Private Equity
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) has completed its purchase of mobile enterprise solutions provider In Motion Technology Inc for US$21 million in cash. Sierra Wireless said the deal will allow the combined businesses to provide the broadest choice of device-to-cloud solutions to enterprise customers. The acquisition of the Vancouver-based In Motion Technology also provides exits to British Columbia Discovery Fund VCC, managed by Canadian venture capital firm Discovery Capital Management Corp, and BC Advantage Funds VCC. Founded in 2002, the company has been venture-backed since 2005.
3 min read · 05 March 2014
OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System (OMERS), has named Kent Thexton as its new managing director. In this role, Thexton will be responsible for leading North American investment activity in technology, media and telecommunications sectors. His prior career as an entrepreneur and executive includes time as chief data and marketing officer and board member at U.K.-based O2 Group PLC, which was sold to Telefonica S.A. in 2005 for $35 billion.
3 min read · 05 March 2014
Crowdfunding platform Kickstarter has reported that its pledging activity surpassed the US$1 billion mark on March 3, 2014. Pledges were made by 5.7 million people in a range of charities, entrepreneurial businesses and other creative projects. Over half of total pledges to date were made in the past 12 months alone, the platform said. Pledging activity on Kickstarter has originated in 224 countries and territories, across all seven continents. The United States led in dollar contributions with US$663.3 million in total pledges. Canada took third spot on the global list, accounting for US$44.9 million in contributions to date.
1 min read · 04 March 2014
Visual product search platform Slyce has secured over $10.75 million in new financing. The round, which brings the Toronto-based company's total funding to date to $14.5 million, was led by Canadian investment dealer Beacon Securities. Additional investor participation came from PI Financial, Salman Partners, Harrington Global, AlphaNorth Asset Management and other private sources. The company said it plans to use investment proceeds to deliver "Amazon flow" style image recognition capability to retailers. In addition to raising initial venture capital funding in 2013, Slyce bought desktop visual search company Hovr.it, and in Feb. 2014 acquired computer vision technology developed at York University.
3 min read · 04 March 2014
Telus Health, a division of Canadian telecommunications company Telus Corp (TSX: T) (NYSE: TU), has acquired Med Access Inc, a provider of electronic medical record (EMR) services to physicians. The financial terms of transaction were not disclosed. The acquisition brings the total Telus Health EMR reach to more than 12,500 Canadian medical practitioners, according to the company. Based in Kelowna, British Columbia, Med Access was reported to be a recipient of seed-stage venture capital investment in 2009.
3 min read · 03 March 2014
Retail venture capital fund Golden Opportunities Fund, which is managed by Saskatoon, Saskatchewan-based investment firm Westcap Management, has raised a total of $40 million in new commitments. With this raise, the fund reached the subscription limit for its 2013 tax credit-eligible fund-raising year. Founded in 1999, Golden Opportunities invests in small and medium-sized growth companies in diverse sectors of the economy. To date, it has invested over $275 million in 112 companies.
2 min read · 03 March 2014
Unified Computer Intelligence Corp (UCIC), the maker of Ubi, a voice-activated computing tool that offers access to information and control of home automation devices, has received $635,000 in financing. The company's backers are members of Ontario-based angel organization Maple Leaf Angels, as well as other angel investors. The Toronto-based UCIC was launched in 2012 via a Kickstarter campaign, through which a total of US$229,000 was raised for the company. Since its founding in 2007, Maple Leaf Angels has completed 23 investments with a total group investment of $10 million.
2 min read · 03 March 2014
Vancouver-based Trulioo Inc and Dutch startup IDchecker.com have been awarded nearly US$500,000 in financing from international government grant program EUREKA. The funds will facilitate a joint venture by the two companies to develop a mobile technology that is capable of automating university student enrollment, including remote global identity verification, and issuing secure credentials. Founded in 2009, Trulioo develops identity and age verification solutions for the Internet. The company has been backed by U.S. venture capital firm Blumberg Capital since 2012.
2 min read · 03 March 2014
The C100 is just four years old, but it has achieved an impressive track record in that short time. The nonprofit—which aims to bring like-minded Canadian entrepreneurs and executives together in Silicon Valley through its programs, such as 48 Hours in the Valley—reported that startups connected to it have raised US$700 million in venture funding since the C100 launched in 2010. That’s great news for Scott Bonham, a founding partner at GGV Capital, who has begun serving as co-chair of the organization.
4 min read · 28 February 2014
Venture capital invested in Canadian innovative companies increased 31% in 2013, according to data provided by Thomson Reuters, and released by Canada’s Venture Capital & Private Equity Association. But there’s another statistic that speaks even more eloquently of last year's achievement: Canadian innovative companies on average captured 54% of the VC invested on average in American companies. At first glance, that percentage may not seem striking, but it in fact represents a major milestone in our market’s comparatively short history.
4 min read · 28 February 2014
