brad meikle
Mark McQueen, president and CEO of Wellington Financial, sees opportunity for private debt providers as a result of volatile public markets, especially if continued uncertainty creates challenges for technology ventures seeking risk capital. The potential for more cautious equity deal-makers may open doors to alternative capital sources, including innovation-focused lenders like Wellington.
The Caisse de dépôt et placement du Québec has appointed Michèle Boisvert as its new executive vice-president, business outreach. Boisvert, who formerly led public affairs and communications strategies at the Caisse, will oversee the pension fund manager's recent entrepreneurial initiatives, including Espace CDPQ, a hub created in May 2015 to focus on the innovation and globalization of Québec businesses. Boisvert will be responsible for implementing entrepreneurial priorities in all regions of Québec and supporting the Caisse's investment teams.
Web presence analytics software provider gShift Labs Inc has agreed to buy SiteCondor, an Austin, Texas-based developer of website auditing tools for digital agencies and content marketers. The value of the acquisition was not disclosed. Toronto-based gShift said the deal will bolster its technology platform and provide additional benefits to digital marketers. Founded in 2009, gShift's insight data and software have been used by more than 10,000 brands in 24 countries. The company has received funding from several Canadian venture capital firms, including Brightspark Ventures, GrowthWorks and the MaRS Investment Accelerator Fund (IAF).
EDF Renewable Energy has bought OwnEnergy Inc, a wind energy developer headquartered in Brooklyn, New York. The financial details of the transaction were not disclosed. EDF, a U.S. independent power producer, said the deal will provide it with talent and resources to help expand development opportunities. Founded in 2005, OwnEnergy has grown a pipeline of 29 locally-supported wind farm partnerships across the United States. It has been backed by several venture capital firms and other investors. They include EnerTech Capital, an energy and power-focused investor with offices in Toronto, Calgary, Montréal, Philadelphia and Menlo Park.
Farmers Edge Inc has secured a new investment from a private commercial real estate firm owned and controlled by David Thomson, chairman of Thomson Reuters. Osmington Inc committed undisclosed funding to the company, joining existing venture capital investors Avrio Capital and Kleiner Perkins Caufield & Byers. Headquarted in Winnipeg, Farmers Edge is a provider of precision agriculture and independent data management solutions. It said the Osmington partnership will support growth into global markets and building of its data analytics team. Earlier this year, Farmers Edge acquired GranDuke Geomatics Ltd.
Digital giving platform Causemo has been launched with a US$4 million investment from a mix of venture capital firms and other investors. The latter include Accomplice, Furneaux Capital, Park Vale Capital and Canada's Real Ventures. Founded last year, Boston-based Causemo is developing a scalable platform that connects consumers with causes they care about through digital giving experiences. The startup is currently working with close to 20 cause organizations, including Boys & Girls Clubs of America, Children's Miracle Network Hospitals and City Year, to drive donations using its technology.
Knight Therapeutics Inc (TSX: GUD), a Canadian specialty pharmaceutical company, has joined Sectoral Asset Management in an investment in Advaxis Inc (NASDAQ: ADXS), a U.S. clinical-stage biotechnology company developing cancer immunotherapies. Knight and Sectoral are purchasing shares in the company, the combined gross proceeds of which will be about US$25 million. The deal is linked to a licensing agreement that will give Knight the Canadian commercial rights to Advaxis's product portfolio, which includes three lead drug candidates. Sectoral manages a life sciences venture fund that recently received commitments from Knight.
Vistara Capital Partners, a Canadian growth investor in technology companies, recently hired Noah Shipman as a senior associate. Shipman, who was previously a principal at technology-focused boutique investment bank Garibaldi Capital Advisors, has several years of experience in corporate finance, mergers and acquisitions, and strategic planning. Based in Vancouver, Vistara was founded this year by Managing Partners Fabio Banducci and Randy Garg. Last month, the firm closed its inaugural fund, Vistara Capital Partners Fund I LP, at $100 million.
Maple Leaf Angels announced this week that it has led a $750k financing round in Sharethebus through its MLA48 Fund. Based in Montreal, Sharethebus is a platform for providing private ride-share charter buses and was founded in 2014.
AVAC's Accelerate Fund, an early stage angel co-investment fund, announced this week it has made an investment in Levven Electronics, an Edmonton-based manufacturer of electronic and automation products. Financial terms were not disclosed.