Canada

Kristina Williams tapped as Alberta Enterprise president and CEO

Alberta Enterprise Corp has named interim managing director Kristina Williams as the organization's new president and CEO. Williams, who has served with Alberta Enterprise for the last five years, previously worked in a variety of capacities at a number of technology companies. Founded in 2008, Alberta Enterprise is a $100 million fund-of-funds manager that is focused on building the provincial venture capital industry. To date, it has committed $90 million to seven venture capital funds and the Accelerate Fund LP, an angel co-investment fund, and has helped to leverage $765 million of additional investments.

Ottawa not doing enough to make Canada a clean energy leader: report

A new report by Clean Energy Canada said that the federal government is not doing enough to promote Canada’s transition to an energy-efficient, ecologically responsible and prosperous low-carbon economy. Tracking the Energy Revolution, published to coincide with the UN Global Climate Summit, estimates that US$207 billion was invested in clean energy projects worldwide in 2013, with China leading this activity. Canada last year had the second-fastest growing clean energy market in the G20, with investments totaling US$6.5 billion, however, "that success has come without benefit of significant federal policy support," the report said.

Corus leads $12 mln funding of KIN, partners in KIN Canada launch

Canadian media and entertainment company Corus Entertainment Inc has led the US$12 million Series C financing of KIN, a lifestyle-focused digital media specialist based in Santa Monica, California. Also participating in the round was Emil Capital and existing U.S. investors Mayfield Fund, General Catalyst Partners and Rustic Canyon Partners. KIN, which owns the female-focused lifestyle network KIN Community, will use the funding for talent acquisition and support, expansion of its advertising sales team, original programming and new development opportunities. Concurrent with the deal, the company launched KIN Canada in partnership with Corus.

Interactive Validation Solutions nets $1.2 mln from angels, CLD de Laval

Interactive Validation Solutions 88 Inc, the maker of Pivot 88 manufacturing software, has obtained $1.25 million in financing. Pierre Chardi and seven other members of Anges Québec contributed to the deal, as did the Centre local de développement de Laval (CLD de Laval). Based in Laval, Québec, Interactive Validation Solutions 88's platform is designed to help save time and money in the manufacturing ordering process. Investment proceeds will facilitate the company's product marketing and growth in foreign markets. Anges Québec manages a network of 155 investors that has to date backed 51 early-stage companies.

Richard Branson to mentor winners of Shopify's Build a Business contest

Shopify Inc has launched its fifth annual Build a Business competition, which encourages entrepreneurs with a product idea to start selling through its e-commerce and retail platform. The Ottawa-based startup said that over the past four years its contest has helped launch more than 36,000 new businesses that have sold more than $180 million in products. Winners of this year's event will be flown to Richard Branson's Necker Island for five days of mentorship and growth opportunities. Branson is the founder of Virgin Group. Last December, Shopify raised $100 million in Series C funding led by OMERS Ventures and Insight Venture Partners.

BDC SME clients top 30,000, bank deploys more to VC, growth capital

The Business Development Bank of Canada (BDC) has announced that it experienced a 6.7 percent increase in the number of Canadian small and medium-sized enterprises it serves as clients in fiscal 2014. These clients now total more than 30,000. According to the bank's 2014 annual report, it also committed around $862 million to the venture capital market, which is up from around $822 million in fiscal 2013. BDC's subordinate financing group, now known as growth and transition capital, also reflected a portfolio of $601 million in fiscal 2014, up from $566 million the year before.

VC-backed ClearFit hires Beyond.com vet Chris Billetz

ClearFit, a portfolio company of Canadian venture capital firm Relay Ventures and U.S. firm GrandBanks Capital, has brought on Chris Billetz as its head of business development. Prior to joining ClearFit, Billetz was director of agency relations at U.S.-based career network Beyond.com, which is also venture-backed. Based in Toronto, ClearFit is a hiring platform designed to help small businesses quickly and easily find applicants and make better hiring decisions. The company has made several strategic hires since closing its $7 million Series A financing round in May 2013.

LightSpeed, Frank & Oak deals put VC raised by C100 companies at $1.1 bln

Venture capital raised by C100 companies has passed the $1 billion dollar mark. Due to recent financings of Montréal startups Frank & Oak and LightSpeed Retail, money going into Canadian companies that have participated in C100 mentoring programs or that have received investments from C100 charter members reached nearly $1.1 billion in September. That is a ten-fold increase since the Silicon Valley-based nonprofit organization got underway in 2010.

AbCelex Technologies secures $1 mln top-up to Series A round

AbCelex Technologies Inc, a developer of innovative approaches to advance the health of food animals and improve human food safety, has received a top-up investment to its previously announced Series A financing round. Canadian investment and merchant banking firm Pinetree Capital Corp invested $1 million in the round, adding to the $2 million invested by U.S. venture capital firm Cultivian Sandbox Ventures in April. Proceeds will be used to finance research of an antibody-based approach to controlling pathogens in farm animals that have been implicated in a variety of food-borne illnesses. Founded in 2010, AbCelex is based in Toronto.

AIMCo invests in Sulvaris, David Sealock named new president, COO

Sulvaris Inc, a developer of technology that converts by-product elemental sulfur into a plant nutrient sulfur fertilizer called Vitasul, has secured equity funding from Alberta Investment Management Corp (AIMCo). The investment, the value of which was not disclosed, will fund the company's Strachan project through to name plate production of more than 200,000 tonnes per year of Vitasul. The Calgary-based Sulvaris also announced that Sunshine Oilsands Ltd executive David Sealock has been appointed to the role of president and COO. In 2013, the company also received project financing from Canadian venture capital firm Avrio Capital and other investors.