Private Equity
Canadian impact venture capital firm Renewal Funds has made a $5 million equity investment in Cascadia Windows and Doors, a maker of energy efficient windows, doors, and other building envelope products. Cascadia, which is based in Langley, British Columbia, said the financing supports the launch of new technologies, geographic expansion, and continued growth. Founded in 2008, the company is led by President Kevin Ganzert and Vice President Operations Mike Battistel. Renewal Funds' investment in Cascadia follows its financing in April of OptiRTC, a U.S. stormwater control and rainwater harvesting technology company.
4 min read · 27 May 2015
Capital régional et coopératif Desjardins (CRCD), a retail fund managed by Canadian private equity firm Desjardins Capital de risque, has received share reservations totaling $127 million from close to 44,000 individual investors. A total of $150 million is available for tax-supported subscription in the current fundraising period. Since 2002, CRCD has made commitments totaling $1.7 billion in 750 Québec companies. Among its recent transactions, the fund led an investment in Congebec Logistic Inc, a provider of refrigerated services headquartered in Québec City.
3 min read · 26 May 2015
The federal Immigrant Investor Venture Capital (IIVC) pilot program, announced in December 2014, has reopened for applications for the period May 25 to December 20, 2015. The program, which invites skilled and wealthy business immigrants to contribute to an IIVC fund that will invest in high-growth technology companies based in Canada, was previously open for applications earlier this year. Citizenship and Immigration Canada will process the first 60 applications received, and place the next 60 on a waiting list. The IIVC fund will be managed by BDC Capital and is expected to raise $100 million or more in commitments.
3 min read · 26 May 2015
Granify, an automatic e-commerce revenue optimization platform, has raised US$7 million in Series A funding. U.S. venture capital firm Valar Ventures led the round with participation from iNovia Capital, Social Starts and several angel investors. The Edmonton, Alberta-based Granify said the Series A round, which builds on a $1.5 million seed-stage financing obtained in November 2013, will enable the company to accelerate its growth plan and increase its profitability. Founded in 2011, Granify is also backed by BDC Capital, Klass Capital and other investors.
3 min read · 26 May 2015
BDC Capital and the Department of Foreign Affairs, Trade and Development (DFATD) have renewed their support for the Canadian Technology Accelerator (CTA) initiative, which helps Canadian high-growth, market-ready companies gain access to global markets and entrepreneurship services. Since the BDC-DFATD partnership began in 2013, the network of CTAs has grown from four to 12 located in the United States, France, the United Kingdom and India, and covering a variety of technology sectors. Since 2009, more than 350 companies have participated in the CTA initiative.
4 min read · 25 May 2015
The Fonds de solidarité FTQ has made a $14.3 million commitment to the third fund of Forbion Capital Partners, a Dutch venture capital firm that invests in life sciences and biomedical technology sectors. The investment completes a recent cycle of fund commitments by the Fonds, which includes its participation in January's $134 million initial close of CTI Life Sciences' second fund. In the years ahead, the Fonds said it will shift its market focus to direct investments in life sciences companies. In the first quarter of 2015, the Fonds was one of the backers of new financings of enGene, an intestinal gene delivery platform, and of Thrasos Therapeutics, a biotherapeutics company.
4 min read · 25 May 2015
Online lending platform Mogo Finance Technology has filed a prospectus to launch an IPO on the Toronto Stock Exchange, suggesting it may be the next Canadian technology startup in line to go public this year. While its investors have not been fully identified, Mogo's prospectus notes that the company is currently drawing on credit facilities arranged by an affiliate of Fortress Investment Group.
2 min read · 22 May 2015
Ryan Holmes, the founder and CEO of Canadian social media platform Hootsuite Media, has been named Entrepreneur of the Year by the Canadian Venture Capital & Private Equity Association (CVCA). The CVCA award recognizes Canadian entrepreneurs that have demonstrated a track record of success in delivering returns, innovation leadership and a contribution to their community. Hootsuite was founded by Holmes in 2008. Since then, it was raised US$250 million in venture capital financing, including its US$60 million follow-on round in September 2014. Holmes recently told Reuters he is actively considering plans to launch Hootsuite's initial public offering.
3 min read · 22 May 2015
Digital Specialty Chemicals Ltd, a fine chemicals manufacturer and a provider of advanced materials to semiconductor, pharmaceutical and specialty chemical markets, has secured equity funding. The investor was Intel Capital, the venture capital investment arm of U.S. technology business Intel Corp. The value of the funding was not disclosed. Update: Digital Specialty Chemicals, which was founded in 1987, said the deal's proceeds will enhance its research and development capabilities and accelerate manufacturing capacity expansion. The company has it headquarters in Toronto.
3 min read · 22 May 2015
Hootsuite, a provider of software to manage social media on a global scale and one of Canada's most valuable tech startups, hinted it may move up its timeline on an IPO in light of the success of fellow startup Shopify, Reuters reported. On Thursday, Shopify's shares rose as much as 69 percent in their U.S. debut, valuing the company at about US$2.14 billion.
2 min read · 21 May 2015
