Private Equity
Canadian photo-sharing platform Vidigami Inc has secured $1.25 million in seed-stage financing. The round was led by Andrew Wright, managing director of U.S. venture capital firm Wright Ventures, and was joined by a number of angel investors, including Aaron Rallo, James Fletcher, Laurie Wallace and Robert Cruickshank. The Vancouver-based Vidigami, which has developed a content-management system for storing and sharing school and family photos, said it will use the funds to fuel growth by investing in sales, marketing and product innovation. The company was founded in 2010.
2 min read · 22 December 2014
The Fonds de solidarité FTQ has made a $4 million equity investment in Zymeworks Inc, a developer of best-in-class protein therapeutics for the treatment of cancer, autoimmune and inflammatory diseases. Based in Vancouver, the company has significant research activities in Québec. It is currently developing several antibody therapeutics in the field of oncology with anticipated IND filings beginning in 2016. Established in 2003, Zymeworks is also backed by Advanced Biotechnologies Venture Fund and CTI Life Sciences Fund. Earlier this year, the company announced it had raised $17.3 million in funding from a mix of new and existing investors.
4 min read · 19 December 2014
Canada's BlackBerry Ltd said it has completed its acquisition of Secusmart, Reuters reported. The terms of the deal were not disclosed. The German maker of encryption and anti-eavesdropping services was previously a portfolio investment of several European venture capital firms, including Ammer Partners.
2 min read · 19 December 2014
Avigilon Corp (TSX: AVO), a portfolio company of BC Discovery Fund, has acquired the patent portfolio and the patent licensing program of U.S. video software provider ObjectVideo Inc. The purchase price was US$80.3 million. Avigilon, a Vancouver-based provider of end-to-end security solutions, said the deal adds to its portfolio of U.S. and international patents and patent applications, which now total 124 and 202, respectively. BC Discovery Fund is a retail venture capital fund managed by Discovery Capital Management Corp. Avigilon went public in 2011.
5 min read · 18 December 2014
U.S. molecular diagnostics company CardioDx Inc has secured US$35 million in new financing. Canadian pension fund manager Alberta Investment Management Corp (AIMCo) participated in the round along with existing investors. Based in Redwood City, California, CardioDX specializes in cardiovascular genomics, and is focused on developing clinically validated tests that help clinicians care for patients. The company, which is reported to have raised US$21 million in July, is backed by Artiman Ventures, Kleiner Perkins Caufield & Byers, Longitude Capital, Mohr Davidow Ventures, Pappas Ventures and Temasek Life Sciences, among others.
5 min read · 18 December 2014
Emerald Technology Ventures, which has offices in Toronto and Zurich, Switzerland, has led a US$8 million Series A financing of P97 Networks Inc. Also participating in the round were several new and existing investors, including American Trading and Production Corp. Based in Houston, Texas, P97 is the developer of PetroZone, a cloud-based mobile commerce and behavioral marketing platform for the convenience and fuel retailing industry. It plans to use funding proceeds to accelerate product development, as well as sales and marketing. Emerald is focused on investing in energy, water, advanced materials and industrial information technology sectors.
4 min read · 17 December 2014
The Canadian government has announced its new Immigrant Investor Venture Capital (IIVC) pilot program, which is intended to attract experienced business immigrants to Canada. The program, which will begin accepting applications in late January 2015, targets approximately 50 immigrant investors who have a net worth of $10 million and can make a commitment of $2 million for a period of 15 years. Commitments will capitalize an IIVC fund vehicle, which will invest in Canadian innovative startups with high growth potential. The IIVC fund is expected to raise at least $100 million.
3 min read · 16 December 2014
BP Ventures, the technology investment arm of U.K. energy business BP Group, has invested in Saltworks Technologies Inc. The deal, the value of which was not disclosed, follows an investment in May made by ConocoPhillips Co. Based in Vancouver, Saltworks has developed desalination systems for demanding applications which require freshwater from highly impaired saline water sources. It said the investment from BP, which has partnered with the company in test projects, will allow it to continue its technology development. Saltworks is also backed by the venture capital program of Cenovus Energy Inc and by Teck Resources Ltd.
2 min read · 16 December 2014
Foko Inc, a photo-sharing and messaging service for enterprises, has raised $2 million in seed-stage financing, adding to the $450,000 in funds that the company secured earlier this year. The investors in the latest round included Canadian venture capital firms BDC Capital and Real Ventures, as well as senior technology executives and entrepreneurs Sarah Imbach, Brian O'Higgins, Peter Griffiths, Sebastien Marineau, Paul Tsaparis, Eric Yau and Ricardo Poupada. Update: Headquartered in Gatineau, Québec, Foko said investment proceeds will be used to enhance its service and raise its market profile.
3 min read · 16 December 2014
Canadian specialty pharmaceutical company Knight Therapeutics Inc (TSX: GUD) has committed a total of US$35 million to new funds managed by U.S. life sciences venture capital firms Domain Associates and Sanderling Ventures. The fund commitments, which follow the company's $30 million commitment in October to Teralys Capital Innovation Fund LP, a life sciences fund managed by Canadian fund of funds manager Teralys Capital, reflect Knight Therapeutics' continuing product sourcing strategy.
3 min read · 16 December 2014
