Canada

Canada tech players reap benefits as export picture brightens: Reuters

Smaller Canadian technology companies making products like robotics, drones and high-tech thermostats are proving to be some of the biggest winners as the country's recently struggling non-commodity export sector shows signs of revival, Reuters reported. Data released on Friday showed Canada's trade deficit in July unexpectedly shrank on stronger non-energy exports, which had struggled for months. The Bank of Canada sees the sector as crucial to helping revive an economy hit by low oil prices.

TheRedPin raises $2.5 mln in venture debt financing

TheRedPin Inc, a Toronto-based technology-enabled real estate brokerage platform, has secured $2.5 million in venture debt financing. The announcement, made by investment bank FirePower Capital, TheRedPin's exclusive advisor in the deal, did not identify the source of the funding. Founded in 2010, TheRedPin has developed a database of active residential listings in the Greater Toronto Area, including listings for new and pre-construction projects. The company plans to use the funds raised to support its nationwide expansion.

Nevada Energy Metals hires Fernback as COO

Canadian exploration company Nevada Energy Metals has named Tim Fernback as chief operating officer. His work background includes the investment banking and corporate finance divisions at Western Canada-based brokerage firm Wolverton Securities and the consulting practice at Discovery Capital Corp, a British Columbia venture firm focused on financing and consulting.

Temprano launches with an unusual approach to software investing

Temprano Techvestors, a firm with an unusual approach to investing in software startups, is launching itself on Thursday.

UK-based BBOXX receives funding from Montreal firm MKB

BBOXX, a London, UK-based provider of off-grid solar energy solutions, announced this week it has raised a US$20 million round of financing from a consortium of investors including MacKinnon, Bennett & Company (MKB), ENGIE Rassembleurs d'Energies and KawiSafi Ventures, the Khosla Impact Fund, Bamboo Finance and DOEN Foundation. The investment will support the company's expanding presence in sub-Saharan Africa.

VC investment reaches $1.5 bln, PE hits $3.1 bln in first half: CVCA

Applied analytics pioneer Georgian Partners focus on applied analytics

Georgian Partners has secured US$375 million ($485 million) for its third growth equity fund, winning limited partners over to an investment strategy that adds to the firm’s pioneering focus on applied analytics. The Toronto-based firm announced the close of Georgian Partners Growth Fund III this week. It finished with more than twice the committed capital of its predecessor, which raised $200 million in April 2015. Georgian’s Fund III is one of Canada’s largest private tech partnerships on record, according to Thomson Reuters.

Edtech startup GradeSlam nets $1.6 mln in Birchmere-led round

Montréal-based education technology provider GradeSlam has raised $1.6 million in seed-stage financing. The round was led by U.S. venture capital firm Birchmere Ventures, with participation from Canadian firms BDC Capital, Anges Québec and Real Ventures, as well as angels investors and Founder and CEO Philip Cutler. GradeSlam has developed a chat-based learning platform that enables one-to-one support to students at a lower cost than traditional tutoring solutions. Since its launch last year, the platform has seen over 350,000 tutoring sessions in over 80 countries. GradeSlam will use the funds raised to continue growing its user base.

Medical device company Thorasys nets $1.3 mln from Anges Québec

Thorasys Thoracic Medical Systems Inc has secured $1.3 million in financing from members of angel investor network Anges Québec. Based in Montréal, Thorasys is a designer and maker of pulmonary function test equipment for the diagnosis and monitoring of lung diseases, such as asthma and COPD. The funds raised will help the company to commercialize its airwave oscillometry technology, a portable device that measures lung functions without patient effort. Thorasys is led by President and CEO Thomas Schuessler.

Venture-backed Telesta to be acquired by ProMetic Life Sciences

ProMetic Life Sciences Inc (TSX: PLI) has agreed to acquire Telesta Therapeutics Inc (TSX: TST), a Montréal-based company focused on the acquisition and development of therapeutics that treat cancer and other diseases. The deal, expected to close in November, will see ProMetic acquire Telesta's share capital at a price of $0.14 payable in ProMetic common shares. ProMetic, a Laval, Québec-based biopharmaceutical company, said the acquisition provides several strategic benefits. Founded in 1999, Telesta raised US$28.6 million from U.S. venture capital investors last year. ProMetic has secured funding from Thomvest Seed Capital.