Canada

Farmers Edge raises $18.3 mln from SDTC, other investors

Farmers Edge Inc, which secured $58 million in follow-on financing in January, announced an $18.3 million investment. Sustainable Development Technology Canada (SDTC) provided $6.1 million, with $12.2 million coming from unidentified internal sources and consortium partners. Winnipeg-based Farmers Edge is a provider of precision agriculture and independent data management solutions. It said the funds raised will be used to develop a next generation of environmentally sustainable agronomic decision support systems. The company's investors include Avrio Capital and Kleiner Perkins Caufield & Byers.

Fewer Canadian small businesses in expansion mode: BDC

Fewer Canadian small and mid-sized enterprises (SMEs) are scaling up today relative to 15 years ago, according to a new study by the Business Development Bank of Canada (BDC). BDC found only "a tiny fraction" of small businesses (0.10 percent, or one in 1,000) grew past the 100-employee mark, down 40 percent from 2001. Additionally, mid-sized companies made up 0.93 percent of the total number of Canadian companies in 2013, down from 1.04 percent in 2001. BDC said the study's findings reinforce the importance of financing and advisory services to help more SMEs to scale up.

Chefs Plate nets $6 mln in Acton Capital-led follow-on round

Toronto-based food technology company Chefs Plate has raised $6 million in follow-on funding. German venture capital firm Acton Capital Partners led the round. It was joined by Emil Capital and BrandProject, which led the company's $2 million financing in October 2015. Founded in 2014, Chefs Plate delivers pre-portioned, locally-sourced fresh ingredients and recipes to homes. Originally focused on the Ontario market, the company has expanded into British Columbia, Alberta and Manitoba. Chefs Plate will use the funds raised to grow its e-commerce team, continue expansion across Canada, and advance local supplier partnerships.

BDC, Evok co-lead $5 mln Series A financing of DarkVision

DarkVision Technologies Inc has secured $5 million in a Series A financing. The round was co-led by Canadian venture capital firm BDC Capital and Evok Innovations, a $100 million clean technology fund launched earlier this year. With the round, BDC Partner Geoff Catherwood and Evok CEO Marty Reed joined the company's board. Vancouver-based DarkVision has developed ultrasound-based imaging technology for use inside of oil and gas wells. It allows energy companies to reduce operating costs, increase production efficiency, and minimize environmental impacts. DarkVision said it is planning for initial customer deployments later in 2016.

Enthusiast Gaming seeded with $600k from angel investors

Enthusiast Gaming Inc (EG) has raised $600,000 in seed-stage financing. Angel investors, including York Angel Investors and Spark Angel Network, backed the round. Toronto-based EG is a media company focused on the video gaming veritical. Since its inception three years ago, it has expanded its community of gamers across digital properties, community forums and live events, including the recently launched "Enthusiast" social media platform. EG plans to use the funds raised to continue growing its gaming network and increase ad serving and monetization capabilities.

Perceptual software provider IRYStec closes Series A financing

Montréal-based IRYStec Software Inc, a perceptual display processing technology company, has closed its Series A financing. No financial terms were disclosed for the round. It was backed by Canadian venture capital firms BDC Capital and Tandemlaunch, as well as angel investors, including Purple Angels. Founded last year, IRYStec has developed perceptual software technology that automatically adapts the colour and contrast of mobile and automotive device displays. It plans to use the funds raised to support marketing and sales activities. In June, PE Hub Canada interviewed TandemLaunch General Partner Helge Seetzen.

TVM Capital Life Science invests in AurKa Pharma

TVM Capital Life Science has made an undisclosed investment in AurKa Pharma Inc, a Montréal-based company created to develop to proof-of-concept a compound originally discovered by Eli Lilly and Co. The compound has the potential to treat certain types of solid tumors, including small cell lung cancer and treatment-resistant breast cancer. Led by CEO Caroline Fortier, AurKa plans to begin clinical development next year. TVM Capital Life Science, which has an office in Montréal, invested via TVM Life Science Ventures VII, which raised US$201.6 million in late 2014. Eli Lilly was one of the fund's backers.

Wearable tech platform OMsignal raises $10 mln in fresh funding

Montréal smart apparel provider OMsignal Inc has raised a US$10 million investment led by Canadian mobile venture capital firm Relay Ventures. The round, which builds on the company's Series A financing in mid-2014, was joined by MAS, Bessemer Venture Partners, Techstars Ventures, Real Ventures, Mistral Ventures, Primera Capital, Investissement Québec and Export Development Canada. OMsignal also announced the launch of OMbra, a smart sports bra embedded with sensor technologies, and OMrun, a mobile app. Both new products were designed for women runners. OMsignal was founded in 2011 by Stephane Marceau and Frederic Chanay.

Thalmic Labs scores $120 mln in Intel Capital-led Series B round

Waterloo-based Thalmic Labs Inc, maker of the Myo gesture control armband, has raised US$120 million in a Series B financing. The round, one of the largest on record in Canada's venture capital market, was led by Intel Capital, the Amazon Alexa Fund and Fidelity Investments Canada. Existing backers Spark Capital, First Round Capital and iNovia Capital also invested. Founded in 2012 by Stephen Lake, Matthew Bailey and Aaron Grant, Thalmic developed Myo as a wearable device to read the electrical activity of muscles to control technology with gestures and motion. It plans to use the funds raised to fuel continued growth and develop more human-computer interaction products.

IKEA's VC fund invests in pesticides tech platform Terramera

IKEA GreenTech, the venture capital arm of furniture retailer IKEA Group, has made an undisclosed investment in Vancouver ag-bio technology company Terramera Inc. The deal follows the company's financing round in May, led by Seed 2 Growth Ventures and joined by ACA Investments, Bold Capital Partners, Renewal Funds, Maumee Ventures and Export Development Canada. Founded in 2010, Terramera is a developer of plant-based products to replace the use of traditional pesticides in disease and pest control in agriculture. It said the funds raised will be used to get products to market and increase R&D efforts.