Private Equity
Retail venture capital fund GrowthWorks Canadian Fund has been given extended creditor protection by the Ontario Superior Court of Justice, pursuant to the Companies' Creditors Arrangement Act, until April 10. The fund also completed its previously announced sale and investor solicitation process, though none of the proposals received were accepted. It is now in discussions with Roseway Capital, to which GrowthWorks Canadian Fund is obliged, to formulate an asset management and realization plan.
4 min read · 07 March 2014
HootSuite Media Inc has launched HootSuite Labs, a team focused on emerging social technologies and that will engage with the company's early adopters and customers to shape the future of social media and digital marketing. Among its activities, HootSuite Labs will develop disruptive products, experiment with new innovations, and promote related sector events. Based in Vancouver, HootSuite last year raised US$165 million in a Series B financing round led by Insight Venture Partners, with participation from Accel Partners and OMERS Ventures.
3 min read · 06 March 2014
TripleLift, a native advertising technology platform for the visual web, has secured US$4 million in a Series A financing round. The round was led by U.S. venture capital firm True Ventures, with the participation of Canadian firm iNovia Capital, one of the company's existing investors. Other backers included NextView Ventures, MESA+, Liberty City Ventures, Social Starts, Laconia Ventures, Social Internet Fund and several angel investors. The New York-based TripleLift will use the new funds to expand its platform’s adoption among premium publishers and brands.
4 min read · 06 March 2014
Lumenpulse Inc, a manufacturer of high-performance, architectural LED-based lighting solutions, has filed a preliminary prospectus with Canadian regulatory authorities for a proposed initial public offering of its common shares. Founded in 2006, Lumenpulse is based in Montréal. It is backed by Canadian venture capital firms the Fonds de solidarité des travailleurs du Québec FTQ and Investissements W2, which together invested $5 million in the company in February 2013. In 2011, Lumenpulse raised $16 million, which included debt financing from Silicon Valley Bank.
2 min read · 06 March 2014
U.S. information technology giant Cisco Systems Inc (NASDAQ: CSCO) has selected Toronto as the site for one of four global Cisco® Internet of Everything Innovation Centres. The decision includes a planned investment of up to $100 million over 10 years. The centre's support for Canadian-based innovation will include establishing research chairs, professorships and innovation centres at 10 universities across the country. Cisco estimates that the initiative will make available approximately $500 billion to private and public-sector organizations.
4 min read · 06 March 2014
Canadian specialty finance firm Wellington Financial LP has provided US$11 million in venture debt financing to Operative Media Inc, a New York-based specialist in cloud-software solutions and outsourced ad services for media businesses. Proceeds of the investment will help Operative Media to continue enhancing its platform, expanding global operations and developing new offerings for publishers. Founded in 2000, the company is backed by U.S. venture capital firm Edison Ventures. It has also received financing from Orix Ventures.
3 min read · 06 March 2014
Redlen Technologies Inc has secured $5.5 million in new financing. Canadian venture capital firm Pangaea Ventures led the round with participation from other investors, including In-Q-Tel. In conjunction with the funding, Chris Erickson, founder of and general partner at Pangaea Ventures, was added to Redlen's board of directors. Based in Saanichton, British Columbia, Redlen Technologies is a maker of high-resolution CZT semiconductor radiation detectors. Update: It will use the proceeds of the investment to further expand the company's product line and volume production capabilities. Redlen has been venture-backed since 2004.
3 min read · 06 March 2014
Specialty pharmaceutical company Pivotal Therapeutics Inc (OTCQX: PVTTF) (CSE: PVO) has secured over $7.7 million in debt financing. The deal was led by U.S.-based Crossover Healthcare Fund, and included Broadfin Capital and Porter Capital Management. Combined with equity previously invested by Crossover, the company has to date raised over $10.4 million, which it will use for commercializing VASCAZEN®, a therapy focused on the Omega-3 deficiency needs of patients with cardiovascular disease, and other business purposes. Founded in 2010, Pivotal Therapeutics is based in Woodbridge, Ontario.
4 min read · 05 March 2014
Pythian, a provider of data management consulting and services, has secured $6 million in new funding. The investors included the Business Development Bank of Canada (BDC) and Royal Bank of Canada (RBC). Proceeds of the investment will be used to expand the market reach of the company's leading product offering, Adminiscope, a data security solution that is focused on helping global retailers eliminate data security breaches. Founded in 1997, Pythian has it headquarters in Ottawa.
3 min read · 05 March 2014
Desire2Learn Inc, a portfolio company of New Enterprise Associates and OMERS Ventures, has bought Achievement Standards Network (ASN) for an undisclosed amount. ASN, which tracks learning activities according to educational standards, was founded by the Tucson, Arizona-based non-profit JES & Co with support from the University of Washington. The Waterloo, Ontario-based Desire2Learn said the deal extends its data-driven product offerings, supporting educators in their efforts to improve learner outcomes. The ASN acquisition is the company's fourth disclosed since its $80 million financing round in September 2012.
4 min read · 05 March 2014
