Private Equity
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has committed $300,000 to Brightspark Investors Club Ontario. Brightspark Investors an early-stage angel investment network managed by Canadian venture capital firm Brightspark Ventures. The funds raised will help expand the network's angel investor membership, which currently stands at 300 accredited investors. Since its launch in 2013, Brightspark Investors has invested over $2.8 million in four information technology companies in Ontario.
3 min read · 04 May 2016
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has committed $300,000 to Brightspark Investors Club Ontario. Brightspark Investors an early-stage angel investment network managed by Canadian venture capital firm Brightspark Ventures. The funds raised will help expand the network's angel investor membership, which currently stands at 300 accredited investors. Since its launch in 2013, Brightspark Investors has invested over $2.8 million in four information technology companies in Ontario.
3 min read · 04 May 2016
Ottawa-based software-as-a-service and data company Assent Compliance Inc has secured $20 million in financing. U.S. growth equity firm Volition Capital led the round and was joined by OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors. Founded in 2005, Assent provides an automation platform that helps businesses manage their supply chain and product compliance efforts. It said the funds raised will support further investment in its technology and more staff hires, particularly in research and product management. Assent is led by CEO Andrew Waitman, formerly a managing partner at Celtic House Venture Partners.
4 min read · 04 May 2016
Axios Mobile Assets Corp, a smart supply chain logistics provider, has appointed John Albright as chairman of its board of directors. Albright, a co-founder and managing partner of Canadian venture capital firm Relay Ventures, replaces Osama Arafat, who resigned. Relay led a $14 million financing of Mississauga, Ont.-based Axios in December. Albright discussed the deal in an interview with PE Hub Canada last month.
6 min read · 03 May 2016
It is hard to tell whether a $400 million Canadian venture capital fund will boost innovation as intended because there are few ways to measure its effectiveness, Reuters reported, quoting the country's top independent watchdog. The previous Conservative government set up the so-called Venture Capital Action Plan in 2013 to stem the loss of young entrepreneurs to the United States and to rekindle investor interest in providing startup funds for new ventures. Auditor General Michael Ferguson, who reports to parliament, said Ottawa had too few tools to measure its success.
2 min read · 03 May 2016
Vancouver-based e-commerce platform LemonStand has secured $1.25 million in seed-stage financing. The backers of the round included BDC Capital IT Venture Fund and angel investors Barry X. Lynn, Paul Rochester and Hank Massey. Founded in 2010 by CEO Danny Halarewich, LemonStand is a provider of customizable, cloud-based technology that supports web developers, agencies and brands in creating online stores. It said it plans to use funds raised to invest in continued product development and to accelerate the company's recruitment of new partners.
3 min read · 03 May 2016
Kapplex, a Canadian developer of instruments and consumables for diagnostic markets, has been acquired by U.S.-based biotechnology company Miroculus. No financial terms were released. Kapplex was spun-off from the University of Toronto in 2012 in partnership with MaRS Innovation. Its combination with Miroculus will create a single platform that supports clinicians in detecting complex conditions, such as cancer, in a minimally invasive way, the companies said. San Francisco's Miroculus has raised funding from angel investors and venture capital firms, including Nazca Ventures.
4 min read · 03 May 2016
Formlabs, a maker of 3D printing technology, announced it has acquired venture-backed Pinshape for an undisclosed price. Vancouver-based Pinshape, a consumer marketplace for 3D printable products, raised US$825,000 in seed-stage funding over 2014-2015 from 500 Startups, DeNA, ChinaRock Capital Management and 500 Startups co-founder Dave McClure, according to its AngelList profile. The acquisition deal is the first for Somerville, Mass.-based Formlabs, which is backed by DFJ Growth, Innovation Endeavors and Pitango Venture Capital. Earlier this year, 500 Startups launched 500 Canada, a US$30 million Canadian venture capital fund.
3 min read · 03 May 2016
Formlabs, a maker of 3D printing technology, announced it has acquired venture-backed Pinshape for an undisclosed price. Vancouver-based Pinshape, a consumer marketplace for 3D printable products, raised US$825,000 in seed-stage funding over 2014-2015 from 500 Startups, DeNA, ChinaRock Capital Management and 500 Startups co-founder Dave McClure, according to its AngelList profile. The acquisition deal is the first for Somerville, Mass.-based Formlabs, which is backed by DFJ Growth, Innovation Endeavors and Pitango Venture Capital. Earlier this year, 500 Startups launched 500 Canada, a US$30 million Canadian venture capital fund.
3 min read · 03 May 2016
Canadian online bookkeeping service Bench has raised $20 million (US$16 million) in a Series B financing. The round, which brings the startup's total funding to $33 million, was led by U.S. venture capital firm Bain Capital Ventures. Bain was joined by Altos Ventures and Contour Venture Partners, which also participated in Bench's Series A financing in January 2015. Bench, which was founded in 2012, is a provider of cloud-based technology that automates accounting tasks for small businesses and independent contractors for a monthly fee. Since the close of its Series A round, the company has doubled the workforce at its Vancouver headquarters and tripled its revenue, Bench reported.
4 min read · 03 May 2016
