Private Equity
TRACE Live Networks, developer of a visually intelligent camera capable of capturing and distributing live-action footage, has raised $7 million in a Series B financing. The round was led by Canadian investment dealer Salman Partners, the principals of which led TRACE's seed funding last December, and Varo Capital. With the latest deal, the company has raised a total of $10 million to date. Created by the Business Instincts Group and led by co-founder and CEO Cameron Chell, TRACE plans to bring its platform products and accessories, including smart camera The TRACEr1, to market in the fall of 2015. The startup has its primary offices in Toronto and Venice, California.
3 min read · 15 July 2015
The Match Group, part of billionaire Barry Diller's IAC/InterActive Corp, said it would buy Canadian online dating website PlentyOfFish in a deal valued at US$575 million, ahead of an IPO expected by the end of the year, Reuters reported. Vancouver's PlentyOfFish, launched in 2003, has over 90 million registered users worldwide with about 3.6 million active daily users.
2 min read · 14 July 2015
TIO Networks Corp (TSX-V: TNC), a portfolio company of U.S. venture capital firm IA Capital Group, has agreed to buy Softgate Systems Inc, a Fairfield, New Jersey-based provider of bill payment solutions. The deal, valued at about US$31 million, includes a cash payment and TIO shares issuance to Softgate investors. U.S. venture capital firm Edison Partners, a long-time backer of Softgate, and Napier Park Global Capital will join TIO as shareholders. Softgate has also been backed by Canadian specialty finance firm Wellington Financial. Vancouver's TIO is a cloud-based bill payment processor. It said the Softgate acquisition will create North America's largest provider of walk-in bill payment services.
7 min read · 14 July 2015
OurCrowd, an equity crowdfunding platform based in Israel, has invested $1 million in Influitive, a Toronto-based advocate marketing software provider that recently secured $30.5 million in a Series B financing led by Georgian Partners. OurCrowd made the investment with its opening of an office in Canada. The office will be headed by David Shore, previously a managing director at Canadian technology investment firm Terracap Ventures. Shore will assume the role of OurCrowd's director of investor relations in Canada. Founded in 2012 by CEO Jon Medved, OurCrowd has raised over $140 million in equity crowdfunding for its 72 portfolio companies.
4 min read · 14 July 2015
Compass Diversified Holdings, an affiliate of U.S. private equity firm The Compass Group, has completed its previously announced acquisition of Fresh Hemp Foods Ltd, a.k.a. Manitoba Harvest Hemp Foods. The final purchase price was $132.5 million. As a result, Compass now holds about 87 percent of Manitoba Harvest, with company managers and existing investor White Road Investments holding the balance. Founded in 1998, Manitoba Harvest is a vertically-integrated hemp food producer. The Winnipeg-based company has been a portfolio investment of Canadian agribusiness venture capital firm Avrio Capital since its Series A financing in April 2009.
4 min read · 13 July 2015
Introhive has secured US$7.2 million in a Series B financing. The investors were not disclosed; however, Entrevestor reports that they included Canadian venture capital firm Build Ventures, an existing investor, and that part of the round reflects the conversion of debentures previously issued by U.S. strategic investor Salesforce.com. Based in Fredericton, New Brunswick, Introhive leverages data science to enhance customer relationship management (CRM) utilization and value. It said it plans to use the new funds to expand its partner channel and direct sales team. Introhive was founded in 2012 by former Blackberry executives Jody Glidden and Stewart Walchli.
2 min read · 10 July 2015
Canadian startup Influitive, a marketing software provider, has raised $30.5 million in venture capital funding as it looks to finance growth and expand into Europe and Asia, its top executive told Reuters. Mark Organ, founder and CEO of the Toronto-based Influitive, added that the company wants to be ready for a potential initial public offering by 2019.
2 min read · 10 July 2015
Merchlar, a Canadian digital creative agency specializing in augmented reality, has secured funding from Speed of Trust Ventures, an angel and private equity investment firm based in Montréal. The value of the financing was not disclosed. Merchlar, which operates from its headquarters in Montréal, is focused on re-defining the user experience in all aspects of mobile and web development for businesses and individuals. Founded in 2010, the company said it has experienced rapid growth in the past year and is working with an increasingly wide range of industries and brands.
3 min read · 10 July 2015
Toronto-based molecular diagnostics company Xagenic Inc has secured a total of $15 million in follow-on funding. Each of the Canadian and U.S. investors in Xagenic's Series B financing, which had a second close at $25.5 million in July 2014, participated in the latest round. They included: Domain Associates, CTI Life Sciences Fund, BDC Capital and the Ontario Capital Growth Corp. Xagenic President and CEO Timothy I. Still said the new capital injection will help "accelerate our development efforts in bringing our point-of-care diagnostic platform to market.” The company was founded in 2010.
4 min read · 10 July 2015
Natural Systems Utilities, a U.S. water and energy infrastructure company, has raised follow-on funding. The undisclosed round was led by U.S. clean energy investor New Energy Capital Partners. It was joined by existing backers of Natural Systems Utilities, including Canadian firm XPV Capital Corp, which led the company's Series C financing in 2012. With headquarters in Hillsborough, New Jersey, Natural Systems Utilities provides high-value, low-impact water treatment, water re-use and organic waste-to-energy solutions for communities and businesses. Based in Toronto, XPV Capital invests in emerging water companies.
3 min read · 09 July 2015
