanoparticles for use as medicines and in medical research, earlier this month raised about $7.8 million (US$6 million) in a Series B financing. The round was backed by 5AM Ventures, Telegraph Hill Partners and Rising Tide Fund, all of which backed the company's $13.4 million Series A financing in 2015. Founded in 2010 by CEO James Taylor and COO Euan Ramsay, PNI's NanoAssemblr platform enables the rapid, reproducible and scalable manufacture of nanoparticle formulations for the delivery of therapeutic and diagnostic agents to cells and tissues in the body. It will use the funds raised for new product development and global growth.
3 min read · 18 June 2018
Globalive Technology and Flexiti Financial have formed a joint venture (JV) to build and commercialize software utilizing artificial intelligence and blockchain technology. The JV will build an AI platform that analyzes consumer purchase and credit history, as well as blockchain infrastructure for loan funding, merchant supply chain management, and loyalty programs. Flexiti, a Toronto-based point-of-sale financing and payment technology company, this month bought TD Financing Services' private label credit card portfolio with the help of a $50 million investment from Globalive Capital. Globalive Technology went public in May.
3 min read · 18 June 2018
TouchBistro, a Toronto-based restaurant point-of-sale software provider, is nearing the close of new financing of more than $70 million, according to a report by the Globe and Mail. The round is being led by OMERS Ventures and U.S. financial institution JP Morgan Chase & Co, the report said. Napier Park Financial Partners, Recruit Holdings Co Ltd, Relay Ventures and BDC Capital, all existing investors, are also participating. TouchBistro, founded in 2010 by CEO Alex Barrotti and COO Geordie Konrad, has provided its technology to more than 12,000 restaurants in over 100 countries. Its last financing, a $16.3 million Series C round, closed last year.
1 min read · 14 June 2018
Fredericton-based energy storage startup Stash Energy has raised $500,000 in financing. Existing backer New Brunswick Innovation Foundation (NBIF) invested $250,000 in the round, with Island Capital Partners (ICP) accounting for the rest. Founded in 2016, Stash Energy’s storage system works with conventional residential heat pumps to thermally store energy for later use, which prevents usage during peak times. The proceeds of the round will used for the company's M1 comfort system, the second generation of an initial system, which is scheduled to launch in early 2019.
3 min read · 14 June 2018
StellarAlgo, a Calgary-based sports and entertainment data analytics company, has raised $1 million in financing. The investors included Accelerate Fund II, an angel co-investment fund managed by Yaletown Partners, and several angels, including James Lochrie. Founded in 2016 by CEO Vincent Ircandia, StellarAlgo's platform helps sports franchises to organize, analyze and leverage the business and fan data they collect. It offers the same capabilities to live audience and entertainment groups. StellarAlgo will use the funds raised to scale its sales and growth strategy, expand its customer base, and broaden its analytics offerings.
3 min read · 14 June 2018
