Private Equity
Globalive Technology Partners (GTP), a Canadian operating and investment platform that develops software and hardware stacks to commercialize machine intelligence and blockchain technology, has been launched by Globalive Capital, the founders of Mundo Inc and VRG Capital. GTP, which will partner with companies to roll out new technologies in a range of industries, will be led by Anthony Lacavera, founder of Wind Mobile and head of Globalive Capital. Its first partnership is with VIDL, a news technology company formed by media executives. GTP plans to raise an initial $10 million in seed-stage financing and undertake a public offering in mid-2018.
3 min read · 09 January 2018
Montréal financial technology startup Mylo has raised $2 million in seed-stage financing with the promise of an additional $500,000 investment in the months ahead. Desjardins Capital and Robert Raich invested in the round alongside Ferst Capital Partners, which led the company's $1.25 million pre-seed financing last year. Launched in 2015 by CEO Philip Barrar, Mylo provides a mobile platform that rounds up everyday purchases by users and invests the spare change. It will use the funds raised to scale operations and develop back-end technology to become a full-service artificial intelligence-driven personal financial manager.
4 min read · 09 January 2018
Celtaxsys Inc, a U.S. clinical-stage developer of novel therapies for rare inflammatory diseases, has raised an undisclosed Series E financing. The round was led by U.S. private equity firm Invus Group and joined by several other investors, including Canadian life sciences venture capital firm Lumira Capital. The funds raised will support acceleration of the Phase 3 clinical and manufacturing preparatory activities for the company's lead candidate, acebilustat, an oral drug that aims to preserve lung function in cystic fibrosis. Founded in 2004, Celtaxsys has its headquarters in Atlanta, Georgia.
4 min read · 08 January 2018
For Canada’s venture capital market, 2017 was a remarkable year. The story is told partly in milestones. They include the largest financing of a local IT company in 25 years (Lightspeed); the largest round on record for an artificial-intelligence startup (Element AI), and strategic funding of a top maker of laser sensors used in self-driving cars (LeddarTech). They were among Canada’s top 10 venture-capital financings last year, which together raised more than $1 billion from investors. The number is based on PE Hub Canada’s list of the largest deals announced in 2017, supplemented by preliminary data from Thomson Reuters.
4 min read · 08 January 2018
Inocucor Corp, a developer of biological inputs for high-value produce and row crops, has raised an additional $12.1 million (US$9.5 million) for its Series B financing. The tranche was led by U.S. food and agriculture investor Pontifax AgTech and joined by Cycle Capital Management, Desjardins Innovatech and Cairn Investments. It brings the total value of the round, initially closed last year, to $50.9 million (US$38.5 million). Founded in 2007 in Montréal, Inocucor has with the Series B opened a new headquarters in Denver, Colorado. It will use the funds raised for the opening, a new production facility, commercialization of two biostimulants, and development of biocontrol products.
4 min read · 08 January 2018
Canadian private equity firm Clairvest Group has sold its interest in Wellington Financial, a Toronto-based specialty finance firm, to the Canadian Imperial Bank of Commerce (CIBC). No financial terms were disclosed for the deal, which includes the loan assets of Wellington Financial Fund V, which raised $300 million in 2015. Wellington was launched in 2000 by Clairvest and Mark McQueen, the firm's president and CEO, to provide growth-oriented debt to Canadian and U.S. technology companies, many of them venture-backed. Wellington's team will join the newly created CIBC Innovation Banking, which provides strategic advice and funding to innovative clients across North America.
3 min read · 08 January 2018
Planswell, a Toronto-based financial planning software startup, has opened for business with a $6.8 million seed-stage financing. The investors, which included former senior financial executives, were not identified. Founded three years ago, Planswell uses patent-pending technology to help individuals and families in British Columbia, Alberta, Manitoba, Ontario, New Brunswick and Nova Scotia create financial plans and maximize their investment potential. Led by CEO Eric Arnold, the company has already built more than 17,000 free financial strategies for Canadians.
3 min read · 08 January 2018
The Fonds de solidarité FTQ reported comprehensive income of $506 million in the first six months of its 2017-2018 financial year. The Montréal-based investor, led by President and CEO Gaétan Morin, also earned a 12-month return of 8.9 percent, which helped increase its net assets to $13.7 billion. During the six-month period ending November 30, Fonds de solidarité FTQ invested $526 million of development capital, primarily in Québec businesses, up from $287 million invested in the same period the year before.
3 min read · 05 January 2018
Jim Orlando, managing director at OMERS Ventures, has pulled out his crystal ball and made predictions about Canadian startup and venture capital trends in 2018. In a PE Hub Canada feature article, Jim presents ten fearless forecasts. They include declining investment in Canada's IT sectors due to few large rounds; the opportunity for some major exits; durable crypto values; a longer wait for autonomous vehicles; augmented and virtual reality that mostly entertains, and; VC's next big things: augmented humanity and space.
5 min read · 05 January 2018
Universal mCloud Corp (TSX-V: MCLD) has agreed to acquire 100 percent of nGrain, a Vancouver-based technology company that uses artificial intelligence to assess damage to vehicles and property. The cash-and-stock deal, valued at about $2.95 million, including debt, is expected to close in Q1 2018. MCloud, a Vancouver-based provider of internet-of-things-connected asset care solutions, said the purchase will give it additional patents and capabilities, as well as an increased customer base. Founded in 2000, nGrain has been backed by Canadian growth equity firm Tandem Expansion Fund, Canadian private equity firm Hawthorn Equity Partners, and others.
4 min read · 04 January 2018
