Private Equity
TIMIA Capital Corp has provided a funding facility of $2 million to Rise People Inc, a digital human resources and group health insurance platform based in Vancouver. A disbursement of an initial $1.5 million, followed by a further $500,000, will be made upon the meeting of certain milestones in the next 12 months. Founded in 2011, Rise People's user base has grown from 15,000 to 30,000 employees in the past two years. It is currently expanding to offer additional group and individual insurance online. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.
2 min read · 06 November 2017
Acceleware Ltd (TSX-V: AXE), a Calgary provider of oil recovery technology and energy software solutions, has been awarded a $10 million non-repayable contribution from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA). The funds raised will be used to complete a commercial-scale field test of the company's clean technology for bitumen and heavy oil extraction. Acceleware plans to conduct the test in partnership with one or more oil sands producers. Founded in 2004, Acceleware is backed by Resource Merchant Capital, a Canadian energy private capital firm.
3 min read · 03 November 2017
BuildDirect, a Vancouver-based online marketplace for home improvement products, was this week granted creditor protection as it seeks to recapitalize or arrange a sales transaction, according to a report by the Canadian Press. Venture-backed BuildDirect has negotiated a US$15 million loan from investors to continue operations while it works on its financial restructuring, the report said. Vice President of Finance John Sotham was quoted as saying the company has generated significant revenue but has not been profitable. BuildDirect was founded in 1999 by President and CEO Jeff Booth and Executive Officer Robert Banks. Sotham reported the resignation of Booth last week.
1 min read · 03 November 2017
Web.com Group Inc (Nasdaq: WEB) has acquired the assets of Acquisio Inc, a Brossard, Québec-based provider of software that facilitates customer acquisition using advertising platforms. No financial terms were released. Web.com, a U.S. internet services company, said the deal gives it access to "award-winning artificial intelligence technology" that Acquisio has made available to small businesses. Acquisio was founded in 2003 by CEO Marc Poirier and CTO Richard Couture. It has been backed by Canadian investors, including Emerillon Capital, Fonds de solidarité FTQ, Tandem Expansion Fund and Wellington Financial.
3 min read · 01 November 2017
Wherever you look in Canada’s technology sectors, from the pre-revenue startup to the Bay Street boardroom, you find too few women in leadership roles. That’s the main message of a new report on the state of gender disparity in innovation. Where’s the Dial Now?, co-authored by MoveTheDial, PwC Canada and MaRS Discovery District, draws on numerous sources, including data for some 933 tech businesses, to produce a comprehensive study of female representation in the ranks of tech executives, founders and boards.
3 min read · 01 November 2017
Venture capital investment in Canadian technology companies continued at a robust pace in the first nine months of 2017, with $3.2 billion deployed to 377 financings, according to final data released by Thomson Reuters. In dollar terms, this represented a 26 percent increase from a year ago. Additionally, Q3 2017 marked the fourth consecutive quarter with more than $1 billion invested. A total of $1.16 billion went to 120 financings in this period, up 55 percent from the same time in 2016. Foreign investors have played a key role in 2017 market trends, with U.S venture capital firms accounting for 41 percent of all disbursements at the end of September.
4 min read · 01 November 2017
Bridgit, a Kitchener, Ontario mobile construction manager, has raised $2 million in follow-on financing. The round was led by StandUp Ventures Fund I, a women-focused fund formed earlier in 2017, and MaRS IAF. Launched in 2014, Bridgit provides software that simplifies communication and site management for developers, general contractors and subcontractors. The platform is used by hundreds of contractors across North America. Bridgit will deploy the funds raised to product development and growth in new markets. Last year, Bridgit raised $2.2 million in a seed round led by Hyde Park Venture Partners and joined by Vanedge Capital.
2 min read · 01 November 2017
Montréal-based transportation app Netlift has secured $3.2 million in financing, adding to the $1.3 million in seed-stage funding raised last year. Investissement Québec, Fonds InnovExport and Real Ventures backed the latest round. They were joined by existing investors, which include BDC Capital, Cycle Capital Management and SDTC. Founded in 2012, Netlift has created a mobile solution that combines carpooling and taxi travel to help ensure a more efficient and environmentally sustainable commute. It will use the funds raised to accelerate commercialization of the app, which will see its initial roll out in Montréal.
2 min read · 31 October 2017
Vistara Capital Partners has made an undisclosed investment in Blueprint Software Systems Inc, a Toronto-based provider of solutions that accelerate and de-risk the digital transformation of large organizations. The funds raised will be used to accelerate Blueprint’s direct and channel-based sales and marketing. Founded in 2004, Blueprint helps enterprise software teams build better applications. It serves hundreds of customers in financial services, healthcare and other industries. Blueprint has raised close to $60 million from BDC Capital, Centana Growth Partners, Tandem Expansion Fund, Walsingham Growth Partners and other investors.
3 min read · 31 October 2017
Creative Labs, a Vancouver media and entertainment venture studio, has started operations in partnership with Hollywood talent agency Creative Artists Agency (CAA), according to a report by Variety. The incubator is backed by funding of about $16 million (US$12.5 million), Variety said. The round's investors include Boatrocker Ventures, Entertainment One, Real Ventures, Seedcamp Ventures and Telegraph Media Group. Creative Labs is led by CEO Mike Edwards and Chairman Leonard Brody. It has already helped launch two companies, Belletrist, an online book club, and Ground Control, an interactive audio platform.
1 min read · 27 October 2017
