Private Equity
It is an awesome sight to see more and more U.S. technology startups earning billion-dollar valuations, writes Garibaldi Capital Advisors' Brent Holliday. But a number of Canadian companies have also started to breathe that rarified air. Like the high-growth unicorns of the United States, we in Canada have an ever-larger club of narwhals and soon-to-be narwhals.
5 min read · 16 June 2015
Members of angel investment network Anges Québec have invested $740,000 in Marmott Énergies Inc, a provider of geothermal energy used in residential buildings. Québec entrepreneur and investor Yves Racine led the round. Marmott, which is based in Montréal, said the proceeds of the investment will help the company to commercialize its geothermal solution for homes and apartments. Founded in 2010, Marmott is led by President Nathalie H. Tremblay. Earlier this year, Anges Québec Capital Fund, a fund established to invest alongside Anges Québec members, was recapitalized at $85 million.
3 min read · 16 June 2015
LeadSift, a provider of social media intelligence solutions, has secured an undisclosed sum in a follow-on financing round. The investors were Canadian venture capital firm OMERS Ventures, which has backed the company since 2012, and U.S.-based Salesforce Ventures. Headquartered in Halifax, Nova Scotia, LeadSift mines social media audiences to help brands identify, understand and reach consumers. It said it would use the deal's proceeds to further product development efforts and fuel sales and marketing. OMERS Ventures' Damien Steel said LeadSift is "well-positioned to capture significant market share and become a leader in acquiring customers via social media."
4 min read · 16 June 2015
ProNAi Therapeutics Inc, a Vancouver-based clinical-stage oncology company, has filed with the U.S. Securities and Exchange Commission (SEC) to launch an initial public offering on the Nasdaq Global Market under the ticker symbol "DNAI." According to the SEC filing, the company is seeking to raise up to US$86.2 million. Established in 2004, ProNAi is developing and commercializing a new class of therapies through its DNA interference platform for patients with cancer and hematological diseases. Last year, the company secured US$59.5 million in Series D financing, which was led by U.S. venture capital firm Vivo Capital and was joined by existing investors. It has a research facility in Plymouth, Michigan.
2 min read · 15 June 2015
Milestone Pharmaceuticals Inc, a Canadian drug developer focused on cardiovascular diseases, has raised US$17 million in Series B funding. U.S. venture capital firm Domain Associates led the round with participation from the company's existing investors, including the Fonds de solidarité FTQ, Pappas Ventures, BDC Capital, GO Capital and iNovia Capital. In conjunction with the deal, Domain's Debra Liebert was added to Milestone's board of directors. Update: The company, which has its headquarters in Montréal, said proceeds of the round will be used to complete Phase 2 clinical development of its lead product. Founded in 2005, Milestone has raised more than US$30 million in venture funding to date.
5 min read · 15 June 2015
Genesys Capital has launched its third life sciences venture fund on the strength of several recent portfolio wins, including the public debut of medical device provider Profound Medical. Genesys Ventures III LP hit the fundraising trail in April, targeting $150 million in committed capital. That’s more than twice the size of its predecessor, which closed in 2007.
3 min read · 15 June 2015
Dr. Annie Thériault has joined the Toronto-based Grenville Strategic Royalty Corp as a managing director. Thériault was previously a senior investment manager responsible for direct equity investments at Export Development Canada. Between 2010 and 2014, she served as a vice president at Canadian venture capital firm Northwater Capital Management. Grenville said Thériault will be a principal investor and senior team member who will help the firm grow its portfolio of royalty investments.
7 min read · 12 June 2015
MLA48 LP, a fund launched last October by Canadian angel organization Maple Leaf Angels, has made its premiere investment. The fund committed an undisclosed amount to Orchard Labs Inc, a Toronto-based company that enables the buying and selling of pre-owned iPhones through a secure platform. Maple Leaf Angels said the initial investment spurred over $500,000 of further investment from its membership and other angel investors. MLA48 was formed to provide prompt financing to companies in information, communication and entertainment sectors in southern Ontario.
3 min read · 12 June 2015
Loop Financial Inc, a.k.a. Lending Loop, has raised an undisclosed amount of seed-stage funding from the Kirsh Group. The company will utilize the investment's proceeds to launch and develop its Canadian online lending marketplace, which connects small and medium-sized businesses with lenders. Based in Toronto, Lending Loop was co-founded in 2014 by CEO Cato Pastoll and COO Brandon Vlaar. The company said its technology is aimed at "simplifying and optimizing business financing for lenders and borrowers alike."
3 min read · 11 June 2015
U.S. biopharmaceutical company XTuit Pharmaceuticals Inc has received US$22 million in a Series A financing. The round was led by U.S. venture capital firm New Enterprise Associates and joined by founding investor Polaris Partners, as well as new investors, which included Canadian firm CTI Life Sciences. XTuit, which is developing a novel class of therapeutics targeting disease-promoting microenvironment in cancer and fibrotic diseases, said it will use the proceeds of the deal to advance development of its lead products and to build its biomarker platform. In January, CTI secured $134 million in the first close of its second fund, CTI II.
5 min read · 11 June 2015
