Canada

British Columbia government unveils $100 mln venture capital fund

The British Columbia government has announced plans to form a $100 million venture capital fund focused on stimulating growth in the province's technology sector. The BC Tech Fund, part of the government's innovation strategy, aims to develop a sustainable venture capital system in British Columbia. As such, it will build on the activity of BC Renaissance Capital Fund, a $90 million venture fund of funds launched in 2007. The new fund will get underway next year following a process to secure a private sector fund manager to administer it. Venture invested in British Columbia in the first nine months of 2015 has been estimated at between $223 million and $290 million.

Distech's Étienne Veilleux joins EnerTech's advisory board

Canadian energy and power investor EnerTech Capital has named Étienne Veilleux to the firm's advisory board. Veilleux is founder, president and CEO of Distech Controls Inc, a Brossard, Québec-based provider of building automation and energy management solutions. The company, formerly a portfolio investment of Calgary-based EnerTech, was acquired in September by Acuity Brands Inc for $318 million. In May, PE Hub Canada interviewed Veilleux and EnerTech Managing Director Wally Hunter about the deal and the post-acquisition Distech.

Eventbase Technology nets $6 mln investment from Madrona

Eventbase Technology Inc, a Canadian event app platform, has secured US$6 million in funding. The investment, which came from U.S. venture capital firm Madrona Venture Group, adds to Eventbase's $2 million Series A financing led by SXSW Tech in 2014. As a result of the latest investment, Madrona Managing Director Paul Goodrich will join the company's board of directors. Vancouver-based Eventbase said it will use the new money to develop its mobile technology and build on recent growth trends. In the past year, the business has doubled in size and revenue, primarily as a result of activity in the enterprise event app market, Eventbase reported.

EnerTech Capital promotes Dean Sciorillo to managing director

EnerTech Capital has promoted Dean Sciorillo to the position of managing director. Calgary-based EnerTech, an investor in energy and power industries, also announced that Sciorillo will become a full general partner upon the closing of its new fund, EnerTech Capital Partners V. Sciorillo joined the firm in 2004 as an analyst and became a director last year. He previously worked for 15 years at Exelon Corp. Throughout the past year, EnerTech has been an active deal-maker, leading financings of Blue Pillar Inc and Terralux Inc, and exiting Distech Controls Inc.

iNovia Capital approaches finish line with $150 mln Fund IV

Montréal-based iNovia Capital, one of Canada’s best known venture firms, is only weeks away from wrapping up its fourth information technology fund, a source with knowledge of the matter told PE Hub Canada. Fund IV is targeted to raise $150 million in committed capital, which if reached will make the fund the largest raised to date by the firm.

LlamaZOO secures $500k to build vet education technology

Education software startup LlamaZOO Interactive Inc has received $500,000 in private equity investment. The source of the funding was not disclosed. Victoria, British Columbia-based LlamaZOO is currently developing a 3D interactive learning tool for veterinary students called EasyAnatomy. The company said it will use the investment to hire new staff, acquire new imagery, and work with students and design partners to test and refine the product. LlamaZOO was founded in 2014 by Chief Llama Charles Lavigne and Head Llama Kevin Oke.

Smart factory platform Worximity raises $2 mln in seed funding

Worximity Technology Inc has secured $2 million in seed-stage financing from Canadian venture capital firm W Investments and the Fonds de solidarité FTQ. Based in Montréal, Worximity has developed connectivity solutions and a mobile Tileboard application that help factory managers and employees monitor production in real time. Founded in 2011 by President and CEO Yannick Desmarais, the company said the investment's proceeds will be used to grow the size of its computer development team, enhance its technology, and seek new markets in the United States and South America.

Georgian Partners-led $45 mln round backs Welltok's buy of Silverlink

Welltok Inc, a consumer health enterprise platform, has raised US$45 million in follow-on funding. The round was led by Canadian venture capital firm Georgian Partners, with participation from EDBI, Flare Capital Partners and several existing institutional and strategic investors. Denver, Colorado-based Welltok said the investment supported its buy of Silverlink, a healthcare consumer communications company. The acquisition will add to Welltok's health optimization capabilities, the company said. The investment's proceeds will also facilitate on-going product development and market expansion. Earlier this week, Georgian Partners led the Series B financing of Bluecore Inc.

Bionics startup Wiivv Wearables raises $3.5 mln in seed funding

Vancouver-based Wiivv Wearables Inc, a bionics company that creates custom, 3D printed body gear, has secured $3.5 million in seed-stage financing. The round was led by U.S. venture capital firm Eclipse Ventures, Canadian firm Real Ventures, and is the first investment made by Asimov Ventures, a U.S. investor focused on 3D printing and robotics. Other investors included Evonik Industries, MAS Holdings, Relentless Pursuits Partners and FIT Technology Group. Founded last year, Wiivv said it is preparing for a Kickstarter campaign in early 2016 to build a community of early adopters for its first product: BASE, a 3D printed comfort-fit insole.

VC-backed Solegear to buy office products book of business

Solegear Bioplastic Technologies Inc (TSX-V: SGB), which went public earlier this year, has agreed to acquire the TOPS Products Canada book of business for office products of Columbia Plastics Ltd. The deal will see Solegear issue 125,000 common shares to Columbia. Vancouver-based Solegear said the office products will be made using its proprietary plant-based bioplastic and are forecasted to generate up to 60,000 units of sales in 2016. In October, Solegear secured an investment from The Hillcore Group. It has previously received funding from Canadian venture capital firm Yaletown Venture Partners, Best Buy Capital and other investors.