Kirk Falconer
Narbé Alexandrian, CEO of Canopy Rivers, the venture arm of Canopy Growth, is leading an ambitious strategy to fill a funding gap for startups expected to drive growth in the burgeoning global pot industry. Alexandrian, hired last year from OMERS Ventures, told PE Hub Canada the firm is targeting long-term financings of early-stage marijuana companies, a space investors have largely ignored. Investing from a $300 million pool, Canopy Rivers seeks opportunities across the cannabis value chain, a focus that also differentiates the firm. “Everybody is chasing the next cultivation deal,” Alexandrian said, noting this overlooks a wealth of ancillary activities representing strong growth potential.
Home Capital Group Inc (TSX: HCG) has made a $3 million strategic investment in Lendified, a Toronto-based financial technology company. Home Capital, a Canadian alternative lender, said the deal will support the growth of independent business owners and create digital banking solutions for its customers and partners. Lendified provides online loans to Canadian small businesses and a software-as-a-service credit platform to North American financial institutions. The investment follows last month's $15 million financing of Lendified, led by WD Capital Markets and INFOR Financial.
RBC Ventures has acquired Smart Reno, a Montréal-based online home renovation marketplace that connects consumers and renovation professionals, for an undisclosed amount. Founded in 2012 by CEO Andrei Uglar, Smart Reno currently operates in Alberta, Ontario and Québec. The company previously raised financing from Anges Québec, Anges Québec Capital Fund and 500 Startups Canada. RBC Ventures is a startup creation, acquisition and investment affiliate of Royal Bank of Canada. It said Smart Reno will be given access to assets and resources to help it scale operations in Canada, expand capabilities, and improve the user experience.
Narbé Alexandrian, CEO of Canopy Rivers, the venture arm of Canopy Growth, is leading an ambitious strategy to fill a funding gap for startups expected to drive growth in the burgeoning global pot industry. Alexandrian, hired last year from OMERS Ventures to head Canopy Rivers’ investment team, told Venture Capital Journal the firm is targeting long-term […]
Toronto-based electronic glasses maker eSight has raised a debenture financing of $10 million. The investors were not identified. BetaKit reported the deal was led by Canadian healthcare technology venture capital firm iGan Partners. The company's other backers include MaRS Investment Accelerator Fund. The funds raised will be used by eSight to support technology development and global expansion. Along with the financing, eSight announced the promotion of former telecommunications executive Kevin Banderk to CEO. Launched in 2015, eSight makes electronic glasses with enhanced vision technology to improve sight and mobility for the visually impaired.
Canadian venture capital firm Two Small Fish Ventures has initially closed its second early-stage fund, securing $9 million in committed capital. Fund II, targeted to raise $15 million in total, was backed in the first close by high-net-worth individuals, family offices and institutional investors. Toronto-based Two Small Fish was founded in 2014 by Managing Director Eva Lau, a former executive at Canadian storytelling app Wattpad, and Advisor Allen Lau, Wattpad's CEO. The firm invests in a range of early-stage internet companies able to create large-scale network effects. To date, it has backed some 22 companies.
Noblegen, a Peterborough, Ontario-based advanced ingredients maker, has raised $25 million in a Series B financing, bringing total funding to $42.5 million. The round was led by Richardson Ventures, an affiliate of Canadian holding company James Richardson & Sons Ltd (JRSL), and the clean technology practice of Business Development Bank of Canada (BDC). Noblegen, founded in 2013 by CEO Adam Noble and Andressa Lacerda, makes proteins, carbohydrates and oils from the microorganism Euglena gracilis. Its technology enables production with minimal water and land use as well as a reduced carbon footprint. Noblegen will use the funds raised to scale production capabilities and bring its ingredients to market.
Noblegen, a Peterborough, Ontario-based advanced ingredients maker, has raised $25 million in a Series B financing, bringing total funding to $42.5 million. The round was led by Richardson Ventures, an affiliate of Canadian holding company James Richardson & Sons Ltd (JRSL), and the clean technology practice of Business Development Bank of Canada (BDC). Noblegen, founded in 2013 by CEO Adam Noble and Andressa Lacerda, makes proteins, carbohydrates and oils from the microorganism Euglena gracilis. Its technology enables production with minimal water and land use as well as a reduced carbon footprint. Noblegen will use the funds raised to scale production capabilities and bring its ingredients to market.
Toronto-based automotive prognostic platform Pitstop has raised $1.5 million in a seed-stage financing. Ripple Ventures, a Canadian early-stage venture capital firm, led the round. It was joined by WorldQuant Ventures, Hike Ventures, OCE and Michael Castellarin, managing director of Clairvest Group. Founded in 2015 by CEO Shiva Bhardwaj, Pitstop provides a cloud-based platform that helps customers to understand and leverage the data available from their automotive assets. Along with the round, Pitstop announced a pilot test program with Germany's Continental AG to deliver connected car prognostics and remote vehicle diagnostics to the automotive aftermarket.
Beam Dental, a Columbus, Ohio-based dental benefits provider, has raised US$55 million in a Series D financing. The round was led by Canadian growth equity firm Georgian Partners, with participation from existing investor Drive Capital. Founded in 2012, Beam provides employers with an end-to-end digital solution for dental insurance. It streamlines and automates lengthy, manual processes, such as providing quotes, enrollment and claims. Beam will use the funds raised to accelerate growth and develop new product offerings, which will include investments in machine learning and conversational artificial intelligence.