Private Equity
Wave Accounting Inc, a cloud-based provider of online software products "for the money side of small businesses," has secured $10 million in a Series C financing. The investors in the round included Charles River Ventures, OMERS Ventures, The Social+Capital Partnership, and an unidentified strategic investor in the global financial technology software sector. Financial Technology Partners advised the company on the transaction. Update: Founded in 2010, Wave has with the latest round attracted a total of $35 million in venture capital. The company, which is headquartered in Toronto, will use the deal's proceeds for continuing innovation and development of its small business financial tools.
4 min read · 12 May 2015
The acquisition of a local technology startup by a foreign buyer often inspires feelings of regret in Canadian hearts. However, there are no mixed emotions about the imminent sale of Distech Controls, a Brossard, Québec-based energy management specialist, to Acuity Brands. On the contrary, the deal is viewed as an unqualified win for Distech, its employees, its investors, and Canada's cleantech industry.
3 min read · 11 May 2015
Canadian brain health technology company InteraXon Inc has received $10 million in Series B financing. The round was led by OMERS Ventures, its second investment in the company since 2013, and was joined by Felicis Ventures, Horizons Ventures and Flextronics Lab IX. As part of the round, Kent Thexton, managing director of OMERS Ventures, is joining InteraXon's board of directors. Based in Toronto, InterAxon is the maker of Muse, a wearable brain fitness tool for reducing stress, increasing focus, and improving sleep and mental performance. Founded in 2007, the company has raised close to $22 million in venture capital investment, including the latest round.
3 min read · 07 May 2015
MaRS Discovery District and Sustainable Development Technology Canada (SDTC) have agreed to partner in an initiative to launch and grow Canadian clean technology and energy innovation startups. The initiative, which will draw on SDTC’s funding and support activity and MaRS' skills development programs, aims to connect companies with global opportunities, share market information, and highlight the work of leading startups. SDTC Vice President David Harris Kolada said the MaRS-SDTC collaboration is intended to advance the goal of creating a $50 billion Canadian clean technology industry by 2022.
3 min read · 07 May 2015
The Ontario government plans to establish a new fund to support emerging health technologies in the province. The Health Technology Innovation Evaluation Fund will be capitalized at $20 million to support pre-market evaluations and early adoption of innovations in specific care settings and across the health sector. Last month, the provincial government announced it would commit $25 million to Scale Up Ventures Fund, an Ontario early-stage venture capital fund.
4 min read · 07 May 2015
MycoDev Group Inc, a biotechnology company that produces a biopolymer called chitosan, has raised a $500,000 investment from New Brunswick Innovation Foundation (NBIF). According to Thomson Reuters' data, the investment is part of a $1.06 million first-time financing. MycoDev, which is headquartered in Fredericton, New Brunswick, is currently refining its product for use as a main ingredient in surgical hemostatic hydrogels and trauma care. The proceeds of NBIF funding will be used for the purchase of equipment and for fine-tuning the production and extraction process.
2 min read · 07 May 2015
Canadian entrepreneur and venture professional Mark MacLeod has left his most recent job as CFO at FreshBooks to take on a role for which he is uniquely well-suited: mentoring startups. MacLeod this week announced the launch of SurePath Capital Partners, a financial advisory firm that aims to help companies overcome challenges to achieving high growth.
3 min read · 07 May 2015
Shopify Inc, a Canadian e-commerce platform for small businesses, has priced its initial public offering (IPO) of 7.7 million shares at between US$12 and US$14 per share. As reported by Reuters in April, Shopify is expected to raise proceeds of US$100 million or more. The company will list the stock on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols "SHOP" and "SH", respectively. Morgan Stanley, Credit Suisse and RBC Capital Markets are serving as the IPO's lead underwriters. Shopify's Canadian and U.S. venture capital investors include Bessemer Venture Partners, Felicis Ventures, FirstMark Capital, Georgian Partners, Insight Venture Partners and OMERS Ventures.
4 min read · 07 May 2015
GaN Systems Inc, a Canadian developer of gallium nitride power switching semiconductors, has secured US$20 million in a Series C financing. Canadian venture capital firm Cycle Capital Management led the round with participation from BDC Capital, Tsing Capital, Chrysalix Energy Venture Capital and RockPort Capital. Update: GaN Systems, which has its headquarters in Ottawa, said the investment's proceeds will enable it to ramp up sales and marketing support for its international customer base and to continue manufacturing line expansion. Founded in 2008, the company has with the latest round raised close to US$30 million since 2011, according to Thomson Reuters' data.
3 min read · 07 May 2015
Canadian mobile measurement company Mobidia Inc has been bought by App Annie Inc, a U.S. mobile app intelligence platform. The financial terms of the acquisition were not disclosed. San Francisco's App Annie said the deal combines the industry's two largest data sets into its technology solution, giving customers access "to more granular, accurate app usage insights." Based in Richmond, British Columbia, Mobidia has been venture-backed since its founding in 2005. Its Canadian investors include BDC Capital and Discovery Capital. Earlier in 2015, App Annie raised its Series D round, which was led by Institutional Venture Partners and joined by Greycroft Partners, IDG Capital Partners and Sequoia Capital.
4 min read · 06 May 2015
