Private Equity
Cyclica Inc has secured $2.25 million in a Series A2 financing, an extension of the $2.4 million Series A1 financing closed last year. The latest round was led by Canadian finance advisory firm GreenSky Capital via GreenSky Accelerator Fund II. It was joined by other new and existing investors, including Epic Capital, Uni-Innovate Group and HH&E Ventures. Founded in 2013, Toronto-based Cyclica provides a software platform that helps pharmaceutical companies assess the safety and efficacy of drugs. Led by President and CEO Naheed Kurji, the startup will use the funds raised to continue commercializing its platform globally and invest in R&D.
3 min read · 26 July 2017
Sentient Science, a U.S. materials science-based software-as-a-service company, has raised US$22.5 million in a Series B financing. The round, Sentient's third since its founding in 2001, was backed by Canadian growth equity firm Georgian Partners. Buffalo, New York-based Sentient provides prognostic health monitoring and life extension actions to reduce costs and improve the reliability of rotating mechanical equipment, such as wind turbines. It will used the funds raised for new hires, software platform enhancements, and to facilitate the company's entrance into the commercial aerospace and rail markets.
5 min read · 26 July 2017
Recent events at certain venture capital firms in Silicon Valley have brought into focus the importance of VC and private equity firms adopting codes of conduct that explicitly address personal and sexual harassment. In a PE Hub Canada feature article, Osler, Hoskin & Harcourt LLP's Shahir Guindi, Chima Ubani, Lauren Tomasich and Steven Dickie argue that strong, clearly defined and enforceable codes of conduct that apply to the workplace environment as well as interactions with portfolio companies should be the baseline for any VC or PE firm doing business in Canada.
4 min read · 26 July 2017
Brantford, Ontario clean technology company GreenMantra Technologies has secured up to $3 million in financing from Closed Loop Fund, a social impact fund managed by U.S.-based Closed Loop Partners. The proceeds will be used to expand the capacity of its manufacturing operations, which convert post-consumer and industrial waste plastics into high-value polyethylene and polypropylene waxes. The waxes are used in a range of industrial applications. GreenMantra's other investors include ArcTern Ventures and Cycle Capital Management, which backed a $5.5 million round last year. The company is led by President and CEO Kousay Said.
3 min read · 26 July 2017
Dane Creek Capital Corp (DCCC) has agreed to acquire the non-manufacturing pet assets of Nature's Way Canada, a Dartmouth, Nova Scotia maker of supplements for dogs and cats under the CanineOmega3 and FelineOmega3 brands. Terms were not disclosed for the deal, which will see DCCC acquire all current and future brand formulations. Nature's Way will also continue to produce supplements for DCCC over a six-year period. DCCC, a Canadian investor in pet-related startups, said the deal will create a range of supplements to "meet the needs of health-conscious pet owners shopping online, in pet specialty retail stores and in mass retail and grocery stores."
4 min read · 25 July 2017
Hotel booking service SnapTravel has secured $8 million in a Series A financing. Canadian venture capital firm iNovia Capital led the round and was joined by existing backers Lightbank, Bee Partners and Hedgewood, as well as strategic investor Peter Kern. Founded in 2016 by CEO Hussein Fazal and CTO Henry Shi, both serial entrepreneurs, SnapTravel uses natural language processing and machine learning to help users of its service find and book a hotel room over SMS texts and Facebook Messenger. It plans to use the funds raised to further develop its technology, hire engineers and fuel growth. SnapTravel has offices in Toronto and San Francisco.
2 min read · 25 July 2017
Montréal-based power quality systems maker Power Survey and Equipment Ltd has raised about $30 million (US$24 million) in a Series A2 financing. The round was initiated by the company's majority investor EnerTech Capital and Investissement Québec (IQ) alongside new investors led by Cycle Capital Management, joined by Fonds de solidarité FTQ and BDC Capital. Power Survey used part of the funds raised to buy Power Standards Lab Inc, a U.S. maker of electric power instruments, earlier in July. They will also be used for geographic and product line expansion. Led by President and CEO Mario Barbaresso, Power Survey last year raised $10 million from EnerTech and IQ.
4 min read · 24 July 2017
The Ontario Municipal Employees Retirement System launched an in-house venture program in 2011, making it one of the few pensions worldwide to invest directly in the asset class. Today, the $85.2 billion OMERS is feeling pretty good about that bet, OMERS Ventures Chief Executive John Ruffolo told PE Hub Canada. OMERS Ventures emerged as an influential investor in North America’s tech sectors, where it has deployed some $370 million to 31 companies. It often uses the clout to draw attention and dollars to Canadian entrepreneurs and startups, which remain a primary focus. PE Hub Canada sat down with Ruffolo to talk about his firm’s strategy, plans to expand into the United States and Europe, and why more institutional investors should embrace VC.
5 min read · 24 July 2017
Insight Engines Inc has raised US$15.8 million in a Series A financing. The round was led by U.S. venture capital firm August Capital, with participation from several other investors, including Splunk, Real Ventures, a Canadian venture capital firm, and Data Collective. Founded in 2015, San Francisco-based Insight Engines develops technology that enables the unlocking of machine data and making it accessible to anyone in an organization. Led by CEO Grant Wernick, the company plans to use the funds raised to accelerate its product roadmap and expand sales and marketing teams.
4 min read · 21 July 2017
Toronto financial technology company Borrowell has secured $12 million in a Series A financing. The round was led by Portag3 Ventures, Equitable Bank and White Star Capital and joined by FirstOntario Credit Union and other new and existing investors. The company said it also raised $45 million in new credit facilities supplied by Concentra and FirstOntario. Launched in 2014, Borrowell provides an online system for users to access free credit scores, personal loans and financial recommendations. Led by CEO Andrew Graham, it will use the funds raised to accelerate product adoption and invest in artificial intelligence to enhance its financial tools.
5 min read · 21 July 2017
