Private Equity
An investor group led by XPV Water Partners has acquired Environmental Operating Solutions Inc (EOSi), a U.S. provider of green chemicals and technical services for biological contaminant removal applications in water and wastewater treatment systems. No financial terms were disclosed for the deal, which was closed in March. XPV, a Canadian private equity and venture capital firm focused on the water sector, said it plans to support the company's continued growth. EOSi was founded in 2003 and has its headquarters in Bourne, Massachusetts.
3 min read · 13 April 2017
Market Track LLC has acquired 360pi Corp, an Ottawa-based provider of online product and pricing intelligence. No financial terms were disclosed. Chicago-based Market Track, an advertising, promotion, and e-commerce intelligence solutions business, said the acquisition will enhance its e-commerce offering to brand and retail clients. 360pi, formerly known as Gazaro Inc, was founded in 2007 by CEO Alexander Rink. It was backed by Canadian and U.S. venture capital investors, including MaRS Investment Accelerator Fund and Silverton Partners.
3 min read · 13 April 2017
Software lifecycle integration platform Tasktop has raised about $15 million (US$11.3 million) in a follow-on financing. The round was led by U.S. venture capital firm AVX Partners. AVX was joined by Austin Ventures and Yaletown Partners, which also invested in the Vancouver company's $11 million Series A round in 2014. Founded in 2007 by CEO Mik Kersten and Chief Scientist Gail Murphy, Tasktop has designed integration technology to improve software development and delivery. The company reported 75 percent growth in revenue in fiscal 2016. Tasktop plans to use the funds raised for go-to-market development, marketing and sales activities.
3 min read · 13 April 2017
The Canadian subsidiary of GE (NYSE: GE), GE Ventures, BDC Capital and Ryerson Futures have joined forces to launch the ZSC Seed Accelerator Fund. The fund will provide seed-stage financing to companies in Zone Startups Calgary (ZSC) that are looking to commercialize their technologies. BDC Capital said it also plans to facilitate access to other investment opportunities for ZSC-backed companies though its Venture Acceleration Program. ZSC focuses on accelerating local startups in the industrial internet of things, cybersecurity and energy sectors.
4 min read · 12 April 2017
Ride-services company Lyft has raised US$600 million in fresh funding, fuel for the company's growth as it continues to compete fiercely with larger rival Uber, Reuters reported. The round values the San Francisco company at US$7.5 billion, a sharp increase from the US$5.5 billion valuation at Lyft's last financing more than a year ago. The funding comes from previous investors, including Japanese internet company Rakuten Inc and investment fund Janus Capital Group, and first-time Lyft investors, including U.S. private equity firm KKR & Co, large asset manager Baillie Gifford, and one of Canada's largest pension funds, the Public Sector Pension Investment Board (PSP Investments).
2 min read · 12 April 2017
BDC Capital has launched a new scheme to encourage more corporate players to participate in Canada's innovation ecosystem. The Corporate Innovation and Venturing Program was unveiled this week at the first ever Canadian Corporate Innovation Summit held in Toronto. BDC Capital's Neal Hill said the program is intended "to help move the needle on corporate innovation." It will focus on raising corporate awareness about the value of innovation and facilitating connections; increasing the number of corporate players active in the ecosystem as partners and investors, and; introducing global corporate venture capital funds to Canada.
4 min read · 11 April 2017
Toronto-based cloud real estate technology platform Real Matters Inc has filed a preliminary prospectus with regulatory authorities in Canada for an initial public offering. The IPO, which has not yet been priced, will include a secondary offering by certain shareholders. The lead underwriters and joint bookrunners are BMO Capital Markets and INFOR Financial Inc, which ran Real Matters' $100 million financing last year. Led by President and CEO Jason Smith, Real Matters has raised over $200 million from a mix of public and private investors, including Whitecap Venture Partners, Wellington Financial and Radar Capital.
3 min read · 11 April 2017
Canadian agricultural technology company Agrisoma Biosciences Inc has raised $15.4 million in a Series B financing. The round was co-led by Groupe Lune Rouge, the investment vehicle of Guy Laliberté, founder of Cirque du Soleil, and Cycle Capital Management and BDC Capital, which also invested in the company's Series A in 2014. With the latest round, Lune Rouge CFO Catherine Vu has joined the board. Founded in 2001, Agrisoma is the developer of Carinata, a non-food oilseed crop designed for sustainable production of biofuels. Led by President and CEO Steven Fabijanski, the Gatineau, Québec company will use the funds raised for global expansion.
4 min read · 11 April 2017
Metamaterial Technologies Inc (MTI), a Canadian smart materials and photonics company, has raised $8.3 million in a Series A financing. The round was led by Radar Capital, a Canadian investor in pre-IPO companies. It was joined by Innovacorp, which also invested in MTI in 2015, and other backers. Founded in 2011 by CEO George Palikaras, Halifax-based MTI specializes in metamaterial research, nanofabrication and computational electromagnetics. It will use the funds raised to help commercialize its aerospace laser-protection product and develop production tools for its platform technology. MTI last year acquired Rolith Inc.
3 min read · 11 April 2017
Blackfalds, Alberta biotechnology company Hemostemix Inc (TSX-V: HEM) has agreed to receive $4.4 million in senior debt funding from Wood Capital, a Barbados private equity firm. As part of its agreement with Wood, the company is contemplating additional financing of up to $8 million. Both transactions may entail conversion privileges. Hemostemix is focused on developing and commercializing blood-derived cell therapies to treat ischemic diseases. It will use the funds raised to consolidate its current debt, rebuild its team, support the Phase 2 trial of its lead therapy candidate, and leverage "larger, more sustainable financing."
10 min read · 10 April 2017
