brad meikle
The Institutional Limited Partners Association (ILPA) is trying to help increase transparency between limited partners and general partners around fees and expenses with a new tool. The industry trade organization has released the Fee Transparency Initiative, which aims to establish more robust and consistent standards for fee and expense reporting and compliance disclosures among investors, fund managers and their advisers in the private equity industry. The ILPA has its headquarters in Toronto.
A new report by The Conference Board of Canada said Canada continues to lag in innovation performance, despite improvements in some key factors. How Canada Performs: Innovation's report card gives Canada an overall grade of "C", up from a previous grade of "D", and ranks its ninth among 16 peer countries. Canada has made improvements in such areas as venture capital investment and connectivity, and "fares well on entrepreneurial ambition," the report said. However, the country's performance remains weak in the areas of ICT investment, patents, business R&D and productivity.
MedMira Inc (TSX-V: MIR), a developer and manufacturer of rapid flow-through diagnostics technology, has entered into an agreement to secure $5 million from OnSite Lab Holding AG, the company's controlling investor. Halifax-based MedMira said it will use the proceeds of the deal to strategically capitalize on the potential of its technology, which provides hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and Hepatitis C. OnSite, which has previously invested $18.7 million in MedMira, is a portfolio company of European venture capital firm Redalpine Venture Partners.
Eyeball, a Canadian online community for amateur sports, has received $1 million in seed-stage financing. The round was led Clearwater Fine Foods Inc. It follows Clearwater's $1 million investment earlier this year to facilitate development of the Eyeball app, which allows coaches, fans and players to communicate in real time about sports events. The proceeds of the latest round will be used to promote Eyeball's growth and expand its working space. Based in Halifax, the company was founded in 2013.
Real Ventures has fulfilled an ambition to raise a fund large enough to expand its horizons and take the firm’s technology seed model to new locales. The Montréal-based firm closed its third early-stage fund, Real Ventures III, in August. It raised $89 million in committed capital, GP John Stokes told peHUB Canada, or almost 80 percent more than its predecessor.
AXES Network has received a fourth round of financing totaling over $2 million. The investors included members of angel investment network Anges Québec, Anges Québec Capital Fund, Fonds FSIT, Fier Succès and Gestion Allard et Dubé. Headquartered in Québec City, AXES Network is a provider of cloud-based casino enterprise management solutions. Founded in 2008, it currently serves governments, casinos, original equipment manufacturers and route operators in over 20 countries. Anges Québec's investment was led by Guy Gervais and André Dufour.
Bubl Technology Inc, the Canadian creator of a 360-degree consumer camera, has raised $4.6 million in seed-stage financing. The round was led by Samsung Ventures and J-Tech Capital and was joined by other strategic investors. Bubl, which is based in Toronto, has developed a camera that allows users to capture and share fully spherical photos and videos. It said it will reorganize to enable further capital growth and respond to demand following its first production. The company was founded in 2011 by Sean Ramsay, who will leave the post of CEO to focus on product vision and technology. Current VP of hardware Dan Mills will serve as interim CEO.
FineLine Technologies Inc has acquired Source ID Inc, a Montréal-based provider of product identification systems and service bureau solutions to Canadian retailers and brands. The financial details of the transaction were not released. FineLine said the acquisition will give it the infrastructure to provide web-based price ticketing solutions in Canada. Headquartered in Atlanta, Georgia, FineLine is a portfolio company of U.S. growth investor Chicago Growth Partners and venture capital firm Triangle Peak Partners.
Spacefy, an online marketplace for connecting creative people, announced it is seeking to raise funding through a retail private equity platform established by Waverley and InvestX Capital. Toronto-based Spacefy plans to list on the platform on September 1st to raise $250,000 of seed-stage financing from a database of accredited investors. It is the first early-stage company to initiate fundraising via the platform, Spacefy said. Founded in August 2014, the startup gives creative people access to unique and underutilized spaces to fulfill their projects, productions and classes.
CareGuide has bought CanadianNanny.ca, an online job posting service focused on assisting Canadian families to find a nanny, babysitter, adult caregiver, housekeeper or pet sitter. The deal's financial terms were not disclosed. Founded in 2002 by President Martha Scully, CanadianNanny.ca has offices in Toronto, Calgary, Vancouver and Nanaimo, British Columbia. CareGuide, which is based in Toronto, operates a number of online care services. It is a portfolio company of Canadian venture capital firm iNovia Capital and other investors. Earlier this year, the startup received $1 million in financing from RBC's Knowledge Based Industries (KBI) group.