Private Equity
Canadian music performing rights nonprofit SOCAN has bought Audiam, a New York-based streaming mechanical royalty collection agency. No financial terms were disclosed. Toronto-based SOCAN said the acquisition strengthens its ability to license digital services and royalty payments for songwriters, composers and music publishers in Canada and the United States. Founded in 2013, Audiam raised financing primarily from angel investors. Earlier this year, SOCAN acquired MediaNet, a U.S. business-to-business music technology provider.
5 min read · 21 July 2016
Trim, a San Francisco-based personal finance chatbot, has secured US$2.2 million in a seed-stage financing. U.S. venture capital firm Eniac Ventures led the round and was joined by Canadian firm Version One Ventures, Core Innovation Capital and Sound Ventures. Launched last year, Trim's chatbot technology helps consumers organize their finances via customized alerts, queries and updates. It also helps users manage subscriptions. In a blog post, Version One said Trim is its first financial technology deal. Version One is currently investing from its second seed fund, which raised $35 million in late 2014.
2 min read · 21 July 2016
San Francisco-based mobile rewards network Kiip has raised US$12 million in a Series C financing. The round, which brings Kiip's total funding to over US$30 million, was led by U.S. venture capital firm North Atlantic Capital. It was joined by new and existing investors, including Canada's Relay Ventures, which led the company's Series B round in July 2012. Kiip was founded in 2010 by CEO Brian Wong, a Canadian entrepreneur and charter member of the C100, a Silicon Valley nonprofit that supports Canadian startups. Wong said Kiip's Series C round "is representative of our continued execution towards leading the moments marketing revolution."
4 min read · 21 July 2016
Temporary tattoo platform Inkbox has secured $1 million in seed-stage financing. The round was led by U.S. venture capital firm KGC Capital and was joined by several angel investors, including Jeff Probst, host of reality television show Survivor and actress Alison Sweeney. Founded early last year by Tyler Handley and Braden Handley, Toronto-based Inkbox is the creator of a two-week temporary tattoo made from an organic, fruit-based formula. It has to date shipped over 50,000 tattoos to customers in over 100 countries. Inkbox will use the funds raised to grow sales channels, develop its technology, and expand partnerships with artists.
4 min read · 21 July 2016
Biotechnology startup SyntBioLab Inc has secured undisclosed funding from a member of Anges Québec, an angel network that invests in innovative Québec companies. Founded in 2014, SyntBioLab specializes in genetic procedures that optimize industrial production in various industries, such as agri-food. The investment, provided by Sébastien A. Guay, will support the Lévis, Québec-based company's continued global growth through upgrades of its production capacity and distribution networks.
2 min read · 18 July 2016
MedCurrent Corp, a Toronto-based provider of clinical decision support systems, has raised up to $2.8 million in funding. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested $800,000, with most the balance expected to come from undisclosed angel investors. The round's proceeds will be used by MedCurrent to develop and market its technology, which enables physicians to determine the most appropriate imaging procedures for patients. The company has previously been backed by BDC Capital and MaRS Investment Accelerator Fund.
3 min read · 18 July 2016
Canadian clinical-stage biopharmaceutical company DiaMedica Inc (TSX-V: DMA) has agreed to receive a strategic investment of about $5.2 million (US$4 million). The investment, which will be made in two tranches, will come from Hermed Capital Healthcare Fund, a private equity fund sponsored by China's Fosun Pharmaceutical Group and South Korea's SK Group. DiaMedica, a developer of treatments for neurological and kidney diseases, has offices in Winnipeg and Minneapolis, Minnesota. It plans to use the proceeds of the deal to advance its research programs, including an upcoming clinical trial for DM199, a therapy developed to treat stroke patients.
4 min read · 18 July 2016
Telus Health has agreed to acquire the Canadian business of Nightingale Informatix Corp (TSX-V: NGH), a provider of cloud-based solutions to healthcare organizations. No financial terms were disclosed for the acquisition, which includes Nightingale's electronic medical record (EMR) software and related assets. Telus Health said the deal will broaden its EMR customer base in Ontario and Atlantic Canada. Markham, Ontario-based Nightingale has received funding from several investors, including Beedie Capital Partners (2014) and a consortium led by Wellington Financial (2007).
2 min read · 18 July 2016
Contract packaging software provider Nulogy Corp has secured $14 million in follow-on investment from U.S. venture capital firm Tola Capital. With the round, Tola's Aaron Fleishman has joined the company's board. Toronto-based Nulogy is a developer of enterprise cloud solutions that help clients manage supply-chain challenges more effectively and at a lower cost. It plans to use the funds raised to invest in technology and services. Founded in 2002, Nuology raised $7.5 million in late 2014 in a round led by Red Sky Capital Management. It is also backed by Klass Capital and MaRS Investment Accelerator Fund.
4 min read · 18 July 2016
Venture capital investments in U.S. technology startups rebounded in the second quarter, as a general stock market recovery helped restore confidence, Reuters reported. Investors plowed US$15.3 billion into venture-backed startups in the second quarter of this year, a 20.5 percent increase over the US$12.7 billion invested in the first quarter, according to the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association. The report's conclusions are based on data from Thomson Reuters.
3 min read · 15 July 2016
