Private Equity
AppDirect Inc, which last year opened an office in Montréal, has raised US$50 million in a Series D financing. The round was led by U.S. venture capital firm Mithril Capital Management, and was joined by a mix of new and existing investors, including Canadian firms iNovia Capital and Foundry Group. Based in San Francisco, AppDirect is a cloud service marketplace and management platform. It plans to use funding proceeds to expand its global market share by devoting resources to scale sales, marketing and client services teams, and by forging new partnerships. AppDirect is co-led by Canadian entrepreneurs Nicolas Desmarais and Daniel Saks.
4 min read · 11 February 2015
Canadian technology startup Miovision, which produces software that converts video of vehicle traffic into data, has received $30 million in funding to help support its growth plans, Reuters reported. The funding, its biggest to-date, was led by Canadian merchant bank MacKinnon, Bennett & Co. Investeco Capital, Renewal Funds, Plaza Ventures and Comerica also participated. The Kitchener, Ontario-based Miovision has more than 500 customers in 50 countries.
2 min read · 11 February 2015
Gymtrack Inc has secured $2.5 million in a seed-stage financing round led by White Star Capital and Real Ventures. Other investors in the deal included 500 Startups and BDC Capital. Based in Ottawa, Gymtrack is a provider of exercise planning and virtual coaching software and devices that help individuals track their workouts. Co-founded in 2014 by Lee Silverstone and Pablo Srugo, the company is a recent graduate of 500 Startups' accelerator program. Gymtrack’s technology, which is currently available at a number of sites in Canada, will later this year be introduced to additional gyms and fitness facilities, the company said.
3 min read · 11 February 2015
Venture capital investment in Canadian startups reached a twelve-year high in 2014 with over $2.3 billion invested in 522 deals, according to data released by Thomson Reuters. This reflected a 21 percent increase over 2013 and the most active year in the domestic market since 2002. Investment activity was primarily led in information technology sectors, in which 226 companies received over $1.4 billion invested, up 38 percent from 2013. Canadian venture capital firms also invested more money in global markets: $409 million, which is up 76 percent year over year. On the other hand, Canadian venture capital fundraising fell by 15 percent in 2014, relative to the year before, with new commitments to funds totaling $1.2 billion this time around.
4 min read · 10 February 2015
Lumenpulse Inc (TSX: LMP) has bought all of the shares of Ariane Controls Inc, a provider of narrowband powerline communication technology with headquarters in Québec City. The financial terms of the deal were not disclosed. Based in Montréal, Lumenpulse is a manufacturer of high performance and sustainable LED lighting solutions. It said the acquisition will add to its portfolio of proprietary technologies. Last year, Lumenpulse went public, raising $100 million in proceeds. It continues to be backed by Canadian venture capital firm XPND Capital and other investors.
2 min read · 09 February 2015
G1 Therapeutics Inc has raised US$33 million in a Series B financing led by Eshelman Ventures and RA Capital Management. Joining the round were new investors, including Canadian life sciences venture capital firm Lumira Capital. Other investors included Tavistock Life Sciences' Boxer Capital, Hatteras Venture Partners, MedImmune Ventures and Mountain Group Capital. Based in Research Triangle Park, North Carolina, G1 Therapeutics is a pharmaceutical company developing small-molecule therapies to address significant unmet needs in oncology. Its lead program, G1T28, is currently being evaluated in Phase 1a clinical trials.
3 min read · 05 February 2015
Canadian venture capital firm Klass Capital has made a growth equity investment in Condo Control Central, a provider of cloud-based communication and management systems for condominiums. The value of the investment was not released. Condo Control Central said the funds will be used to grow its team and to continue development and expansion of its online system for condominiums. Founded in 2008 by president Brian Bosscher, the company launched its technology platform in 2012. Klass Capital's investment is its second disclosed so far this year. In January, the firm invested in home healthcare platform AlayaCare Inc.
3 min read · 05 February 2015
Clarity, a marketplace that connects entrepreneurs with top advisors and industry experts, has been acquired by Fundable.com, a U.S. crowdfunding platform for small businesses. The financial terms of the deal were not published. Clarity's founder and CEO Dan Martell said the company will become part of Startups.co, a new startup launch platform. With offices in Moncton, New Brunswick and San Francisco, Clarity was backed by a mix of venture capital investors, including Canadian firms Real Ventures and Version One Ventures, as well as U.S. firms Baseline Ventures, 500 Startups, Freestyle Ventures and Venture51.
4 min read · 03 February 2015
Anges Québec Capital Fund, a fund established in 2012 to invest alongside members of Anges Québec, has been recapitalized. New capital commitments to the fund, totaling $85 million, include $65 million from Anges Québec partners, including the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and the Québec government. To date, the fund and Anges Québec, a network of 165 private investors, have invested in 44 early-stage innovative companies in Québec. François Gilbert, president and CEO of Anges Québec, said the new money will facilitate investments in more than 55 companies.
3 min read · 03 February 2015
Inocucor Technologies Inc, a developer of sustainable biological products, has secured undisclosed funding. The round was led by Canadian venture capital firm Cycle Capital Management, which first invested in the company in 2013, and was joined by Desjardins Innovatech. Inocucor said the deal will help speed the commercialization of its technology platform, which provides solutions to improve seed germination and increase crop yields. The company also said that it is preparing for a major equity financing to fuel growth. Based in Montréal, Inocucor was founded in 2007 by scientists Dr. Margaret Bywater–Ekegärd and Ananda Lynn Fitzsimmons.
4 min read · 03 February 2015
