Private Equity
British Columbia Discovery Fund (VCC), a retail venture capital fund managed by Discovery Capital Management Corp, announced it will make its second shares redemption this year. The fund plans to redeem $5.5 million in shares, a decision that is made possible by the "spectacular success" of its portfolio company, Avigilon Corp (TSX:AVO), a provider of high-definition and megapixel surveillance solutions. Avigilon in May 2013 acquired Sterling, Va.-based RedCloud Security Inc for $17 million.
5 min read · 13 November 2013
The Canadian Innovation Exchange (CIX) has announced its list of the top 20 communications, digital media and IT companies to be showcased at the CIX 2013 forum on November 21 at Toronto's MaRS Discovery District. They are: 360incentives, Atomic Reach, Axonify, Bionym, Breather, Busbud, CogniVue, eSentire, Fabric Software, Hubba, Launchpad, OpenCare, Plotly, Procurify, Rithm, Seamless Health, Smart Skin, SqueezeCMM, TruCentric and Upverter. Companies were chosen by a panel of innovation leaders, and judged according to such factors as product offering, management, market opportunity and business model. Close to half of the companies on the list are currently backed by Canadian or U.S. venture capital firms.
3 min read · 11 November 2013
GrowthWorks Canadian Fund, which previously announced its receipt of an order from the Ontario Superior Court of Justice granting the fund protection under the Companies' Creditors Arrangement Act, announced that it has obtained an extension of the stay period until January 15, 2014. The retail venture capital fund, which is managed by Vancouver-based GrowthWorks, indicated that it will return to court in November to provide an update on its strategic review process. It will also propose a sale and investment solicitation process, and may also seek approval for a potential merger.
3 min read · 06 November 2013
Mississauga, Ontario-based Microsoft Canada Inc has announced a new partnership with three Canadian innovation hubs to support local start-ups and entrepreneurs. Collaborating with Launch Academy in Vancouver, Notman House in Montréal and MaRS Discovery District in Toronto, Microsoft Ventures, a strategic investor in global start-ups, will work onsite with Canadian technology companies at every stage of maturity, and provide tools, resources and expertise.
4 min read · 31 October 2013
Canadian startup accelerator GrowLab announced it has nominated three companies to receive permanent residency from the Start-Up Visa program launched by the federal government in early 2013. The companies, Cognilab, Retsly and Zeetl, have been put forward by GrowLab under the Business Incubator Stream of Start-Up Visa, a recently announced initiative that partners Canadian business incubators with immigrant entrepreneurs. The Vancouver-based GrowLab is able to make these nominations as a designated organization under Canadian Association of Business Incubation.
3 min read · 30 October 2013
The federal government has announced a new initiative under Start-Up Visa, a program that links entrepreneurial visa applicants with funding from Canadian angel investor groups and venture capital firms. Called Business Incubator Stream, the new initiative partners Canadian business incubators with immigrant entrepreneurs. Citizenship and Immigration Canada will designate eligible participants in consultation with the Canadian Association of Business Incubation. Business Incubator Stream will begin accepting applications on October 26, 2013.
2 min read · 22 October 2013
Avrio Capital said Wednesday that it has invested $5 million into VoloAgri Group. The funding, which is part of a larger Series B round, will be used by VoloAgri for growth and acquisitions. Headquartered in the San Francisco Bay Area, VoloAgri is a global agricultural technology company. Avrio is a Canadian venture capital firm that invests in commercialization and growth-stage agriculture and food technology businesses.
2 min read · 09 October 2013
Investment firm Five Corners Capital has been appointed to manage the remaining fund investments formerly managed by Ventures West Capital. Founded in 1973, the Vancouver-based Ventures West, one of Canada's longest-lived venture capital firms, is winding down its operations in October. Five Corners Capital was recently established by former Ventures West partners Kenneth Galbraith and Dr. Gary Bridger. They will oversee the ten remaining Canadian and U.S. technology companies in the firm's portfolio, which include Celator Pharmaceuticals, Spectra7 Microsystems and Xenon Pharmaceuticals.
4 min read · 03 October 2013
The board of directors of GrowthWorks Canadian Fund, a retail venture capital fund managed by Vancouver-based GrowthWorks, has authorized the initiation of proceedings under the Companies' Creditors Arrangement Act. The fund is seeking a court-supervised process for its ongoing management, disposition of portfolio investments, refinancing of secured payment obligations to Roseway Capital, managed by British venture capital firm Rosetta Capital, and other strategic alternatives.
3 min read · 01 October 2013
Fonds locaux de solidarité FTQ (FLS), 85 Québec regional investment funds sponsored by Montréal-based Fonds de solidarité des travailleurs du Québec FTQ, announced a second consecutive record year in which they backed 251 projects with investments totaling $6.8 million. Since its creation in 1991, the FLS network has invested $97 million in 3,106 projects. Businesses can obtain venture capital and other financing of up to $100,000 from FLS for start-up, export, acquisition, growth or modernization projects.
2 min read · 30 September 2013
