Private Equity
Whitecap Venture Partners, one of Canada’s oldest family-owned venture firms, has exceeded the initial target set for its third technology fund after opening the door to third-party investors for the first time. Whitecap III LP secured $70 million in committed capital in its first close, putting the fund within reach of a final goal of between $80 million and $100 million.
3 min read · 27 April 2015
Canadian professional services company Deloitte announced the opening of an innovation lab facility called d { }. The facility, which will be located at Waterloo, Ontario-based innovation hub Communitech, will provide industry insights, technical solutions, partnership opportunities and access to networks to technology startups. Communitech said the facility's location will also give Deloitte a window into the latest technologies.
3 min read · 23 April 2015
The Canadian Venture Capital and Private Equity Association (CVCA) has welcomed a measure in the federal Budget 2015 that paves the way for legal charities to invest in limited partnerships (LPs). The initiative, which the CVCA has been advocating over the past year, involves an amendment to the Tax Act that allows registered charities to invest in LPs provided that the investment is passive in nature. Except for charitable organizations or foundations that carry on a related business through an LP, investing entities must deal at arms length with the general partner and hold 20 percent or less of all LP interests.
2 min read · 23 April 2015
TrackTik, an integrated guard management software provider, has obtained $1.5 million in seed-stage funding. The round was led by Canadian venture capital firm iNovia Capital and was joined by existing investor Klass Capital. Klass Capital led TrackTik's prior financing in April 2014, which was also backed by several angel investors. The company, which assists security businesses in managing risk and gaining greater control over their operations, also announced the addition of Securitas North America to its list of clients. Based in Montréal, TrackTik was founded by President and CEO Simon Ferragne in 2010.
3 min read · 22 April 2015
BlackBerry Ltd said it will buy U.S. software company WatchDox in a bid to boost its security offerings, Reuters reported. Since 2008, WatchDox has raised over US$35 million from a number of venture capital firms, including Blackstone Group, Gemini Israel Ventures, Millennium Technology Value Partners and Shasta Ventures.
2 min read · 21 April 2015
Slack Technologies Inc, a group messaging platform launched in early 2014 by Canadian entrepreneur Stewart Butterfield, has secured US$160 million in new investment at a post-funding valuation of US$2.8 billion. New and existing investors committed to the deal, including Accel Partners, Andreessen Horowitz, The Social+Capital Partnership, Kleiner Perkins Caufield & Byers, Google Ventures, Horizons Ventures, Institutional Venture Partners, Spark Capital Growth, DST Global and Index Ventures. Slack, which has offices in San Francisco and Vancouver, said daily use of its technology has grown to more than 750,000 people. It reports having raised US$340 million since its founding.
3 min read · 16 April 2015
Synodon Inc (TSX-V: SYD) has agreed to exit its investment agreement with Canadian venture capital firm AVAC. The agreement will also settle the company's repayment obligation of a royalty on revenue "for an amount that management believes approximates the estimated net present value of the outstanding commitment to AVAC." The Edmonton-based Synodon, a remote sensing platform that provides datasets to energy businesses, received an investment from AVAC in 2008. The company is also backed by China Select Capital Partners.
3 min read · 16 April 2015
Scribble Technologies Inc has bought Appinions Inc, a U.S. provider of influence analytics marketing technology to brands, agencies and online publishers. The deal's financial terms were not published. Scribble said the acquisition creates "an unrivalled data-driven content marketing platform" and solidifies its presence in the U.S. market. Based in Toronto, Scribble raised $12 million in Series C financing last October. Its investors include Georgian Partners, Export Development Canada, Summerhill Venture Partners, Rogers Venture Partners and Waterloo Innovation Network Fund. Appinions' backers included Canadian specialty finance firm Difference Capital Financial.
4 min read · 16 April 2015
HarbourVest Canada Growth Fund, a venture fund of funds managed by Boston-based asset manager HarbourVest Partners, has secured $197.2 million in an initial close. The fund, the fourth to be formed in partnership with Ottawa's Venture Capital Action Plan (VCAP), raised about two-thirds of its commitments from a mix of banks, corporations and institutional investors.
3 min read · 16 April 2015
An investor group led by the senior management team at Agrisoma Biosciences Inc has made an undisclosed equity investment in the company. The group, which includes members of the board of directors, has taken a 22 percent stake in the Gatineau, Québec-based Agrisoma, an agribusiness that commercializes Resonance Carinata, an oilseed crop designed for biofuels and animal feeds. In a related deal, the company bought all of the shares that were previously held by Calyx Bioventures Inc. In September 2014, Agrisoma secured $8 million in a Series A financing from Canadian venture capital firms Cycle Capital Management and BDC Capital.
2 min read · 15 April 2015
