Private Equity
Local Logic Inc, a Montréal specialist in urban data collection and analysis, has secured $1.15 million in a first-time financing. The round was led by Canadian venture capital firm Cycle Capital Management, with participation from BDC Capital, 500 Startups Canada and Yellow Pages Group. Founded in 2014, Local Logic is focused on collecting, cleaning, and combining data to help consumers, real estate companies, investors, urban planners and others make more informed decisions about locations. Led by CEO Vincent-Charles Hodder, it plans to use the funds raised to expand into the United States and develop new markets for its technology.
3 min read · 13 June 2017
Canada launched a fast-track visa program for highly-skilled workers, as it seeks to take advantage of a tougher immigration environment in the United States, Reuters reported. The move comes at a critical time for Canadian technology companies, who are looking to lure top global talent who otherwise flock to Silicon Valley. "In a world where people are becoming more and more inward, where there is a rise in populism, there is a lot of Islamophobia, a lot of xenophobia, there's a lot of anti-immigrant sentiment, Canada is uniquely positioned," Innovation Minister Navdeep Bains said.
2 min read · 12 June 2017
Canadian specialty finance firm Wellington Financial has provided US$24 million in debt financing to Exari, a Boston-based provider of enterprise contract management software. The funds raised will be used to support the company's acquisition of Adsensa, a U.K. supplier of document intelligence solutions. Beacon Equity Partners, a U.S. private equity firm that initially invested in Exari in 2008, also contributed funding. Exari said the deal will create a complete contract lifecycle management platform for customers. Wellington closed its fifth fund at its hard-cap target of $300 million in 2015.
3 min read · 12 June 2017
Canadian venture capital firm Impression Ventures has closed its second fund at more than $30 million. Impression Ventures Fund II, which invests in early-stage financial technology companies in Canada, was backed by a range of global limited partners, including institutional investors, family offices and entrepreneurs, as well as almost two dozen current and former senior bank and financial executives. Impression also announced the hire of Maor Amar as a managing partner. Amar, who previously worked at BMO Capital Markets and UBS Investment Bank, operates from Montréal. Toronto-based Impression was founded in 2013 by Managing Partner Christian Lassonde.
3 min read · 12 June 2017
New Brunswick Innovation Foundation (NBIF) has made an undisclosed commitment to the debut venture capital fund of 500 Startups Canada. The investment is part of a partnership struck between NBIF and 500 Startups Canada to seed and grow more startups located in New Brunswick and across Atlantic Canada. 500 Startups Canada's US$30 million fund, launched in 2016, announced its initial close in January. With the NBIF deal, it has partners or associates in each Canadian innovation hub, including Vancouver, Waterloo, Toronto, Montréal and Fredericton. Last month, 500 Startups Canada led the pre-Series A financing of Attendease.
2 min read · 09 June 2017
Difference Capital Financial (DCF) has acquired a $4 million senior secured convertible debenture issued by Mogo Finance Technology Inc (TSX: MOGO), a Vancouver online lending platform. The investment, which forms part of a broader $15 million public financing, brings DCF's total holdings in the company to 9 percent of outstanding shares, assuming the conversion of the debenture's principal amount. DCF is a Canadian provider of debt and equity funding. Mogo's loans are primarily funded by credit facilities supplied by affiliates of U.S. private equity firm Fortress Investment Group.
3 min read · 09 June 2017
Toronto-based financial technology company Financeit Canada Inc has closed a $75 million renewable securitization facility and a $10 million warehouse facility with an unidentified Canadian life insurance company. The facilities will support the company's growth strategy. Financeit also announced the extension of a $35 million credit facility with ClearFlow Commercial Finance Inc. Last October, Financeit, a cloud-based point-of-sale financing platform, raised $22 million in equity to help fund its buy of TD Bank Group’s indirect home improvement financing assets. Its backers include Goldman Sachs.
2 min read · 08 June 2017
Whitney Rockley, co-founder and managing partner of McRock Capital, has been named the new chair of the Canadian Venture Capital & Private Equity Association (CVCA). With the appointment, Rockley becomes the first female chair of the association since its inception in 1974. Toronto-based McRock is a venture capital firm focused on the industrial internet of things. Rockley and Managing Partner Scott MacDonald founded the firm in 2012. It closed its debut fund, McRock iNFund LP, at more than $65 million in 2015. Prior to McRock, Rockley was a partner at Emerald Technology Ventures and Nomura New Energy Ventures.
2 min read · 08 June 2017
Quark Venture and GF Securities Co Ltd have invested US$5 million in Eloxx Pharmaceuticals Ltd, a Rehovot, Israel clinical-stage company that is developing therapeutics to treat genetic diseases caused by non-sense mutations. The investment was part of a US$24 million Series C financing led by Pontifax Venture Capital. The funds raised will be used to initiate multiple clinical studies for the company's lead compound, ELX-02. Quark, a Canadian venture capital firm, and China's GF Securities are currently raising a US$500 million health sciences fund.
4 min read · 08 June 2017
Automat, an artificial intelligence-driven conversational marketing platform, has secured about $11 million (US$8.3 million) in a Series A financing. The round was led by U.S. brandtech company You & Mr Jones. It was joined by new investors Comcast Ventures and Omidyar Technology Ventures as well as follow-on investors Relay Ventures, Real Ventures and USAA. Launched last year, Automat enables personalized one-on-one conversations between marketers and customers. Led by CEO Andy Mauro, the company will use the funds raised to grow engineering, research and product teams, and further business development, sales and marketing efforts.
3 min read · 08 June 2017
