brad meikle
Lambda Solutions Inc, a provider of e-learning technology and open-source learning management systems, has raised $1 million in revenue-based financing. The investment, which will be made in two tranches, came from GreenAngel Energy Corp. In exchange for the funds, GreenAngel will receive a monthly royalty on gross revenue until a defined maximum amount has been reached. The Vancouver-based Lambda will use the proceeds of the transaction to expand sales capabilities and continue product expansion. Founded in 2002, the company is led by CEO Shevy Levy.
Illumina Inc (Nasdaq: ILMN) has agreed to buy GenoLogics Life Sciences Software Inc, a Canadian developer of laboratory information management systems for life sciences organizations. The financial terms of the deal were not published. Immunia said the purchase will strengthen its portfolio of genetic analysis solutions. Headquartered in Victoria, British Columbia, GenoLogics' technology has been adopted by over 120 genomic labs worldwide. Founded in 2002, it has raised over US$20 million in funding, according to Thomson Reuters. GenoLogics' investors include Canadian venture capital firms GrowthWorks and Yaletown Venture Partners and U.S. firm OVP Venture Partners.
FusionPipe Software Solutions Inc, a provider of advanced authentication and data security solutions, has closed a pre-Series A seed financing. The value of the round, which FusionPipe said was oversubscribed, was not released. The sources of the funding were also not disclosed. The Vancouver-based startup said it will use the round's proceeds to grow its team, increase research, expand partnerships with government and enterprise customers, and accelerate the deployment of its solutions in target markets. Established in 2010, FusionPipe is led by CEO and Chairman David Snell, a former senior executive at QuickMobile Inc.
Canadian mobile gaming startup icejam games Inc, recently launched by CEO Stuart Duncan, has received $707,000 from the Atlantic Canada Opportunities Agency (ACOA) and the Prince Edward Island Department of Economic Development and Tourism. The funding, which follows an initial angel round, is intended to assist icejam with marketing, equipment and development of its playable data platform, which is focused on enabling free-to-play mobile gaming. Headquartered in Charlottetown, PEI, the company was founded by Duncan following the 2011 acquisition of his company Bight Games by EA Mobile.
Venture Newfoundland and Labrador, a venture capital fund launched last November, recently completed its debut deal, investing $300,000 in Sequence Bio, a health information and technology data and analytics startup. Based in St. John's, Sequence Bio was founded in 2013 by CEO Tyler Wish and COO Chris Gardner. The company said the funding's proceeds will be used to accelerate its vision for improving patient care by enabling data-driven innovation in the field of precision medicine. Venture Newfoundland and Labrador is managed by Pelorus Venture Capital.
Canadian venture fundraising reversed two years of decline with growth in the first half of 2015, owing in part to the increased influence of the Venture Capital Action Plan (VCAP). Jeff Pentland, managing director of Northleaf Capital Partners, whose Northleaf Venture Catalyst Fund recently closed at $300 million, said "we’re now beginning to see the impact of all of the VCAP funds coming on stream.”
Kensington Venture Fund, a venture fund-of-funds managed by Canadian alternative assets investor Kensington Capital Partners, has increased its total capital committed to $237 million in a third close. The fund added $44 million from its second close last month as a result of new commitments from a mix of institutional investors, family offices and individual investors. At the new level, Kensington Venture Fund is now closing in on its final target of $300 million. Launched last November with the backing of Ottawa's Venture Capital Action Plan (VCAP), the fund has so far completed commitments to seven Canadian venture capital funds and direct investments in four Canadian startups.
A new report by the Canadian Venture Capital & Private Equity Association (CVCA) found venture capital investment in Canada surge in the first half of 2015, with 244 deals capturing $939 million in total, up 23 percent year over year. The growth was strongest in the second quarter, when life sciences activity contributed significantly to dollar flows. The CVCA also reported steady private equity deal-making in Canada in the first half (145 transactions), though values, totaling $7.8 billion, were reduced from the year before. The report also pointed to growth in Canadian venture capital fundraising, which totaled $910 million as of June 30th. Canadian private equity funds accounted for $3.6 billion in the same period.
Vistara Capital Partners, a newly-formed Canadian growth investor in technology companies, has closed its inaugural fund. Vistara Capital Partners Fund I LP, which secured an initial $80 million earlier this year, raised its target of $100 million in the final close. A total of 45 limited partners, reflecting high net-worth investors, family offices and private charitable foundations, committed capital to the fund. Based in Vancouver, Vistara was founded by Managing Partners Fabio Banducci and Randy Garg. As reported by peHUB Canada in May, the firm plans to offer debt, equity and quasi-equity financing to established companies in North American technology and technology-enabled services sectors.
Dapasoft Inc, an information technology consulting company with a strong focus on the healthcare sector, has secured just over $4 million in financing. The investor, Canadian angel organization York Angel Investors, said the deal is its largest to date. The Toronto-based Dapasoft has a healthcare integration product that is currently being used by more than 200 hospitals and healthcare organizations. It said the funding's proceeds will support its growth plans, which include expanding into the United States and global markets in 2016. Dapasoft was founded in 1997 by Stephen Chan, Mike Lonsway and Wayne Thomas.