Canada

VR training platform Serious Labs wins $6.4 mln in Series A round

Serious Labs Inc, an Edmonton-based developer of virtual reality (VR) solutions, has secured about $6.4 million (US$5 million) in a Series A financing. U.S. equipment rental company United Rentals Inc and U.S. venture capital firm Brick and Mortar Ventures were the round's investors. Launched in 2005, Serious Labs has developed technology like VR to facilitate interactive skills training in the workplace. It has a global customer base in the construction, mining, plant and maintenance, and oil and gas industries. Led by CEO Jim Colvin and President Ken MacLean, Serious Labs will use the funds raised to fuel continued growth, product innovation and market share.

Yaletown, GrowthWorks-backed Mixpo acquired by Netsertive

Mixpo Inc, a Seattle, Washington creative management platform, has been acquired by Netsertive Inc, a marketing technology company based in Morrisville, North Carolina. No financial terms were disclosed. Mixpo develops technology that enables digital marketers and publishers to build, manage and measure advertising campaigns. Founded in 2007, the company's backers included Canada's GrowthWorks and Yaletown Partners. Netsertive's investors include Greycroft Partners, Harbert Venture Partners, River Cities Capital Funds and RRE Ventures.

Island Capital Partners launched to invest in PEI startups: report

Island Capital Partners, an early-stage venture capital fund, has been launched to invest in entrepreneurs and startups in Prince Edward Island, according to a report by Entrevestor. The fund has been capitalized with $4 million, half of which was committed by the provincial government and roughly the same amount by about 20 locally-based angel investors. Island Capital has already closed its debut deal, Entrevestor said. It invested in Forestry.io, a website content manager that raised $754,000 in seed funding in April. Based in Charlottetown, Island Capital is led by a team of four investment managers: Alex MacBeath, Ron Keefe, Paul Lypaczewski and Steve Nicolle.

Cannabis media platform Lift raises $3 mln in Series A round

Lift Co Ltd, a Toronto cannabis media and technology company, has raised $3 million in a Series A financing. The round's investors were not disclosed. Founded in 2014, Lift provides a range of cannabis-related education, news and information resources, including industry events, industry publications, a database of medical cannabis products, and patient reviews in Canada. Led by CEO Matei Olaru, it plans to use the funds raised to strengthen its core product offerings and "begin preparing for adult-use legalization next year.”

Round13 Capital raises $95 mln for growth-stage venture fund

Canadian venture capital firm Round13 Capital has closed a $95-million fund earmarked for investments in growth-stage companies. Commitments were provided by high-net-worth investors and family offices, as well as Labourers’ Pension Fund of Central and Eastern Canada and National Bank. Led by Bruce Croxon, co-founder of Lavalife, and John Eckert, co-founder of McLean Watson Capital, Round13 invests up to $5 million in Canadian technology companies looking to scale. Its new fund has already backed three Toronto startups: wireless retail service Statflo, cloud accounting platform Hubdoc, and point-of-sale restaurant app TouchBistro.

Wellington Financial commits $4 mln to help grow Agilence

Canadian specialty finance firm Wellington Financial has provided US$4 million in growth capital to Agilence Inc, a Mount Laurel, New Jersey provider of cloud-based analytics for store operations and loss prevention. Founded in 2006, Agilence works with more than 118 brands encompassing over 35,000 stores. The funds raised will allow it to focus on product development and team expansion to meet the needs of U.S. retail, grocery, pharmacy and chain restaurant establishments. Last month, Wellington opened a New York City office to support financings of local venture-backed technology companies. Agilence's backers include Arrowroot Capital.

Inside the labyrinth: improving risk capital funding in Canada

Canadian entrepreneurs regularly cite a lack of financing options as a reason for Canada’s mediocre innovation performance. Certainly part of the problem has to do with the organization of risk capital markets. But Canadian entrepreneurs have to take some responsibility too. A recently-published report by the Conference Board of Canada, Inside the Labyrinth: Connecting Innovators to Risk Capital, explores the topic of funding tech ventures from the perspective of both entrepreneurs and investors. In a PE Hub Canada feature article, the report's author, Michael Grant, discusses some of the key findings.

Auvik Networks lands $15 mln in OpenView-led Series B round

Auvik Networks Inc, a Waterloo-based provider of network monitoring and management software for managed service providers, has secured $15 million in a Series B financing. The round was led by U.S. venture capital firm OpenView with participation from the company's existing Canadian investors Celtic House Venture Partners and Rho Canada Ventures. As a result, OpenView Partner Ricky Pelletier will join the board. The funds raised will be used for product development, partner initiatives, and growth into new markets. Auvik was founded in 2011 by CEO Marc Morin, CTO David Yach and VP Alex Hoff. Morin, a serial founder, was interviewed by PE Hub Canada in 2014.

Venture-backed Clementia raises $152 mln in Nasdaq debut

Montréal biopharmaceutical company Clementia Pharmaceuticals Inc last week raised about $152 million (US$120 million) from its initial public offering on the Nasdaq Global Market. The news was noted by BDC Capital Healthcare Fund, an investor in Clementia since 2012. The company's other backers include Fonds de solidarité FTQ, Janus Henderson, OrbiMed Advisors and New Enterprise Associates. Clementia's IPO is the second completed this year by a Canadian life sciences company. In May, Vancouver's Zymeworks Inc secured about $86 million (US$64 million) from its Canadian and U.S. offering.

SDTC invests $15.5 mln in six Ontario cleantech companies

Sustainable Development Technology Canada (SDTC) has invested $15.5 million in six Ontario clean technology companies. The companies are Electrovaya Inc, an electric batteries developer; BionX International Corp, a maker of electric drive systems; 3E Nano Inc, a creator of energy-efficient window coatings; GreenMantra Technologies, a converter of recycled plastics into waxes; Peak Power Inc, a battery storage capacity specialist, and; Vive Crop Protection, an agricultural technology company. The federal government this year committed $400 million to SDTC's SD Tech Fund, which backs early-stage clean technology projects.