Private Equity
Sustainable Development Technology Canada (SDTC) has committed $12.75 million to Vancouver-based General Fusion Inc. The funding will support continued development of the company's fusion energy technology, culminating in the design of a full-scale fusion energy demonstration system. General Fusion is partnering with McGill University's Shock Wave Physics Group and engineering business Hatch Ltd on the system. Founded in 2002, General Fusion has secured more than $100 million in venture capital financing. Its last round, led by Malaysian investor Khazanah Nasional Berhad, was closed in May 2015.
4 min read · 04 March 2016
Canadian private markets investor Northleaf Capital Partners has hired Dominic Owen and Mitch Reeves as associates on the firm's private equity team. Operating from Northleaf's Toronto headquarters, they will focus on originating, evaluating and monitoring private equity investments. Prior to joining the firm, Owen served as an investment banking associate and analyst at Paradigm Capital. Reeves previously worked as an associate in Scotiabank's Canadian debt capital markets group.
2 min read · 04 March 2016
Hearshot Inc, a developer of wearable technologies for action sports, has secured $550,000 in seed-stage financing. The round's Canadian, U.S. and Singapore-based investors were not disclosed. Toronto-based Hearshot has developed a wearable communication device that facilitates group connectivity during action sports activity. The company will use the funds to complete its product and prepare for a commercial launch in August. Hearshot, which received initial financing from the Spin Master Innovation Fund in 2015, is a client of Peel Region innovation hub RIC Centre.
2 min read · 04 March 2016
Canadian property and casualty insurer Gore Mutual Insurance Co has provided seed-stage funding to BrokerLift Inc, a Toronto-based turnkey e-commerce platform that enables insurance brokers to compete with other online distribution channels. The investment, the value of which was not disclosed, is intended to accelerate adoption of the company's solution among brokers. As part of the deal, Gore has negotiated an incentive for its broker network to join BrokerLift's platform with no set-up fees. BrokerLift was launched last July by Thomas Accardo and Behzad Salehoun.
3 min read · 03 March 2016
Canadian life sciences venture capital firm Lumira Capital has appointed Dr. Richard Glickman, Frank Stonebanks and Dr. Brian Underdown as venture partners. Glickman currently chairs Aurina Pharmaceuticals Inc and enGene Inc, both Canadian portfolio investments of Lumira. Stonebanks is currently managing general partner of Blackcomb Advisors LLC, a strategic advisor to life sciences companies and investors. Underdown, who joined Lumira in 1997, has served as a managing director. Toronto-based Lumira said the appointments lend support to its investment and corporate partnering initiatives and expand its presence in Canadian and U.S. life sciences innovation hubs.
4 min read · 03 March 2016
Looking beyond financial returns, a recent study finds that VC-backed companies that have gone public since '74 account for 85 percent of all R&D spending
3 min read · 03 March 2016
Toronto-based investment firm Kensington Capital Partners has exceeded the target it set for Kensington Venture Fund (KVF) in the fund of funds’ final close. KVF, the second fund closed in partnership with Ottawa’s Venture Capital Action Plan, raised $306 million, with most recent commitments coming from a mix of family offices, individual investors, private foundations and wealth managers.
3 min read · 03 March 2016
Montréal-based private equity firm XPND Capital has closed its second fund, XPNDCroissance Fund, at $75 million in committed capital. Fund II, which initially closed last year with the backing of the Caisse de dépôt et placement du Québec and Investissement Québec (IQ), secured further commitments from Fonds de solidarité FTQ and Fondaction CSN, and increased support from IQ. XPNDCroissance Fund plans to invest in Québec companies active in multiple sectors, including sustainable transportation, innovative industries, and technology, media and entertainment. It has already invested in Téo Taxi, an electric taxi service, and Lion Bus, a maker of electric school buses.
5 min read · 02 March 2016
RentMoola Payment Solutions Inc has secured $5 million in funding from a group of strategic, accredited and retail investors. The round was led by strategic investor Conservice LLC and principals of Wyse Meter Solutions Inc. Based in Vancouver, RentMoola is an online payment network that allows tenants and owners to pay rent and other payments. Founded in 2013, the company said it will use the investment's proceeds to execute on its growth strategy in key markets, including Canada, the United States and Europe. RentMoola also plans to pursue strategic and venture capital financing opportunities this year.
3 min read · 02 March 2016
Toronto-based advocate marketing software provider Influitive has raised an additional $8.2 million for its Series B financing, initially closed last July. The extension brings the Series B round to $38 million, and Influitive's total financing since 2010 to about $50 million. The top-up funding was led by Leaders Fund, which was launched in January, and Export Development Canada. Existing investors, including Canada's Georgian Partners, Relay Ventures and BDC Capital IT Venture Fund, also participated. Along with the deal, Influitive announced it has bought Toronto-based Ironark Software. Influitive said the acquisition will lend expertise to the company and support its mobile capabilities.
3 min read · 02 March 2016
