Private Equity
Toronto-based sales financing company Flexiti Financial has raised $6.25 million in a convertible debentures offering. The source of the funding was not disclosed. Flexiti, which offers point-of-sale financing and payment technology to retailers, said the funds raised will support continued growth and development of its platform. Founded in 2013 by CEO Peter Kalen, Flexiti reports its platform is currently used in more than 1,500 merchant locations and by more than 10,000 Canadian customers. The company closed a $5 million Series A financing last November.
2 min read · 01 August 2017
Dollars invested in the global financial technology sector more than doubled quarter over quarter in Q2 2017 to US$8.4 billion, according to a report by KPMG. The KPMG Pulse of Fintech report found M&A deal-making led global trends in this period with US$5.9 billion in deal value, while venture capital investment activity declined slightly at just over US$2.5 billion. In the Americas region, a single deal, the acquisition of Toronto's DH Corp by Vista Equity Partners, accounted for more than half the total fintech funding in the second quarter. This deal aside, most fintech investment was located in the United States and Europe.
6 min read · 01 August 2017
Montréal clinical-stage cardiovascular company Milestone Pharmaceuticals Inc has secured more than $68 million (US$55 million) in a Series C financing. The round, which brings Milestone's total funding to more than $100 million, was led by Denmark's Novo Holdings A/S. It was joined by new and existing investors, including Forbion Capital Partners, Tekla Capital Management, Domain Associates, Fonds de solidarité FTQ, BDC Capital, Pappas Capital and GO Capital. The funds raised will be used to advance Milestone's lead product, etripamil, into Phase 3 and pre-launch development. Founded in 2005, Milestone is led by President and CEO Joseph Oliveto.
6 min read · 01 August 2017
500 Startups Canada, the Canadian fund operation of Silicon Valley's 500 Startups, is folding and will not make any new investments as a result of recent sexual misconduct allegations involving co-founder Dave McClure, according to reports, including from the Canadian tech news site BetaKit. 500 Canada launched in March 2016 and was reportedly halfway to raising its US$30 million targeted fund when news of McClure’s conduct became public. McClure, under pressure for alleged inappropriate behaviour toward several women, resigned in early July from 500 Startups, which he co-founded seven years ago. In addition to serving as managing partner of the main fund, McClure also was listed as a partner on each of its microfunds, such as 500 Canada.
1 min read · 01 August 2017
RentMoola Payment Solutions Inc has agreed to have TriView Capital lead a $5 million financing for the company. RentMoola, a Vancouver financial technology provider, said the funds raised will support its continued North American growth and execution of several strategic partnerships, scheduled to launch in Q1 2018. Founded in 2013 by CEO Patrick Postrehovsky and COO Philipp Postrehovsky, RentMoola operates an online payments network that allows tenants and owners to pay rent. It last year raised $5 million from a consortium led by Conservice LLC and principals of Wyse Meter Solutions Inc.
2 min read · 31 July 2017
India's Snapdeal said it had decided to remain independent and was ending all talks regarding a sale, bringing the curtain down on months of discussions around a possible acquisition of the e-commerce business by bigger rival Flipkart, Reuters reported. The board of Jasper Infotech, which runs Snapdeal, had agreed in principle to Flipkart's revised buyout bid of up to US$950 million and a deal was pending approval of smaller shareholders, Reuters previously reported. But obstacles remained with sources saying founders Kunal Bahl and Rohit Bansal were considering an alternate path. Snapdeal's investors include Ontario Teachers' Pension Plan, which led a US$200 million financing of the company last year.
3 min read · 31 July 2017
Clean energy investment platform CoPower Inc has secured $2 million in its latest financing. The round was led by Fondaction CSN and joined by new and existing investors, including Royal Bank of Canada, Innovation Support, Ferst Capital Partners and Laurie Thomson. Montréal-based CoPower operates an online platform that leverages investments from individuals to fund clean-energy project developers. It has so far raised $12 million in loans for community-scale projects, such as LED lighting retrofits and geothermal heating and cooling for homes. CoPower was founded in 2013 by CEO David Berliner and President Raphael Bouskila.
4 min read · 31 July 2017
NextBlock Global, a Toronto-based digital asset investment company, has secured $20 million in financing. The investors in the round were not disclosed. Recently launched by Founder and CEO Alex Tapscott, NextBlock is focused on investing in entrepreneurs and startups in the global market for digital assets, such as Bitcoin and Ethereum. Tapscott said his company has encountered demand from institutional and strategic investors looking to gain exposure to blockchain and cryptocurrency technology opportunities. NextBlock will use the funds raised to create a diversified portfolio of investments in the space. Tapscott is the co-author of Blockchain Revolution.
3 min read · 31 July 2017
Osram GmbH has acquired a strategic 25.1 percent interest in LeddarTech Inc, a Québec City-based provider of optical detection and ranging technology. The deal, valued in the "mid double-digit million euros," will form part of a larger financing expected to close shortly, LeddarTech CEO Charles Boulanger said. Germany's Osram, a lighting manufacturer, said its investment responds to increasing demand for LiDAR technology used in self-driving cars and other mobility applications. Founded in 2007, LeddarTech has raised funding from several sources. They include BDC Capital and GO Capital, which invested $7 million in the company in 2014.
3 min read · 28 July 2017
Precision medicine company PreciThera Inc has raised $36 million in a Series A financing. The round, which follows PreciThera's seed funding in May, was backed by Sanderling Ventures, Arix Bioscience, Fonds de solidarité FTQ, CTI Life Sciences and Emerillon Capital. Montréal-based PreciThera is focused on designing biological therapeutics for the treatment of orphan bone diseases. It plans to use the funds raised to develop novel molecules and advance its lead therapeutic candidate through IND and into clinical studies. The company was founded in 2016 by Dr. Philippe Crine, who previously founded Enobia Pharma Corp, and Dr. Susan Schiavi.
5 min read · 27 July 2017
