Private Equity
Relay Ventures raised $200 million (US$150 million) for its third venture fund, earmarked for investments in a new generation of mobile tech startups in Canada and the United States. The Toronto and Silicon Valley firm announced the close of Relay Ventures III today. Finishing at the same size as its 2012 predecessor, the fund brings Relay’s total capital under management to $670 million.
3 min read · 03 November 2016
Canadian sales financing company Flexiti Financial has raised $5 million in a Series A financing. The round included an investment by existing backer Globalive Capital, which launched a $100 million venture capital fund earlier this year. Founded in 2013 by CEO Peter Kalen, Toronto's Flexiti specializes in point-of-sale financing and payment technology for retailers. The company reports that its lending platform is currently used in more than 1,000 merchant locations in Canada. Flexiti plans to use the funds raised to accelerate growth and further invest in its technology.
3 min read · 02 November 2016
Big Viking Games (BVG), a Toronto-based social and mobile game studio, has secured $21.75 million in financing and said it has plans to raise a further $60 million. The former round was backed by Royal Bank of Canada and Export Development Canada, which accounted for $18 million, with the balance coming from BDC Capital's Growth and Transition Capital. Founded by Albert Lai and Greg Thomson in 2011, BVG is focused on the development of HTML5 mobile games. It will use the funds raised to increase production capabilities, build more partnerships, and pursue acquisitions. Earlier in 2016, BVG bought venture-backed Gallop Labs.
3 min read · 02 November 2016
Venture capital investment in Canada continued at a rapid pace in the first three quarters of 2016, with a total of $2.5 billion invested in 446 deals, according to data released by Thomson Reuters. That is the best result since 2001. Growth accounted for slower trends in Q3 2016, when $774 million was invested. Year-to-date activity was driven by large rounds, with Thalmic Labs and 10 other companies raising $50 million or more, which is close to breaking an all-time record in Canada. Fundraising returned to strength in Q3 2016, with $725 million in committed capital. That brings total domestic funds raised to $1.7 billion at the end of September.
3 min read · 02 November 2016
Turnstone Biologics Inc, an Ottawa developer of novel oncolytic viral immunotherapies for cancer, has secured about $55.3 million (US$41.4 million) in a Series B financing. The round was led by OrbiMed, a U.S. venture capital firm. It was joined by F-Prime Capital Partners and existing investors FACIT and Versant Ventures, which led Turnstone’s $11.3 million Series A round in late 2015. As a result, Rishi Gupta of OrbiMed and Ben Auspitz of F-Prime will join the company's board. Turnstone was founded in 2014 based on Canadian scientific research. It plans to use the funds raised to complete an initial clinical trial, and for additional programs that will start this year and next.
5 min read · 02 November 2016
Waterloo-based employee knowledge platform Axonify Inc has raised about $36 million (US$27 million) in growth equity funding. The round was co-led by U.S. growth equity firm JMI Equity and Canadian venture capital firm BDC Capital, an existing investor. Founded in 2011, Axonify is a provider of all-in-one SaaS technology that helps organizations to modernize their corporate learning and achieve specific outcomes. Carol Leaman, the company's president and CEO, said the funds raised will support Axonify's next phase of growth through accelerated customer acquisition, increased market profile, and an extended platform.
4 min read · 01 November 2016
BC Tech Fund has made an undisclosed commitment to Vanedge Capital II, the second information technology fund of Vancouver-based venture capital firm Vanedge Capital. The investment is the second to date for the $100 million BC Tech Fund, which was launched this month under the management of Kensington Capital Partners. Vanedge II, which is targeted to raise $200 million in total, held an initial close of $104 million in January. Vanedge Managing Partner Moe Kermani discussed the fundraising, as well as the firm's recent deals and track record, in a March interview with PE Hub Canada.
4 min read · 01 November 2016
Decisive Farming Corp, an Irricana, Alberta-based agricultural technology company, has raised $6 million in a Series A financing. The round was led by Canadian venture capital firm McRock Capital and joined by Export Development Canada. With the financing, McRock’s Whitney Rockley will join the company’s board. Led by CEO Remi Schmaltz, Decisive Farming delivers precision solutions and mobile and cloud software tools to crop farmers and agriculture service providers. Its flagship product, Optimize RX, uses soil analysis and GIS mapping to support the seeding and fertilizing of crops. Founded in 2011, Decisive Farming is also backed by the Accelerate Fund.
3 min read · 01 November 2016
Waterloo-based medical technology company Intellijoint Surgical Inc has secured $11 million in a Series A financing. The round was led by undisclosed private investors in the Waterloo-Toronto corridor, the company said. Founded in 2010 by CEO Armen Bakirtzian, CSO Richard Fanson and CTO Andre Hladio, Intellijoint is a developer of 3D mini-optical navigation solutions for surgery. The company's flagship product, intellijoint HIP, provides surgeons with intraoperative measurements to ensure positioning of orthopaedic implants. The funds raised will be used to enhance the product offering and expand its launch in U.S. markets.
3 min read · 01 November 2016
ProMetic Life Sciences Inc (TSX: PLI) has closed its previously announced acquisition of Telesta Therapeutics Inc (TSX: TST), a venture-backed biopharmaceutical company based in Montréal. ProMetic, which is focused on plasma-derived therapeutics, said the deal provides strategic benefits, as well as about $34 million that will be invested in drug development and clinical programs. The Laval, Québec-based company also announced the close of a private placement deal with Structured Alpha LP, an investment vehicle of Peter Thomson. The proceeds were used to reduce debt.
5 min read · 31 October 2016
