Canada

Healthy fast-food chain Freshii files for IPO, secondary offering

Freshii Inc has filed a preliminary prospectus with Canadian regulatory authorities for a proposed initial public offering and secondary offering of its Class A subordinate voting shares. No terms were released; however, Bloomberg reported the company is seeking about $100 million. Certain shareholders, including a vehicle controlled by Matthew Corrin, Freshii’s founder, chairman and CEO, will participate in the secondary deal. Freshii has since 2005 operated a healthy fast-food restaurant chain that today includes more than 244 stores located in 15 countries. It is backed by Canadian venture capital firm Klass Capital.

Inocucor Technologies raising Series B round of up to $12 mln

Montréal agricultural biotechnology company Inocucor Technologies Inc said it is currently completing a Series B financing "on the order of $10 to $12 million." The round, which will follow the top up of Inocucor's Series A in June, will engage venture capital, institutional and family office investors, the company said. It added that the proceeds will be used to open a U.S. commercialization office. Inocucor noted the fundraising with its announcement of the Canadian registration of its first two specialty products for use by farmers and greenhouse growers. Inocucor's backers include Cycle Capital Management.

Cinnos secures $2.3 mln in equity funding from angel VCs, OCE

Cinnos Mission Critical Inc has raised more than $2.3 million in financing from angel investors and Ontario Centres of Excellence. The round was led by Angel One Investor Network, an angel organization active in southern Ontario. Founded in 2015, Hamilton, Ontario-based Cinnos has developed and commercialized a data centre appliance that enables immediate and cost-effective deployment of computing infrastructures. Led by CEO Hussam Haroun, the company's founder, it plans to use the funds raised to build the next generation of its technology and expand globally.

HarbourVest promotes Senia Rapisarda to managing director

Boston asset manager HarbourVest Partners has promoted Senia Rapisarda to managing director, Canada. Rapisarda, who previously served as a principal, leads HarbourVest Canada Growth Fund, a venture fund of funds that raised $375 million in April 2015. She is credited with building HarbourVest's market presence in Canada. Rapisarda joined the firm in 2014 from BDC Capital's venture capital group. Prior to then, she worked for a number of global firms, including Nur Energie, a British venture investor in the solar energy industry.

Versant, Celgene invest in Northern Biologics' merger with Mosaic

Canadian biotechnology startup Northern Biologics Inc has merged with Mosaic Biomedicals SL, a Spanish developer of personalized cancer treatments. U.S. venture capital firm Versant Ventures, which invested in Northern's launch in 2013, backed the merger alongside of Celgene Corp (NASDAQ: CELG). In a separate release, Northern said the merger enables the development of MSC-1, a humanized antibody expected to begin clinical trials in cancerous tumor types in 2017. Versant, which earlier this month invested in BlueRock Therapeutics' US$225 million round, said its latest investment in Northern brings its Canadian portfolio to more than $500 million.

U.S. IPOs set to rebound after dismal 2016: Reuters

The U.S. IPO market is expected to bounce back next year after a forgettable 2016, fueled by a sunnier economic outlook and a bit more certainty following the presidential election. Public listings will also get a boost next year from private equity firms looking to exit their investments, executives at both the Nasdaq and the New York Stock Exchange told Reuters. The star-studded potential pipeline of companies set to make their debuts in 2017 includes messaging app Snapchat's parent Snap Inc and ride-hailing company Uber Technologies Inc, both "decacorns", or companies valued at tens of billions of dollars.

Security software platform Delve Labs nets $1.5 mln in seed funding

Delve Labs, a Montréal specialist in autonomous security solutions, has raised $1.5 million in seed-stage financing. The round was backed by Canadian investors Real Ventures, Desjardins Innovatech and Fonds Québecor Innovation. Delve Labs is the developer of Warden, an artificial intelligence-based assessment software platform that provides continuous security to enterprises. It will use the proceeds of the seed round to accelerate growth and meet increased demand. Founded in 2013, Delve Labs was a 2015 participant in FounderFuel's startup accelerator program.

Encycle secures initial tranche of $11.5 mln financing round

Encycle Corp, formerly known as Regen Energy Inc, has closed an initial tranche of an $11.5 million financing. Prelude Ventures and NGEN Partners led the investment and were joined by BDC Capital, Duke Ventures, Export Development Canada and EnerTech Capital. Founded in 2005, Toronto's Encycle has developed technology that enhances the performance of heating, ventilation and air conditioning systems to help commercial and industrial companies incur savings and reduce their carbon footprint. It will use the funds raised to support the launch of its latest product. Encycle also has offices in San Marcos, California and Taunton, United Kingdom.

Airfare app Hopper raises $82 mln in CDPQ-led Series C round

Montréal travel search app Hopper Inc has secured $82 million in a Series C financing, bringing its total funding to date to $104 million. The round was led by Caisse de dépôt et placement du Québec (CDPQ). It was joined by existing investors Brightspark Ventures, Accomplice, OMERS Ventures, Investissement Québec and BDC Capital IT Venture Fund. Founded in 2007 by CEO Frédéric Lalonde, CTO Joost Ouwerkerk and Lead Engineer Sébastien Rainville, Hopper has developed a mobile application that uses big data to predict and analyze airfare. It plans to use the funds raised to further scale its growth, expand its global presence, and partner with more airlines abroad.

Online takeaway company Just Eat buys rivals in Britain and Canada: Reuters

Online food delivery company Just Eat has agreed to buy rivals hungryhouse in Britain and SkipTheDishes in Canada, spending more than US$300 million to strengthen its leading position in both markets, Reuters reported. The London-listed firm said it would pay an initial $110 million for Winnipeg's SkipTheDishes, a delivery service focused on lower density metropolitan and suburban areas which has 2,900 restaurants listed and 350,000 active customers. SkipTheDishes raised a seed round in June 2015.