brad meikle
Masstech Group Inc has undergone an ownership restructuring whereby it is now controlled by Covington Funds, a Canadian venture capital firm. No financial terms were disclosed. The business, which will now fall under a new corporate entity, Masstech Innovations Inc, said the restructuring will help accelerate growth, respond to demand, and capitalize on its imminent new software releases. Based in Toronto, Masstech provides software solutions and expertise to media organizations to manage their digital media content and related information throughout its life-cycle. Founded in 2001, the company has previously secured investments from Covington, according to Thomson Reuters.
Canadian clean-tech venture capital firm Chrysalix Energy Venture Capital has partnered with Hong Kong Science and Technology Parks Corp (HKSTP), which runs the Hong Kong Science Park Venture Capital Partnership Program, a technology incubator. Chrysalix joins other venture firms working with HKSTP to connect startups in China with funding sources. Vancouver-based Chrysalix said the aim of the collaboration is to "create a valuable Asia-Pacific innovation gateway." Earlier this year, peHUB Canada interviewed Chrysalix Co-Founder and CEO Wal van Lierop about the impending first close of Chrysalix Energy LP IV.
Mobio Technologies Inc (OTCQX: MBIOF) has completed its acquisition of Twenty Year Media Corp. Twenty Year Media is a Canadian provider of media content distribution using data and social media analysis together with digital delivery to multiple platforms, including its movie theatres network. Vancouver-based Mobio acquired an initial 72.9 percent of its issued and outstanding share capital for an undisclosed price. Mobio, a consumer marketing and technology company founded in 2009, is a portfolio investment of Rho Canada Ventures and other investors.
For all the uncertainty on financial markets surrounding the U.S. Federal Reserve's decision to put off a rise in interest rates, investors bet it will keep the music playing for corporate deal activity, Reuters reported. Worldwide mergers and acquisitions have hit US$3.1 trillion year-to-date, according to Thomson Reuters' data, just 0.9 percent shy of 2007's record over the same period.
CHAR Technologies Inc, a renewable energy platform, has completed a series of financing deals. They include the startup's raise of undisclosed equity from angel investors and the Ontario Centres of Excellence (OCE). Mississauga, Ontario-based CHAR has also agreed to combine with Cleantech Capital Inc (TSX-V: YES.P), a capital pool corporation. As a result, it will be eligible for a $750,000 commitment from Sustainable Development Technology Canada's SDTC Natural Gas Fund. A client of Peel Region innovation hub RIC Centre, CHAR has developed a cost-effective, convenient and zero-waste method for cleaning renewable natural gas.
Angel investment network Anges Québec and Anges Québec Capital Fund have invested $880,000 in Minitrade Inc, an online marketplace for the buying and selling of second-hand, quality clothes. The investment was led by entrepreneur Mike Cegelski. Based in Montréal, Minitrade was founded in 2012 by CEO Isabelle Doucet. The company's inventory currently has a daily inflow of over 15,000 pieces, provided by its 35,000 users, bought upfront or on consignment. The proceeds of Anges Québec's financing will help the company expand across Canada.
Breather, a Canadian on-demand private work space provider, has secured US$20 million in Series B funding. Valar Ventures, a U.S. venture capital firm, led the round with participation from RRE, Real Ventures, SOS Ventures and Slow Ventures. Including the latest investment, Breather has raised a total of US$28.5 million. Montréal-based Breather offers 95 North American locations equipped with a seating area, a conference table, free high-speed Wi-Fi, device charging stations and a whiteboard. The company was founded in 2013 by CEO Julien Smith and CCO Caterina Rizzi. As reported by peHUB Canada, Real Ventures, which led Breather's seed round in 2013, recently closed Real Ventures III at $89 million.
Q4 Web Systems has acquired Oxford Intelligence Partners, a Chicago-based provider of stock market intelligence and quantitative trading analytics for investor relations professionals and institutional investors. No financial terms were disclosed. Q4 Web Systems, a Canadian SaaS platform that provides communication and intelligence solutions to investor relations officers, is backed by Plaza Ventures, Atlas Venture and Silicon Valley Bank. The Toronto-based startup raised $5 million in a Plaza Ventures-led financing in February 2015.
Bridgit, a cloud-based mobile and web communication platform designed for the construction industry, was awarded the top prize in the first-ever C100 Startup Competition at Venture North. Bridgit, co-founded by Mallorie Brodie and Lauren Hasegawa in 2012, was one of seven local companies competing. Venture North, a new event focused on promoting Toronto-Waterloo's startup community, took place this week. It is a partnership between Silicon Valley-based nonprofit organization the C100, the Ontario government, MaRS Discovery District, Communitech, OneEleven and others.
Spacefy has closed its previously-announced fundraising through a retail private equity platform established by Waverley and InvestX Capital. The Toronto-based startup pulled in $300,000 in equity from accredited investors, or more than the $250,000 originally sought for its seed-stage round. Spacefy was the first early-stage venture to be listed on the platform. Founded last year, the company, which provides a marketplace where creative people and companies can find and book creative spaces on a short-term basis, had its official commercial launch this month.