Private Equity
LightSpeed Retail Inc, which in September closed a $35 million financing, has acquired POSIOS, a Belgian mobile point-of-sale platform targeted to the hospitality industry. The financial terms of the deal were not disclosed. POSIOS joins LightSpeed as Lightspeed Restaurant, a cloud-based product offering to cafes, bars, nightclubs, fine dining and chain restaurants. POSIOS co-founder, Zhong Xu, will lead Lightspeed Restaurant's strategy as the company's director of hospitality. Based in Montréal, LightSpeed is a retail commerce platform. It is backed by Canadian venture capital firm iNovia Capital and U.S. firm Accel Partners.
3 min read · 22 October 2014
Emerald Technology Ventures, which has offices in Toronto and Zurich, Switzerland, has jointly with South Pole Carbon won a mandate to manage the Swiss Technology Fund. The fund was formed by the Swiss government to extend loan guarantees to Swiss small businesses that are developing innovative technologies to reduce greenhouse gas emissions, support the use of renewable energy or conserve natural resources. Founded in 2000, Emerald is focused on investing in the areas of energy, water, advanced materials and industrial information technology.
4 min read · 22 October 2014
The Better Bean Co, a manufacturer of beans using all-natural, quality ingredients, has obtained US$1.5 million in equity financing. One of the investors in the round was Canadian venture capital firm Renewal Funds. Founded in 2009, the Portland, Oregon-based Better Bean is also backed by Portland Seed Fund. With headquarters in Vancouver, Renewal Funds is an early-stage investor focused on environmental and social mission businesses in Canada and the United States. Earlier in October, the firm also made a follow-on investment in U.S.-based personal care company Sensible Organics Inc.
4 min read · 21 October 2014
Pyrowave Inc, developer of a microwave pyrolysis technology for recycling plastics, has secured $250,000 in convertible debt financing. The source of the investment was not disclosed. Pyrowave, which has offices in Toronto and Montréal, said proceeds will fund its final pilot machine. The company also said it plans to raise equity funds through the network of Canadian boutique finance advisory firm GreenSky Capital. GreenSky assisted Pyrowave in closing its latest financing deal.
2 min read · 21 October 2014
CrowdCare Corp has secured $3.5 million in follow-on financing. The round was led by Canadian venture capital firm Extreme Venture Partners and was joined by existing investors, including Mantella Ventures Partners. Mantella was reported to have led CrowdCare's $1 million investment earlier this year. The Richmond Hill, Ontario-based company said the new funding will contribute to accelerating the deployment of its Wysdom plaftorm, which helps customers get answers to questions about their mobile technology. CrowdCare was founded in 2012 by CEO Ian Collins and president Jeff Brunet.
4 min read · 21 October 2014
Slyce Inc (TSX-V: SLC), a venture-backed Canadian startup that went public in July, has agreed to acquire U.S.-based Drivetrain Agency LLC. Consideration for the deal, which totals US$3.45 million, includes a common shares issue by Slyce, cash and deferred cash payments. Based in Minneapolis, Minnesota, Drivetrain builds mobile, social and web apps for corporate clients. Upon the acquisition's closing, Drivetrain founder and CEO Daniel Grigsby will join Slyce as its chief technology officer.
5 min read · 21 October 2014
Retailcommon Inc, a Toronto-based social shopping network, has obtained $2 million in a Series A financing. The round's investors join an existing group of backers, including Michael Emory, president and CEO of Allied Properties REIT, Richard Hamm, CEO of Bristol Gate Capital, Blake Loveless, managing principal at MeyerBergman Funds, and Peter Sharpe, former president and CEO of Cadillac Fairview Corp. Founded in 2008, Retailcommon helps retailers connect with the mobile devices of their customers. The company announced it will next month launch its platform in the United States.
4 min read · 21 October 2014
SPARQ Systems Inc, a designer of microinverters for solar power systems, has received $11 million in new funding. The deal was led by Canadian clean technology venture capital firm ArcTern Ventures, which also led SPARQ's $2.75 million financing in 2013. Proceeds of the latest round will help launch the company's uQuad technology, a residential microinverter that optimizes power from up to four solar modules. Founded in 2009, the Kingston, Ontario-based SPARQ has also been backed by MaRS Investment Accelerator Fund, Ontario Centres of Excellence and other investors. ArcTern's Tom Rand last month wrote about climate risk challenges in a peHUB Canada feature article.
3 min read · 21 October 2014
New research published by the Business Development Bank of Canada (BDC) points to five fundamental elements of Canadian business success, as well as five common pitfalls. The report, The Five Do's and Five Don'ts of Successful Businesses, indicates that factors of high performing companies include: innovation; reliance on external advice; a solid and measurable business plan; hiring the best employees and keeping them engaged; and strong relationships with suppliers. The BDC has provided an infographic that highlights its key findings. The report was released as part of the 35th annual BDC Small Business Week, which runs from October 19 to 25.
5 min read · 20 October 2014
U.S. venture capital firms have invested more than US$33 billion in the first nine months of 2014, according to the MoneyTree Report from PricewaterhouseCoopers LLP and the National Venture Capital Association, based on data provided by Thomson Reuters. That level of activity already exceeds the US$30 billion invested during the whole of 2013. Between July and September, US$9.9 billion was invested, down from the second quarter of 2014, but up from the same time last year. Venture capital fundraising in the U.S. market, which totals US$23.8 billion to date this year, also surpasses full year 2013 levels.
9 min read · 17 October 2014
