Private Equity
National Bank of Canada has agreed to make a $6 million minority investment in Nest Wealth Asset Management Inc, a Toronto-based financial technology startup. The deal forms part a strategic agreement between National Bank and Nest Wealth that will see the latter's technology used to enhance the bank's digital platforms. Founded in 2014 by CEO Randy Cass, Nest Wealth has developed an automated wealth management system that offers direct-to-investor solutions as well as advanced business solutions. The company raised $1.5 million in funding from Metroland Media Group Ltd in 2015.
3 min read · 21 April 2017
SweetIQ Analytics Corp, a Montréal location-based marketing analytics and automation company, has been acquired by Gannett Co Inc (NYSE: GCI), a U.S. media business and publisher of such journals as USA Today. No financial terms were disclosed. Gannett said the acquisition enhances its digital marketing suite for local businesses and national brands. Founded in 2010 by CEO Mohannad El-Barachi and CRO Michael Mire, SweetIQ was seeded in 2011 in a round led by Real Ventures. The company's other investors include Desjardins-Innovatech, Otimo Retail Group, Plaza Ventures and Rothenberg Ventures. Plaza led its Series A round in 2015.
4 min read · 20 April 2017
Vancouver-based medical device startup Microdermics Inc has raised $1 million in a first-time financing. The round was backed by global investors, including K5 Ventures, Shoreline Ventures and e@UBC Seed Fund, an affiliate of the University of British Columbia. Microdermics develops hollow metal micro-needles intended to eliminate the need for hypodermic needles for many therapeutics and vaccinations. Led by President and CEO Grant Campany, the company will use the funds raised for scale-up and clinical validation studies in support of corporate partnerships.
4 min read · 20 April 2017
Forestry.io, a Charlottetown, Prince Edward Island website content manager, has raised about $754,000 (US$560,000) in a seed-stage financing. The investors included an AngelList syndicate led by Silicon Valley investor Gil Penchina. Forestry.io said it is the first startup in Canada to close a round with an AngelList syndicate. Founded by CEO Scott Gallant and CTO Jordan Patterson in 2015, Forestry.io has developed a content management system that helps post and update material on static websites. It plans to use the funds raised to hire developers and marketing personnel.
2 min read · 19 April 2017
Stephen Harper, the 22nd prime minister of Canada, has joined San Francisco venture capital firm 8VC. The role he will occupy was not disclosed in an 8VC statement. Harper, who led the Conservative government from 2006 to 2015, called 8VC a "leading edge" firm because of its "engineering capability" and "strategic vision," which Harper said he has witnessed over the past year. He said the investor is "positioned for long-term global relevance" in part due to its focus on healthcare, transportation and financial sectors. 8VC was founded in 2015 by Partner Joe Lonsdale, formerly an entrepreneur and founding partner of Formation 8.
3 min read · 19 April 2017
Alert Labs Inc has secured an investment from Intact Ventures, the strategic venture arm of Canadian insurer Intact Financial Corp. The investment, Intact Ventures' first in Canada, formed part of an undisclosed round that was also backed by BDC Capital, Garage Capital, Hedgewood Inc and several angel and private investors. Founded in 2015, Kitchener, Ontario-based Alert Labs designs monitoring solutions to help commercial and residential property owners guard against water leaks, floods, power issues and other emergencies. It will use the funds raised to accelerate marketing activities and scale business operations.
3 min read · 19 April 2017
Canada could grow into a thriving market for climate friendly "green bonds" if the federal government meets a campaign pledge to turn to this type of financing, Reuters reported. Canada is preparing to spend more than $180 billion over 12 years to support infrastructure, including green infrastructure. Green bond issuance by the government could kick-start deals from the private sector and boost liquidity in the green bond market. This might reduce the cost of borrowing for environmental projects, given growing demand from socially responsible investors.
2 min read · 18 April 2017
Vancouver agricultural technology company Ecoation Innovative Solutions Inc has raised $1 million in a seed-stage financing. The round, closed last month, was backed by angel investors in North America and Europe. They included investors from Creative Destruction Lab and Vancouver Angel Forum. Founded in 2010 by Dr. Saber Miresmailli, the company's CEO, Ecoation has developed a crop health monitoring and prediction system. It plans to use the funds raised to launch commercial sales, beginning this year with greenhouse growers in North America. It will thereafter expand into Europe and Asia.
2 min read · 17 April 2017
Canadian growth equity firm Yaletown Partners has appointed Nate Glubish to the investment team of Accelerate Fund II, the second early-stage angel co-investment fund of Alberta Enterprise Corp. In that role, Glubish will be responsible for discovering and evaluating a range of Alberta technology startup opportunities and overseeing portfolio investments. His previous market experience includes an eight-year term at Foundation Equity Corp, a local venture capital firm, where he served as a partner. Yaletown was named the manager of Accelerate Fund II last November.
3 min read · 17 April 2017
A London and Vancouver, British Columbia company built around the research of Craig Wright, who has claimed to have invented the bitcoin cryptocurrency, has been sold to a private equity firm in a deal the company says is the biggest to date involving bitcoin's underlying blockchain technology, Reuters reported. According to a news release late last week, Malta-based High Tech Private Equity Fund SICAV plc bought nChain Holdings, "the world leader in blockchain-centric research and development." It put no value on the deal. Reuters previously identified nChain, formerly known as EITC Holdings Ltd, as Wright's vehicle for filing hundreds of bitcoin and blockchain-related patents.
4 min read · 17 April 2017
