Private Equity
BuildingConnected, a San Francisco-based provider of communication software to the construction industry, has raised US$15 million in new funding. The round's sole investor was Brookfield Ventures, the new venture capital fund of Canada's Brookfield Asset Management. BuildingConnected's software is designed for real estate owners and general contractors to facilitate selecting contractors for construction projects. Also backed by Crosslink Capital, Lightspeed Ventures and others, the company will use the funds raised to expand its geographic footprint and develop new products.
3 min read · 25 April 2018
Uberflip, a Toronto-based cloud content experience platform, has secured about $41 million (US$32 million) in a Series A financing. The round was led by U.S. growth equity firm Updata Partners, whose General Partner Jon Seeber and Senior Associate Arun Singh will join the board. Uberflip provides tools to aggregate marketing content, allowing B2B marketing and sales teams to create more personalized content experiences. Founded in 2012 by CEO Yoav Schwartz and CMO and President Randy Frisch, it has so far added more than 1,000 B2B companies to its customer base. Uberflip will use the funds raised to support on-going product development.
4 min read · 24 April 2018
ChefHero, a Toronto-based digital marketplace for restaurant supplies, has raised $12.6 million in a Series A financing. The round was led by U.S. venture capital firm Accomplice.co. It was joined by Golden Venture Partners, Precursor Ventures and Math Ventures. Founded three years ago by CEO Saif Altimimi and CTO Diego Domínguez Ferrera, ChefHero provides an online mobile and web application that allows restaurant owners and their staff to order wholesale food and supplies through a single network. The company will use the proceeds of the Series A to accelerate growth in select cities across North America.
4 min read · 24 April 2018
Canadian private investment firm MacKinnon, Bennett & Co (MKB) has closed MKB Partners Fund LP at over $50 million in committed capital. MKB said the fund exceeded its target due to commitments from Bennett Church Hill Capital, a co-founder of MKB, BDC Capital, Fonds de solidarité FTQ, McConnell Foundation and the firm, as well as a group of family offices, foundations and accredited investors. The fund will invest growth capital in companies in the clean energy, smart city and transportation sectors. It has already deployed about $20 million to four companies, including Miovision Technologies Inc, which raised $30 million in an MKB-led round in 2015.
4 min read · 23 April 2018
Business Development Bank of Canada (BDC) has invested a total of $40 million in four Canadian clean technology companies. The investments, made from a $700 million program launched by the federal government in January, backed Ensyn Technologies, an Ottawa-based converter of forest residues into heating fuels; GreenMantra Technologies, a Brantford, Ontario-based converter of waste plastics into specialty polymers and other specialty chemicals; GHGSat, a Montréal-based maker of a satellite that measures greenhouse gas emissions, and; Enlighten Innovations, a Calgary-based developer of technology for desulphurizing heavy oils.
4 min read · 23 April 2018
JPMorgan Chase & Co has tested a new blockchain platform for issuing financial instruments with the National Bank of Canada and other large firms, seeking to streamline origination, settlement, interest rate payments and other processes, Reuters reported. The test this week mirrored the Canadian bank’s US$150 million offering of a one-year floating-rate Yankee certificate of deposit. The platform was built over more than a year using Quorum, a type of open-source blockchain that JPMorgan has developed in-house and is in discussions to spin off.
2 min read · 20 April 2018
Montréal-based medical device company SoundBite Medical Solutions Inc earlier in April raised $19.9 million in a Series A financing and said it may secure more funding in a second tranche this quarter. New and existing investors backed the round, among them Fidelity Investments Canada. Founded in 2015, SoundBite is a developer of shock wave technology to address clinical needs in interventional vascular treatment. It will use the funds raised to prepare for a commercial launch in Europe and clinical testing and development priorities. Along with the Series A round, the company announced the appointment of Francis Bellido as CEO.
4 min read · 20 April 2018
Hamilton, Ontario-based automotive maintenance service GoWrench Auto has raised $525,000 in financing. The investors included Ontario Centre of Excellence, Good News Ventures, Lindsay Adamson and Sameer Kochhar, the founder of Last Pass. Launched in 2015, GoWrench's mobile service helps send certified auto mechanics directly to the customer. Currently available in over 45 Canadian cities, the company plans to use the funds raised to scale-up operations, on-board mechanics, and develop its B2B and consumer-facing platform. GoWrench is led by Founder and CEO Josh Lombardo-Bottema.
3 min read · 19 April 2018
EStruxture Data Centers Inc has acquired Backbone Datavault, a Vancouver-based colocation services provider. No financial terms were disclosed. EStruxture, a Montréal-based network and cloud-neutral data centre operator, said the deal supports its expansion to Vancouver and allows the company to serve customers in both Western and Eastern Canada. Launched last June with a pan-Canadian acquisition and development strategy, eStruxture has been backed with $180 million in financing from various sources, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments.
4 min read · 19 April 2018
Inocucor Corp, a developer of biological inputs for high-value produce and row crops, has raised an additional $20 million (US$15.9 million) for its Series B financing. The final tranche, which brings the round to about $68.6 million (US$54.4 million) in total, was backed by existing investors Cycle Capital Management, Desjardins Innovatech, TPG ART and Pontifax AgTech. Concurrently, Pontifax AgTech's Ben Belldegrun has joined the board. Founded in 2007 in Montréal, Inocucor is preparing to occupy its U.S. headquarters. Earlier this week, the company announced its buy of ATP Nutrition, a Canadian plant nutrients supplier.
3 min read · 19 April 2018
