Private Equity
Enerkem Inc, a Montréal-based producer of biofuels and renewable chemicals from waste, has secured $280 million, its largest round to date. New investors Blackrock and Sinobioway backed the financing, as did existing investors, including Braemar Energy Ventures, Cycle Capital, Fondaction CSN, Fonds de solidarité FTQ, IQ, National Bank, Rho Capital Partners, Waste Management and Westly Group. Vincent Chornet, Enerkem's president and CEO, said the funds raised will accelerate growth and advance project development and implementation. Last month, China's Sinobioway entered into a $125 million strategic deal with the company.
3 min read · 06 February 2018
Venture capital investment in Canadian technology companies continued at a strong pace in 2017, with $4 billion deployed to 502 financings, according to final data released by Thomson Reuters. In dollar terms, this represented a 12 percent increase from 2016. Deal-making appeared to slow in Q4 2017, when VC funds invested only $890 million in the domestic market, marking the end of a four-quarter run of values exceeding $1 billion. Foreign investors played a key role in 2017 trends, accounting for more than half of all disbursements. Canadian IT companies captured most VC investment, or $2.5 billion, the highest level of activity in the sector since 2001.
4 min read · 05 February 2018
Toronto-based aesthetic technology company Venus Concept Ltd has agreed to buy the hair restoration business of Lewisville, Texas-based NeoGraft Solutions. No financial terms were disclosed for the deal, which is expected to close this month. Venus Concept said the acquisition will broaden its customer base and product portfolio and spur growth plans for 2018. Founded in 2009, Venus Concept last year raised about $48 million in a financing led by EW Healthcare Partners and joined by HealthQuest Capital and Madryn Asset Management. It is also backed by Longitude Capital.
3 min read · 02 February 2018
Canvas printing and photo-gifting services provider CanvasPop has raised $3.3 million in funding. Canadian venture capital firm Celtic House Venture Partners and the Growth and Transition Capital division of BDC Capital led the round. They were joined by angel investors Tobi Lütke and Cody Fauser, as well as entrepreneur Richard L'Abbé. Founded in 2009 by CEO Nazim Ahmed and CIO Adrian Salamunovic, CanvasPop offers online photo printing services that allow users to print virtually any image via the company's Canadian and U.S. facilities. It will use the funds raised to expand into new product categories and continue growth.
4 min read · 01 February 2018
SkyWatch Space Applications Inc, a Waterloo-based satellite data aggregation and distribution platform, has raised $4 million in a seed-stage financing. Sinai Ventures and Space Angels led and were joined by Golden Venture Partners, Techstars Ventures, SK Ventures, Globalive Capital and ARC Angel Fund. SkyWatch develops technology that allows enterprises to integrate Earth satellite observation data into their applications, while empowering satellite operators to distribute data to new and under-served markets. Founded in 2014 and led by CEO James Slifierz, SkyWatch will use the funds raised for hires, product development and partnerships.
2 min read · 01 February 2018
Airline pricing and shopping data provider Airline Tariff Publishing Co (ATPCO) has bought Routehappy Inc, a New York-based software company that provides the airline industry with data, content and tools to improve flight shopping. No financial terms were disclosed. Dulles, Virginia-based ATPCO said the deal broadens its value to the entire airline distribution ecosystem by enabling rich content. Founded in 2011, Routehappy was backed by several investors, including Canadian venture capital firm iNovia Capital.
4 min read · 01 February 2018
Platterz Inc, a Toronto-based corporate catering platform, has raised about $18.5 million (US$15 million) in a Series A financing. The round was led by Israeli venture capital firm Aleph Capital, whose Aaron Rosenson will join the board. Aleph was joined by existing investors, including AltaIR Capital and Globalive Capital, which backed the company's seed funding last year. Founded in 2016 by CEO Eran Henig and President Yishay Waxman, Platterz uses artificial intelligence to provide catering options for office lunches, meetings and events. The company, which reports tripling its revenue in 2017, will use the funds raised for product development and growth.
4 min read · 01 February 2018
Vancouver-based online bookkeeping service Bench has secured about $22 million (US$18 million) in a Series B-1 financing. The round was led by iNovia Capital. As a result, iNovia Partner Shawn Abbott has joined the board. Additionally, Bain Capital Ventures, which led the company's Series B round in 2016, Altos Ventures and Silicon Valley Bank invested. Bench, founded in 2012 and led by CEO Ian Crosby, provides an automation platform that helps small businesses and independent professionals reduce bookkeeping labour time by 75 percent. It plans to use the funds raised to accelerate platform development, grow the team, and expand the service.
3 min read · 31 January 2018
Good Buy Gear, a U.S. online marketplace and white-glove consignment service for used baby and kids’ gear, has raised US$750,000 in a seed-stage financing. The round was led by Access Venture Partners and joined by other investors, including Canadian mobile venture capital firm Relay Ventures. Founded in 2016, women-led, Denver-based Good Buy Gear's pickup-to-payout platform and service is currently available to metro locations in Colorado. The company plans to expand in the state and to other U.S. cities.
4 min read · 30 January 2018
Toronto-based mobile rewards program Drop has secured about $26 million (US$21 million) in a Series A financing. U.S. venture capital firm New Enterprise Associates (NEA) led. It was joined by Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank, most of which invested in the company's seed funding last year. Drop also announced it has hired Ian Logan, formerly an Airbnb executive, as vice president of engineering. Drop provides a free mobile app that allows millennials to earn rewards while shopping. Founded in 2015 by CEO Derrick Fung, the company will use the funds raised for a "major innovation push" in 2018.
4 min read · 30 January 2018
