Private Equity
St. Louis, Missouri-based agricultural biologicals company NewLeaf Symbiotics Inc has secured US$30 million in the second close of its Series C financing. S2G Ventures joined first close lead investors Monsanto Growth Ventures and Otter Capital, as well as other participating investors, among them Pangaea Ventures, a Canadian venture capital firm. NewLeaf said it plans to use the funds raised to commercialize seed treatment and in-furrow products for soybeans, corn, wheat, peanuts, and other crops. Vancouver-based Pangaea, which has backed NewLeaf since 2013, is currently raising its fourth advanced-materials fund.
3 min read · 13 September 2017
DeepLearni.ng, a Toronto-based artificial intelligence company, has raised $9 million in a Series A financing. The round was backed by mutual funds managed by the Canadian subsidiary of Fidelity Investments. DeepLearni.ng was founded last year by Co-CEOs Stephen Piron and Eric Lee, Chief of Machine Learning Ragavan Thurairatnam and COO Vincent Wong to design, build and deploy applied AI systems for enterprises. The close of the Series A coincides with its plan to scale development of Frontiers, a machine learning platform. DeepLearni.ng will use the funds raised to grow its global footprint in financial services and other industries and add to its team.
2 min read · 13 September 2017
Canadian venture capital firm ScaleUP Ventures has closed its debut fund, raising more than $100 million in committed capital. ScaleUP Ventures Fund I, launched last year, exceeded its original target of $50 million, bringing on the BC Tech Fund, managed by Kensington Capital Partners, and several West Coast limited partners in the final close. ScaleUP also announced the opening of a Vancouver office. Vancouver-based entrepreneur Derek Spratt was hired in July as a partner and managing director to help grow the firm's deal-making in Western Canada. Fund I has already made ten of a planned 20 to 30 investments, including Crowdcare Inc.
4 min read · 13 September 2017
Vancouver-based e-learning solutions provider Lambda Solutions Inc has secured $2.2 million in non-dilutive funding. The source of the capital was Quantius, a Canadian lender to innovative businesses. The deal's proceeds will be used to grow the company's international reach and accelerate product growth and innovation. Established in 2002 and led by CEO Shevy Levy, Lambda provides online learning management systems technology, training and services to enterprises in education, healthcare and other sectors. It has also received funding from TIMIA Capital Corp.
3 min read · 13 September 2017
Vancouver meal delivery startup Foodee has raised the second tranche of a $10 million Series A financing. The round, initially closed last year, was led by BDC Capital and joined by Kensington Capital Partners, by way of the BC Tech Fund, Yaletown Partners, Structure Capital and Voyager Capital. Founded in 2012, Foodee has developed an online platform that connects offices with top restaurants. It today partners with more than 500 restaurants and serves more than 8,000 customers. Led by CEO Ryan Spong, the company will use the funds raised to enhance its platform and continue expansion into cities across Canada and the United States.
3 min read · 12 September 2017
Canadian venture launchpad Diagram, which raised $25 million for its debut fund earlier in 2017, has increased the fund's size to $30 million. The commitments were made by seven additional angel investors, including Angela Strange of Andreessen Horowitz, Dax Dasilva of Lightspeed, and Mike Cegelski of Panache Ventures. Led by Founder and CEO François Lafortune and Chairman Paul Desmarais III, Diagram seeds and supports a select number of companies in Canada's financial, insurance and healthcare technology sectors. It also announced new hires, bringing on Daniel Robichaud as a managing partner and Marc-Antoine Ross as CIO.
5 min read · 12 September 2017
Smartphone and tablet repair company Mobile Klinik has raised $6.85 million in a Series B financing. The round was led by Canadian alternative asset management firm Kensington Capital Partners. It was joined by individual investors, including Tim McGuire, formerly of McKinsey & Co, and Rob Pitfield, formerly of Scotiabank. With the deal, McGuire has joined the board and will serve as chairman. Based in Ottawa, Mobile Klinik was launched in 2015 by wireless and retail executives, including CEO Rob Bruce, the former president of Rogers Communications Inc. It currently operates a chain of 20 stores in Ontario, Québec and Alberta.
3 min read · 11 September 2017
Montréal-based biopharmaceutical startup SpecificiT Pharma Inc has raised an undisclosed seed-stage financing. Existing investor AmorChem, a Canadian life sciences seed fund, backed the round alongside new investors, Sanderling Ventures and Accel-Rx Health Sciences Accelerator. With the deal, Dr. Pierre Beauparlant, a Sanderling venture partner, will become the company's CEO. SpecificiT, first financed by AmorChem in 2013, is developing cellular therapies for the treatment of hematological cancers. It will use the funds raised to complete manufacturing and process development and add to the management team.
5 min read · 11 September 2017
Jetti Resources, a natural-resources-tech startup, has raised about $24 million (US$18.7 million) in a Series A financing, apparently with the help of some heavyweight U.S. investors. The Vancouver company, founded in 2014, reported securing most of its funding target in an August filing with the U.S. Securities and Exchange Commission. Jetti told PE Hub Canada the round was closed shortly afterward at the full amount. The round’s backers were not disclosed but likely include Silicon Valley venture firm Kleiner Perkins Caufield & Byers. Kleiner Perkins is identified as an investor on Jetti’s website alongside DNS Capital, a U.S. family office.
2 min read · 08 September 2017
Two makers of laser-based sensor technology announced new funding rounds this week, with top automotive suppliers Delphi Automotive, Magna International and Magneti Marelli investing in the competitive technology considered key to self-driving cars, Reuters reported. Israel’s Innoviz Technologies announced a US$65 million funding round, joined by Delphi and Magna, and Canada’s LeddarTech said its US$101 million ($130 million) funding round included Delphi and Magneti Marelli. Lidar, which relies on light pulses reflected off objects to gauge their position on and near the road, is seen by most automotive experts as one of the crucial elements for full self-driving cars and has become a prime focus.
2 min read · 08 September 2017
