Canada

Yaletown ups emerging-growth fund's target with $100 mln first close

Yaletown Partners raised more than $100 million in initial commitments for its emerging-growth tech fund, encouraging the firm to bump up the pool's target, two people familiar with the matter told PE Hub Canada. Yaletown Innovation Growth Fund secured the capital in a first close in November, the sources said. It was anchored by a mix of new and returning limited partners, both domestic and international. With strong LP demand, the Vancouver firm adjusted the fund's original goal, the sources said. Yaletown is now seeking a minimum of $175 million and may go as high as $200 million if demand is sustained.

AmorChem closes second early-stage biotech fund at $44.2 mln

AmorChem Group has launched AmorChem II Fund LP, a seed-stage biotechnology investor, at an initial capitalization of $44.2 million. The fund secured commitments from the Québec government, Fonds de solidarité FTQ, U.S. pharmaceutical giant Merck and other limited partners. AmorChem, which now manages $86 million, invests in promising life sciences projects originating from Québec universities and research centres that can be built into startups able to attract investors and pharmaceutical partners. The Montréal investor is led by General Partners Elizabeth Douville and Inès Holzbaur. A new general partner, Maxime Ranger, joined with Fund II's launch.

Ontario Teachers' among backers of Lyft's $500 mln round: Reuters

U.S. ride hailing company Lyft raised an additional US$500 million in its recent round of funding, bringing in new capital totaling US$1.5 billion, Reuters reported. The funding round was led by one of Alphabet Inc's investment funds, CapitalG, bringing Lyft's current valuation to US$11.5 billion, the company said. Fidelity Management & Research, Ontario Teachers’ Pension Plan, AllianceBernstein, Baillie Gifford, KKR, Janus Henderson Investors and Rakuten also took part in the round. San Francisco-based Lyft is also backed by Public Sector Pension Investment Board (PSP Investments).

Initial Coin Offering Group raising indefinite fund

LightIntegra Technology raises $3.5 mln in fresh funding

Vancouver-based medical diagnostics specialist LightIntegra Technology Inc has secured $3.5 million in financing. The round was backed by the company's existing shareholders. Founded in 2009 by Dr. Elisabeth Maurer, LightIntegra's flagship product is ThromboLUX, which gives blood banks a simple and effective way to detect microparticle content and select the right blood product for transfusion patients. Commercial sales were launched in the U.S. market this year. Led by President and CEO Bill Dubiel, the company will use the funds raised for working capital.

Cannabis Growth Fund I looks to raise $45 mln

Cannabis Growth Fund I has changed its name from dba Kush Fund and is aiming to raise $45 million, according to a regulatory filing. The fund is managed by Gabriel Patterson and is based in Toronto, Ontario. No investors are listed.

SEC’s new cyber unit files first charges against PlexCorps ICO

The Securities Exchange Commission (SEC) obtained an emergency asset freeze to stop an initial coin offering fraud, the agency said December 4. The ICO falsely promised investors a 13-fold profit in less than a month and had raised as much as US$15 million since August, a news release from the agency said. The commission has filed charges against “recidivist Québec securities law violator” Dominic Lacroix and his PlexCorps company in federal court in Brooklyn, New York, according to the release. The complaint alleges that Lacroix marketed and sold securities called PlexCoin on the internet to investors in the United States and elsewhere. The charges are the first filed by the SEC’s cyber unit, which was created in September.

Venture-backed Well.ca acquired by McKesson Canada

Well.ca, an online health, wellness, natural and baby products store, has been acquired by McKesson Canada. No financial terms were disclosed. Founded in 2008 by former CEO Ali Asaria, Well.ca sells more than 40,000 products to online shoppers. McKesson, a distributor of pharmaceutical and medical supplies, said the deal will increase digital opportunities for its customers. Well.ca, which will continue to operate as a distinct brand within McKesson and remain based in Guelph, Ontario, has been backed since its founding by iNovia Capital. Its other investors have included Extreme Venture Partners, Hero Ventures and Thunder Road Capital.

Molecular diagnostics provider Qvella closes $25 mln Series B

Canadian molecular diagnostics company Qvella has secured about $25.5 million (US$20 million) in a Series B financing. The round was co-led by RA Capital, Whitecap Venture Partners, Hatteras Ventures and Sands Capital, all of which backed Qvella’s Series A financing in 2015. They were joined by new strategic investor bioMérieux, a French in vitro diagnostics specialist. Founded in 2009, Toronto-headquartered Qvella has developed technology that helps reduce the time to results in the diagnosis of infections. Led by President and CEO Tino Alavie, the company will use the funds raised to support clinical trials, research, team expansion and manufacturing scale-up.

Mojio secures $30 mln in Kensington-led Series B financing

Mojio Inc has raised $30 million in a Series B financing. The round was led by Kensington Capital Partners. It was joined by Trend Forward Capital and innogy Ventures, both new investors, and Amazon Alexa Fund, BDC Capital's IT Venture Fund, Deutsche Telekom and Relay Ventures, which invested in last year's Series A round. Founded in 2012, Vancouver-based Mojio is a provider of carrier-grade connected car solutions. It operates in five countries and has to date connected more than 500,000 vehicles. Led by CEO Kenny Hawk, Mojio will use the funds raised for roll-outs with network operators and product innovation, including machine-learning initiatives.