Private Equity
Blockstream, a San Francisco-based company focused on bitcoin and blockchain technology, has secured US$55 million in a Series A financing. The round was led by Horizons Ventures, AXA Strategic Ventures and Digital Garage, with participation from existing investors. The Series A round builds on the company's US$21 million seed-stage funding, co-led by Canadian venture capital firm Real Ventures in 2014. Blockstream, which also has a presence in Montréal, said it will use the new funds to bring "blockchain innovation to market using its sidechain technology", expand its operations and support industry partners. The company is led by Canadian entrepreneur Austin Hill.
3 min read · 03 February 2016
The United States continues to have the largest share of the world's unicorns, or startups with valuations in excess of US$1 billion, according to a report released by the USC Marshall Center for Global Innovation. The report found the United States accounted for nearly two-thirds (65 percent) of all unicorns worldwide during the past two years. Silicon Valley led regional centres with a 39 percent share. Among nations, China ranked second to the United States with a 14 percent share, followed by India (4 percent) and the United Kingdom (3 percent). Canada kept company with three other countries in accounting for 2 percent of all unicorns.
4 min read · 03 February 2016
Canadian financial technology startup INSTANT Financial has raised $1.2 million in seed-stage financing. The round was led by Canadian venture capital firm Real Ventures with participation from a number of angel investors. Based in Vancouver and Montréal, INSTANT has developed a mobile app that helps workers gain immediate access to their earned pay. Its solution also helps employers reduce pay distribution costs, the company said. INSTANT was founded last year by CEO Steve Barha, CTO Kevin Falk and CRO Ryan Volberg. Real Ventures raised $89 million for its third early-stage fund last August.
3 min read · 03 February 2016
Vancouver-based food concierge service Foodee has received $6 million in a Series A financing, bringing its total fundraising so far to $10.5 million. The latest round was led by Canadian venture capital firm BDC Capital. The company's other investors include Yaletown Venture Partners, Voyager Capital and Structure Capital. Foodee delivers lunches from local restaurants to the boardrooms of corporations. Founded in 2011, it reports having established over 2,600 customers and 90 restaurant partnerships in several North American cities in the past three years. Foodee plans to use the proceeds of its Series A round to fuel further expansion into markets in the United States.
3 min read · 03 February 2016
Canadian cybersecurity platform eSentire Inc has secured about $27 million (US$19.5 million) in financing. The round was led by U.S. venture capital firm Edison Partners and Canada's Georgian Partners, which led eSentire's $14 million Series C financing in 2014. Cisco Investments, Northleaf Ventures Catalyst Fund and Information Venture Partners also participated. Cambridge, Ontario-based eSentire plans to use the funds to scale its market presence, launch security operations in new geographies and verticals, and build on its growth in the cloud-based threat intelligence space. Last year, the company opened its European headquarters. It said it will expand in the region over the next five years.
5 min read · 03 February 2016
Fremont, Calif.-based memory technology specialist Avalanche Technology Inc has closed a US$23 million financing. The round included investments from Thomvest Ventures, the venture capital fund of Canadian investor Peter Thomson, and Rogers Venture Partners, which is backed by Toronto-based Rogers Communications Inc. Vulcan Capital and VTB Capital also invested, while Horizon Technology Finance provided a debt facility. Avalanche said it will use the combined funds to advance commercialization and production of its spin-transfer torque magnetic random-access memory (STT-MRAM) products.
2 min read · 02 February 2016
Canadian private equity investments overseas surged to record levels in 2015 on the back of some major buyouts by Canadian pension funds across a wide range of sectors, Reuters reported. Thomson Reuters data showed that Canadian deal-making abroad jumped to $159.2 billion in 2015, more than the combined value of all such deals struck by Canadian PE firms in the five years prior.
2 min read · 02 February 2016
EnerTech Capital, a venture capital firm with offices across Canada, has entered into a strategic partnership with Southern California Gas Co (SoCalGas), a natural gas distribution utility affiliated with Sempra Energy. The focus of the partnership is to advance natural gas technologies with improved emissions performance and that enhance the safe and efficient operation of the natural gas system. The two organizations will share knowledge and explore innovation opportunities that have the potential for use in Southern Californian communities. EnerTech is currently investing from its fourth energy and power venture fund, which raised $120 million in 2013.
3 min read · 01 February 2016
Venture capital investment in Canadian startups continued at a strong pace in 2015 with a total of $2.6 billion invested in 579 deals, according to final data released by Thomson Reuters. Led by deal-making in information technology sectors, dollars invested in Canada last year was up 11 percent from 2014, and in fact reflected the best result in the domestic market since 2002. The number of financing rounds was also the highest in ten years. Canadian investor activity in foreign markets also rose substantially in 2015. Fundraising in Canada's venture capital industry accounted for $1.2 billion in commitments in 2015, which is effectively unchanged from the year before.
3 min read · 01 February 2016
Québec City-based web recruiting company Jobillico has raised $8 million in financing. The investors included Capital régional et cooperatif Desjardins (CRCD), a retail fund managed by Desjardins Capital de risque. Founded in 2007, Jobillico provides an online recruitment solution that matches employers with a pool of potential hires. At present, some 650,000 Canadian job seekers use its platform, the company said. Jobillico will use the funding to back its "westward expansion", including further growth in Ontario. The company opened a Toronto office in 2015. The funds will also support product development and strengthening of Jobillico's market position in Québec.
4 min read · 01 February 2016
