Private Equity
Chrysalix Energy Venture Capital has reported that more than half of its clean-tech portfolio received follow-on financing since Feb. 2013. The companies, which Chrysalix said will "directly propel breakthroughs" in innovations for oil and gas, electric power and utilities, chemicals and materials, and mining and metals include: Axine Water Technologies Inc, a developer of wastewater treatment solutions; General Fusion Inc, a specialist in magnetized target fusion technology; and Glasspoint Solar Inc, a manufacturer of solar steam generators. Wal van Lierop, CEO and co-founder of the Vancouver-based Chrysalix was last month interviewed by VCJ senior editor Joanna Glasner about the firm's fourth fund, targeted to raise between US$150 million to US$250 million.
3 min read · 13 February 2014
Canadian venture capital firm BEST Funds has secured a $2.8 million financing into PitchPoint Solutions Inc, a Toronto-based enterprise solutions company that is primarily focused in the financial sector. The investment will allow the company to increase its sales and marketing initiatives, while continuing to develop new technologies to support it client base. With its headquarters in Toronto, BEST Funds finances high-growth Canadian companies in software and technology sectors. The firm has been involved in 350 transactions since inception.
2 min read · 13 February 2014
Northleaf Venture Catalyst Fund (NVCF), which in Jan. 2014 raised $218 million in its initial close, has made its first two fund commitments totaling $60 million. NVCF backed Georgian Partners Growth Fund II, managed by Toronto-based Georgian Partners, which is focused on investing in expansion-stage enterprise software, Internet and information companies. Georgian Partners' Fund II has been widely reported as having raised $100 million in total in its first close. NVCF also committed to XPV Water Fund II, managed by Toronto-based XPV Capital Corp, which is focused on investing in proven entrepreneurs operating in the global water industry. NVCF is managed by Canadian private markets investor Northleaf Capital Partners. With headquarters in Toronto, Northleaf currently manages $5 billion in institutional investor commitments.
3 min read · 13 February 2014
Tacit Innovations, designer of a mobile app and platform that allows customers to discover restaurants, browse menus, manage their orders and pay for their meals, recently secured $700,000 in seed-stage financing. The Toronto-based company's backers are BDC Venture Capital, Canrock, Hyperdrive, the founders, and a number of private investors. Funding proceeds will be used to fuel technology development, as well as sales and marketing, with a focus on launching the product in restaurants across North America, according to the company. Tacit Innovations is a graduate of the latest cohort of Communitech Hyperdrive, a Waterloo-based startup accelerator and investor.
2 min read · 13 February 2014
Social login and sharing provider LoginRadius has received $1.3 million in financing. The investors include Accelerate Fund, an angel co-investment fund managed by Canadian venture capital firm AVAC, Yaletown Venture Partners, Real Ventures, BDC Venture Capital, and a number of angel investors. Proceeds of the deal will be used to facilitate the company's growth and product innovation, which is aimed at transforming the way users connect to the web and mobile applications, LoginRadius said. A recent graduate of startup accelerator FounderFuel, the Edmonton, Alberta-based company said it is currently powering social login and sharing on 100,000 websites in 180 countries with a monthly reach of 15 million users.
5 min read · 13 February 2014
VoodooVox Inc (CSE:VVX), a full-service mobile ad network and campaign management platform with offices in Toronto and Williamstown, Massachusetts, recently announced that it had raised $4.9 million private placement. The investors included User Friendly Media, a Woodlands, Texas-based provider of yellow page directories in the United States. User Friendly Media is a portfolio company of U.S. private equity firm Veronis Suhler Stevenson. The previously venture-backed VoodooVox intends to use its latest funding for general working capital, expand its sales force and repay short term loans.
4 min read · 13 February 2014
Axine Water Technologies Inc said Wednesday that it has raised $5.6 million in a Series A financing round. The investors included U.S. venture capital firm The Roda Group, and Canadian firms Chrysalix Energy Venture Capital and BDC Venture Capital, which are existing investors. Based in Vancouver, British Columbia, Axine Water Technologies is a developer of chemical-free solutions that treat pollutants in industrial wastewater. Update: Funding proceeds will be used to ensure Axine's continued progress towards commercialization of its wastewater treatment technology platform. The company has been venture-backed since 2012.
3 min read · 12 February 2014
Response Biomedical Corp (TSX: RBM)(OTCBB: RPBIF) has received a US$2.5 million term loan from Silicon Valley Bank. Headquartered in Vancouver, British Columbia, Response Biomedical develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP platform for clinical, biodefense and environmental applications. Update: The company plans to use funds from the loan to support working capital needs for growing its markets both in the United States and internationally, and for general corporate purposes.
4 min read · 12 February 2014
Argos Therapeutics Inc, a biopharmaceutical company focused on immunotherapies for the treatment of cancer and infectious diseases, recently priced its initial public offering of 5,625 million shares of common stock at US$8.00 per share, giving the company US$45 million in proceeds. The Durham, North Carolina-based Agros has been listed on NASDAQ under the symbol ARGS. Founded in 1997, the company is venture-backed. Its most recent financing round, completed in Aug. 2013, raised US$42.5 million from an investor group that included Canadian venture capital firm Lumira Capital and pension fund manager the Caisse de dépôt et placement du Québec.
2 min read · 10 February 2014
Ara Labs Security Solutions Inc, a Fredericton, New Brunswick-based provider of Internet security services, has received $500,000 in financing. The company's backers, Canadian venture capital firms New Brunswick Innovation Foundation (NBIF) and Technology Ventures Corp, each contributed $250,000 to the deal. Investment proceeds will be used to bring to market Ara Labs' software-as-a-service technology, which detects, reports and mediates malware and botnet activity across the Internet in real-time. Ara Labs was founded by Hadi Shiravi, Ehsan Mokhtari and Ali Shiravi, all PhD candidates in computer science at the University of New Brunswick.
3 min read · 10 February 2014
