Private Equity
TeamSnap, a U.S. sports management software and app provider, has raised US$25 million in follow-on financing. The round was led by U.S. venture capital firm Foundry Group with participation from a new investor, Fairfax Financial Holdings, a Canadian financial holding company led by Chairman and CEO Prem Watsa. The funds raised will help TeamSnap to scale rapidly by expanding its marketing, sales and product teams. Founded in 2009, Boulder, Colorado's TeamSnap reports having close to 15 million customers. More than 3 million of its customers are in Canada.
3 min read · 31 January 2017
U.S. venture capital firm BuildGroup has invested $30 million in CSDC Systems Inc, a Toronto software supplier to local, state and federal governments. Founded in 1989 by CEO Dan Mishra, CSDC has developed technology that helps automate the business processes of public sector agencies and make them more efficient. The funds raised will back activities supporting the company's customer growth, product expansion, services and market position. BuildGroup was launched by former executives of Rackspace Hosting Inc. Lanham Napier, one of the firm's co-founders, said CSDC "can lead the needed technological transformation to modernize governments."
4 min read · 31 January 2017
Wealthsimple, a Canadian robo-adviser startup, announced a $20 million investment from Power Financial Corp, and formally launched in the United States on Tuesday, as it looks to compete in a crowded American market dominated by big investment firms, Reuters reported. Wealthsimple's national roll-out will make the Toronto-based firm the first foreign robo-adviser startup to enter that market. Wealthsimple said 20,000 customers in Canada have signed up since its launch a little over two years ago, investing more than $750 million in exchange traded funds. The company expects to cross the $1 billion threshold soon.
2 min read · 31 January 2017
More than 150 leaders in Canada's technology community have rejected the executive order recently issued by U.S. President Donald Trump banning travel from seven Muslim-majority countries for 90 days and suspending all refugee admission for 120 days into the United States. In an open letter, technology leaders said they believe "diversity is a source of strength and opportunity" that supports innovation of benefit to the world. They called on the Canadian government to institute an immediate and targeted visa that provides those currently displaced by the U.S. order with temporary residence in Canada.
3 min read · 30 January 2017
The venture capital policies of Canadian governments need to be more transparent and accountable, according to a new report from C.D. Howe Institute. The report, authored by Richard Rémillard, formerly the executive director of the Canadian Venture Capital and Private Equity Association, argues that venture capital-focused agencies, programs and tax incentives should also be reviewed to ensure they position Canada for the "technological revolution." He proposes several steps, including a mandated review process, a more robust analytical framework, an emphasis on industry professional development, and federal-provincial co-ordination.
3 min read · 27 January 2017
Real Matters, a Canadian provider of real estate industry services, is looking to raise about $150 million in an initial public offering that could come as early as next month, sources told Reuters. The IPO is expected to value the company at about $1 billion. The company's investors include Canadian venture capital firm Whitecap Venture Partners, Canadian specialty finance firm Wellington Financial, and Urbana Corp, according to startup data provider CrunchBase and public documents.
2 min read · 26 January 2017
New York-based WorkFusion, an intelligent automation specialist, has closed a US$35 million Series D financing. The round was led by Canadian growth equity firm Georgian Partners. It was joined by the company's existing investors, including Canada's iNovia Capital, as well as Mohr Davidow Ventures, NGP, Greycroft and RTP Ventures. Georgian Managing Partner Justin LaFayette said the firm invested in WorkFusion because "it aligns with our thesis that artificial intelligence will transform business, but most importantly because the company has made machine learning practical and powerful for enterprise operations."
3 min read · 26 January 2017
Some of Canada's largest corporations and top executives launched two separate initiatives this week, investing millions of dollars into startup programs they hope will help stem a brain drain in fields like artificial intelligence and financial technology, Reuters reported. NextAI, which was unveiled on Wednesday, and Diagram, announced on Tuesday, both aim to halt the loss of the country's best technology talent by helping to launch new Canadian-based companies through seed funding and mentorship. "A lot of people are looking to come back, but it's hard to find the right backing and opportunity in Canada," said Diagram CEO and Founder, François Lafortune. "Canada must get this right.
2 min read · 26 January 2017
Kik Interactive Inc has bought Rounds Inc, an Israeli provider of instant group video chat on mobile. No financial terms were disclosed. Waterloo-based Kik, the creator of chat platform Kik, said the acquisition will support the platform's expression and group video features. It will also grow the company's global presence and mark the opening of product and engineering centres in Tel Aviv and Toronto. Led by Founder and CEO Ted Livingston, Kik has secured more than US$120 million from venture capital investors, according to Crunchbase. Rounds raised US$24 million from Sequoia Capital, Samsung Ventures, Rhodium, Verizon Ventures, DFJ and others.
3 min read · 26 January 2017
Freshii Inc has filed a final prospectus with Canadian regulatory authorities for an initial public offering and secondary offering of 10.9 million Class A subordinate voting shares. The Toronto company priced the offerings at $11.50 per share for total gross proceeds of $125.35 million. An additional $18.8 million may be raised via an over-allotment option granted to underwriters. Founded in 2005 by CEO Matthew Corrin, Freshii operates a healthy fast-food restaurant chain that today includes more than 244 stores located in 15 countries. It is backed by Canadian growth equity firm Klass Capital.
3 min read · 25 January 2017
