Private Equity
Ottawa-based cybersecurity software company inBay Technologies Inc has raised an additional $1 million in the second tranche of its pre-Series A financing, bringing the total to more than $2 million. Japanese consulting and business alliance company Global Alliance Inc led the second tranche. It joins Ramphastos Investments and Tongda One Partners, which co-led the round's initial tranche. Shane Young, president and CEO of inBay, said the latest funds raised will help commercialize the company's password-less authentication solution for enterprises, idQ TaaS, and create new market opportunities in Japan.
3 min read · 14 February 2018
Waterloo-based enterprise information management company OpenText Corp (TSX, Nasdaq: OTEX) has acquired Hightail Inc, a Campbell, California-based cloud service for file sharing and creative collaboration. No financial terms disclosed. OpenText said the deal reinforces its commitment to solutions that help marketers and creative professionals to share, produce and securely collaborate on digital content. Founded in 2004, Hightail raised more than US$90 million in financing from several venture capital firms, including Adams Street Partners, Emergence Capital, Sigma Partners and Western Digital Capital.
2 min read · 14 February 2018
EStruxture Data Centers Inc has acquired Kolotek, a Montréal-based data centre company, from Gaz Métro Plus. No financial terms were disclosed. EStruxture, a Montréal-based network and cloud-neutral data centre operator, said the deal will solidify its position in the local market. EStruxture was launched last year to acquire existing data centre opertators and develop new ones across Canada. It has been backed with $180 million in financing from various sources, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments.
3 min read · 13 February 2018
OneWorld Foods, a Vaughan, Ontario-based producer and distributor of authentic ethnic and Halal foods, has raised an equity investment from Canadian consumer venture capital firm District Ventures Capital. No financial terms were released. Founded in 2013 by Karim Kanji and Asim Qureshi, OneWorld provides traditional South Asian and Halal products to retailers through its operating brands Tandoori Oven and One World Halal. The partnership with District is intended to help the company expand its consumer base.
2 min read · 13 February 2018
Loopio Inc, a Toronto-based provider of requests-for-proposals (RFPs) response software, has raised about $11.3 million (US$9 million) in a Series A financing. The round was led by U.S. venture capital firm OpenView, whose partner, Ricky Pelletier, will join the board. Founded in 2014, Loopio has developed a solution that helps enterprises to streamline RFPs, requests for information and security questionnaires. Today, more than 300 organizations utilize the company's technology. Led by CEO Zakir Hemraj, Loopio will use the funds raised to accelerate product development and expand its team, particularly in sales and engineering.
3 min read · 13 February 2018
Dialogue, a Montréal virtual health and telemedicine service provider, has raised $12 million in a Series A financing. White Star Capital led the round and was joined by HV Holtzbrinck Ventures, Portag3 Ventures, National Bank Financial and Walter Financial. Founded in 2016, Dialogue reports that about 150 employers started providing the company's offering as an employee benefit over the last year, which marked a 1,500 percent growth in the user base. It will use the funds raised to continue expanding and add new services. In 2017, Dialogue closed a $4 million seed-stage financing backed by Diagram, BDC Capital and others.
3 min read · 13 February 2018
Frank & Oak, a Montréal-based clothing brand, has secured about $20 million (US$16 million) in its latest financing. Caisse de dépôt et placement du Québec led the round and was joined by other investors, including Goodwater Capital and Investissement Québec. Founded in 2012 by CEO Ethan Song and COO Hicham Ratnani, Frank & Oak provides clothing and accessories for men and women on the web and in 16 boutiques. It will use the funds raised to expand its digital experience and support growth online. Frank & Oak's other investors include BDMI, Campfire Capital, Lightbank, Real Ventures, Rho Canada Ventures and Version One Ventures.
4 min read · 13 February 2018
At least two Canadian forestry companies are reviewing offers by cryptocurrency miners who want to lease excess mill space in Québec, a province where electricity prices are among the lowest in North America, Reuters reported. Resolute Forest Products and Fortress Global Enterprises said they have received interest from Canadian and foreign cryptominers, although both cautioned their talks are preliminary. A surge in demand for space to build data centres that “mine” digital currencies offers potential new revenue streams for forestry businesses looking to find uses for space in mills no longer used for production due to declining demand for certain traditional products. The threat of a crackdown in countries like China has driven miners to Canada, with the country’s largest electric utility Hydro Québec seeing its cryptocurrency sales pipeline more than triple in a month to over 100 projects.
3 min read · 12 February 2018
Canadian venture capital firm Portag3 Ventures has appointed Stephan Klee as chief financial officer. Klee, who has 15 years of experience as a CFO and chief of staff at various companies, joins Portag3 after serving with Zenbanx Holding Inc and remaining in an executive capacity following Zenbanx's merger last year with SoFi Inc. Portag3 invests in financial technology startups on behalf of Power Corp's Power Financial Corp, IGM Financial Inc and Great-West Lifeco Inc. In 2016, PE Hub Canada interviewed Portag3 President and Managing Partner Adam Felesky.
3 min read · 12 February 2018
Curve Dental, a cloud-based, dental practice management software provider, has secured an undisclosed investment from Battery Ventures, a U.S. venture capital firm. With the deal, Battery's Chelsea Stoner and Duncan Gills will join the board along with healthcare software executive Dave Cormack. Curve Dental, based in Calgary and Orem, Utah, said it plans to use the funds raised to accelerate growth, drive product innovation, and provide services to customers in the dental industry. The company may also undertake acquisitions. Founded in 2005, Curve Dental is led by President and CEO Ian Zipursky.
3 min read · 12 February 2018
