Private Equity
San Francisco-based Taulia Inc, a financial supply chain company, has secured US$46 million in a Series E financing. Zouk Capital led the round, which was joined by new and existing investors. One of the company's backers is TELUS Ventures, the venture investment arm of Canadian telecommunications provider TELUS Corp. Taulia, which has developed technology that helps businesses improve their payables processes and supplier relationships, will use the new funds to accelerate global growth.
4 min read · 18 January 2016
Venture capitalists pulled back during the fourth quarter with investments to U.S.-based startups reaching their lowest point in six quarters. However, for the year as a whole, venture investing was strong, with US$58.8 billion deployed, reflecting the highest level of American market activity since 2000.
2 min read · 15 January 2016
Power Survey and Equipment Ltd, a power quality business, has secured $10 million in funding. The round was led by EnerTech Capital with participation from Investissement Québec. Based in Montréal, Power Survey provides customized power factor correction and harmonic filtering technologies and solutions, mostly to customers in Canada and the United States. EnerTech said it plans to grow the company organically via mergers and via acquisitions of companies with compatible grid-edge technologies and solutions. Power Survey is the second investment made in Québec by EnerTech's fourth energy and power venture fund, which raised $120 million in late 2013.
4 min read · 15 January 2016
Evok Innovations, a partnership between BC Cleantech CEO Alliance, Cenovus Energy Inc and Suncor Energy Inc, has launched a new $100 million clean technology fund. The fund will invest in opportunities focused on developing and commercializing energy solutions that address environmental and economic challenges facing the oil and gas industry. Cenovus and Suncor, both integrated energy producers based in Calgary, have each committed up to $50 million in capital to Evok for a 10-year investment period. Founded in late 2015, Evok is led by CEO Marty Reed, formerly a partner at The Roda Group, a U.S. seed-stage venture capital firm.
4 min read · 14 January 2016
Venture capital firms in the United States raised US$28.2 billion in committed capital last year, according to a report by Thomson Reuters and the National Venture Capital Association (NVCA). Due to slower trends in 2015's final months, fundraising declined by 9 percent year over year. However, results in 2015 still reflected the second strongest annual performance since 2006. NVCA President and CEO Bobby Franklin said the U.S. venture capital industry has pulled in close to US$60 billion in commitments in the last two years alone.
4 min read · 14 January 2016
Coupa Software has acquired Contractually, a Vancouver-based provider of contract process and automation software to businesses. No financial terms were disclosed. Coupa, a cloud spend management solutions provider, said the deal will allow it to "transform the antiquated contract processes to the digital world with a modern application focused on collaboration technology." Based in San Mateo, California, Coupa is a portfolio company of Battery Ventures, Crosslink Capital, El Dorado Ventures, Iconiq Capital, Rally Ventures and T. Rowe Price, among others. Founded in 2010, Contractually has been backed by Full Stack Foundry, a Canadian angel investor.
4 min read · 14 January 2016
Terrestrial Energy Inc, an advanced nuclear technology provider, recently secured $10 million in Series A financing. The investors were not disclosed. Based in Oakville, Ontario, Terrestial is developing a next-generation nuclear reactor based on its integral molten salt reactor technology. The company is currently focused on commercializing this technology. CEO Simon Irish said the funds will be used to support pre-construction and pre-licensing engineering, and to support further engagement with industry and nuclear regulators. Founded in 2013, Terrestrial's U.S.-based operations are located in New York.
3 min read · 13 January 2016
Ryan Holmes, founder and CEO of social media platform Hootsuite, has launched a new company that provides functional stand up desks. Vancouver-based Oristand has developed desks made of industrial-weight, recyclable cardboard for US$25. Holmes said Oristand's flexible work station gives businesses "an option to enhance the work environment and promote the overall health and well-being of employees" at an affordable price. In 2015, Holmes was named Entrepreneur of the Year by the Canadian Venture Capital & Private Equity Association (CVCA).
3 min read · 13 January 2016
Canadian marketing automation technology company Limelight Platform Inc has closed $3.1 million in seed-stage financing. The round was led by Rowanwood Ventures, a new fund managed by Canadian venture capital firm iGan Partners, with participation from Jason Tryfon, Sandhill Angels, Hyde Park Ventures and Acceleprise Ventures. Based in Toronto, Limelight has developed an end-to-end platform to help brands optimize live marketing such as demos, trade shows, test drives and VIP events. It plans to use the proceeds of its seed round to accelerate expansion into the United States. Limelight was founded in 2014 and is led by CEO Jonah Midanik.
3 min read · 13 January 2016
Richard Rémillard knows that hazarding a forecast for 2016 can be risky, even foolhardy. He has taken the plunge, however, and is betting that the year ahead will not be anything like 2015 for Canada's private risk capital industry due to innovation, a weaker economy, a new government in Ottawa, and multiple other factors.
9 min read · 13 January 2016
