Private Equity
Whitney Rockley is that rare individual in Canada’s venture market: a female investment pro of more than two decades experience, 16 of those years spent in senior roles in VC firms on both sides of the Atlantic. She also happens to be the first woman chair of the Canadian Venture Capital & Private Equity Association. And her current position may be the most important of her career: managing partner of McRock Capital, a Toronto firm she co-founded with Scott MacDonald in 2012.
3 min read · 15 March 2018
Halifax-based construction app Harbr has raised $1.75 million in a seed-stage financing. The round was backed by a mix of angel and venture capital investors, including Jevon MacDonald, George Armoyan, Frank Sobey, John Risley, Mark Dobbin of Killick Capital, David Dufresne of Panache Ventures, Gavin Uhma, Don Clow, Jim Spatz, Dan Flaminio, Wade Dawe, Joe Fiander, Victor Kielbratowski and Innovacorp. Founded in 2016, Harbr's technology manages construction scheduling data to create insights, analytics and predictions for project managers and owners. It said the deal gives Harbr access to key North American markets.
3 min read · 14 March 2018
OB1, the company behind decentralized marketplace OpenBazaar, has raised US$5 million in a Series A financing. OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System, led the round. Chinese bitcoin miner Bitmain Technologies Ltd also backed the financing, joining the company's existing investors, including Andreessen Horowitz, Union Square Ventures and BlueYard Capital. Launched in 2015, New York-based OB1 is developing technologies that help give users more control over their online trade, including making purchases with digital currencies.
3 min read · 14 March 2018
U.S. technology debt financing firm Silicon Valley Bank (SVB) has expanded into Canada, securing a federal order establishing it as a lending branch. The Santa Clara, California-based firm will begin operations following the approval of the Superintendent of Financial Institutions. SVB said it hired Barbara Dirks to lead its Canadian expansion and team. Dirks joins the firm from Royal Bank of Canada, where she served as a senior vice president of network and advisor strategy. SVB, a part of SVB Financial Group (Nasdaq: SIVB), will provide banking solutions to private and public technology companies and their investors in Canada, as well as cross-border services.
4 min read · 14 March 2018
Alberta Enterprise Corp has committed $5 million to Panache Ventures I, the debut fund of Canadian early-stage venture capital firm Panache Ventures. Fund I, which invests in pre-seed and seed opportunities in artificial intelligence, blockchain, cybersecurity, financial technology and other sectors, last week raised an initial $25 million. The fund is targeted to raise $40 million in total. Managing Partner Patrick Lor, who along with other Panache principals formerly served with 500 Startups Canada, will run the Montréal-based firm's office in Calgary.
3 min read · 13 March 2018
VueReal Inc, a Waterloo-based developer of technologies for micro-LED displays, has initially closed its Series A financing at about $13.5 million (US$10.5 million). The round was led by the venture capital arm of an Asian business and a North American vendor, neither of which were identified. Founded in 2016 by CEO Reza Chaji, VueReal will use the funds raised to accelerate development of its micro-LED technologies, which are used in a range of display applications. It will do this by expanding the company's team and launching a micro-device development and characterization centre. VueReal said it is planning a subsequent Series A close.
3 min read · 13 March 2018
Agrisoma Biosciences Inc, a Gatineau, Québec-based agricultural technology company, has secured $12 million in a follow-on financing. The round was led by Cycle Capital Management and joined by new investor Desjardins Capital, an affiliate of Canadian financial cooperative Desjardins Group. BDC Capital and Lune Rouge, which along with Cycle backed Agrisoma's $15.4 million Series B round last year, also invested. The funds raised will help Agrisoma expand the global commercialization and production of Carinata, a non-food oilseed crop designed for sustainable production of biofuels used in the aviation industry.
4 min read · 12 March 2018
Venture capital firm EnerTech Capital has formed a strategic partnership with Tokyo Gas Co Ltd, Japan's biggest gas supplier, focused on emerging technologies in the power and gas industry. EnerTech and Tokyo Gas will together explore commercialization strategies within Tokyo Gas as well as deal opportunities available through EnerTech's global network. EnerTech, based in Calgary, Montréal, Toronto and the United States, has backed 71 energy technology companies since 1996. Investing from its $120 million fourth fund (2013), the firm emphasizes opportunities in utility and “behind the meter” grid-edge technologies.
3 min read · 12 March 2018
U.S. technology accelerator Techstars and Canadian early-stage venture capital firm Real Ventures have partnered in the launch of a Montréal artificial intelligence accelerator program. Techstars Montréal AI Accelerator will draw on Montréal's AI capabilities and add to the local ecosystem by supporting startups that advance the development and application of AI technologies across a range of industries. The program, which will begin in September 2018, follows last month's decision by the federal government to fund SCALE.AI Supercluster, a Québec-based strategy for building intelligent supply chains through AI and robotics.
4 min read · 12 March 2018
Toronto-based virtual healthcare platform Maple recently raised $4 million in a Series A financing. The round was led by an unidentified private company with expertise in medical cost containment and joined by MaRS Investment Accelerator Fund, a Canadian early-stage investor, and Jeff Fettes, co-founder of 24-7 Intouch. Founded in 2015 and led by CEO Brett Belchetz, Maple provides an app that gives patients around-the-clock, on-demand access to doctors by secure text or video for advice, diagnosis and prescriptions. It will use the funds raised to grow its network beyond current operations in eight provinces and two territories in Canada.
3 min read · 09 March 2018
