Private Equity
Smart Employee Benefits Inc (TSX-V: SEB) has closed a private placement offering, generating $3 million in gross proceeds. The investor was Golden Opportunities Fund, a retail venture capital fund managed by Westcap Management. Founded in 2011, Mississauga, Ontario-based SEB specializes in cloud software-as-a-service solutions for managing the benefit plans of employers and governments. The company said the deal strengthens its balance sheet and working capital and will support business development initiatives in Saskatchewan and Manitoba, where Golden invests.
5 min read · 05 March 2018
Toronto industrial internet-of-things platform ThoughtWire Corp has raised $20 million in a debt and Series A financing. Yaletown Partners led the round and was joined by BDC Capital, Round13 Capital, Epic Capital and Comerica. Founded in 2009, ThoughtWire's Ambiant platform helps make buildings, cities, hospitals and workplaces smarter, safer and more energy efficient by interconnecting and orchestrating people, workflows, data and things. Led by CEO Michael Monteith, the company will use the funds raised for geographic growth and team expansion. ThoughtWire is the first Ontario investment of the recently launched Yaletown Innovation Growth Fund.
4 min read · 05 March 2018
Ontario Capital Growth Corp (OCGC), a venture capital agency of the Ontario government, said it plans to launch a venture capital fund focused on giving local life sciences companies the financing they need to scale up and reach global markets. OCGC has issued an expression of interest to identify fund managers to collaborate with other institutional investors, such as corporations, banks and pension funds. The Ontario government has pledged to commit up to $50 million to venture capital funds specializing in investments in life sciences sectors.
3 min read · 01 March 2018
SaskWorks Venture Fund, a retail venture capital fund active in Saskatchewan, has raised $40 million in its latest fund-raising year, reaching the fund's subscription limit under federal and provincial tax laws. Managed by Regina-based private equity firm PFM Capital, SaskWorks invests in small and medium-sized private companies in the province. Established in 2001, the fund has more than 29,000 shareholders and over $491 million in assets under management.
2 min read · 28 February 2018
AcuityAds Holdings Inc (TSX-V: AT) has agreed to acquire ADman Interactive SL, a Spanish outstream video supply-side platform for native formats. AcuityAds agreed to pay about $21.4 million (€13.7 million) in cash and earn-outs in a deal expected to close in the second quarter. AcuityAds, a Toronto-based provider of digital media solutions enabling advertisers to connect with audiences, said the buy expands its addressable market, creates revenue opportunities, and extends its global footprint. Founded in 2010, ADman Media has been backed by Spain's Inveready Technology Investment Group.
5 min read · 28 February 2018
Consider this...Company X is out of startup territory, with annualized revenue north of $2 million and growing fast. Company X needs to fund its growth, but it’s not quite at break-even yet, has no significant tangible assets to pledge as collateral, and has few financing options. In a PE Hub Canada feature article, Trevor Simpson, associate director, Private Capital, at FirePower Capital, discusses whether venture capital or venture debt is the answer.
4 min read · 28 February 2018
Vancouver apparel company Indochino recently raised a strategic investment from Japan's Mitsui & Co. No financial terms were disclosed. The funds raised and partnership will help the company expand across North America and invest in its global operations and supply chain. Founded in 2007 and led by CEO Drew Green, Indochino provides custom men's clothing online, via mobile and in its showrooms. Mitsui is the company's third strategic partner, joining Dayang Group, which invested in 2016, and Postmedia Network Inc. Indochino is also backed by Acton Capital Partners, Highland Consumer Partners, Madrona Venture Group and Version One Ventures.
4 min read · 28 February 2018
Jiffy on Demand, a Toronto-based home maintenance service platform, has secured about $3 million (US$2.4 million) in a follow-on financing. Canadian early-stage venture capital firm Golden Venture Partners led the round. It was joined by Hedgewood, which backed the company's 2016 financing, and Two Small Fish Ventures. Founded in 2015, Jiffy's mobile platform connects consumers needing home maintenance work with repair professionals. Led by CEO Ryan Shupak, the company will use the funds raised for platform development, marketing initiatives and geographic growth, including in the United States. Jiffy recently launched in Boston.
3 min read · 28 February 2018
Dragoneer Investment Group has invested about $186 million (US$146 million) in PointClickCare Technologies, a Toronto-based cloud software platform targeted to the long-term and post-acute care market. With the deal, Dragoneer's Christian Jensen has joined the board. Dragoneer, which led the company's $111 million financing last year, bought the additional shares from existing investors. As a result, the U.S. growth equity firm increased its stake to over 20 percent, making it PointClickCare's largest institutional investor. Founded by CEO Mike Wessinger, PointClickCare reported year-over-year profitable growth of more than 25 percent in fiscal 2017.
3 min read · 28 February 2018
Accelerate Fund II has invested an undisclosed amount in Testfire Labs, an Edmonton software startup that develops enterprise productivity tools. Founded in 2015 by CEO Dave Damer, Testfire's first product is Hendrix, which leverages natural-language processing and machine learning to capture meeting summaries and optimize outcomes. The funds raised will allow Testfire to scale operations and expand the development team in support of its go-to-market plan, which includes entering the U.S. market. Accelerate Fund II, an early-stage angel co-investment fund, is managed by Canadian growth equity firm Yaletown Partners.
4 min read · 27 February 2018
