Private Equity
Kinduct, a fitness and health data and analytics provider, has raised about $12 million (US$9 million) in a Series A financing. Intel Capital led the round and was joined by existing investors, including John Risley via CFFI Ventures and Elysian Park Ventures. Founded in 2010 by CEO Travis McDonough, Halifax-based Kinduct has developed cloud software that enables organizations to analyze athlete, patient or client data and then use insights to inform decisions and drive performance. It plans to use the funds raised to enhance products earmarked for sports segments, and to expand into the health, wellness and public safety markets.
4 min read · 24 October 2016
Canadian financial technology startup Lending Loop said this week it was re-launching its online lending marketplace after receiving regulator approval to sell investment opportunities to lenders regardless of their wealth, Reuters reported. The approval, which follows a rival company's green light last month, suggests Canadian regulators are coming to terms with the peer-to-peer lending model, which is already popular in the United States, Europe and elsewhere.
2 min read · 24 October 2016
Analyze Re, a Canadian software analytics provider for the reinsurance and insurance industries, has been acquired by Verisk Analytics Inc (Nasdaq: VRSK). No financial terms were released. Founded in 2013, Halifax-based Analyze Re raised a $1.4 million financing in the same year from Canadian investors Innovacorp, BDC Capital and Rho Canada Ventures. Verisk, a New Jersey data analytics provider, said the acquired company will form part of its affiliate, AIR Worldwide, and support the provision of more pricing, exposure management, and portfolio roll-up capabilities to clients.
3 min read · 24 October 2016
Online lending platform Lendful Financial Inc has raised undisclosed equity financing. The investors included Canada's Alterna Savings, parent company of Alterna Bank, which provided debt funding to the startup in January. Vancouver-based Lendful, which is also backed by Stanley Park Ventures and Ferst Capital Partners, said it is also preparing for a Series A round in early 2017. Founded in 2015, Lendful provides unsecured loans of up to $35,000 to consumers across Canada. It said it recently made senior management hires, as well as technology enhancements.
3 min read · 24 October 2016
The big story in Canada’s venture market in 2016 is larger rounds. A growing number of well-funded deals, like September’s US$120 million financing of Thalmic Labs, are providing unheard-of resources to startups looking to compete in global markets. VC funds have invested $2.2 billion in Canada so far this year, according to preliminary Thomson Reuters data, much of which has gone to deals sized north of $20 million.
3 min read · 23 October 2016
Alternative assets investor Kensington Capital Partners has been appointed by the British Columbia government to manage its new $100 million BC Tech Fund. Toronto-based Kensington, which closed Kensington Venture Fund at $306 million in March, also announced the opening of a new office in Vancouver. It will be led by Dr. Gerri Sinclair, the firm's new managing director. BC Tech Fund will invest in local venture capital funds and companies based in IT, digital media, clean technology and life sciences sectors. It made a debut investment in Mojio Inc, a Vancouver connected car app platform. Mojio's other investors include 500 Startups, Amazon, BDC Capital and Relay Ventures.
4 min read · 21 October 2016
An Intuit QuickBooks Canada survey of over 500 small businesses found a large number of entrepreneurs are not prepared to make pitches to investors. According to the results, many entrepreneurs do not plan to bring key indicators of business health to a pitch. One in 10 entrepreneurs do not plan to prepare anything. Intuit QuickBooks Canada said a lack of financial literacy is a primary reason why small businesses struggle to access capital. It announced a new program, Startup Foundations, to help educate and support up to 10,000 Canadian startups in this area.
5 min read · 21 October 2016
Fredericton-based software company SimpTek Technologies Inc has raised $700,000 in follow-on funding. The round was led by New Brunswick Innovation Foundation and joined by several angel investors. Founded in 2014, SimpTek is a provider of intelligent power management solutions for homeowners and utility companies. Led by CEO Asif Hasan and CTO Keelen Gagnon, the startup plans to use the funds raised to expand technical, sales and marketing capacity, and prepare it for growth across Canada and the United States.
4 min read · 20 October 2016
EnergySavvy, a U.S. provider of cloud software for utility demand-side management, has closed a US$14 million Series D round. GXP Investments led the financing with participation from Inherent Group and the company's existing investors. The latter includes EnerTech Capital, an investor in energy and power sectors. EnergySavvy, which is based in Seattle, Washington, said the funds raised will support its fifth generation of products, which help utilities better relate to customers and improve operations. EnerTech has offices in Calgary, Toronto, Montréal and the United States.
3 min read · 19 October 2016
Canadian royalty financing firm Grenville Strategic Royalty Corp has secured two new partners to support its growth plan. An affiliate of Gravitas Ilium Corp and Darwin Strategic Royalty Corp will co-invest alongside the firm on new investments. The partners will also have the right to use Grenville’s intellectual property and royalty-based investment strategy. Toronto-based Grenville, which as of June 30, 2016 reported a portfolio return of 21 percent since inception, said the initiative will add scale to its model and enable the firm to participate in a more opportunities.
10 min read · 19 October 2016
