brad meikle
Startup Canada and Dell Canada have partnered in the launch of the Women Entrepreneurship Fund. The fund, the size of which was not disclosed, will invest in projects that encourage and support the development of women-led companies in Canada. Successful fund applicants will be awarded up to $3,000 per project. The Women Entrepreneurship Fund is Startup Canada's fourth fund announced this year.
NoviFlow Inc has secured $9 million in a Series A financing. The round was led by Fonds de solidarité FTQ, a Canadian venture capital and private equity firm, and was joined by W3 Investissement, Somel Investments and other investors. Based in Montréal, NoviFlow specializes in the development of solutions and systems for intelligent software-defined networking switches. It plans to use the proceeds of the Series A to expand sales, marketing and product offerings and to grow its customer base beyond North America, Asia and Europe. Founded in 2012 as a spin-out from the Université du Québec à Montréal, the company also has offices in Sunnyvale, California and Seattle, Washington.
Primus Power Corp, a U.S.-based grid-scale energy storage technology company, has raised US$25 million in Series D financing. The round, led by I2BF Global Ventures, included participation from Russia-Kazakhstan Nanotechnology Fund and existing investors. The latter included Canadian venture capital firm Chrysalix Energy Venture Capital, which has contributed to the company's US$60 million in funding since 2009. The Hayward, Calif.-based Primus said the latest investment will support the acceleration of product shipments in North America, the company's ability to respond to new demand, and the forming of new strategic partnerships.
Gemba Software Solutions, a software-as-a-service provider focused on workplace training, has secured $1.5 million in funding. The New Brunswick Innovation Foundation (NBIF) invested half of the amount, with the balance coming from Innovatia Inc, Gemba's former parent company. Based in Saint John, New Brunswick, Gemba helps employees learn and solve problems through technology that maps complex processes, policies, and procedures in small hyperlinked flowcharts. The company was founded this year.
Startup Canada has launched the Startup Canada Startup Space Fund, which is intended to give entrepreneurs across Canada access to places to work. The fund, the size of which was not published, will back eligible spaces that are centrally located in the business district of a city or town and include a desk, chair, Internet access, and access to common areas. The fund is supported by TruShield Insurance, Intuit Canada, UPS and TELUS. Based in Ottawa, Startup Canada is an entrepreneurial network that promotes entrepreneurship in Canada.
Enerkem Inc, a waste-to-biofuels and chemicals producer, has raised $152.6 million in follow-on financing. The round, closed over the past year, included $29 million in debt from the Private Debt Group of Integrated Asset Management Corp, $50 million from existing investors, and $73.6 million in debt from two other lenders. Enerkem's current backers include: Braemar Energy Ventures, Cycle Capital Management, Fondaction CSN, Fonds de solidarité FTQ, Rho Capital Partners, Waste Management Inc and The Westly Group. The Montréal-based company said the round's proceeds will be used to promote global growth and to expand its full-scale biomethanol facility in Edmonton.
Imperus Technologies Corp (TSX-V: LAB) has agreed to acquire Akamon Entertainment Millennium SL, a developer and publisher of social games in Latin America and Southern Europe. The purchase price is about US$25.6 million, payable in cash and securities. Imperus, the Mississauga Ont.-based parent company of Diwip, a developer of social and mobile gaming, said the deal will give it access to talent and a market presence in South America, including Brazil, and several European countries. Based in Barcelona, Spain, Akamon has raised venture capital funding from a number of investors, including Axon Investment and Bonsai Venture Capital.
Orckestra Inc has acquired Danish software company Composite for an undisclosed sum. Orckestra, a Canadian provider of cloud-based commerce solutions, said Composite's open-source content management system platform, C1, will enhance its technology, which serves mid-sized to large retailers, grocers and branded manufacturers. The transaction will also give the Montréal-based startup a direct presence in the European market. Founded in 2006, Orckestra is backed by Fondaction CSN, W Investments and the Fonds de solidarité FTQ. It raised $8 million in a Series A financing in September 2014.
BlackBerry Ltd said it will buy rival mobile software provider Good Technology Corp for US$425 million, to boost its ability to help corporate clients manage smartphones running on different operating systems, Reuters reported. Silicon Valley-based Good is currently backed by Blueprint Ventures, DFJ, ePlanet Capital, GKM, Meritech Capital Partners, Oak Investment Partners and Rustic Canyon Partners.
Canadian impact venture capital firm Renewal Funds has made an investment in Lotek Wireless Inc, a Canadian provider of wildlife monitoring technologies. The value of the investment was not disclosed. Based in Newmarket, Ontario, Lotek designs and manufactures tracking systems that enable researchers in over 100 countries to track animals, birds and fish of almost any size, in almost any environment. It operates with five manufacturing plants worldwide and distribution in over 35 countries. The company was founded in 1984 by CEO Jim Lotimer. Earlier this year, Renewal Funds invested in Cascadia Windows and Doors and Farmhouse Culture.