Canada

Scarborough hired to run BDC's strategic, women-in-tech investing

BDC Capital has hired Michelle Scarborough as managing director, strategic investments and women-in-tech. In that role, Scarborough will lead BDC's strategic investments in support of Canada's innovation ecosystem. She will also manage the firm's $50 million investment in women-led technology startups, announced last November. Scarborough joins BDC from Kensington Capital Partners, where since 2015 she led the firm's investment activity in Western Canada. Her other prior roles include managing partner at Fronterra Ventures and chair of the National Angel Capital Organization.

Quark Venture invests $4.5 mln in Harvard's cancer research

Quark Venture has invested US$4.5 million as part of a research agreement with Harvard University. The funding will support the research of Dr Arlene Sharpe and Dr Dennis Kasper, who work in the fields of cancer immunology and microbiome science. Under the agreement's terms, the Canadian venture capital firm will have the option to negotiate a license for the intellectual property that arises from the research, enabling the launch a startup that would commercialize its applications and therapies. Last October, Quark and GF Securities Co Ltd raised the first US$100 million of a new health sciences fund.

Aviva invests $2.5 million in real estate marketplace Casalova

Casalova Inc, an online real estate marketplace and licensed brokerage, has raised $2.5 million in funding. The investor was Aviva Ventures, the venture capital arm of British insurance company Aviva plc. The strategic investment, intended to help Toronto-based Casalova meet its growth objectives, is Avia Ventures' first made outside of the United Kingdom. Founded in 2014 by CEO Ray Taaeb and CTO Curtis Layne, Casalova helps streamline the buying and renting process for users. It currently operates in 140 Canadian cities with over 120,000 exclusive and on-market listings.

Pangaea raises $56 mln for fourth advanced-materials fund

Canadian venture capital firm Pangaea Ventures has raised about $56 million (US$41.72 million) for its fourth fund, PE Hub reported, citing a U.S. Securities and Exchange Commission filing. The report confirms one made by PE Hub Canada in January. Drawing on a Pangaea newsletter issued at the time, PE Hub Canada reported Pangaea Ventures Fund IV secured roughly half its $105 million (US$80 million) target in an initial close. The fund’s limited partners included major corporations based in North America, Europe and Asia.

RBC, JPMorgan lead Canadian equity advisory in first quarter: Reuters

Royal Bank of Canada, JPMorgan and Bank of Montreal took the top three positions advising on Canadian equity issues in the first quarter, Reuters reported, citing data released by Thomson Reuters. The volume slipped about 13 percent to $12.9 billion (US$9.6 billion) from year-earlier levels, the figures showed. However, initial public offerings rebounded after a lackluster 2016, with private equity-backed Freshii Inc and Canada Goose Holdings Inc listing on the Toronto Stock Exchange.

Canada's IPO market bounces back in 2017's first quarter: PwC

Canada’s initial public offering (IPO) market began 2017 strongly, according to a survey by PwC. Following a "dismal" performance last year, combined domestic exchanges saw six new equity issues worth $571 million in Q1 2017, which reflects the second-best initial quarter result in the past decade. February's offering by health-food restaurant chain Freshii Inc, backed by Klass Capital, and March's offering by luxury outerwear brand Canada Goose Holdings Incs, backed by Bain Capital, were among the headline IPOs. PwC said it expects to see additional offerings from private equity-backed Canadian companies later this year.

Sharethebus rebrands as Bus.com, closes $6.7 mln Series A

Sharethebus has rebranded as Bus.com and raised about $6.7 million (US$5 million) in a Series A financing. The round's investors included Jackson Square Ventures, BMW i Ventures, Real Ventures and Y Combinator, according to a report by MTL in TECH. Founded in 2014 by CEO Kyle Boulay and CLO Wolf Kohlberg, Montréal-based Bus.com operates a technology-powered platform for bus rentals. Boulay said the rebranding and funds raised reflect "a larger and more encompassing vision" of "better busing". He said the company will now focus on enhancing services for event organizers and bus partners.

Street Contxt's latest round brings total VC funding to $20 mln

Toronto financial technology company Street Contxt has closed a follow-on round that brings its total funding so far to about $20 million (US$15 million). The latest round was led by Joe Lonsdale's 8VC and Point72 Ventures. Other investors, including Palm Drive Capital and Power Corp's Portag3 Ventures, which announced an investment in Street Contxt earlier in 2017, also participated. Founded in 2012 by CEO Blair Livingston, Street Contxt helps brokerages, analysts and asset managers distribute, manage, unbundle and value research. It will use the funds raised to develop its buy-side offering, currently live in private beta, with a launch scheduled for mid-2017.

Anomera raises $1.7 mln in first phase of seed-stage round

Montréal advanced materials sciences startup Anomera Inc has raised about $1.7 million (US$1.25 million) in the first tranche of a seed-stage financing. The investors were not disclosed. Anomera, a McGill University spin-out, converts forest industry pulp and wood waste into bio-products used in the cosmetics and skin care markets. The company plans to use the funds raised to recruit additional talent and to accelerate product development and manufacturing scale-up of its ingredients. Anomera was supported in its early development by the incubation services of Montréal's CEIM and Mississauga, Ontario's RIC Centre.

OMERS Ventures among partners in Infiniti Lab's Toronto launch

Infiniti Lab, the technology accelerator program of Asian car manufacturer Infiniti Motor Co Ltd, announced its launch in Toronto. The program, which will be produced locally in partnership with Multiplicity, will support pre-seed Toronto startups operating in the Internet of Things and smart city innovation sectors. With the program's formal launch in May, a select number of startups will work with corporate and industry partners, including OMERS Ventures, Telus Ventures and Techstars. The Toronto-based expansion is Infiniti Lab's first international launch.