Private Equity
Convene, a U.S. workplace-as-a-service platform, has raised US$68 million in a Series C financing, bringing its total funding so far to US$119.2 million. The round was led by existing investors, including the real estate investment arm of Canada's Brookfield Asset Management, as well as ArrowMark Partners and Conversion Venture Capital. The Durst Organization and Elysium Management also invested. New York-based Convene's platform operates a network of on-demand meeting, event, conference, and workspace venues. It plans to use the funds raised to accelerate the development of its three business lines.
4 min read · 01 May 2017
Canadian specialty finance firm Wellington Financial has provided US$15 million in financing to support the growth strategy of a U.S.-based information technology company servicing the healthcare industry. The company, which is venture-backed, was not identified. Wellington said it has to date led $65 million in deals involving eight healthcare companies. They include Ottawa's CareWorx Inc, which secured a $10 million credit facility from Wellington last year to back its merger with TUC Managed IT Solutions.
2 min read · 01 May 2017
Kensington Capital Partners and the Canadian affiliate of German manufacturing and electronics company Siemens have agreed to partner in commercializing clean technology energy solutions in Canada. The partnership will focus on projects in a wide variety of areas, including energy storage, transmission and distribution, combined heat and power plants, power generation, smart grid, micro grid and biomass. Kensington and Siemens said their collaboration will also include pursuit of infrastructure projects. Toronto-based Kensington is an alternative assets firm with $1.1 billion under management.
3 min read · 28 April 2017
Exiger, a firm that helps businesses monitor compliances such as money laundering regulations, has agreed to buy OutsideIQ, a Canadian startup that specializes in technology that helps businesses assess and manage risk. The deal, reported earlier by Reuters, is for $30 million, according to a source. Toronto-based OutsideIQ uses cognitive computing processes to automate and analyze a portion of time-consuming, error-prone data research. It raised financing from Canadian venture debt firm Espresso Capital and angel investors.
2 min read · 27 April 2017
Real Matters, a real estate technology platform, has priced its recently filed initial public offering in Canada. The Toronto company, backed by a mix of private and public investors, expects to raise as much as $132 million from a sale of common shares at $12 to $13 per unit, according to the updated prospectus. Earlier this week, Bloomberg said Real Matters is seeking a $1.1 billion valuation with the issue. That’s well up from the $653 million value reported for the business a year ago.
2 min read · 27 April 2017
Dane Creek Capital Corp, a Canadian merchant banking venture firm, has upped its interest in Midgard Insect Farm Inc, a Halifax producer of insect-based powder. Dane Creek, which acquired a 48 percent stake in the company last November, increased the stake to 65 percent. Terms were not disclosed. The funds raised will be used for research into crickets as a protein source for dog and cat food products, research into mealworms for the same purpose and cricket manure as an agricultural soil amendment, and other priorities. Midgard was founded last year by President Joy Hillier.
5 min read · 27 April 2017
Canadian social media management company Hootsuite has unveiled the Hootsuite Integration Fund, a $5 million fund to support developers building enterprise integrations and applications for the Hootsuite platform. Development initiatives enabled by the fund and a partner portal will add to the company's ecosystem, which consists of hundreds of applications in its App Directory, and over 2.5 million app installs. Vancouver-based Hootsuite is backed by several investors, including Accel Partners, Insight Venture Partners and OMERS Ventures.
3 min read · 26 April 2017
C100 and the Royal Bank of Canada (RBC) have launched a joint strategy to promote Canadian entrepreneurs and startups at home and abroad. The initiative, which also saw RBC become C100's first charter sponsor, is aimed at "giving a voice to the hundreds of diverse tech success stories, innovative ideas and ground-breaking advancements that help shape Canada's future." Beginning this year, C100 and RBC will develop and distribute content for individuals and organizations wanting to learn more about Canada's technology ecosystem. C100 is a Silicon Valley nonprofit established to support innovative companies in Canada.
4 min read · 25 April 2017
Halifax-based financial technology startup The Money Finder has raised $1 million in a seed-stage financing. Canadian venture capital firm Build Ventures led the round and was joined by Innovacorp. With the deal, Build Ventures' Managing Partner Rob Barbara has joined the board. Launched in 2006 by CEO Stephanie Holmes-Winton, The Money Finder specializes in cash-flow planning training software and programs for financial professionals. It plans to use the fund raised to add more technical resources to the company's team. Build Ventures invests in technology opportunities in Atlantic Canada.
2 min read · 24 April 2017
Zymeworks, a Vancouver biotherapeutics provider, has set the terms of its recently filed initial public offering in Canada and the United States. The event marks Canada’s first venture-backed IPO in two years. Zymeworks, backed by multiple VC and strategic investors, plans to raise as much as $110 million (US$82.8 million) from a sale of as many as 5.2 million common shares at US$13 to US$16 per unit, according to the updated prospectus. As a private company, Zymeworks has secured nearly US$150 million from investors, including the US$61.5 million raised in its Series A mezzanine financing last year.
2 min read · 21 April 2017
