Kirk Falconer
The Securities and Exchange Commission (SEC) has sued Kik Interactive Inc, alleging the Waterloo-based messaging app conducted an illegal US$100 million offering of digital tokens. In 2017, Kik said it would raise US$125 million by selling tokens called Kin. The SEC charges the offering and sale were not registered as required by U.S. securities laws. By failing to register, Kik “deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions,” the SEC said. Kik has raised financing from Foundation Capital, Millennium Technology Value Partners, RRE Ventures, Spark Capital, SV Angel, Tencent, Union Square Ventures, Valiant Capital Partners and other investors.
Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
Toronto-based food innovation platform New Skew has secured an undisclosed initial financing. The round was backed by unidentified investors, consisting of family offices and investment dealers with links to the food, retail and hospitality sectors in Canada and the United States. Founded in 2017 by Alex Yurek, New Skew helps craft food and beverage brands launch and scale more quickly and efficiently. Its current portfolio includes Detour Coffee Roasters, Dear Grain, Royal Canadian Mead and Brainbow. New Skew will use the funds raised to expand its North American presence, scale existing brands and develop new brands.
Vancouver-based two-wheel technology company Damon Motorcycles has raised $2.5 million in a seed-stage financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. It was joined by Techstars, Extreme Venture Partners and Pallasite Ventures. Founded in 2017 by CEO Jay Giraud and CTO Dom Kwong, Damon has developed an advanced warning system that uses sensor fusion, robotics and artificial intelligence to make motorcycling safer. Damon said manufacturers are evaluating the technology for factory integration. The funds raised will support further growth and product development.
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
BDC Capital has launched a $250 million fund to invest in technology companies that can help modernize traditional Canadian industries. Industrial Innovation Venture Fund will invest in early- to late-stage companies focused on advanced manufacturing, agriculture and food technology, drones, energy technology, mining technology, robotics and targeted artificial intelligence. To oversee the fund, BDC hired Joe Regan as a managing partner. Regan joins from the clean technology group of Export Development Canada, which he led. He was previously a founding managing partner of Bioenterprise and a vice president at GrowthWorks and Ventures West.
Northleaf Capital Partners has closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies, raising $300 million. NVCF II, backed by Ottawa's Venture Capital Catalyst Initiative (VCCI), closed at its hard cap with the help of institutional, high-net-worth and family office investors. They included BDC Capital, Canada Pension Plan Investment Board, Sun Life and TD Bank Group, which joined the fund's initial close in December. New money came from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and others. NVCF II has so far made commitments to Inovia Capital, StandUp Ventures and Versant Ventures.
In his 2019 Canadian venture and startup predictions, OMERS Ventures Managing Partner Jim Orlando laments the lack of big exits of VC-backed tech companies in 2018. Orlando argues the market should be generating more “top 10-in-10” exits — liquidity events large enough to be counted among the top 10 during the past 10 years. To qualify, […]
Georgian Partners is preparing to launch a fifth growth equity fund with a target of about $1 billion (US$750 million), according to a report by the Globe and Mail. Georgian recently announced its plans to existing limited partners, the report said. The Toronto-based firm closed Georgian Partners Growth Fund IV last year at its $715 million (US$550 million) hard cap. Founded in 2008 by Managing Partners John Berton, Simon Chong and Justin LaFayette, Georgian is well known in the market for its applied-analytics investment thesis, allied with a focus on applied artificial intelligence, conversational business, and security in software design.