Private Equity
Canadian cleantech venture capital firm Cycle Capital Management has partnered with Qingdao City Construction Investment Group to invest in cleantech companies and establish a venture capital fund in Qingdao, China. The partnership will also create new opportunities in Qingdao for two portfolio companies of Cycle Capital: Enerkem Inc, a waste-to-biofuels and chemicals producer, and Eocycle Technologies Inc, developer of a direct drive alternator for wind turbines. Based in Montréal, Cycle Capital has $230 million in assets under management.
3 min read · 28 October 2014
Knight Therapeutics Inc (TSX: GUD), a specialty pharmaceutical company, has committed $30 million to Teralys Capital Innovation Fund LP, a life sciences fund managed by Canadian fund of funds manager Teralys Capital. The initiative follows the company's investments in other fund vehicles, including its commitment earlier this month to Dutch venture capital firm Forbion Capital Partners. The Montréal-based Knight Therapeutics said it plans to invest up to $130 million in its fund strategy, which is intended to secure Canadian product rights for the company. Teralys manages a $600 million fund sponsored by the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Investissement Québec.
3 min read · 28 October 2014
Peter Carrescia has been appointed the new managing director of The Next 36, a non-profit organization focused on supporting the development of young entrepreneurs in Canada. He replaces Claudia Hepburn, who is transitioning to the board of directors. Carrescia previously served as a managing director at OMERS Ventures, as a general partner at VenGrowth Capital Partners, and as a director at a number of technology companies. Founded in 2010, Next 36 is based in Toronto. Its investment partners include Alignvest Ventures, Relay Ventures and Slaight Communications.
4 min read · 27 October 2014
Advertising technology startup Pretio Interactive Inc has bought Tap for Tap, a mobile app exchange network located in Victoria, British Columbia. The financial terms of deal were not published, however, it included a cash and equity component which will result in Tap for Tap founder Todd Dunlop becoming an investor in Pretio. Pretio, which supports brands in placing rewards inside apps and games, said the acquisition adds more than 12,000 app developers to its platform. Founded in 2012, Pretio, which is also based in Victoria, obtained seed-stage funding from Canadian venture capital firms Wesley Clover International and Yaletown Venture Partners in 2013.
3 min read · 24 October 2014
Canadian early-stage venture capital firm Version One Ventures, which this week closed its second fund at $35 million, received a $10 million anchor commitment from Northleaf Venture Catalyst Fund. Version One, which is led by founding partner Boris Wertz, invests in Internet, SaaS and mobile companies in Canada and the United States. Northleaf Venture Catalyst Fund, which is managed by Northleaf Capital Partners, raised around $218 million in its initial close earlier in 2014.
3 min read · 24 October 2014
Jostle Corp has received an additional $2 million in equity financing. The round, which was backed by unidentified private investors, brings the startup's total financing to date to $6.6 million. Founded in 2009, Jostle is a provider of intranet software that helps enterprises better engage their workforce. The Vancouver-based company said it will use the latest investment proceeds to accelerate customer acquisition and "enhance its reinvention of the employee intranet."
2 min read · 23 October 2014
Tasktop Technologies Inc, which in June raised $11 million in a Series A financing, has hired Simon Bodymore as its chief financial officer (CFO). Bodymore was previously CFO of Wurldtech Security Technologies Inc, a portfolio company of Vanedge Capital and other investors before its acquisition by General Electric Co earlier this year. Based in Vancouver, Tasktop is the developer of an integration technology designed to improve software productivity. Founded in 2007, it is backed by Canadian venture capital firm Yaletown Partners and U.S. firm Austin Ventures.
3 min read · 23 October 2014
Canadian early-stage venture capital firm Version One Ventures has closed its second fund with $35 million in commitments, exceeding the $30 million target, said Boris Wertz, founding partner. Northleaf Venture Catalyst Fund and BDC Capital are anchoring the new fund and were joined by existing investors from Fund I.
2 min read · 23 October 2014
The Canadian Innovation Exchange (CIX) has released its 2014 list of the most innovative technology companies. The companies, many of which are backed by Canadian and U.S. venture capital firms, have been inducted into the annual CIX Top 20 program and will appear at the 7th annual CIX forum on November 18 at MaRS Discovery District. They are: Askuity, Bridgit, ChargeSpot Wireless Power, Cirius Messaging, Figure 1, Flixel Photos, FusionPipe Software Solutions, Gallop Labs, GridCure, GuestDriven, InteraXon, Mighty Cast, Mnubo, PostBeyond, RosterBot, Sightline Innovation, Vantage Analytics, ViewsIQ, VitalSines and WealthSimple.
2 min read · 22 October 2014
Listn, a music app created by Montréal-based company MFive Labs Inc, announced that it is joining Beatport, a brand affiliate of U.S. media conglomerate SFX Entertainment Inc. The financial details of the acquisition were not published. MFive Labs, a graduate of Canadian startup accelerator FounderFuel, received seed-stage funding from Canadian venture capital firms BDC Capital and Real Ventures last year. Beatport is a disc jockey and electronic music community. It was acquired by SFX in early 2013.
2 min read · 22 October 2014
