Private Equity
Cardiac Dimensions Inc has added US$15.2 million to a previously announced round of financing, bringing the deal’s total to US$43 million. The latest tranche was provided by European venture capital firm Life Sciences Partners and U.S. firm Aperture Venture Partners. They join existing investors, which include Canadian venture capital firm Lumira Capital. Cardiac, a U.S. developer of minimally invasive treatments for heart failure and related cardiovascular conditions, said the funds will be used to support clinical trials, the expansion of research activity and commercial operations.
4 min read · 11 March 2015
U.S. mobile payments company Square has acquired Kili Technology, a Canadian provider of payment processing, security access control and authentication solutions. The transaction's value was not disclosed. Square, which opened an office in Kitchener-Waterloo, Ontario in 2014, said Kili will continue to operate from its office in Toronto. Based in San Francisco, Square is led by CEO Jack Dorsey, co-founder of Twitter. The company has raised a significant amount of venture capital since its founding in 2009. Its backers include Citi Ventures, GGV Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers, Sapphire Ventures and Sequoia Capital.
2 min read · 11 March 2015
British Columbia Discovery Fund (VCC), a retail venture capital fund managed by Discovery Capital Management Corp, has discontinued the sale of its Class A Shares and will not be renewing its distribution prospectus, which lapses on April 15, 2015. The fund, which has $40 million in assets, said it will instead focus on the management and realization of existing portfolio investments. Its portfolio companies include Avigilon Corp, a surveillance solutions platform; quantum computing company D-Wave Systems Inc; and Tantalus Systems Corp, a provider of smart grid communications. Founded in 1986, Discovery Capital is based in Vancouver.
5 min read · 11 March 2015
Toronto-based online talent assessment platform Kira Talent has secured $1.2 million in seed-stage funding. Canadian venture capital firm Relay Ventures led the follow-on round with participation from other investors, including new investor the Business Development Bank of Canada and existing angel investors, such as Joe Canavan, Anthony Lacavera, Sam Duboc, John Kelleher and Roger Martin. Update: Kira said proceeds will be used to refine its Kira Academic platform, which allows post-secondary institutions to evaluate applicants through the use of timed video and written response questions. The company was founded in 2012.
3 min read · 11 March 2015
Nineteen members of angel investment network Anges Québec have contributed to the financing of MEDFAR Solutions Cliniques. The deal, which included contributions from other private investors, totaled $695,000. Anges Québec's investment was led by Enzo Blasi, president of Intellio Capital Humain Inc. MEDFAR, which is based in Montréal, will use proceeds of the round to expand the marketing of its clinical management software, which optimizes patient follow-up and centralizes data in an electronic medical record. Last month, Anges Québec Capital Fund, a fund established to invest alongside Anges Québec members, was recapitalized at $85 million.
3 min read · 10 March 2015
BDC Capital and Foresight Clean Technology Accelerator recently provided financing to two Canadian clean technology startups. The companies were Dark Vision, a provider of downhole imaging technology that minimizes resource extraction impacts, and Pyrowave, a developer of a microwave pyrolysis technology for use in plastics recycling. BDC Capital participated in the deals through its convertible notes program, which entitles select companies to $250,000 if co-investment criteria are met. Based in Vancouver, Foresight has supported over 25 startups in Western Canada, which together have raised more than $3.5 million in early-stage funding.
3 min read · 10 March 2015
Rapitow Corp, developer of a mobile app that delivers assistance to stranded motorists, has secured undisclosed seed-stage financing. The investor is LiquidProject, a new Canadian early-stage venture capital firm led by founding partner and CEO Jason Tryfon. With the deal's closing, Tryfon has joined Rapitow as its chairman. Based in Mississauga, Ontario, Rapitow was co-founded in 2014 by Waheed Subhani and Joe Borg to bring new technology solutions to roadside emergency response. The company said it will use proceeds of the seed round to accelerate growth and expand its market reach into the United States.
3 min read · 10 March 2015
Clear Blue Technologies Inc has received undisclosed debt financing from the Southern Ontario Fund for Investment in Innovation (SOFII). The Toronto-based company, a provider of off-grid lighting, security and mobile solutions, has also retained the services of boutique corporate finance advisory firm GreenSky Capital Inc. Last June, Clear Blue Technologies raised $500,000 in funding from Grenville Strategic Royalty Corp and the Ontario Centres of Excellence.
3 min read · 09 March 2015
Acuity Brands Inc (NYSE: AYI) has agreed to acquire Distech Controls Inc, a Canadian provider of building automation and energy management solutions. Acuity Brands, a U.S. specialist in lighting solutions, will pay $318 million in cash for the company in a deal that is expected to close within the next four to eight weeks. Founded in 1995, Distech has raised close to US$40 million from venture capital firms. Its backers include the Caisse de dépôt et placement du Québec, EnerTech Capital, Export Development Canada, Fonds de solidarité (FTQ), Samsung Ventures and W2 Investments. Distech Controls said in a statement that it will continue to operate from its head office in Brossard, Québec, and will continue to be led by founder Étienne Veilleux.
6 min read · 09 March 2015
Golden Opportunities Fund, a retail fund managed by Canadian private equity and venture capital firm Westcap Management, has raised new capital commitments totaling $40 million. With the raise, the fund was fully subscribed for its 2014 tax-assisted fundraising period. Founded in 1999, Golden Opportunities invests in small and medium-sized growth companies in diverse sectors of the Saskatchewan economy. To date, it has invested more than $300 million in 118 companies.
2 min read · 09 March 2015
