Private Equity
Toronto biotechnology startup Propellon Therapeutics has raised $3 million in seed-stage financing. The investment was made by Fight Against Cancer Innovation Trust (FACIT), an affiliate of the Ontario Institute for Cancer Research. FACIT established Propellon last year to develop a portfolio of WDR5-targeted anti-cancer therapeutics. The funds raised will allow it to accelerate the nomination of a candidate drug and prepare for a Series A financing or strategic partnership to back clinical trials. Earlier this week, FACIT launched a new fund to support Ontario oncology discoveries.
3 min read · 22 March 2017
Fight Against Cancer Innovation Trust (FACIT) has launched the Prospects Oncology Fund, a pre-seed evergreen fund intended to support oncology discoveries in Ontario. Managed by FACIT, the fund will provide up to $200,000 to help technologies attract seed-stage investment. Opportunities will be sourced within Ontario research institutions and startups. FACIT, established by the Ontario Institute for Cancer Research to commercialize oncology innovations, said the fund will address a capital gap "commonly associated with early-stage research and translational discoveries."
3 min read · 21 March 2017
Canadian biotechnology company Prevtec Microbia Inc has secured $2.5 million in follow-on financing. Telesystem, Desjardins-Innovatech, Grupo Corporativo Fuertes and Echo Capital FIER Outaouais invested in the round. Prevtec, a developer of biological products for the prevention of diseases in food animals, said the funds raised will be used to launch a second swine vaccine in the European Union. The investment will also allow the company to add to its European team and manage demand from pig producers. Founded in 2001, Montréal-based Prevtec is led by President and CEO Michel Fortin.
2 min read · 21 March 2017
Hootsuite has acquired the Snapchat analytics solution developed by Naritiv, a Los Angeles content creation company. No financial terms were released for the deal, which follows Hootsuite’s buys of AdEspresso and LiftMetrix earlier this year. Hootsuite, a Vancouver-based social media management platform, said the addition of Naritiv’s solution will enable its customers to leverage Snapchat in their digital marketing campaigns. Hootsuite has raised about US$250 million in venture capital funding from Accel Partners, Insight Venture Partners, OMERS Ventures and other investors. Naritiv closed a Series A round last year, according to Crunchbase.
3 min read · 21 March 2017
Canadian clinical-stage biopharmaceutical company Aurinia Pharmaceuticals Inc (Nasdaq: AUPH, TSX: AUP) has closed a public offering of common shares, generating gross proceeds of about US$173.1 million. The Victoria, British Columbia company said it plans to use the proceeds for research and development initiatives, including Phase 3 clinical trial activities for lupus nephritis, and working capital purposes. Aurinia three years ago raised US$52 million in venture capital funding. It continues to be backed by several investors in that round, including Lumira Capital and ILJIN Life Science.
3 min read · 21 March 2017
Ontario Pension Board (OPB) reported an annual investment return of 8.1 percent in 2016. This provided the pension fund manager with net investment income of $1.75 billion and net assets of $24.4 billion at year's end. OPB, which administers Ontario's Public Service Pension Plan, said it continued to shift assets from public to private markets in 2016, increasing its gross exposure by about $831.6 million. The private equity portfolio saw the largest increase: 68.5 percent.
2 min read · 21 March 2017
A group of eight Anges Québec investors have backed the launch of ImpressView Inc, a Montréal-based human resources software startup. No financial terms were released. The investors included Étienne Veilleux, who last year joined Novacap TMT as a senior partner. Founded by Imad Ezzeddine, ImpressView operates a video platform to help businesses with recruitment needs and job seekers with personal brand management. Anges Québec's financing helped the company to forge new partnerships.
2 min read · 20 March 2017
FarmLead has raised about $8.7 million (US$6.5 million) in a Series A financing. The round was led by Monsanto Growth Ventures (MGV), the investment arm of Monsanto Co, and joined by Avrio Ventures, MaRS Investment Accelerator Fund and Serra Ventures. With the deal, Kiersten Stead of MGV and Aki Georgacacos of Avrio will join the board. Ottawa-based FarmLead operates a digital marketplace that allows buyers and sellers to list, negotiate and finalize grain deals. The company has since 2013 grown to serve over 4,000 farms. Led by CEO Brennan Turner, it will use the funds raised to expand into the U.S. market and open a Chicago office.
5 min read · 20 March 2017
Fonds de solidarité FTQ and Gestion AD have invested $3.5 million in Reflex Photonics Inc, a Canadian maker of rugged, high-speed optical transceiver modules and parallel embedded optics products. The deal was led by Fonds de solidarité FTQ, an existing backer of the company, and forms part of a broader $5.5 million investment. Established in 2002, Kirkland, Québec-based Reflex is led by President and CEO Noël Dubé. Its products, used in aerospace, defense, avionics, telecommunications and data centres, are sold worldwide.
3 min read · 17 March 2017
Nextlaw Ventures, the venture arm of Nextlaw Labs, has made an investment in FileFacets, an Ottawa data analytics and content migration software platform. The investment, which was undisclosed, tops up the company's Series A financing, led by Canadian venture capital firm Celtic House Venture Partners last November. FileFacets, whose cloud-based solutions support data organization in law firms, is the third deal done in Canada by Nextlaw Labs, a legal technology venture development company launched in 2015 by Dentons. FileFacets is also backed by Wesley Clover International and GCI Ventures.
4 min read · 16 March 2017
