Private Equity
BDC Capital and MaRS Investment Accelerator Fund (MaRS IAF) announced the initial close of StandUp Ventures Fund I, a pre-seed and seed fund that will focus on investing in Canadian women-led technology companies. BDC, which said last November it would help create a fund, committed $5 million to the close. Additional investors will also be sought. The fund will be managed by MaRS IAF and make up to 20 investments sized $250,000 to $1 million over the next three to five years. It has already closed its debut deal, backing Tealbook, a Toronto supplier intelligence platform founded in 2014 by CEO Stephany Lapierre.
4 min read · 08 May 2017
Toronto-based real estate technology platform Real Matters Inc has filed its final prospectus for an initial public offering in Canada. The pricing of the IPO was adjusted to raise $156.7 million for the company and selling shareholders. The offering's greenshoe option may generate an additional $23.5 million. Real Matters is expected to list on the Toronto Stock Exchange under the symbol REAL on or about May 11th. Founded in 2004, the company has raised more than $200 million from a mix of public and private investors. The latter include Kensington Venture Fund, Radar Capital, Wellington Financial and Whitecap Venture Partners.
4 min read · 05 May 2017
Airborne International BV, a Dutch provider of advanced composite solutions, has secured an undisclosed investment from the corporate venturing arm of Saudia Arabia's SABIC. With the deal, SABIC, a chemicals manufacturer, joins the company's existing shareholders, including Pangaea Ventures, a Canadian venture capital firm. Airborne said the funds raised will contribute to its full automation and digitization of composite manufacturing of goods. Vancouver-based Pangaea, which invested in Airborne in 2015, is currently raising its fourth advanced-materials fund.
4 min read · 04 May 2017
The Business Development Bank of Canada (BDC) announced a $280 million financing package to support small and medium-sized businesses in Atlantic provinces. The money will be deployed over the next two years to companies pursuing growth opportunities via acquisitions, ownership changes and export strategies in such industries as information technology, agri-food, ocean technology and tourism. BDC said the amount represents a $100 million increase in its normal lending volume for these industries. Last week, the bank announced $1.8 billion in fresh funding for its mezzanine and minority equity investment arm.
3 min read · 04 May 2017
Vancouver-based biotherapeutics provider Zymeworks Inc (NYSE, TSX: ZYME) has wrapped up its initial public offering in Canada and the United States, raising about $80 million (US$58.5 million). Zymeworks has granted underwriters an over-allotment option to purchase additional shares, which may bring the total to more than $110 million. The proceeds will be used to further advance the company's pipeline of product candidates and increase liquidity. Founded 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 · 03 May 2017
Venture capital investment in Canadian technology startups continued at a strong pace in the first quarter, with a total of $804 million invested in 115 financing rounds, according to final data released by Thomson Reuters. While in dollar terms these results mark a year-over-year decline of 10 percent, Q1 2017 was the second most active first quarter in the domestic market since 2001. The number of deals done was reduced more considerably, or 27 percent below the volume reported in Q1 2016. Fundraising activity was also slower between January and March, as seven Canadian venture capital funds accounted for only $169 million in commitments.
3 min read · 03 May 2017
Ottawa-based information technology services company the Pythian Group Inc has closed a $15 million mezzanine financing with BDC Capital's Growth and Transition Capital. The proceeds will be used to invest in growth initiatives, including expansion into Europe, and to repurchase shares from several long-term shareholders. Founded in 1997, Pythian helps businesses adopt new technologies, such as advanced analytics, big data, cloud, databases, development and operations, and infrastructure management. Last week, BDC Capital announced a new $1.8 billion commitment to supply mezzanine debt and growth equity to small businesses in Canada.
2 min read · 03 May 2017
SceneDoc Inc, a Toronto-based law enforcement and public safety software provider, has raised an undisclosed follow-on financing. The round was co-led by Responder Ventures, Motorola Solutions Venture Capital and iGan Partners, which led the company's $4 million Series A financing in 2015. SceneDoc said it plans to use the funds raised to expand its sales and marketing, bring its mobile data collection platform to new global markets, and accelerate product development. Founded in 2011 by CEO Alex Kottoor and CTO Adrian Bubalo, SceneDoc is also backed by MaRS Investment Accelerator Fund and several angel investors.
3 min read · 02 May 2017
Bitfusion, a U.S. provider of artificial intelligence (AI) infrastructure management software, has secured US$5 million in a Series A financing. The round was led by Canadian venture capital firm Vanedge Capital. It was joined by new and existing investors, including Sierra Ventures, Data Collective, Resonant VC and Geekdom. Bitfusion, founded in 2015 and headquartered in Sunnyvale, California, also announced the beta availability of a new software product, Bitfusion Flex, which aims to make the delivery of AI applications faster and more cost effective. Earlier in 2017, Vanedge closed its second information technology fund, raising $161 million.
4 min read · 02 May 2017
Canadian digital health startup QoC Health Inc has raised an undisclosed follow-on financing. The round was backed by Epic Capital Management, Bayshore HealthCare and other institutional and angel investors that joined the company's seed financing in 2015. Founded in 2011, Toronto-based QoC Health has developed a patient-centered technology platform to help scale digital health ideas, including patient monitoring, analytics, educational materials, communications, decision aids, planning tools, and turnkey integration with medical records. It will use the funds raised to make the platform available to developers.
3 min read · 02 May 2017
