Private Equity
Caisse de dépôt et placement du Québec said it earned an average return of 9.3 percent in 2017 and an annualized average return of 10.2 percent over five years, exceeding benchmarks. This performance, reported by the Caisse as part of its year-end financial results, contributed to growth in net assets, which reached a total of $299 billion at the end of December, up from $271 billion in 2016. The Caisse said its overall investment strategy is benefiting from such factors as an increased global presence and focus on less-liquid assets, including private equity, which returned 13 percent in 2017, and infrastructure, which returned 10.1 percent.
9 min read · 21 February 2018
Braingrid Corp, a Toronto-based data platform for cannabis growers, has secured close to $2.6 million in its latest financing. The investors in the round included several venture capital firms, among them Quinsam Capital Corp, a Canadian cannabis merchant bank. Launched in 2012 by CEO Michael Kadonoff, Braingrid has developed a sensor system, called Sentroller, that captures real-time data needed by cannabis growers to increase revenue and reduce costs and risks. The company will use the funds raised to expand research, further execute its strategy, and support marketing related to lead generation and customer acquisition.
3 min read · 21 February 2018
Wealthsimple, a Toronto-based online wealth management startup, has raised $65 million (US$51 million) in funding from Power Financial Corp, as it seeks to compete in the increasingly crowded digital investment advice market, Reuters reported. The company, which is among the group of digital investment managers known as robo-advisers, last year became the first such foreign startup to enter the U.S. market and later opened in the United Kingdom. It currently manages about $1.9 billion for more than 65,000 clients in the three markets it operates in. The latest round brings the total investment of Power Financial in Wealthsimple to $165 million.
2 min read · 21 February 2018
U.S. software major Oracle Corp has acquired Zenedge, an Aventura, Florida-based cybersecurity solutions provider. No financial terms were disclosed. Redwood Shores, California-based Oracle said the acquisition gives it cloud-based network and infrastructure security capabilities to help protect enterprise customers from digital threats. Founded in 2014, Zenedge was backed by a number of venture capital firms, including Telus Ventures, a strategic investment arm of Canadian telecommunications company Telus Corp.
2 min read · 20 February 2018
Fonds de solidarité FTQ has invested $5.75 million in Immunovaccine Inc (TSX: IMV), a clinical-stage biopharmaceutical company with offices and labs in Halifax and Québec City. The investment was made through a $14.4 million bought deal offering closed last week. Founded in 2000, Immunovaccine develops cancer immunotherapies and infectious disease vaccines using DepoVax, a proprietary drug release platform. Led by President and CEO Frédéric Ors, the company will use the funds raised for R&D to further advance its product pipeline. Immunovaccine's other Canadian investors include CTI Life Sciences Fund.
3 min read · 20 February 2018
Vancouver-based financial software startup Dojo Technology Corp has raised undisclosed seed-stage financing. The backer was Vested Ventures, the investment arm of U.S. public relations agency Vested. Founded in 2016, Dojo has created a gamified mobile platform that helps youth and their families interact with financial institutions. Dojo's app, currently focused on kids, will soon expand to include teenagers and adults. Led by Chad Sichello, the company will use its partnership with Vested to grow the brand across Canada and the United States and develop new prospects and revenue opportunities.
4 min read · 16 February 2018
Unsplash, a free, curated photo platform based in Montréal, has raised $7.25 million in a Series A financing. The round was led by OST, a blockchain technology company that sponsors Simple Token, a digital currency enabler. In a blog post, OST said its investment was a combination of 80 percent cash and 20 percent tokens. OST CEO Jason Goldberg will join the board as a result. The financing's other new and returning investors included Accomplice, Betaworks and Real Ventures. Unsplash CEO Mikael Cho, who co-founded the company in 2013, said the funds raised will help create a "new economic model around photography" using cryptocurrency.
6 min read · 16 February 2018
Ottawa announced the five technology supercluster strategies that will share in $950 million under the government's innovation agenda. The winning strategies, the result of a competition launched last year, are: Ocean Supercluster, focused on ocean-based industries; SCALE.AI Supercluster, focused on artificial intelligence and robotics; Advanced Manufacturing Supercluster; Protein Industries Supercluster, focused on plant proteins, and; Digital Technology Supercluster, focused on the role of big data and digital technologies in key industries. Ottawa's investment will be matched dollar for dollar by the private sector.
6 min read · 15 February 2018
Canadian venture capital firm Golden Venture Partners is returning to the market with a third fund, according to a U.S. regulatory filing. Golden Venture Partners III's target was not disclosed. Based in Toronto, Golden invests in seed-stage and early-stage companies focused on mobile products and services. It is led by Managing Partner Matthew Golden. The firm has been highly active in the North American market of late, including this month when it joined the $4 million seed financing of SkyWatch, a satellite data aggregation and distribution platform. Golden raised $40 million for Golden Venture Partners II in 2014.
1 min read · 15 February 2018
Island Water Technologies Inc (IWT), a Montague, Prince Edward Island wastewater treatment company, has raised $500,000 in seed-stage financing. Island Capital Partners, launched last year to invest in startups in Prince Edward Island, invested in the round with Natural Products Canada. Founded in 2013 by CEO Patrick Kiely, IWT is developing solutions that combine systems engineering, automation, precision manufacturing and new technologies for wastewater treatment, sensing and control. It will use the funds raised to commercialize the solutions and bring them to global customers.
3 min read · 15 February 2018
