Canada

Venture-backed Mobify buys machine learning platform Pathful

Mobify, which earlier this year raised $10 million in funding, has acquired Pathful, a Vancouver-based provider of advanced machine learning technology for behaviour-based targeting. No financial terms were disclosed for the acquisition, the company's second following its buy of Dónde in December. Mobify, a mobile customer engagement platform, said the deal will lend insights into the needs and wants of online and retail audiences. Founded in 2007, Vancouver-based Mobify is backed by Acton Capital Partners. Pathful received funding from Foundry Group, Angel List, Drummond Road Capital and G2T3V.

How Real Matters raised Canada’s biggest private tech financing in three years

Real Matters secured the most money in a private tech financing in almost three years by tapping public-market investors eager to share in the company’s growth in advance of an IPO. The cloud-based real estate technology platform raised $100 million in common equity this month. It is the largest investment involving a privately-held Canadian tech company since late 2013, when Shopify closed its $100 million Series C round.

MoneyTree finds steadying U.S. VC investment environment

Venture capitalists maintained a steady investment pace in the first quarter, with US$12.1 billion going to U.S.-based startups, according to the MoneyTree Report. The study suggests a strengthening of investment sentiment after financial market turbulence led to a slower, cautious investment environment in the United States late last year. Both expansion and late-stage activity rose in Q1 2016 from a big drop in the fourth quarter.

Build Ventures leads $1.8 mln seed financing of Fiddlehead

Moncton, New Brunswick-based Fiddlehead Technology Inc has received $1.8 million in seed-stage funding. The round was led by Canadian venture capital firm Build Ventures, and was joined by the New Brunswick Innovation Foundation. Launched in 2013, Fiddlehead is a provider of predictive forecasting solutions aimed at improving the food and beverage industry's supply chain. It developed its technology in collaboration with McCain Foods Ltd. The company said it will use funds raised to add data science and development staff, and expand North American sales and marketing efforts.

Nearly 100 CEOs urge action on Canada's cleantech strategy

Chief executives from nearly 200 cleantech companies have sent a letter to Prime Minister Justin Trudeau with recommendations about how the federal government can protect the environment and grow the economy. The CEOs, who are allied with a pan-Canadian coalition calling for measures to bring new technologies to market, reduce greenhouse gas emissions, increase clean technology exports, and other goals, also requested representation on Ottawa's Clean Technology, Innovation and Jobs Working Group.

General Atlantic invests $61 mln in mobile consumer app Flipp

Canadian mobile consumer marketplace Flipp Corp has secured $61 million in a strategic investment from U.S. growth equity firm General Atlantic. Forbes reported the financing values the company at about $400 million. Based in Toronto, Flipp, formerly known as Wishabi, has developed an app that allows consumers to access digital circulars from retailers. It said the funds raised will be used to grow the company's footprint, extend partnerships, and further develop its platform. With the deal, General Atlantic Venture President Zachary Kaplan will join the company's board. Founded in 2007, Flipp is also backed by Insight Venture Partners, which invested $15 million in September 2013.

Shopify to acquire venture-backed messaging app Kit CRM

Shopify Inc (NYSE: SHOP) (TSX: SH), which went public in May 2015, has agreed to acquire Kit CRM Inc, a San Francisco-based virtual marketing assistant that leverages messaging to help businesses market their online stores. No financial terms were disclosed. Shopify, a cloud-based, multi-channel commerce platform based in Ottawa, said the acquisition will support its focus "on the growing trend towards conversational commerce." Founded in 2013, Kit is currently venture-backed. Its investors include Technicolor Ventures and Visionnaire Ventures.

Financeit strikes $100 mln funding deal with Concentra

Financeit Canada Inc has entered into a strategic funding partnership with Concentra Financial Services Association, a Canadian provider of wholesale finance and trust solutions to credit unions. The partnership, which has an initial value of $100 million, will allow Financeit to fuel a national growth strategy with increased origination capacity and access to the credit union system. Based in Toronto, Financeit is a cloud-based point-of-sale financing platform. Last October, it raised a minority equity funding round led by the merchant banking division of Goldman Sachs.

Versant Ventures strengthens Canadian investment team

U.S. life sciences venture capital firm Versant Ventures had announced promotions in its investment team. They include the promotion of Vancouver-based Jerel Davis to managing director. Davis, who joined Versant in 2011, will be responsible for continuing to build the firm's portfolio and market presence in Canada and North America. Versant also announced that Blueline Bioscience, its Toronto-based biotechnology incubator, has appointed Mary Haak-Frendscho as CEO.

Knight Therapeutics commits to Forbion's third life sciences fund

European life sciences venture capital firm Forbion Capital Partners has closed its third fund, Forbion Capital Fund III (FCF III), at 183 million euros (US$208 million). Among the fund's limited partners was strategic investor Knight Therapeutics Inc (TSX: GUD), a Canadian specialty pharmaceutical company. Early last year, Forbion led the $13.5 million Series B financing of enGene Inc, a Montréal-based developer of novel DNA-based therapeutics.