Canada

BIC, VCs to co-invest in bioeconomy, cleantech startups

Startup accelerator Bioindustrial Innovation Canada (BIC) has agreed to partner with five venture capital firms to capitalize emerging companies in Canada's bioeconomy and clean technology sectors. ArcTern Ventures, Cycle Capital Management, Fraser Mackenzie Merchant Capital and Greensky Capital of Canada and France's Sofinnova Partners will work with BIC to explore opportunities to co-invest in BIC portfolio companies. Sarnia, Ontario-based BIC supports early-stage companies focused on converting renewable resources into value-added bioenergy, biofuel, biochemicals and biomaterials.

GOrendezvous closes $755k financing with Anges Québec

GOrendezvous Inc, an online agenda and appointment management platform, has closed a $755,000 financing. The round was backed by eighteen members of angel network Anges Québec and Anges Québec Capital. Founded in 2012, Montréal-based GOrendezvous developed its platform for professionals in the health, beauty, wellness and fitness sectors. It plans to use the funds raised to fuel growth through investments in marketing that help generate sales in new markets outside of Québec. Marcel Larochelle, formerly a senior financial executive, led the round for Anges Québec.

Canadian VC continues surge with $2.6 bln invested YTD: CVCA

Canada’s venture capital market saw continued growth in Q3 2017, with $980 million invested in 149 financing rounds, up 43 percent from a year ago, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). This contributed to $2.6 billion invested in 431 rounds at the end of September, suggesting that deal-making is likely to top the $3.2 billion invested in all of 2016, the CVCA said. Activity has been driven by large financing sizes, averaging $6.04 million in the third quarter, particularly in IT sectors, which took 69 percent of dollars invested, and life sciences sectors, which secured over one-fifth of the total.

Apple buys Real Ventures-backed Totem headset maker Vrvana

U.S. technology giant Apple has acquired Vrvana, the Montréal-based maker of immersive 3D augmented reality headset Totem, according to a report by TechCrunch. The acquisition was valued at US$30 million, sources told TechCrunch. The report said the deal is important to Apple because of its strategic interest in AR technology. Vrvana was founded in 2005 by CEO Bertrand Nepveu, COO Marc-Olivier Lepage, CPO Jean-François Sicard and CTO Yan Côté. The company has secured financing from Canadian early-stage venture capital firm Real Ventures. Partner JS Cournoyer sits on Vrvana's board of directors, according to Crunchbase.

Siemens to acquire VC-backed Solido Design Automation

Germany's Siemens AG has agreed to acquire Solido Design Automation Inc, a Saskatoon-based provider of variation-aware design and characterization software to semiconductor companies. No financial terms were disclosed for the deal, which is expected to close in December. Siemens said the buy strengthens its commitment to customers in the integrated circuit industry. Solido will now join with Mentor Graphics Corp, which was acquired by Siemens earlier this year. Founded in 2005, Solido was backed by several Canadian investors, including BDC Capital and Golden Opportunities Fund, a retail fund overseen by Westcap Management.

AEC commits $10 mln to Yaletown Innovation Growth Fund

Alberta Enterprise Corp (AEC) has committed $10 million to Yaletown Innovation Growth Fund, the latest vehicle of Canadian growth equity firm Yaletown Partners. The fund is targeted to raise $135 million to invest in emerging-growth technology companies across Canada that are focused on enhancing sustainability and productivity in the intelligent industrial and intelligent enterprise sectors. Last year, PE Hub Canada interviewed Yaletown Partners Brad Johns and Salil Munjal about the fund's strategy for addressing a capital gap impacting mid-stage companies. In late 2016, AEC launched a second Alberta angel co-investment fund, Accelerate Fund II, managed by Yaletown.

E-mail manager Sendwithus nets $6.4 mln in Series A round

Sendwithus has raised about $6.4 million (US$5 million) in a Series A financing. The round was led by BlueRun Ventures and joined by Initialized Capital and acequía capital. Existing investors Baseline Ventures, SV Angel, Maiden Lane, Y Combinator and Scott Banister also participated. Based in Victoria, British Columbia and San Francisco, Sendwithus provides a communications platform that helps organizations streamline their e-mail creation. It has supported over 10 billion e-mails sent since its 2013 founding by CEO Matt Harris and Brad Van Vugt. The company will use the funds raised to grow sales, marketing and engineering teams.

radient360 seeded with $3.3 mln by Build Ventures, Killick

St. John’s, Newfoundland and Labrador-based energy technology company radient360 has raised a $3.3 million seed-stage financing. The round was backed by Canadian venture capital firm Build Ventures and Canadian private equity firm Killick Capital. Launched in 2011, radient360 provides a cloud platform that digitalizes work processes and creates data analytics for asset-intensive industries, such as oil and gas. The company, led by CEO Steve Taylor, is currently working with oil and gas operators and pursuing the first global deployment of its technology. It will use the funds raise to grow sales and product development teams and open a Calgary office.

FedDev, angels invest $1.2 mln in Clear Blue Technologies

Clear Blue Technologies Inc, a Toronto-based smart off-grid company, has secured $1.2 million in financing. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested $400,000, with the balance coming from angel investors. Founded in 2011, Clear Blue combines green energy with communications and cloud technology to power and control off-grid lighting, security and mobile solutions. It will use the funds raised to expand its marketing activities and sell to a broader range of global customers. Clear Blue is led by CEO Miriam Tuerk.

Caisse-backed AvidXchange buys purchase-to-pay company

AvidXchange has acquired Ariett, a Pembroke, Massachusetts cloud solution provider to the purchase-to-pay market. No financial terms were released. AvidXchange, a provider of accounts payable and payment automation solutions, said the deal will give its customers more purchasing functionality to help manage spending with requisition approval, purchase order management, and the ability to analyze expenses. Charlotte, North Carolina-based AvidXchange earlier this year raised a US$300 million financing. The round was co-led by Caisse de dépôt et placement du Québec.