Private Equity
Laval, Québec-based biopharmaceutical company Prometic Life Sciences Inc (TSX: PLI) has secured a $100 million (US$80 million) line of credit from an affiliate of Thomvest Asset Management, the investment vehicle of Canadian billionaire Peter Thomson. The company, which specializes in bioseparation and the development of plasma-derived and small-molecule therapeutics, said the facility's proceeds will support it prior to the expected flow of revenues from sales of plasminogen and other monetization events. Led by President and CEO Pierre Laurin, ProMetic earlier this year raised funding from both Thomvest and California Capital Equity.
4 min read · 23 October 2017
Toronto digital solutions provider Bluerush Media Group Corp (TSX-V: BTV) has closed a private placement deal, generating proceeds of $1.3 million. Round13 Capital Founders Fund, an affiliate of Canadian venture capital firm Round13 Capital, invested $750,000. As a result, the fund acquired about 25 percent of issued and outstanding shares and is entitled to nominate a board member. Founded in 2004, Bluerush provides marketing and sales software that helps organizations engage with their customers. It will use the funds raised to ramp up sales and R&D activities that support the company's development "toward a recurring revenue model."
5 min read · 20 October 2017
AdHawk Microsystems Inc, a maker of advanced micro-systems for human-computer interaction, has raised about $5.7 million (US$4.6 million) in a Series A financing. The round was led by Intel Capital, a U.S. venture capital firm, with participation from Canadian firm Brightspark Ventures. Founded in 2015, AdHawk has developed a camera-free eye-tracking system that enables precise, high-speed tracking in headsets and other wearable devices. Led by CEO Neil Sarkar, one of the Kitchener, Ontario-based startup's co-founders, it plans to use the funds raised to commercialize its technology for consumer virtual reality-augmented reality devices.
5 min read · 19 October 2017
Caisse de dépôt et placement du Québec, Canada’s second-largest public pension plan, said it would increase investments in low-carbon assets by more than $8 billion over the next three years, Reuters reported. The Caisse also set a medium-term target to reduce its carbon footprint by 25 percent per dollar invested. "From now on, climate change will factor in each and every investment decision we make across the breadth of our portfolio," Caisse President and CEO Michael Sabia said in a statement.
1 min read · 19 October 2017
Meituan-Dianping, a Chinese service-focused e-commerce platform, has raised US$4 billion in a Series C financing. The round was led by China's Tencent Holdings, with participation from the Priceline Group and a global syndicate of investors that includes Canada Pension Plan Investment Board. The deal values the company at US$30 billion, Reuters reported. Founded in 2003, Meituan-Dianping connects more than 280 million users with roughly 5 million local merchants. It said it will use the funds raised to invest in core businesses and offerings and leverage artificial intelligence-based and analytics-driven technology.
6 min read · 19 October 2017
Toronto storytelling app Wattpad will soon receive about $50 million (US$40 million) from an investment by China's Tencent Holdings, according to a report by the Globe and Mail. The investment will form part of a new US$50 million financing of Wattpad, to be finalized in the weeks ahead, the report said. The round, which will be backed by a mix of Canadian and U.S. venture capital firms, is expected to value the company at about US$400 million. Founded in 2006 by CEO Allen Lau and CPO Ivan Yuen, Wattpad operates a social platform that creates direct connections between readers and writers. In 2014, it raised US$46 million in a Series C financing led by OMERS Ventures .
1 min read · 19 October 2017
ThinkRF Corp, an Ottawa-based provider of software-defined spectrum analysis solutions, has raised $5 million in funding. Wesley Clover International, a Canadian venture capital firm and existing investor in the company, led the round. It was joined by new private investors. Founded in 2006, ThinkRF develops technology to give users more versatility, better performance, and additional capabilities for wireless spectrum analysis. The funds raised will be used for the next phase of its strategy, which includes expanding into new geographic and vertical markets. ThinkRF is led by President and CEO Jim Roche, a Canadian serial entrepreneur.
3 min read · 18 October 2017
Montréal-based insurance technology startup Covera Technologies Inc has secured $1 million in a seed-stage financing. The round, which adds to a $500,000 pre-seed deal last year, was led by Canadian venture capital firm Ferst Capital Partners and joined by angel investors. Established in 2016 by CEO Scott Loong and CTO Paul O'Reilly, Covera develops technology that helps customers automatically re-shop their insurance policies. The funds raised will be used to support the company's growth and user acquisition initiatives, drive expansion in Canada, and build a team to accelerate product development.
3 min read · 18 October 2017
Montréal-based security workforce management platform TrackTik Inc has secured $7 million in funding. The round was backed by Caisse de dépôt et placement du Québec (CDPQ) and iNovia Capital, which led the startup's $1.5 million seed financing in 2015. Founded in 2010 by President and CEO Simon Ferragne, TrackTik provides integrated security operations management software that gives security service companies control over all aspects of their business. It plans to use the funds raised to fuel growth beyond its current bases in North America and Europe, develop its product, hire more staff, and pursue acquisitions. TrackTik is also backed by Klass Capital.
5 min read · 18 October 2017
Lightspeed POS Inc, a Montréal-based point-of-sale software solution for retailers and restaurateurs, has raised about $207 million (US$166 million) in Series D financing. Caisse de dépôt et placement du Québec, which co-led Lightspeed's $80 million Series C in 2015, also led the Series D. Investissement Québec, iNovia Capital and Silicon Valley Bank joined the round. Lightspeed, which has brought in US$292 million of funding since its launch in 2005 by CEO Dax Dasilva, said the proceeds of the latest round will back further innovation and expansion. The company now operates in over 100 countries, processes more than US$15 billion in transactions annually, and has nearly 50,000 customers.
4 min read · 18 October 2017
