Private Equity
Cambridge, Mass.-based semiconductor company Arctic Sand Technologies Inc has raised US$19 million in a Series B financing. The round was led by Murata Manufacturing Co Ltd and was joined by the company's existing investors, including Canadian venture capital firm Northwater Capital Management. Founded in 2011, Arctic Sand has developed technology based on power conversion intellectual property developed and licensed from the Massachusetts Institute of Technology. Its products help to significantly improve power conversion efficiency.
3 min read · 01 March 2016
Canadian video advertising technology company SourceKnowledge has secured $1.5 million in mezzanine financing. The investment was made by Growth and Transition Capital, a division of BDC Capital. Montréal-based SourceKnowledge said the funds will be used to scale growth in its performance advertising platform Engage, which gives marketers tools to identify, recapture, convert, and measure high-value audiences across any device. It also plans to increase marketing efforts across North America. Founded in 2009, SourceKnowledge was recognized by Deloitte's 2015 Technology Fast 500 for a 133 percent growth rate between 2011 and 2014.
4 min read · 01 March 2016
Fifty B.C.-based CEOs and investment professionals have sent a letter to Prime Minister Justin Trudeau urging the creation of a first ever Canadian clean-tech strategy. The letter said Ottawa has "a unique opportunity" to turn Canada into a global clean-tech leader by adopting several key initiatives. They include a $500 million fund that would back up to 20 clean-tech venture capital funds, and help leverage up to $3 billion in total capital. Other proposals include a $1 billion clean-tech loan guarantee program available to early-stage projects; and a federal tax system review to ensure clean-tech companies have access to the same benefits as resource companies.
8 min read · 29 February 2016
Mama Earth Organics, a direct-to-home organic food delivery company in the Greater Toronto Area, has secured undisclosed funding from Canadian investors InvestEco Capital and Renewal Funds. As part of the deal, Mama Earth will be combined with Farms & Forks, a direct-to-home organic food retailer that also serves the Toronto region. As of June, Farms & Forks CEO Michael Bernstein will lead the combined business, which will operate under the Mama Earth banner. InvestEco, a Toronto-based investor in the sustainable food and agriculture sectors, will name a director to the new company's board, as will Renewal Funds, a Vancouver-based mission venture capital firm.
2 min read · 29 February 2016
Formulating Change Inc, a.k.a. ChangeIt, a Canadian philanthropy-driven technology company, has raised a total of $2.2 million in financing. Of this total, $1.46 million was provided by members of MaRS Angels and Golden Triangle Angel Network, and $730,000 by FedDev Ontario. Based in Waterloo, ChangeIt has developed software that allows consumers to make donations to charities by rounding up credit or debit card purchases to the nearest dollar. The company, which is also backed by MaRS Investment Accelerator Fund, aims to use the new funds to hire a sales team to market its product to North American financial institutions.
3 min read · 29 February 2016
MLA48, a fund launched in 2014 by Canadian angel organization Maple Leaf Angels, recently invested in Oneset, an online fitness community that connects trainers, athletes and enthusiasts. The terms of the financing were not disclosed. Founded last year by University of Waterloo alumni Amad Abdullah, George Xu, Moez Bhatti and Omas Abdullah, Oneset recently graduated from the FounderFuel accelerator program in Montréal and is now located at Waterloo’s Velocity Garage. The investment by MLA48 is the fund's fourth to date.
3 min read · 29 February 2016
By all measures, deal making in Canada’s venture capital market was on fire in 2015. Despite growing economic uncertainty, some investors believe last year's momentum is not yet spent. Jim Orlando, managing director at OMERS Ventures, told PE Hub Canada that while the nature of domestic VC investments may change in the months ahead, activity should generally stay on course.
3 min read · 28 February 2016
Finland's Nokia Corp has agreed to acquire Nakina Systems Inc, an Ottawa-based software company that provides network integrity management solutions. No financial terms were disclosed for the deal, which is expected to close this quarter. Nokia said the acquisition will increase its security capabilities as it helps customers address demands of hyper connectivity, new regulations and emerging technologies. Nakina Systems has been venture-backed since its founding in 2002. Its current Canadian and U.S. investors include Covington Capital Corp, Export Development Canada and VIMAC Ventures.
8 min read · 24 February 2016
Vision Critical Communications Inc has agreed to spin off its North American research consulting arm in a sale to MARU Group, a British customer intelligence professional services provider. No financial terms were disclosed. Vancouver-based Vision Critical said the deal will allow it focus on its customer intelligence software and support platform. Upon the deal's closing this quarter, the consulting arm will become a standalone business and strategic partner to Vision Critical. Founded in 2000, Vision Critical is venture-backed. It last financing, totaling $16 million, was led by Georgian Partners in mid-2014. MARU is a portfolio company of U.K. private equity firm Primary Capital Partners.
5 min read · 24 February 2016
Canadian route optimization platform Routific has received an undisclosed seed investment that brings its total funding to $1.2 million. The latest round was led by Pallasite Ventures, a Canadian venture capital firm. The company's other investors include U.S. venture capital firm FireStarter Fund. Founded in 2012, Vancouver-based Routific has developed smart logistics software that optimizes routes for last-mile delivery fleets, saving businesses up to 40 percent on time and fuel. In 2015, the company showed revenue growth of 890 percent and signed its first major enterprise deal, Routific reported. It plans to use its funding to continue expanding operations.
3 min read · 24 February 2016
