Private Equity
Canadian algae technology company Solarvest BioEnergy Inc (TSX-V: SVS) has raised $1 million in a private placement financing. The investor was Drashta Ventures, an impact fund sponsored by Australian and U.K. money manager Drashta Capital. Founded in 2006, Summerville, Prince Edward Island's Solarvest is a developer of algae-based biological technologies used to create nutraceutical and energy products. It plans to use the funds raised for inventory production, sales and marketing, patenting costs, technology enhancements and other priorities.
3 min read · 09 February 2017
Toronto innovation hub MaRS Discovery District has completed a $290 million private financing of its West Tower, which offers more than 1.5 million square feet to research labs, startups and other groups. The proceeds of the deal, which was led by Manulife, Sun Life Financial and iA Financial Group, will be used to repay most of the loans provided to MaRS by the Ontario government almost three years ahead of schedule. Ilse Treurnicht, CEO of MaRS, said the refinancing will allow West Tower to be become "entirely self-sustaining, putting MaRS on stable footing for decades to come." MaRS reports that ventures within its network raised $2.6 billion in capital between 2008 and 2015.
4 min read · 09 February 2017
Tokyo Smoke, which last month closed a $3 million Series A financing, has acquired Van der Pop, a Seattle, Washington cannabis product and lifestyle brand. No financial terms were disclosed. Tokyo Smoke, a Toronto developer of retail spaces with coffee, clothing and designer products, said it will sell Van der Pop's line of women-oriented products and collaborate with the company's founder on new projects. Tokyo Smoke is planning the release of four branded cannabis strains in Q1 2017. Its backers include Globalive Capital.
4 min read · 08 February 2017
C100, a Silicon Valley organization established to support Canadian entrepreneurs and startups, has hired Laura Buhler as its new executive director. Buhler succeeded interim Executive Director Terry Doyle, a technology executive who co-chairs the C100 alongside Andreesen Horowitz's Angela Strange. Buhler joined the C100 from Gilt.com, a Hudson's Bay Co affiliate, where she held a variety of executive roles. Prior to then, she was a project manager at the World Economic Forum and a consultant at McKinsey & Co.
2 min read · 08 February 2017
Wiivv Wearables Inc, a Canadian designer and maker of 3D printed insoles and footwear, has secured $4 million in a Series A financing. The round was led by an unidentified U.S. technology investor syndicate and joined by Eclipse VC, Evonik Venture Capital, Real Ventures and Asimov Ventures, all of which participated in the company's seed funding in late 2015. Vancouver-based Wiivv, founded in 2014, also announced its acquisition of eSoles, a U.S. provider of modular, customizable footbeds. Wiivv said the deal will give it data for over 50,000 3D foot scans, which will be used to support footwear product launches in the months ahead.
4 min read · 08 February 2017
Canadian social media management platform Hootsuite has acquired AdEspresso, a U.S. Facebook and Instagram advertising management and optimization tool. No financial terms were disclosed. Hootsuite said AdEspresso's technology will form part of its product, Hootsuite Ads, to help organizations maximize paid, owned and earned content. Founded in 2008, Vancouver-based Hootsuite has raised about US$250 million in venture capital funding from a number of investors, including Accel Partners, Insight Venture Partners and OMERS Ventures. AdEspresso was also venture-backed, raising funding from 500 Startups, VentureFriends, VTF Capital and others.
3 min read · 07 February 2017
Canadian venture capital firm Pangaea Ventures has expanded its investment team, hiring Janelle Goulard as director of health investment. Goulard joins the firm after spending eight years in strategic and operations healthcare consulting, including as a senior consultant at GE Healthcare, and in the venture capital industry. Pangaea also promoted Sarah Applebaum to director of Pangaea Spark, the firm's seed program, and Matthew Cohen to director of technology. Vancouver-based Pangaea, which specializes in advanced-materials investing, last month raised about half of the $105 million targeted for its fourth fund.
3 min read · 07 February 2017
U.S. medical device startup VisCardia Inc has closed a US$12.5 million Series B financing. The round was led by Kinetic Capital Partners, a Canadian private equity and late-stage venture capital firm. Founded in 2015, Portland, Oregon-based VisCardia said the funds raised will help it continue development of its novel implantable device therapy for treating heart failure. Concurrent with the Series B, the company said it secured assets and technology rights from Inovise Medical Inc, a medical device specialist also located in Oregon.
4 min read · 07 February 2017
Anges Québec Capital (AQC) has promoted Kalthoum Bouacida to vice president of investment. In this new role, Bouacida will support the growth of portfolio companies and supervise the preparation of investments. Prior to joining AQC in 2015, Bouacida participated in a number of European Investment Bank venture capital and development funds. She also launched a Tunisian technology fund. AQC was created in 2012 to invest alongside members of Anges Québec, a Montréal-based angel network. Its fund was recapitalized in 2015.
2 min read · 06 February 2017
A Canadian government advisory group has released a number of recommendations to boost the economy, including strengthening the country's trade links and establishing funds to help smaller companies raise capital in order to scale up, Reuters reported. To help small- and medium-sized companies expand, the council recommended creating a government-financed fund that would provide $1 for every $2 of qualified private capital in exchange for unsecured debt or minority equity. Canadian companies would have to demonstrate high growth and export potential.
2 min read · 06 February 2017
