Private Equity
PenderFund Capital Management’s new tech growth fund agreed to make its first investment, a $3 million stake in medical-imaging company Clarius Mobile Health, an executive at the Vancouver firm told Buyouts. Maria Pacella, senior vice president of private equity, is co-manager of Pender Technology Inflection Fund, alongside Founder and CEO David Barr. The fund, which held a first close in February, is seeking to raise $50 million, Pacella said, with a final close expected in spring 2019.
2 min read · 01 May 2018
Ontario Capital Growth Corp (OCGC), the venture capital agency of the Ontario government, has invested in two venture capital firms as part of its mandate to support the growth of clean technology companies in the province. OCGC committed $20 million to Yaletown Innovation Growth Fund, the emerging-growth technology fund of Canadian firm Yaletown Partners. It also committed $35 million to the Canadian energy technology fund of European firm Emerald Technology Ventures. In December, PE Hub Canada reported on the initial close of the Yaletown fund at more than $100 million.
3 min read · 01 May 2018
Profound Medical Corp (TSX-V: PRN), a Toronto-based medical device company focused on treatments for prostate cancer and other diseases, has appointed Aaron Davidson as CFO and senior vice-president of corporate development. Davidson joins Profound from HIG BioHealth Partners, the healthcare investment affiliate of U.S. private equity firm HIG Capital. He continues to serve as an HIG venture partner, the company said. Davidson formerly served as a vice-president at Ventures West Management. Profound, a portfolio investment of Genesys Capital and BDC Capital, closed a $34.5 million financing in March.
4 min read · 01 May 2018
Skritswap, a Sault Ste. Marie, Ontario-based app for improving information clarity, has secured an investment from Boost VC, a U.S. venture capital firm. No financial terms for the "six-figure" deal, Skritswap's first involving an institutional source, were disclosed. Skritswap, which was founded in 2015 by CEO Melissa Kargiannakis, uses artificial intelligence to replace complex jargon in documents, such as a mortgage, will or tax code, with simple, everyday language. The company is also backed by angel investors, including Joseph Fung, CEO of Kiite and former CEO of TribeHR.
3 min read · 01 May 2018
Algolux Inc, a Montréal-based provider of machine-learning stacks for autonomous vision and imaging, has raised about $12.8 million (US$10 million) in a Series A financing. The round was led by General Motors Ventures and joined by Drive Capital, Intact Ventures and Real Ventures. Algolux was founded in 2014 by CEO Allan Benchetrit and CTO Felix Heide, and with the support of accelerator TandemLaunch. Its technology helps vehicles and devices address challenges posed by everyday scenarios like extreme lighting and adverse weather. Algolux plans to use the funds raised to further advance its platform and pursue global business development.
4 min read · 01 May 2018
Co-investment was a hot topic at last month’s PartnerConnect East 2018 conference in Boston, writes Shahir Guindi, national co-chair of Osler, Hoskin & Harcourt LLP. That’s because guidance from the SEC on how co-investment opportunities should be allocated by U.S. private equity firms has big implications for American GPs and their investors. In a PE Hub Canada feature article, Guindi argues that while SEC guidance, which calls for written policies and transparency on how GPs designate co-investment rights, does not technically apply in Canada, Canadian GPs should consider proactively how they might comply with the framework.
4 min read · 30 April 2018
Ping An’s Good Doctor online healthcare platform has raised US$1.12 billion in its initial public offering, pricing its shares at the top of its range in Hong Kong’s largest new listing this year, sources told Reuters. Founded in 2014, the company was among several tech startups backed by Ping An Insurance Group Co of China Ltd. Its IPO attracted more than 200 investors, a source said. The offering had seven cornerstone investors, among them Singapore’s GIC, Canada Pension Plan Investment Board and U.S.-based BlackRock.
2 min read · 27 April 2018
Cardiac Dimensions, a U.S. developer of minimally invasive treatments for patients with heart failure, has secured US$39 million in a Series B financing. The round was backed by Australia's Hostplus, a new investor in the company, as well as venture debt from Oxford Finance and support from existing investors, among them Canadian life sciences venture capital firm Lumira Capital. Cardiac, which has its headquarters in Kirkland, Washington, will use the funds raised for clinical studies, including for its Carillon Mitral Contour System, and for commercial expansion in Europe and Australia.
5 min read · 26 April 2018
New York-based financial technology company Tradewind has raised US$10.6 million in financing, bringing its total funding so far to US$22.8 million. The latest round was led by Canadian mining companies Agnico Eagle Mines Ltd, Iamgold Corp and Wheaton Precious Metals Corp. They were joined by new and existing investors Goldcorp Inc, Sapphire Ventures and Sprott Inc. Founded in 2016, Tradewind has built a platform for digitizing the trading, settlement, and ownership of precious metals. The funds raised will be used for the company's expansion into global markets and extended functionality of its platform.
2 min read · 26 April 2018
ServiceNow (NYSE: NOW) has agreed to acquire VendorHawk, a Seattle, Washington-based software-as-a-service vendor management platform. No financial terms were released for the all-cash deal, which is expected to close this month. ServiceNow, a Santa Clara, California-based enterprise information technology solutions provider, said the buy will help expand its capabilities in software asset management. Founded in 2015, VendorHawk last year raised US$1.2 million in a seed-stage financing led by Canadian venture capital firm iNovia Capital.
3 min read · 25 April 2018
