Private Equity
Canadian data-driven biotechnology startup Sequence Bio has obtained about $3.9 million (US$3 million) in seed-stage financing. The round was led by U.S. venture capital firm Data Collective (DCVC). It was joined by existing backers Killick Capital, Venture NL and Klister Credit Corp, several of which invested in a prior $1 million round closed in October 2015. Founded in 2013 by CEO Tyler Wish and COO Chris Gardner, Sequence Bio is leading a 100,000-person genome research project in Newfoundland and Labrador that is intended to create a new data resource for therapeutic discovery and development. The company has its headquarters in St. John's.
4 min read · 03 August 2016
Brexit jitters will dampen global appetite for mergers and acquisitions until Britain clarifies when and how it will negotiate an exit from the European Union, Reuters reported, citing a new survey of deal-makers. Some 70 percent of 1,001 M&A professionals from around the world surveyed by technology provider Intralinks said the number of M&A deals would fall until Brexit worries subside. Two-thirds of respondents said Britain leaving the EU would have a negative impact on global deal volumes for the rest of 2016.
2 min read · 03 August 2016
Canadian content marketing automation startup LookBookHQ Inc has raised about $5.2 million (US$4 million) in a Series A financing. The round was led by Edison Partners and joined by Hyde Park Venture Partners, both U.S. venture capital firms. LookBookHQ has developed technology that helps brand marketers deliver more engaging, behaviour-driven content experiences. It plans to use the funds raised to invest in sales and marketing and expand its workforce in the United States and its Toronto headquarters. LookBookHQ was founded in 2012 by CEO Mark Opauszky and President and CMO Nick Edouard.
5 min read · 03 August 2016
Diablo Technologies, the Ottawa memory-chip developer, secured $37 million in the close of its Series C financing. The oversubscribed round was backed by three global investors, all of them new to the company. They included Israeli venture firm ICV, which led the Series C’s initial $27 million tranche in January. It was joined in a second $10 million tranche, announced today, by New York's Genesis Capital Advisors and Dubai's GII Tech Ventures. Battery Ventures, BDC Capital, Celtic House Venture Partners and Hasso Plattner Ventures, all longtime backers of Diablo, also invested.
3 min read · 02 August 2016
Venture capital investment in Canadian startups continued at a strong pace in the first half of 2016, with a total of $1.76 billion invested in 316 financings, according to data released by Thomson Reuters. Led by deal-making in information technology sectors, dollars invested rose 48 percent from the same time in 2015, and reflected the best first-half result in the domestic market in 15 years. The number of financings was up 4 percent year over year, and represented the most deals done in a first half since 2005. Though fundraising in Canada’s VC industry was relatively weak in Q2 2016, fund commitments since January totaled $974 million, or 33 percent more than the first half of 2015.
3 min read · 02 August 2016
Chicago-based energy harvesting startup RedWave Energy Inc has raised US$5.5 million in funding. U.S. venture capital firm Energy Foundry led the round and was joined by Canada's Northwater Capital, which has led prior RedWave financings, as well as Kuwait's EnerTech Holding Co and PRIME Coalition. Founded in 2011, RedWave is focused on commercializing its core product, a new nanoscale film that converts unused waste heat into electricity. Led by CEO Jim Nelson, the company is targeting a US$136 billion market that includes glass and steel manufacturers and electric power generation plants.
3 min read · 28 July 2016
Canadian agricultural products and services company Agrium Inc (TSX, NYSE: AGU) has made an undisclosed commitment to the second agricultural technology fund of U.S. venture capital firm Finistere Ventures. Finistere Ventures Fund II, targeted to raise US$150 million, will invest in companies in plant nutrition, biologicals, seed technology, digital agriculture and novel farm systems. Agrium said the commitment will enhance its "ability to access and evaluate the pipeline of rapidly evolving agricultural technologies." AVAC said last year it is partnering with Finistere to help leverage opportunities emerging from Canadian universities and research institutions.
3 min read · 27 July 2016
Vena Solutions, a cloud-based corporate performance management (CPM) software provider, has secured about $30 million in financing. U.S. growth equity firm Centana Growth Partners led the round, which builds on prior investments by Difference Capital and Klass Capital. Founded in 2011, Toronto-based Vena has created a CPM solution for a wide range of spreadsheet-driven finance and accounting processes. In the past five years, it has seen over 100 percent growth in customers and annual recurring revenue, the company reported. Vena plans to use the funds raised to invest in new hires, product development, sales and marketing, and other priorities.
3 min read · 26 July 2016
Vancouver-based fintech startup Koho Financial Inc has closed a second round of undisclosed financing, adding to its $1 million seed investment of last year. The new round was led Canadian management and holding company Power Financial Corp (TSX: PWF). It was joined by financial executives and technology entrepreneurs, including Rashay Jethalal, Adam Felesky, Scott Lake and David Tedman, as well as existing investors. Koho has developed a mobile account to manage day-to-day spending and saving. It plans to use the funds raised to enhance the product, introduce it to more users, and hire additional staff.
3 min read · 25 July 2016
Canada's technology sector was responsible for 7.1 percent of domestic economic output last year, greater than that of the finance and insurance industry, according to a new report. The State of Canada's Tech Sector 2016, based on research from the Brookfield Institute for Innovation + Entrepreneurship at Ryerson University, said the technology sector in Canada was comprised of 71,000 companies and contributed $117 billion to gross domestic product in 2015. It was also the largest private investor in research and development, accounting for $9.1 billion in spending.
4 min read · 25 July 2016
