Private Equity
The federal government's Immigrant Investor Venture Capital (IIVC) pilot program, announced in December 2014, will begin accepting applications on January 28, 2015. The application period will be open until February 11, 2015 or until the maximum of 500 applications are received. Under the IIVC program, wealthy business immigrants will contribute to an IIVC fund that will invest in high-growth Canadian innovative companies. The fund, which will be managed by BDC Capital, is expected to raise at least $100 million.
3 min read · 26 January 2015
Chalk.com Inc has closed a $500,000 seed-stage financing. The round was led by the MaRS Investment Accelerator Fund with the participation of BDC Capital, Ryan Holmes, CEO of Hootsuite Media, and John Baker, president and CEO of Desire2Learn. Based in Kitchener-Waterloo, Ontario, Chalk.com provides a suite of productivity apps for primary and secondary teachers linked with an online collaboration platform. Currently being used in over 20,000 schools worldwide, the company's technology seeks to create "more personalized learning" for students, Chalk.com said.
2 min read · 26 January 2015
Montréal-based enGene Inc has raised $13.5 million in Series B financing. The round was backed by an international venture capital syndicate led by Dutch firm Forbion Capital Partners and joined by Québec's Fonds de solidarité FTQ and Russian investor group Pharmstandard International S.A. Existing investor Merck Lumira Biosciences Fund, which is managed by Lumira Capital, also participated in the deal, which brings enGene's total financing to date to over $30 million. The company, which develops novel DNA-based therapeutics, said that it will use the new funds to advance its platform technology for delivering genes to cells lining the gastrointestinal tract.
6 min read · 26 January 2015
Canadian boutique finance advisory firm GreenSky Capital has reorganized and added new team members to support its angel network and prepare for the launch of a new seed investment vehicle, GreenSky Accelerator Fund. The fund will invest in Canadian technology companies. GreenSky said Geoff Simonett will be stepping down as president, but will continue to chair the angel network and will join the investment committee of the new fund. Current vice president Greg Stewart will assume the president's mantle. Last June, GreenSky was profiled by peHUB Canada for its role in leveraging early-stage financing for Smart Energy Instruments Inc.
3 min read · 23 January 2015
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has invested a total of $1.25 million in two Ottawa technology companies. According to FedDev Ontario, AppZero Software Corp, which develops technology that moves server applications to and across any cloud or data centre, also raised $1.5 million in financing from Covington Capital Corp, Woodford Farm Trust and Seaver Kent Family Investments. It also said Glitchsoft Corp, which designs, builds and publishes games for mobile smartphones and tablet devices, raised $1 million in financing from Wesley Clover International Corp and angel investors.
5 min read · 22 January 2015
Canadian venture capital firm McRock Capital has raised new commitments for the second close of McRock iNFund LP, an industrial Internet of Things (IIoT) fund. The undisclosed commitments came from Cisco Investments and Teralys Capital Innovation Fund, the Canadian venture fund of funds managed by Teralys Capital. BDC Capital also increased its stake in the fund, which is scheduled to close this year at a cap of $65 million. Based in Toronto, McRock is focused on the intersection of sensors and software in large industrial markets, known as the IIoT. It invests in companies located across North America. In 2013, the firm announced a strategic partnership with GE Canada.
3 min read · 22 January 2015
SceneDoc Inc, a law enforcement and public safety software provider, has secured $4 million in Series A financing. The round was led by Canadian venture capital firm iGan Partners and was joined by U.S. firm Motorola Solutions Venture Capital and a group of angel investors. The Toronto-based SceneDoc said it will use the new funds to expand sales and marketing efforts, bring its investigation and field documentation platform to new global markets, and accelerate product development. The company, which was co-founded in 2011 by CEO Alex Kottoor and CTO Adrian Bubalo, received $1.35 million in seed funding last year from MaRS Investment Accelerator Fund.
3 min read · 22 January 2015
Private equity and venture capital firm the Fonds de solidarité FTQ said it plans to invest $1.6 billion in businesses that impact the Québec economy. Gaétan Morin, the firm's new president and CEO, announced the initiative, noting that the investment will take place over the next three years. With its headquarters in Montréal, the Fonds de solidarité FTQ manages net assets of $10.5 billion. It reports that the firm is a partner, either directly or through its network members, in more than 2,450 companies.
3 min read · 21 January 2015
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has agreed to commit up to $9 million to an Ontario seed fund. Launched by the Ontario Centres of Excellence (OCE), the SmartStart Seed Fund provides seed financing to help young entrepreneurs grow their startups and make them investment and customer ready. The program was first piloted with FedDev Ontario funding in 2012 and was renewed with Ontario government funding in April 2014.
3 min read · 21 January 2015
Zymeworks Inc has partnered with U.S.-based Celgene Corp on the research, development, and commercialization of bi-specific antibody therapeutics enabled by Zymeworks' product platform. Celgene will have the option to advance the resulting therapeutic candidates, while Zymeworks will receive an undisclosed initial upfront payment. According to a U.S. regulatory filing, Celgene has also invested $10 million in the company. The entire transaction may give Zymeworks up to US$164 million per therapeutic candidate, as well as royalties on net sales. The Vancouver-based company is backed by CTI Life Sciences, Advanced Biotechnologies Venture Fund and the Fonds de solidarité FTQ.
3 min read · 21 January 2015
