Private Equity
Montréal-based financial technology startup TickSmith Corp has closed a $2 million strategic investment with Illuminate Financial Management, a U.K. venture capital firm. Launched in 2012, TickSmith provides software that helps manage capital markets data. Its assists exchanges, trading groups and other financial services businesses with data centralization and distribution, surveillance, risk management, strategy discovery and analytics. Led by Co-Founder and CEO Francis Wenzel, the company plans to use the funds raised to further commercialize its flagship product, TickVault, and build a global client base.
4 min read · 20 July 2017
Ada Support Inc has emerged from stealth to launch its automated chat platform and raise $2.5 million in initial funding. The round was led by U.S. venture capital firm Bessemer Venture Partners and joined by Canadian firm Version One Ventures. Led by Co-Founders Mike Murchison and David Hariri, Toronto-based Ada provides customer support automation software that enables companies to leverage machine learning to give instant answers to questions in chat. The platform has been growing 30 percent and answering 2 million questions on a monthly basis, the company said. Ada will use the funds raised for growth and product development.
3 min read · 20 July 2017
GaN Systems Inc, an Ottawa-based provider of power transistors, has closed a strategic investment led by BMW i Ventures, the venture capital arm of German automobile manufacturer BMW. With the deal, the value of which was not disclosed, BMW i Ventures joins the company's existing investors, BDC Capital, Chrysalix Venture Capital, Cycle Capital Management, RockPort Capital and Tsing Capital. Founded in 2008, GaN makes Gallium Nitride power transistors for consumer, enterprise, industrial, solar-wind-smart-grid and transportation power conversion applications. It will use the funds raised to expand global sales and accelerate new product development.
2 min read · 18 July 2017
Flybits Inc has secured $6.5 million in a Series B financing, bringing its total funding so far to $14 million. Canadian venture capital firm Information Venture Partners led the round and was joined by Portag3 Ventures, Robert Bosch Venture Capital and Trellis Capital. As a result, Information VP's Robert Antoniades and David Unsworth will join the board. Toronto-based Flybits is a context-as-a-service company that helps enterprises to leverage data intelligence with minimal complexity. Founded in 2013 by CEO Hossein Rahnama, it will use the funds raised for U.S. and European sales, reinforcing its global presence, and growing product and engineering teams.
3 min read · 18 July 2017
Ottawa industrial Internet-of-Things software provider Contextere Corp has raised about $1.4 million (US$1.1 million) in funding from strategic investor Lockheed Martin (NYSE: LMT), a U.S. security and aerospace company. The investment's proceeds will allow Contextere to design and deliver an intelligent personal agent for aerospace and defense maintenance personnel. Founded in 2015, Contextere focuses on developing software solutions for the connected workplace. Led by CEO Gabe Batstone, it has previously raised seed financing from U.S. venture capital firms SOSV and Urban-X.
3 min read · 18 July 2017
Highmark Interactive has raised $2 million in a seed-stage financing. The round's investors were not disclosed; however, the Toronto-based company said they include capital-market investors, medical practitioners, and Olympic and professional athletes. Founded this year, Highmark develops digital media and therapeutics solutions to address concussions and other brain injuries and diseases. Led by CEO Andy Smith, it plans to use the funds raised to grow the development team and build distribution partnerships for its games. Earlier in 2017, Highmark acquired mobile games company XMG Studio Inc.
3 min read · 18 July 2017
Toronto-based accounting software company FreshBooks has raised $57 million (US$43 million) in a Series B financing, bringing total funding to almost $100 million. Canadian growth equity firm Georgian Partners led the round and was joined by Accomplice and Oak Investment Partners. All three firms are repeat investors. With the financing, Georgian Managing Partner Simon Chong has joined the board. Launched in 2003, Freshbooks provides online billing and accounting tools to service-based small business owners and independent professionals. Led by CEO Mike McDerment, it will use the funds raised to fuel North American growth of its new platform and enhance its offering.
3 min read · 18 July 2017
Canadian specialty finance firm Wellington Financial has opened its fourth North American office in New York City. To lead the firm's New York team, it also recruited Robin Gill as a partner. Gill previously served as a senior vice president at City National Bank, where he was responsible for technology debt financings. Before then, he worked as a director at Silicon Valley Bank. Wellington President and CEO Mark McQueen said “New York and New Jersey have been a great market for our firm," with financings of ten venture-backed companies closed to date. Wellington is based in Toronto.
3 min read · 17 July 2017
Canadian venture capital firm McRock Capital has led a $12.3 million (€8.3 million) Series B financing of Worldsensing, a Barcelona, Spain-based smart city and industrial Internet-of-Things solutions specialist. McRock invested alongside ETF Partners and existing investor Cisco Investments. As part of the financing, McRock Managing Partner Scott MacDonald has joined the board. Launched in 2008, Worldsensing has developed technology that provides connected operational intelligence to cities and industries. It currently works with more than 200 customers in over 50 countries. Toronto-based McRock is an investor in the industrial Internet.
3 min read · 17 July 2017
Ottawa compliance software and data management solutions provider Assent Compliance Inc has secured $40 million in a Series B financing, according to a report by TechCrunch. The round was led by U.S. venture capital firm Greenspring Associates. It was joined by Volition Capital, OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors that backed the company's $20 million Series A round last year. Founded in 2005, Assent provides data-focused modular solutions to enhance corporate social responsibility, product compliance and vendor management programs, along with compliance training and education. It plans to use the funds raised for expanding sales and marketing efforts, TechCrunch said. Assent is led by CEO Andrew Waitman, formerly a managing partner at Canadian venture capital firm Celtic House Venture Partners.
1 min read · 14 July 2017
