brad meikle
Citizenship, Immigration and Multiculturalism Minister Jason Kenney recently traveled to Silicon Valley to promote the federal Start-Up Visa program, launched in April. Kenney met with entrepreneurs, venture capitalists and others in start-up and technology communities. Start-Up Visa requires that non-resident entrepreneurs obtain funding from a Canadian angel investor group or venture capital firm when applying for visas.
GrowthWorks Canadian Fund, managed by Vancouver-based GrowthWorks, has amended an agreement with Roseway Capital LP, managed by British venture capital firm Rosetta Capital, pertaining to a $20 million secondary investment made in the Canadian fund in 2010. The amendment allows for repayment in June 2013. The Roseway investment agreement, which may be subject to further changes, was intended to provide additional capital for follow-on investments and enhance the Canadian venture capital fund’s operating and financial flexibility.
Vancouver-based asset and wealth management company Matrix Asset Management Inc. and its subsidiaries, which include venture capital firm GrowthWorks, announced they are pursuing measures for "re-establishing compliance with regulatory working capital requirements." Earlier in May, Matrix issued operating results for the first quarter of 2013 showing a working capital deficit of $7 million. The company has arranged for loan financing and will examine steps to consolidate subsidiary operations to enhance efficiency.
Canadian wireless commercialization hub Wavefront is partnering with Waterloo's Communitech on a new initiative to accelerate the growth of wireless and technology companies. With financial support available from the National Research Council of Canada's Industrial Research Assistance Program, Wavefront will as part of the initiative bring resources to Communitech network companies, including advisory and mentorship programs, as well as mobile application development and testing services.
BDC Venture Capital is partnering with the Department of Foreign Affairs and International Trade to expand the Canadian Technology Accelerator (CTA) program in the United States. The partnership will enable development of new accelerators in Boston, New York, San Francisco and Philadelphia. Since 2009, US-based CTAs have hosted Canadian technology entrepreneurs and companies, providing mentoring and networking opportunities, as well as opportunities to pitch products to potential American clients, strategic partners and financiers.
Toronto-based Cyberplex Inc., an advertising and media company, announced that it has rebranded itself and will in future be operating under the name EQads Inc., the same as its advertising platform. The company has in the past been backed by Canadian private equity and venture capital firms Mosaic Venture Partners and Difference Capital Funding.
Merck Canada is providing $4 million in financing to the Institute for Research in Immunology and Cancer – Commercialization of Research, a non-profit organization with a mandate to accelerate the discovery, development and commercialization of novel drugs in oncology, immunology and related indications that originate from the Université de Montréal.
Canadian venture capital firm GrowthWorks announced that share values of its Working Opportunity Fund (WOF) could increase 20% partly as result of the CA Technologies Inc.'s planned acquisition of WOF portfolio company Layer 7 Technologies Inc. GrowthWorks has determined to extend the close of WOF sales and redemptions to allow time for the transaction to conclude. Vancouver-based Layer 7 got its start from funding provided by WOF, BDC Venture Capital and Shoreline Ventures.
Toronto-based NewMindsets Inc., an e-learning company, has been acquired by Waterloo's ClevrU Corp. for an undisclosed sum. Founded and developed by Schulich School of Business professors at York University, NewMindsets was supported by MaRS Innovation in collaboration with Innovation York in its commercialization, company introductions and transaction negotiations.
Toronto-based MaRS Innovation, a commercialization agent for Ontario's discovery pipeline from academic institutions, has formed a strategic partnership with pharmaceuticals company Pfizer Inc. intended to advance early-stage technologies related to human health in therapeutics and diagnostics. MaRS and Pfizer will jointly identify opportunities emerging from scientific research discoveries within MaRS Innovation's 16 member institutions, including the University of Toronto.