Private Equity
VerticalScope has bought VarageSale, a Toronto-based buy-and-sell website and mobile app. No financial terms were released. VerticalScope, a Canadian digital media company, said the deal supports its focus on enthusiast websites and interest-based online communities. VarageSale was founded in 2012 by Carl Mercier and Tami Zuckerman as a community-based “virtual garage sale”. Led by CEO Andrew Sider, it raised nearly US$60 million from Canadian and U.S. venture capital firms, according to Crunchbase. Its investors included iNovia Capital, Lightspeed Venture Partners, Real Ventures, Sequoia Capital and Version One Ventures.
3 min read · 09 November 2017
Forty-four percent of Canadian companies with 20 employees or more expect to acquire another business in the coming five years, according to a new report from the Business Development Bank of Canada (BDC). What Do Buyers Look for When Purchasing a Business? found most buyers are targeting a profitable, stable business, often to achieve horizontal integration or increased geographic presence. The study, conducted by BDC in partnership with Nielsen, is based on a survey of more than 2,500 small and medium-sized enterprises in the spring of 2017.
3 min read · 08 November 2017
Laval, Québec-based regenerative medicine company Fortuna Fix Inc has raised about $32 million (US$25 million) in a Series B financing. The round was backed by the venture capital arm of U.S. biopharmaceutical company Amgen Inc, which joins other new and existing investors, including Macnguyen Family Office and Salamander Invest. Led by CEO and CSO Jan-Eric Ahlfors, Fortuna has developed technology platforms for treating neurodegenerative diseases and neurotrauma. It will use the funds raised for clinical trials in Parkinson's disease and spinal cord injury and to expand its automated robotic manufacturing capabilities.
5 min read · 08 November 2017
Yongle Technologies Inc, a Vancouver-based real estate software company for presales, has raised $1.5 million in seed-stage financing. The round's investors were not identified. Launched in 2014, Yongle offers a web-based real estate sales engagement, contract and document generation and management tool. It reports having launched more than 50 projects, representing more than $5 billion in presales, with developers and project marketers in Ontario, British Columbia and Alberta since 2016. Led by President and CEO Richard Bell, it will use the funds raised to hire staff for its U.S. expansion and new product offerings.
2 min read · 07 November 2017
StrongBox Data Solutions, a Montréal-based cognitive data management and archive solutions provider, has raised about $34.4 million (US$27 million) in funding. The round was led by Fonds de solidarité FTQ, which accounted for a US$20 million investment, and joined by other investors, including Partner One Capital, the company's controlling shareholder. StrongBox provides businesses, governments and other organizations with solutions for automating data and storage management. Led by CEO David Cerf, it will use the funds raised to accelerate the global marketing of its StrongLink technology. Partner One is a Canadian enterprise software investor.
4 min read · 07 November 2017
Venture capital firm EnerTech Capital has formed a strategic partnership with ENMAX Corp focused on emerging technologies in the utility industry. EnerTech and ENMAX, a Calgary provider of electricity to residential and commercial customers, will together explore commercialization strategies within ENMAX and opportunities available through the investor's global network. EnerTech, which has offices in Calgary, Montréal, Toronto and the United States, has invested in 63 energy and power companies since 1996. It is currently investing from its fourth fund, which raised $120 million in 2013.
3 min read · 07 November 2017
Toronto-based brain health technology platform Interaxon Inc has secured about $14.8 million (US$11.6 million) in a Series B-1 financing. The round was led by Trend Forward Capital, Export Development Canada and OMERS Ventures, which led the company's prior financing in 2015. Epic Capital Management and Bridge Builders Collaborative also invested. The funds raised will be used to accelerate Interaxon’s growth into the health and wellness space and support the release of new applications and services for its flagship product, brain sensing headband Muse. Led by CEO Derek Luke, Interaxon has raised almost $40 million since its founding in 2007.
5 min read · 07 November 2017
Coconut Software Corp, a Saskatoon-based appointment scheduling software provider, has raised $4.2 million in a Series A financing. Canadian venture capital firm Information Venture Partners led the round and was joined by ScaleUp Ventures and StandUp Ventures. PIC Investment Group and Bay Partners, which contributed to the company's seed funding about a year ago, also invested. Founded in 2011 by CEO Katherine Regnier, Coconut provides a technology solution that helps large enterprises manage millions of appointments and deliver service securely to customers. It will use the funds raised for expansion plans in Saskatoon and Toronto.
3 min read · 07 November 2017
Solink Corp, an Ottawa subscription-based fraud prevention solution, has secured $5 million in financing. The round was led by U.S. venture capital firm Generation Ventures and joined by ScaleUp Ventures, BDC Capital's IT Venture Fund and Valor Equity Partners. Launched in 2016, Solink has developed a data-driven security platform that captures and audits surveillance video and transactional data to help business customers proactively reduce fraud and obtain insights. It will use the funds raised to pursue global growth. Led by CEO Mike Matta, Solink is also backed by Wesley Clover International.
3 min read · 07 November 2017
NextBlock Global, a Toronto-based digital asset investment firm, has decided against doing a go-public transaction. The firm, which raised $20 million in July and was looking to raise as much as $100 million from the go-public transaction, said it "stumbled" in its efforts. Last week, Forbes reported that NextBlock had sent false marketing materials to potential investors. Founded this year by CEO Alex Tapscott, NextBlock is focused on investing in blockchain and cryptocurrency technology opportunities. It said it is "excited as ever" about market opportunities and will "work hard to rebuild the trust of those we have disappointed."
1 min read · 06 November 2017
