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Vancouver-based GreenAngel Energy Corp has changed its name to TIMIA Capital Corp (TSX-V: TCA). The rebranded firm will now focus on revenue financing, providing non-dilutive funding to technology companies in exchange for a royalty on revenue. Mike Walkinshaw, who was earlier this year appointed CEO of TIMIA, said the new investment model suits software companies that generate recurring revenue with high gross margins. TIMIA will also continue to manage the firm's existing clean technology investments.
CIX Cleantech, an event hosted by the Canadian Innovation Exchange (CIX) and MaRS Cleantech, has announced its list of the 10 "most game-changing" Canadian clean technology companies. The companies, which are based in Ontario, Québec, Alberta and British Columbia, will present at the inaugural CIX Cleantech conference at MaRS Discovery District in Toronto on October 15. The 10 companies are: CoPower; Hydrostor; Morgan Solar; Nanoleaf; Neurio Technology; Nexterra Systems; Nsolv; Opus One Solutions; Questor Technology; and SWITCH Materials.
ModernAdvisor, a Canadian online investment advisory platform, has secured $2.2 million in funding. The round was led by Vancouver businessmen Moray Keith and Jim Bond. Headquartered in Vancouver, ModernAdvisor offers low-cost, high-quality, and transparent investment management solutions to Canadian investors, regardless of their account size. It said the proceeds of the financing will help the startup to hire more software engineers and data scientists. ModernAdvisor, which was founded two years ago, is scheduled to launch in late October in British Columbia, Alberta, and Ontario. It will launch in other Canadian provinces shortly thereafter.
AppDirect, which earlier this year raised a US$50 million financing, has acquired AppCarousel for an undisclosed price. AppCarousel is a Calgary-based app management platform for connected cars and fleets, smartphones, smart screens, tablets, and other connected devices. AppDirect said the deal will support its mobile business and enhance its Internet of Things capabilities. Founded in 2011, AppCarousel is an affiliate of Wmode Inc, a portfolio company of Canadian specialty finance firm Wellington Financial and other investors. Based in San Francisco, AppDirect, which last year opened an office in Montréal, is backed by Canadian venture capital firm iNovia Capital and other investors.
Canadian specialty finance firm Wellington Financial has provided US$13 million in venture debt funding to Aquam Corp, a provider of water infrastructure support, rehabilitation and diagnostics. Based in San Diego, California, Aquam is the parent of Nu Flow Technologies, a pipe system rehabilitation specialist founded in Canada in 1998. The businesses jointly provide cost-effective solutions to address problems of aging water infrastructure in the developed world. Aquam, which is backed Walsingham Fund, Turtle Creek Asset Management, and GLH Asset Management, will use the new partnership with Wellington to facilitate its continued growth.
BlackBerry Ltd (Nasdaq: BBRY) (TSX: BB) has completed its previously-announced buy of AtHoc Inc, a U.S.-based provider of secure, networked crisis communications technology to government and private sector customers. No financial terms were disclosed. Blackberry said AtHoc, which will in future operate as a division of the Waterloo, Ontario-based company, will enhance its objective to provide secure communication solutions. Founded in 1999, AtHoc was venture-backed. Its leading investors included Greylock Partners and Intel Capital.
TruLeaf, a Canadian agricultural technology startup, has launched a $1.37 fundraising campaign on AgFunder, a U.S. crowdfunding platform. The company said the campaign is intended to close its $2.65 million Series A financing. Based in Halifax, Truleaf is a developer of multi-layer plant farm technology that can provide a predictable, year-round supply of fresh, high-nutrient plants. Founded in 2011, and led by President and CEO Gregg Curwin, the company raised $1 million in seed-stage funding three years ago. One of its backers is Canadian early-stage venture capital firm Innovacorp.
Shopify Inc (NYSE: SHOP) (TSX: SH), an e-commerce and retail software provider, has been named CIX 2015 Innovator of the Year by the Canadian Innovation Exchange (CIX). The award, which is given annually, recognizes a Canadian company that has disrupted or transformed an industry. Harry Finkelstein, chief platform officer of Shopify, will accept the award at CIX 2015 in Toronto on November 17, and will be the event's keynote speaker. Ottawa-based Shopify raised about US$150.5 million from its initial public offering on New York and Toronto stock exchanges in May. It was previously venture-backed.
Routehappy Inc has secured US$3 million in Series B financing. The round was led by PAR Capital Ventures, with participation from Canadian venture capital firm iNovia Capital, which led the company's previous round in December 2014, and Contour Venture Partners. Routehappy, which has its headquarters in New York, is a product differentiation platform for air travel. It will use the proceeds of the Series B round to launch Routehappy Hub, a software-as-a-service for airlines to create and deliver product content in sales and marketing channels. Routehappy was founded in 2011.
Prevtec Microbia Inc has increased its recent follow-on financing to $7.2 million as a result of a top-up investment by Investissement Québec (IQ). IQ, a funding arm of the Québec government, invested $2.5 million of equity in the company, adding to the $4.7 million raised in March. It was also disclosed that PIH Pharma Industry Holding GmbH, a German venture capital firm, participated in the round. Headquartered in Montréal, Prevtec develops technologies and markets products for the prevention of bacterial infections and the improvement of performance in food animal production.