brad meikle
Storage virtualization platform ioFABRIC is preparing to emerge from stealth mode with a product that is intended to change the way that enterprise data are stored and managed. The Toronto-based startup's development has been facilitated by undisclosed seed-stage financing from Canadian venture capital firm Real Ventures and other private investors. Established in 2013, ioFABRIC is led by CEO Steven Lamb, a Canadian serial entrepreneur who previously co-founded Nevex Virtual Technologies, Nevex Software, Inex Corp and other companies. He said Real Ventures' investment supports the forthcoming launch of ioFABRIC's software-defined storage product offerings.
The going public transactions of private equity and venture-backed companies helped drive the Canadian IPO market in the first half of 2015, a new PwC Canada report suggests. Offerings by companies such as Shopify Inc and Stingray Digital Group Inc contributed to $1.4 billion in new issue proceeds in this period, PwC found. Overall, proceed values were down from one year ago, while the number of offerings was up. PwC National IPO Leader Dean Braunsteiner said early signs of private equity firms bringing companies to the public equity market is a trend to watch. Another important trend is the successful offering of special-purpose investment companies focused on startups, he said.
The Fonds de solidarité FTQ has reported comprehensive income totaling $992 million for the year ended May 31, 2015, which resulted in an annual return of 9.8 percent. Net assets managed by the Montréal-based private equity and venture capital firm have also reached a new high of $11.1 billion. During the past twelve months, the Fonds de solidarité FTQ said it deployed a total of $640 million in development capital to companies in Québec. Its recent investments include ATIS Group, Colo-D, Frima and Montreal Gateway Terminals.
CareGuide, a portfolio company of Canadian venture capital firm iNovia Capital and other investors, has obtained $1 million in funding from the Knowledge Based Industries (KBI) group of the Royal Bank of Canada (RBC). RBC is providing the Toronto-based startup with other financial services as well. CareGuide operates a number of online care services, including Sitter.com, Housekeeper.com, PetSitter.com, ElderCare.com and HouseSitter.com. Founded in 2012 and led by Chief Executive Dad John Philip Green, the company has raised close to $5 million in seed funding, not including the RBC investment, according to AngelList.
Federal Resources Supply Co, a portfolio company of U.S. private equity firm KLH Capital, has completed its recapitalization. Canadian alternative equity firm Alaris Royalty Corp facilitated the transaction, the financial details of which were not disclosed. The deal will support Federal Resources' continued growth and ability to provide chemical, biological, radiological, nuclear and explosive detection and protective products to its clients. The company, which is based in Stevensville, Maryland, received financial advice from mid-market investment bank BlackArch Partners.
PubNub, a U.S. data stream network for mobile applications and the Internet of Things, has secured US$20 million in Series C financing. The round was led U.S. venture capital firm Sapphire Ventures and was joined by existing investors, including Canada's Relay Ventures, which led the company's Series A financing in 2012. Scale Venture Partners also invested. PubNub said the proceeds of the latest round will help fuel its global growth and accelerate its plans to scale up sales and marketing operations to meet demand. Founded in 2010, the company has its headquarters in San Francisco.
Bee Vectoring Technologies International Inc (BVT) has closed its previously-announced reverse takeover deal with Unique Resources Corp, which will allow BVT to begin trading on the TSX Venture Exchange under the symbol "BEE" in early July. BVT also completed a private placement transaction that generated gross proceeds of about $3.1 million. The investors were not disclosed. Led by President and CEO Mike Collinson, BVT is a developer of technology that uses bumblebees as a natural delivery mechanism for specialist powdered organic pesticides. The company's headquarters are in Vancouver.
Ballard Power Systems Inc (TSX: BLD) has agreed to acquire Protonex Technology Corp, a U.S. designer and manufacturer of advanced power management products and portable fuel cell solutions. The deal, which is expected to close in the third quarter, is valued at $30 million, including the assumption of debt. Vancouver's Ballard said Protonex is a complementary addition to its fuel cell products platform and will deliver strategic benefits in key areas. Protonex, which is headquartered in Southborough, Massachusetts, is backed by a number of venture capital firms, including Commons Capital, Conduit Ventures, In-Q-Tel, Solstice Capital and Windsail Capital Group.
Michael Denham has been appointed president of the Business Development Bank of Canada (BDC), effective August 10, 2015. Denham is currently the president of AquaTerra Corp, a Canadian water company. Prior to joining AquaTerra, he held a number of senior leadership positions at Accenture PLC, CGI Group Inc, Bombardier and McKinsey & Co. Headquartered in Montréal, BDC provides loans, consulting services, growth and transition capital, securitization and venture capital to more than 30,000 small and medium‑sized companies.
Canadian home renovation retailer BuildDirect.com is weighing an eventual initial public offering, but will stay private for at least the next year as it develops its 'Uber'-like online marketplace, its Co-Founder and Chief Executive Jeff Booth told Reuters. The venture-backed company has a valuation near $500 million, Booth said.