Private Equity
Venture capital investment in Canadian startups set an exceptionally strong pace in 2016, with a total of $3.7 billion invested in 571 financings, according to final data released by Thomson Reuters. Led by large-cap deals, including the US$225 million financing of BlueRock Therapeutics, dollars invested rose 36 percent from 2015 and reached a 15-year high. In contrast with dollar flows, the number of Canadian financing rounds in 2016 declined slightly (3 percent) year over year. Canadian venture capital fundraising also saw significant gains last year, with 26 funds raising $2.2 billion in total, representing an 81 percent increase over 2015 and a 13-year high.
4 min read · 06 February 2017
Canadian growth equity firm Georgian Partners has invested in Integrate.AI, a Toronto startup focused on applied artificial intelligence (AI) technologies. The deal's terms not were disclosed; however, the Globe and Mail reports it was a seed round of US$5 million. Integrate.AI was founded last month by CEO Steve Irvine, formerly the head of Facebook Inc’s marketing partner program, as a software platform to help enterprises adopt AI solutions and make greater use of consumer data sets. Georgian Managing Partner Justin LaFayette said his firm's investment will help Integrate.AI to "scale quickly," in part by leveraging "the rich pool" of AI talent in Toronto.
3 min read · 06 February 2017
Toronto-based energy storage project developer NRStor Inc has secured $11 million in equity financing as well as access to $200 million in additional capital. The funding commitment is the result of a partnership with Labourers' Pension Fund of Central and Eastern Canada (LiUNA). LiUNA's investment will be managed by Fengate Real Asset Investments. Launched in 2012 by CEO Annette Verschuren, NRStor will use the funds raised to support its projects, which are intended to scale renewable capacity and make the electricity system more efficient. The company's other Canadian investors are Lake Bridge Capital and Northwater Capital Management.
4 min read · 06 February 2017
California Capital Equity (CCE), the investment vehicle of Dr. Patrick Soon-Shiong, has exercised all share purchase warrants held in ProMetic Life Sciences Inc (TSX: PLI), a Laval, Québec biopharmaceutical company. The result was an increase in CCE's equity stake and the generation of proceeds of more that $21 million. ProMetic, whose technologies are focused on drug purification, drug development, proteomics, and the elimination of pathogens, said the deal supports preparations for a debut commercial launch in 2017. Led by President and CEO Pierre Laurin, ProMetic has also raised funding from Thomvest Seed Capital.
2 min read · 06 February 2017
Leankor, a visual workflow and project management solution company, has secured $1 million in follow-on financing. The identities of the investors, both new and existing, were not disclosed. The company has previously been funded by Accelerate Fund, a Canadian angel co-investment fund. Calgary-based Leankor, founded in 2013 by CEO Emilio Bernabei and COO Tony Meibock, also announced the launch of a new order-to-cash solution. Canadian growth equity firm Yaletown Partners was selected to manage the recapitalized Accelerate Fund last November.
2 min read · 03 February 2017
Vectio Technologies Inc, a Canadian developer of software solutions for trucking operations management, has raised a pre-seed financing from angel investors. The round's value and backers were not disclosed. Toronto-based Vectio, which was founded in 2016, said the funds raised will be used to support ongoing development of its lead product, Vectio, which helps small and medium-sized trucking companies increase operational efficiency. Led by CEO Fil Marinkovic, Vectio is targeting growth opportunities across North America.
2 min read · 02 February 2017
Toronto healthcare software company PointClickCare Technologies has raised about $111 million (US$85 million) in a follow-on financing. The round was led by Dragoneer Investment Group and joined by JMI Equity, which acquired a minority stake in the company in 2011. PointClickCare is a provider of cloud-based software and services for the long-term post-acute care and senior living markets. It said the funds raised will help accelerate a focus on delivering solutions to customers and end markets. In 2015, PointClickCare launched an initial public offering that was expected to raise about US$100 million. CEO Mike Wessinger said the company has not ruled out a public sale in the future.
4 min read · 01 February 2017
Canadian early-stage venture capital firm iNovia Capital has hired two technology entrepreneurs to increase its presence in California's Bay area and Silicon Valley. Scott Munro and Todd Simpson have both assumed the role of venture partner and will help iNovia accelerate portfolio growth and build strategic relationships in the region. Prior to joining the firm, Munro led mid-market investment bank Pagemill Partners for 14 years. Before then, he was CEO of Savoir Technology Group. Simpson, originally from Calgary, was formerly CSO at AVG Technologies and chief of innovation at Mozilla.
3 min read · 01 February 2017
Canadian early-stage venture capital firm Version One Ventures has promoted Angela Tran Kingyens to the role of principal. The announcement was made by Boris Wertz, the firm's founder. Kingyens joined Version One as an analyst in August 2013. She was previously a partner at Insight Data Science, a Y Combinator-backed startup that helps PhD graduates transition from academic research to careers in industry. Kingyens operates from Version One's office in Silicon Valley, where she sources deals, manages portfolio companies and develops networks. PE Hub Canada interviewed Wertz in December.
3 min read · 01 February 2017
Freshii Inc, a Toronto-based healthy fast-food restaurant chain, has closed its initial public offering and secondary offering of 10.9 million subordinate voting shares, raising gross proceeds of $125.35 million. Freshii and its selling shareholders, including Canadian growth equity firm Klass Capital, received $50.1 million and $75.2 million, respectively. With the close, the company began trading on the Toronto Stock Exchange (TSX) under the symbol "FRII". Freshii may raise an additional $18.8 million via an over-allotment option granted to underwriters.
3 min read · 31 January 2017
