brad meikle
Vox Mobile, a U.S. provider of enterprise mobility solutions, has obtained US$6.7 million in a follow-on investment. The round was co-led by TELUS Ventures, the venture investment arm of Canada's TELUS Communications Co. Other investors included Mutual Capital Partners, Edison Partners and Permal Capital. Vox Mobile, which is based in Cleveland, Ohio, helps businesses manage mobile infrastructure, addressing every aspect of mobile innovation planning, administration and support. It said the round's proceeds will help expand its global reach. The deal also solidifies the company's Canadian market partnership with TELUS.
Mogo Finance Technology Inc has confirmed earlier reports that it is seeking gross proceeds of $50 million from an initial public offering on the Toronto Stock Exchange under the symbol "GO." The Vancouver-based company is offering 5 million common shares at $10 per share, with an option to sell a further 750,000 shares at the same price. Founded in 2003, Mogo is an online lending platform that provides consumers with a range of credit solutions. As reported by peHUB Canada in May, its investment history is not fully known, however, the company has disclosed that is currently drawing on credit facilities provided by an affiliate of Fortress Investment Group.
Toronto-based Volley has emerged from stealth and announced it has raised $500,000 in seed-stage funding from Canadian venture capital firm Version One Ventures. The company, founded last year, provides a social media network for developers, designers and entrepreneurs to ask questions and receive feedback to help with issues, including technical problems and career advice. Update: Volley said the proceeds of the seed round will help grow and expand its community to other platforms. The company's co-founders are CEO Mike Murchison, C3PO David Hariri and CTO Brendan Lynch.
Recon Instruments, a Canadian developer of smart eyewear technology for sports and activity-specific environments, has been bought by Intel Corp. The financial terms of the deal were not released, however, Techvibes reports the acquisition price to be "upwards of $175 million." CEO Dan Eisenhardt, who co-founded the company in 2008, said the acquisition will give Recon access to resources to continue growth "with a level of efficacy and speed that’s beyond the reach of a pioneer in a new market." Based in Vancouver, Recon was backed by Canadian and U.S. investors, including Intel Capital, Motorola Solutions Venture Capital, Kopin Corp and Vanedge Capital, which led its Series A financing in 2011.
It is an awesome sight to see more and more U.S. technology startups earning billion-dollar valuations, writes Garibaldi Capital Advisors' Brent Holliday. But a number of Canadian companies have also started to breathe that rarified air. Like the high-growth unicorns of the United States, we in Canada have an ever-larger club of narwhals and soon-to-be narwhals.
Members of angel investment network Anges Québec have invested $740,000 in Marmott Énergies Inc, a provider of geothermal energy used in residential buildings. Québec entrepreneur and investor Yves Racine led the round. Marmott, which is based in Montréal, said the proceeds of the investment will help the company to commercialize its geothermal solution for homes and apartments. Founded in 2010, Marmott is led by President Nathalie H. Tremblay. Earlier this year, Anges Québec Capital Fund, a fund established to invest alongside Anges Québec members, was recapitalized at $85 million.
LeadSift, a provider of social media intelligence solutions, has secured an undisclosed sum in a follow-on financing round. The investors were Canadian venture capital firm OMERS Ventures, which has backed the company since 2012, and U.S.-based Salesforce Ventures. Headquartered in Halifax, Nova Scotia, LeadSift mines social media audiences to help brands identify, understand and reach consumers. It said it would use the deal's proceeds to further product development efforts and fuel sales and marketing. OMERS Ventures' Damien Steel said LeadSift is "well-positioned to capture significant market share and become a leader in acquiring customers via social media."
ProNAi Therapeutics Inc, a Vancouver-based clinical-stage oncology company, has filed with the U.S. Securities and Exchange Commission (SEC) to launch an initial public offering on the Nasdaq Global Market under the ticker symbol "DNAI." According to the SEC filing, the company is seeking to raise up to US$86.2 million. Established in 2004, ProNAi is developing and commercializing a new class of therapies through its DNA interference platform for patients with cancer and hematological diseases. Last year, the company secured US$59.5 million in Series D financing, which was led by U.S. venture capital firm Vivo Capital and was joined by existing investors. It has a research facility in Plymouth, Michigan.
Milestone Pharmaceuticals Inc, a Canadian drug developer focused on cardiovascular diseases, has raised US$17 million in Series B funding. U.S. venture capital firm Domain Associates led the round with participation from the company's existing investors, including the Fonds de solidarité FTQ, Pappas Ventures, BDC Capital, GO Capital and iNovia Capital. In conjunction with the deal, Domain's Debra Liebert was added to Milestone's board of directors. Update: The company, which has its headquarters in Montréal, said proceeds of the round will be used to complete Phase 2 clinical development of its lead product. Founded in 2005, Milestone has raised more than US$30 million in venture funding to date.
Dr. Annie Thériault has joined the Toronto-based Grenville Strategic Royalty Corp as a managing director. Thériault was previously a senior investment manager responsible for direct equity investments at Export Development Canada. Between 2010 and 2014, she served as a vice president at Canadian venture capital firm Northwater Capital Management. Grenville said Thériault will be a principal investor and senior team member who will help the firm grow its portfolio of royalty investments.