Canada

Lumira Capital leads Edesa Biotech's $7 mln Series A financing

Edesa Biotech Inc, a developer of novel dermatology and anorectal treatments, has secured $7 million in a Series A financing. Lumira Capital, a Canadian life sciences venture capital firm, led the round and was joined by Pharmascience Inc, Inveready Technology Investment Group and several Canadian family offices. The funds raised will be used to support the Markham, Ontario company's growth and development of its product pipeline. Edesa was founded in 2015 by its CEO, Dr. Par Nijhawan, a serial entrepreneur. In parallel with the round, Edesa licensed the Canadian rights to its anorectal products to a division of Pharmascience.

BDC Capital provides $1 mln in funding to Mobi724 Global

Montréal-based financial technology company Mobi724 Global Solutions Inc has secured $1 million in financing from the Growth & Transition Capital division of BDC Capital. The company said it will use the proceeds to accelerate its growth, including the addition of sales and marketing resources. Founded in 2008, Mobi724 provides EMV payment, card link couponing and digital marketing solutions. It is led by CEO Marcel Vienneau. Earlier this year, BDC Capital made available $1.8 billion in fresh funding for investments by Growth & Transition Capital.

Edison Partners exits eSentire with PE deal, will keep minority stake

U.S. growth equity firm Edison Partners said it has exited eSentire Inc, a Cambridge, Ontario-based managed cybersecurity solutions provider. The exit, the result of a reported US$100 million-plus investment by U.S. private equity firm Warburg Pincus, generated a "meaningful return and IRR," Edison said. Edison made an initial investment in eSentire in 2013 and co-led last year's US$19.5 million financing. While the firm was invested, eSentire showed 8x revenue growth. With the Warburg deal, scheduled to close this month, Edison said it will maintain a minority ownership position in the company.

Biba secures $1.3 mln in Leonite-led pre-Series A financing

Smart playground technology platform Biba Inc has raised $1.3 million in a pre-Series A financing. U.S. investor Leonite Capital led the round and was joined by Greg Zeschuk, co-founder of BioWare Corp, and Jason Kapalka, co-founder of PopCap Games Inc. Founded in 2014 by Ryan Nadel and led by CEO Matt Toner, Vancouver-based Biba develops augmented reality games and mobile apps to encourage parents and children in playground activities. To date, 1,000 Biba playgrounds have been installed across North America. The company will use the funds raised to fuel R&D, create more games, and install more playgrounds.

Osler study sheds light on gender diversity in corporate Canada

A new study by Osler, Hoskin & Harcourt LLP provides an updated snapshot on the representation of women in leadership roles in corporate Canada. 2017 Diversity Disclosure Practices, which examines gender diversity at the executive and board levels of TSX-listed companies, concludes that while there is a "long journey ahead, progress is being made." Several findings attest to this, including the percentage of boards without any female representation, which fell to 37 percent in 2017 from last year's 46 percent. On the other hand, the average percentage of executive officers who are women, found to be 15 percent this year, was unchanged.

Aspect Biosystems closes first institutional round led by Pangaea

Vancouver biotechnology company Aspect Biosystems Ltd has completed its first institutional financing. The round, the value of which was not disclosed, was led by Canadian venture capital firm Pangaea Ventures and joined by Endure Capital, Pallasite Ventures and Relentless Pursuit Partners, as well as other new and existing investors. Founded in 2013, Aspect is a developer of 3D bio-printing and tissue engineering technologies. Led by President and CEO Tamer Mohamed, the company plans to use the funds raised to back continued product development, expand its strategic partnerships, and commercialize its platform technology, Lab-on-a-Printer.

Slack valued at $5.1 bln after new funding led by SoftBank: Reuters

Software startup Slack Technologies Inc said it raised US$250 million from SoftBank Group Corp and other investors in its latest funding round, boosting the company’s valuation to US$5.1 billion, Reuters reported. The latest fundraising, led by SoftBank through its giant Vision Fund and joined by Accel Partners and other investors, lifted Slack’s total funds raised to US$841 million, the enterprise messaging operator said in an e-mailed statement. The fund provides resources which will help Slack to run as a cash-generating company and the raise will reduce its dependence on outside financing, Slack CEO Stewart Butterfield said. San Francisco-based Slack, which has an office in Vancouver, was launched in 2014 by Butterfield, a Canadian entrepreneur.

Ovensa raises $1.38 mln from Anges Québec, Aligo Innovation

Canadian biotechnology startup Ovensa Inc has secured $1.38 million in follow-on financing. The round was backed by 22 members of angel organization Anges Québec, the affiliated Anges Québec Capital, and Aligo Innovation, a university research commercialization company. Founded in 2012, Aurora, Ontario's Ovensa develops technology with mucosal and brain-barrier crossing properties that can deliver medication to hard-to-reach parts of the body. It is mainly focused on oncology. Led by President and CEO Stéphane Gagné, the company plans to use the funds raised to further develop its platform.

Opportunities NB unveils New Brunswick seed, Series A funds

Opportunities NB, a New Brunswick crown corporation, has launched two side-car funds to support early-stage companies located in the province. Opportunities NB will sponsor a seed fund that can invest up to $500,000 in a startup. A maximum of $2 million is available per year from the fund. Additionally, it will sponsor a Series A fund that can invest up to $1 million in a company emerging from the startup phase or about to generate revenue. A maximum of $5 million per year is available. The side-car funds will partner with approved investors, among them East Valley Ventures, an Atlantic Canada startup accelerator and angel group.

Auto repair platform Fiix nets $2.2 mln in Javelin-led seed round

Canadian auto repair platform Fiix said it raised about $2.2 million (US$1.8 million) of seed capital in a round led by Javelin Venture Partners and joined by Y Combinator and angel investors. The company will use the money to expand marketing, further product development and improve its customer experience. Fiix, based in Toronto, enables mechanics to repair cars at homes and offices. Fiix was founded in 2016 by President and CEO Arif Bhanji, CTO Khallil Mangalji and Chief Product Officer Zain Manji.