Private Equity
The Business Development Bank of Canada (BDC) and ATB Financial have agreed to provide $1 billion to finance Alberta-based small and mid-sized companies. The federal and provincial financial institutions will each contribute $500 million in new loans under the program. BDC and ATB said the partnership shows their commitment to "to stand by Alberta businesses in good times and difficult times."
4 min read · 15 July 2016
Endotronix Inc, a Woodridge, Illinois-based digital health solutions provider, has raised a US$32 million Series C financing. Several new investors joined the round, including Canadian life sciences venture capital firm Lumira Capital. As a result, Lumira and other firms will join existing investors on the board of directors. Endotronix is developing a platform of health management tools for patients suffering from advanced heart failure. The funds raised will back the company's clinical program, including commercialization of its outpatient management system, and a study for its implantable wireless pulmonary artery sensor.
3 min read · 14 July 2016
New York-based meal delivery service Freshly Inc has secured US$21 million in a Series B financing. Insight Venture Partners led the round, with participation from existing investors, including White Star Capital, a venture capital firm founded by Canada's Eric Martineau-Fortin. Launched in early 2015, Freshly currently ships close to 250,000 meals per month. It plans to use the funds raised to increase hiring and expand distribution across the United States. White Star, which has offices in Montréal, New York and London, closed its debut fund at US$70 million last November.
3 min read · 14 July 2016
Online freight marketplace Freightera Inc has raised $2.1 million in a financing round. The investors, which are expected to this year invest up to $5 million more, include Robson Capital and Ted Snider Financial. They also include a number of undisclosed U.S. angel investors, among them some early backers of Facebook and Twitter, the company said. Vancouver's Freightera has created a business-to-business online freight service that assists over 2,000 manufacturers, wholesalers and distributors shipping throughout North America. Founded in 2014, the company reports revenue growth of about 300 percent per year.
4 min read · 14 July 2016
Angel investors invested $134 million in Canadian startups in 2015, according to a new report by the National Angel Capital Organization (NACO). The report, based on a survey of 32 Canadian angel groups, found dollar flows to some 283 investments up 48 percent relative to 2014. The average deal size was over $1 million. NACO said 2015 is the third year of substantially increased angel investment activity in Canada. It attributed much of last year's growth to increased follow-on deal activity, which more than doubled compared to the year before.
5 min read · 13 July 2016
Georgian Partners has raised over US$165 million for its third international growth fund, according to an SEC filing. The Toronto-based growth equity firm is targeting over US$182 million for the pool. Georgian Partners, which is focused on investments in applied analytics, raised $200 million in the close of Georgian Partners Growth Fund II in April 2015.
1 min read · 13 July 2016
Toronto-based PostBeyond Inc has closed a $4 million Series A financing. Canadian venture capital firm Information Venture Partners, which earlier this year raised an initial $72.5 million for its second fund, co-led the round with Export Development Canada. Founded in 2013, PostBeyond has created technology that helps to increase brand recognition by enabling employees to share corporate content on social media. It reported expansion in its global client base as well as growth in 2015 year-over-year sales of over 300 percent. PostBeyond will use the funds raised to enhance customer engagement resources and accelerate the development of its solutions.
3 min read · 13 July 2016
Morgan Solar Inc has secured $10 million in a follow-on financing. The round was led by ArcTern Ventures, a Canadian clean-tech venture capital firm developed in partnership with MaRS Discovery District. Founded in 2007, Toronto-based Morgan Solar develops technology that aims to make solar power more commercially affordable and accessible. It plans to use the funds raised to increase manufacturing capacity of Sun Simba, a concentrating solar system based on proprietary optic and circuit technology. Morgan Solar's other investors include Enbridge Inc, Iberdrola SA, Kuwaiti Investment Authority and Turnstone Capital Management.
3 min read · 13 July 2016
Harvest Urban Wood Recycling Ltd, the Canadian affiliate of Harvest Power Inc, has merged with Smithers Enterprises Inc of Vancouver. No financial terms were released. Harvest, a Waltham, Massachusetts-based organic materials management specialist, said the deal would expand and enhance its wood recycling services in the Vancouver region. Founded in 2008, Harvest is backed by True North Venture Partners, Industry Ventures, Generation Investment Management and other investors.
2 min read · 11 July 2016
Polystyvert Inc, an Anjou, Québec-based polystyrene recycling company, has secured a $4.9 million round of financing. The investors included members of Anges Québec, Anges Québec Capital Fund, Cycle Capital Management, BDC Capital and Sustainable Development Technology Canada. Founded in 2011, Polystyvert has developed technology to recycle polystyrene, a.k.a. Styrofoam, and reduce is transportation costs. The company said it plans to use the funds raised to scale-up equipment and facilities to meet demand. A new Polystyvert plant is slated to open in the fall of 2016.
6 min read · 07 July 2016
