Private Equity
Avicanna Inc, a biotechnology startup focused on the medical cannabis industry, recently secured $1.6 million in seed-stage financing. The investors in the round were not disclosed. Launched in 2016, Toronto-based Avicanna said the funds raised will allow the company to execute on its business plan, including the clinical development of its primary product line, PURA Elements, a cannabinoid delivery system. Avicanna, which is led by CEO Aras Azadian, also announced its acceptance as a resident in the Johnson & Johnson Innovation-backed JLABS incubator at MaRS Discovery District.
3 min read · 29 May 2017
Vancouver-based online event registration software company ePly has been acquired by MemberClicks, an Atlanta, Georgia-based provider of membership management software for small-staff associations. No financial terms were disclosed. Established in 2001, ePly manages event registrations for more than 600 organizations across North America. MemberClicks said it will continue to develop its product lines, as well as ePly's platform, and identify opportunities to benefit both customer bases. MemberClicks is backed by U.S. growth equity firms Five Elms Capital and Level Equity.
3 min read · 29 May 2017
The early months of 2017 have been eventful for Mistral Venture Partners. The seed investor held a first close for Fund II, made the fund’s debut investment, realized its first portfolio exit, and opened an office in Toronto. In January, Mistral wrapped up initial fundraising for Mistral Venture Partners II, earmarked for financing early-stage information-technology companies. The close accounted for $26 million of a $35 million target, Managing Director Code Cubitt told PE Hub Canada. He expects the fund to reach its goal later this year. Some 60 limited partners signed on to the initial close, most of them returning investors.
3 min read · 26 May 2017
The federal government has launched a new initiative to jump-start innovation in high-growth innovation superclusters in Canada. The initiative, which has been capitalized at $950 million, will select up to five superclusters that leverage opportunities in such sectors as advanced manufacturing, agri-food, cleantech, digital technology, health/biosciences, clean resources, as well as infrastructure and transportation. Business-led consortiums can apply for funding by committing to match dollar for dollar the amount requested.
3 min read · 25 May 2017
Blue Ant Media Inc has acquired Racat Group, a Sydney, Australia-based media organization. No financial terms were disclosed. The buy includes production houses NHNZ, Beach House Pictures and Northern Pictures, as well as children’s nature broadcaster ZooMoo Networks, and Runaway Play, a mobile game developer and publisher. Blue Ant, a Toronto-based media content creator and distributor, said the deal grows its global production capacity and will fuel its content sales business and worldwide video channels. Founded in 2011, Blue Ant is backed by Difference Capital, Gibraltar Ventures and Relay Ventures.
6 min read · 24 May 2017
Circle Media Inc, a U.S. connected home device management company, has raised US$10 million in a Series A financing. The round was led by Canadian venture capital firm Relay Ventures. Founded in 2014, Circle develops products used by families to manage all their connected devices. The company's flagship product, Circle with Disney, helps parents oversee network devices through a simple companion app. It will use the funds raised to accelerate growth of U.S. users, expand globally, and enhance its product offering. Last November, Relay closed its third mobile fund, Relay Ventures III, at $200 million.
3 min read · 24 May 2017
Canadian medical device and robotics company Bionik Laboratories Corp has secured $1.95 million in funding from Ginger Capital Investment Holding, a Hong Kong investment and management consulting firm. Ginger Capital will invest $500,000 directly into the company and $1.45 million into a joint venture established with Bionik. The joint venture will include an exclusive license to sell Bionik's products in China. Founded in 2009, Toronto-based Bionik develops robotics technologies that provide rehabilitation solutions to individuals with neurological and mobility challenges.
5 min read · 24 May 2017
Citizen Hex Inc, a Toronto-based Ethereum liquidity company, has raised an undisclosed seed-stage financing. The round was led by Version One Ventures and joined by OMERS Ventures, Purpose Investments, League CEO Mike Serbinis and Morgan Stanley Managing Director Laura Adams, among others. Citizen Hex, founded last year by CEO Benjamin Roberts and CTO Brett Bergmann, will focus on acquiring, securing and trading ERC-20 tokens and helping accelerate the ecosystem for Ethereum, a successor to Bitcoin, by increasing liquidity. Version One's Boris Wertz, who sits on the company's board, discusses Citizen Hex here.
2 min read · 23 May 2017
SkyX Systems Corp, a maker of autonomous drones to service the oil and gas industry, has secured most of a $6.8 million (US$5 million) investment by the Kuang-Chi GCI Fund, a fund launched last year by China's Kuang-Chi Group. Founded in 2015 by CEO Didi Horn, Markham, Ontario's SkyX has developed a self-charging drone that can inspect pipelines for damage and provide clients with mapping and security surveillance. The technology helps energy companies limit their reliance on road vehicles and manned aircraft. SkyX said it will use the funds raised to grow its markets and develop its product.
3 min read · 23 May 2017
Montréal financial technology startup Mylo has closed its pre-seed financing at $1.25 million. The close resulted from a new $750,000 investment by Canadian fintech venture capital firm Ferst Capital Partners, the round's leader. Several angel investors also joined the deal. Founded in 2015 by CEO Philip Barrar, Mylo has developed a mobile platform that automatically rounds up every purchase that users make and invests the spare change. It plans to use the funds raised to grow technical and operations teams, expand its user base, and complete the acquisition of a registered asset management firm.
3 min read · 23 May 2017
