Kirk Falconer
Copperleaf Technologies, a Vancouver-based provider of decision analytics software solutions, has raised more than $13 million (US$10 million) in a strategic investment. The investor was National Grid Partners (NGP), the venture capital and innovation arm of U.K. utility National Grid plc. NGP Director Andre Turenne will join the board. Founded in 2000 and led by CEO Judi Hess, Copperleaf provides an asset management planning and decision analytics system designed for utilities and other asset-intensive businesses. One of its customers is National Grid. Copperleaf will use the funds raised for technology development and growth into new markets and regions worldwide.
Traction Guest, a Vancouver-based provider of enterprise visitor management software, has raised about $17 million (US$13 million) in a Series A financing. U.S. venture capital firm Bessemer Venture Partners led the round. It was joined by existing backer Salesforce Ventures and others. Traction Guest was incubated by Traction on Demand, a cloud consulting and application development partner with Salesforce. Launched in 2015, the company provides cloud-based solutions that help businesses leverage visitor data, shape their brand experience and strengthen security. The funds raised will be used to expand Traction Guest's team and meet global demand.
Medteq said its venture capital fund has invested in eight health technology companies based in Montréal and Halifax. The $14 million fund, which partnered in financings with Anges-Quebec, Anges-Quebec Capital, Innovacorp, Real Ventures and others, contributed to total investment in the startups of more than $11 million. The companies backed were Densitas, My Intelligent Machines, My01, Optina Diagnostics, Saccade Analytics, Spinologics, Spring Loaded Technology and Thorasys. Medteq is a Canadian medical innovation group funded by government through Centres of Excellence for Commercialization and Research, the private sector and other sources.
NACO announced Derrick Hunter, president and CEO of Bluesky Equities, has won the 2019 Canadian Angel of the Year award. The award, sponsored by BDC Capital, recognizes an early-stage investor who has made a significant contribution to the growth and development of the Canadian entrepreneurial ecosystem. Calgary-based Hunter has been an active member of the Alberta angel community for many years, investing in more than 50 startups. He is also a founding partner and fellow at Creative Destruction Lab-Rockies. NACO, the national association for angel investors, incubators and accelerators, has more than 4,000 members.
MindBridge Analytics Inc (MineBridge Ai), an Ottawa-based auditing software platform, has raised $15.1 million in follow-on financing, according to a report by the Globe and Mail. The round was led by U.S. business software venture capital firm PeakSpan Capital, the report said. It was joined by Real Ventures, Reciprocal Ventures, National Bank of Canada and The Group Ventures, all of which invested in last year's $8.4 million Series A financing. MindBridge Ai will also receive $14.5 million from Ottawa's Strategic Innovation Fund, the report said. Founded in 2015 by CEO Eli Fathi and CSO Solon Angel, MindBridge Ai uses artificial intelligence and machine learning to help auditors uncover errors and misstatements in financial data.
Vancouver-based bioplastics company Good Natured Products Inc (TSX-V: GDNP) has secured about $13 million (US$10 million) in financing from BDC Capital. BDC invested through its $700 million clean technology practice. Comerica Bank also agreed to supply a US$1 million operating line of credit. The funding from BDC will be drawn down by Good Natured in three tranches. The proceeds of the first tranche will be used for organic growth, and the rest for acquisitions. Formerly known as Solegear Bioplastics, Good Natured makes and distributes a range of consumer products and packaging using renewable, plant-based materials. Its other investors include Yaletown Partners.
Userful Corp, a Calgary-based provider of enterprise visual communication solutions, has raised a first-time financing. The undisclosed round was led by Accelerate Fund II, an Alberta early-stage angel co-investment fund managed by Yaletown Partners. It was joined by The A100, an Alberta network of technology entrepreneurs. Userful provides a visual networking platform that enables information technology teams to display content from any source on any screen at any time for communication and collaboration. To date, its solutions have been deployed on more than 1 million screens in over 100 countries. Founded in 2003, Userful is led by CEO John Marshall.
H&R Block Inc (NYSE: HRB) has agreed to acquire Wave Financial, a Toronto-based provider of financial management software to small businesses. The deal, expected to close in the next few months, will see H&R Block pay about $537 million (US$405 million) in cash. Founded in 2010 and led by CEO Kirk Simpson, Wave provides accounting, invoicing, payroll and payments solutions, as well as bookkeeping services, to more than 400,000 small businesses every month. H&R Block, a Kansas City, Missouri-based tax preparation business, said the deal will enhance its position in the small business market. Wave has raised more than $100 million in venture capital financing, including a $32 million round closed in 2017.
Diagram Ventures has raised $55 million in the close of its second fund, earmarked for creating and investing in early-stage companies focused on innovation in the financial and insurance sectors. Fund II exceeded its $50 million target with the help of anchor investor Portag3 Ventures, which is backed by Canadian holding company Power Corp. It was joined by 75 angel investors, including Andreessen Horowitz General Partner Angela Strange and former U.S. Ambassador Bruce Heyman, as well as family offices. Led by CEO François Lafortune, Montréal-based Diagram also announced the hire of Hamnett Hill as a partner. Hill, a serial entrepreneur, co-founded Smooch Technologies, acquired last month by Zendesk.
New Brunswick Innovation Foundation (NBIF) has invested $200,000 in TurboPlay, a Fredericton-based developer of a video game marketplace. The investment was part of an undisclosed round that also included several angel investors. Founded in 2018 by CEO and co-CTO Vince McMullin, COO John Nguyen, co-CTO Royal O'Brien and CMO Lisa Weeks, TurboPlay is building a personalized marketplace for independent game players and developers to sell their digital games and related downloadable content. It will use the round's proceeds to hire developers and customer support staff and for enhanced sales and marketing efforts.