brad meikle
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.
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.
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.
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.
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.
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.
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.
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.
BMO Private Bank, a division of BMO Financial Group, announced that it has become a funding partner of C100, a Silicon Valley-based non-profit organization that supports Canadian technology entrepreneurship through mentorship, partnership and investment. BMO's sponsorship will include working on a number of C100 initiatives, including the Accelerate Series and 48 Hours in the Valley. Hummer Winblad Venture Partners' managing director and C100 co-chair Lars Leckie is the author of peHUB Canada's most recent "Memo from the C100."
VeloCity, a program that facilitates startup development and funding opportunities for students at the University of Waterloo, announced it has introduced 30 new startup enterprises to the Velocity Garage this fall. Since the program's establishment in 2008, it has supported the launch of over 45 companies, several of which have been backed by venture capital firms or acquired by major technology businesses. Examples include Kik Interactive, BufferBox, which was acquired by Google in 2012, and Thalmic Labs.