Private Equity
Toronto smart building technology platform SensorSuite Inc has closed an investment with Greensoil Building Innovation Fund. No financial terms were released for the round, which will see Jamie James, the fund's managing partner, join the board. Founded in 2012, SensorSuite is an IoT company that develops wireless monitoring and energy-saving solutions for commercial and residential buildings. It will use the funds raised to accelerate sales and marketing and execute its product road map. The Greensoil fund was launched in 2015 by GreenSoil Investments. Sensor Suite is also backed by Extreme Venture Partners and BDC Capital.
3 min read · 26 October 2017
Canada has long had both cash-hungry startups and pension funds with an appetite for direct deals, but only recently have those two things come together. Last week, Lightspeed, a point-of-sale solution for retailers and restaurants, raised $207 million in a Series D financing, the largest for a Canadian IT company in 25 years. Caisse de dépôt et placement du Québec, a $287 billion pension system, led the round, highlighting a growing interest among formerly standoffish Canadian pension funds to invest directly in tech opportunities at home.
3 min read · 26 October 2017
The Big Push, an all-female led business accelerator, has launched to support women founders raising venture capital funding. Led by Founder and CEO Sharon Zohar, The Big Push offers an equity-for-service model to prepare women-led startups in the Toronto-Waterloo corridor for early-stage investment. It will provide hands-on services, support, and resources to female founders through a network of female executives with a range of market experience. The accelerator's program, which spans four to six months, will enagage 10 startups per year, beginning with Artery, a platform that brings artists and audiences together.
5 min read · 26 October 2017
Lendified, a Toronto online small business loans provider, has agreed to access a $60 million credit facility provided by ClearFlow Commercial Finance. The deal increases Lendified’s lending capacity to $85 million, the company said. Founded in 2015 by CEO Troy Wright and President Kevin Clark, Lendified operates an online marketplace that aims to supply fast and affordable working capital loans of $5,000 to $150,000 to Canadian small businesses. It reports receiving more than $220 million in loan requests to date. Last year, Lendified secured a $20 million credit facility from Liquid Capital Corp.
3 min read · 25 October 2017
Montréal specialty pharmaceutical company Searchlight Pharma Inc has secured an undisclosed investment from Emerillon Capital, managed by CIC Capital Canada, and Fonds de solidarité FTQ. The investment will support the company's organic and acquisition-based growth and therapeutic area expansion. Founded in 2015, Searchlight has a core focus on women's health, urology, and pediatrics. It has so far closed nine deals that have contributed 15 marketed products, with additional pipeline candidates expected to launch over the next 12 to 18 months. Searchlight is led by President and CEO Mark Nawacki.
4 min read · 25 October 2017
Tokyo Smoke, a Toronto-based cannabis lifestyle and retail brand, has increased the size of its Series B financing to $6 million. The round, which is now closed, brings total funding over the past 10 months to more than $10 million. As reported in August, the Series B was led by Aphria Inc, a Canadian medical cannabis producer, and Green Acre Capital, a Canadian cannabis-focused investment firm. Paul Rowan, a founding partner of Umbra, also invested. Founded in 2015, Tokyo Smoke said it will use the funds raised to continue retail expansion, marketing and acquisitions in anticipation of cannabis legalization in Canada.
3 min read · 24 October 2017
Kindred Systems Inc, a Vancouver-based developer of human-like intelligence in machines, has secured about $35.4 million (US$28 million) in a Series B financing, bringing its total funding to US$44 million. Tencent Holdings led and was joined by existing investors Eclipse Ventures and First Round Capital. Kindred is designing robots-as-a-service technology, such as its first commercial offering, Kindred Sort, which is targeted for use in retail distribution and e-commerce fulfillment centres. It will use the funds raised to continue R&D and product deployment. Founded in 2014, Kindred is led by CEO Geordie Rose, a co-founder of D-Wave Systems Inc.
3 min read · 24 October 2017
Vancouver-based Finn.ai, developer of an AI-powered virtual assistant for banking and personal finance, has secured $3 million in its first institutional financing. The round was co-led by Canadian private equity firm Yaletown Partners, U.S. venture capital firm Flying Fish Partners, and John Livingston, former CEO of Absolute Software Corp. Angel investors also participated. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn.ai provides a conversational platform to help banks engage with their customers. It will use the funds raised to expand its team to meet customer needs and support growth in the United States and worldwide.
3 min read · 23 October 2017
Halifax anti-infective pharmaceuticals developer Appili Therapeutics Inc has raised about $3.1 million from a private placement offering. The financing, which brings total funds raised by Appili since its 2016 seed round to about $7.5 million, was backed by Canadian venture capital firm Innovacorp, as well as other new and existing investors. Appili said the offering's proceeds will help finance operations and growth. They will also advance the company's pipeline of anti-infectives and move its lead antibiotic, a taste-masked treatment for anaerobic infections, into the clinic. Founded in 2015, Appili is led by CEO Kevin Sullivan.
2 min read · 23 October 2017
Canadian venture capital firm iNovia Capital has hired Magaly Charbonneau as a principal. Charbonneau, an entrepreneur and investor with about 25 years of experience, joins iNovia from Intel Corp, where she led business development strategy for True Key Worldwide and operations for PasswordBox, a password security platform she invested in and served as COO. (PasswordBox was bought by Intel in 2014.) Between 2009 and 2016, she was also a member of Anges Québec's angel investment network. Charbonneau will work with iNovia's investment team and portfolio companies from the firm's headquarters in Montréal.
5 min read · 23 October 2017
