Private Equity
Monteris Medical Inc has secured US$26.6 million in a Series C financing. The round was led by new investors Versant Ventures and SightLine Partners, with participation from current investors Birchview Capital and BDC Capital’s Healthcare Venture Fund. Based in Plymouth, Minnesota and Winnipeg, Manitoba, Monteris is a provider of minimally invasive laser ablation systems for treating brain lesions. It said it will use the funds raised to invest in further innovation, clinical research and commercial expansion. Founded in 1999, Monteris' technology was developed from research begun at Winnipeg's St. Boniface General Hospital.
4 min read · 01 June 2017
TIMIA Capital Corp has agreed to provide $2 million in revenue financing to Beanworks Solutions Inc, a Vancouver developer of accounting workflow automation solutions. TIMIA will deploy $500,000 at the time of the deal's closing and make further disbursements linked to the company's revenue growth. Beanworks, established in 2012, is led by Co-Founder and CEO Catherine Dahl. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.
2 min read · 01 June 2017
Ritchie Bros (NYSE, TSX: RBA), a Canadian auctioneer of heavy equipment and trucks, has closed its acquisition of IronPlanet Inc, a U.S. online marketplace for heavy equipment and other durable assets. The deal, announced last August, was valued at about US$758.5 million. Vancouver-headquartered Ritchie said the acquisition accelerates its strategy of becoming a one-stop, multi-channel company where customers can buy, sell, or list equipment both onsite and online. Founded in 1999, Pleasanton, California's IronPlanet was backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo Construction Equipment.
6 min read · 01 June 2017
Zymeworks Inc (NYSE, TSX: ZYME) has raised additional proceeds from its initial public offering in Canada and the United States with the partial exercise of the over-allotment option. In total, the Vancouver biotherapeutics provider secured about $86 million (US$63.6 million). Zymeworks earlier said the proceeds will be used to further advance the company’s pipeline of product candidates and increase liquidity. Launched in 2003, Zymeworks is backed by multiple venture capital and strategic investors, including BDC Capital, Celgene, CTI Life Sciences Fund, Eli Lilly & Co and Lumira Capital.
3 min read · 31 May 2017
Yaletown Partners has gone national by planting its flag in Montréal and introducing new team members, including the head of Open Text’s venture program. The Vancouver investor, which is raising a $135 million growth equity fund, on its website announced the opening of a Montréal office and recruitment of three senior investment pros. The hires include David Harris Kolada, who joins Yaletown as a venture partner. Harris Kolada most recently served as OpenText’s vice president, venture capital, overseeing all aspects of the software company’s $100 million strategy.
3 min read · 31 May 2017
TouchBistro Inc, a Toronto-based iPad point-of-sale app for restaurants, has secured $16.3 million in a Series C financing, bringing its total funding to date to $45.3 million. The Series C was led by U.S.-based Napier Park Financial Partners and Japan's Recruit Group. They were joined by BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners and other existing investors. With the deal, Napier Park's Daniel Kittredge will join the board. TouchBistro reports growing its recurring monthly revenue by 150 percent in the past year, and deploying more than 15,000 iPads in over 9,000 restaurants. It will use the funds raised to enhance its technology and expand in global markets.
5 min read · 31 May 2017
Kinnser Software Inc, a U.S. developer of software solutions for home health and hospice providers, has agreed to be acquired by Mediware Information Systems Inc. The deal, the terms of which were not released, will be backed by U.S. private equity firm TPG Capital, which acquired Mediware, a healthcare software company, earlier in 2017. It is expected to close in the second quarter. The acquisition of Austin, Texas-based Kinnser will provide exits to Canadian growth equity firm Georgian Partners and U.S. firm Insight Venture Partners. Georgian invested in 2014, according to Crunchbase.
5 min read · 30 May 2017
Toronto financial technology startup Wave has raised about $32.3 million (US$24 million) in follow-on funding. National Australia Bank, RBC, Power Corp's Portag3 Ventures and Exhibition Capital participated in the round. They were joined by existing investors, including CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd. Founded in 2010, Wave develops cloud-based financial management software for entrepreneurs and small business owners. It reports having more than 2.5 million users of its software worldwide. The company plans to use the funds raised to accelerate development of its solutions.
3 min read · 30 May 2017
HeyOrca Inc has raised $2 million in follow-on seed-stage financing, bringing its total funding to $2.65 million. The company's existing Canadian investors, Killick Capital and Pelorus Venture Capital, backed the round. Founded in 2015 by CEO Joseph Teo and CTO Sahand Seifi, HeyOrca develops cloud-based software that helps streamline social media planning workflow for marketing agencies and their clients. It reports growing its customer base by 800 percent in the past year. HeyOrca, which has its headquarters in St. John's, Newfoundland, will use the funds raised to expand its presence in the U.S. market and grow product and sales teams.
3 min read · 30 May 2017
Angel organizations deployed more than $157.2 million across Canada in 2016, up 15 percent year over year, according to a survey published by the National Angel Capital Organization (NACO). The survey of 35 angel groups representing some 3,300 active angel investors, found disbursements went to 418 investments last year, up almost 50 percent compared to 2015. Angels were primarily active in information technology sectors, which accounted for 45 percent of total deals in 2016 and 26 percent of total dollars invested. However, the survey found angels put most of their money in life sciences sectors, which accounted for 15 percent of deals and 45 percent of dollars.
6 min read · 29 May 2017
