Kirk Falconer
There is a new Canadian technology investor in town. Gibraltar Ventures, a Toronto-based firm that is seeking to bring disruptive technology solutions to consumers and small to medium-sized businesses, this week completed the initial close of its first $50 million fund, Gibraltar Ventures Fund One LP. Backers of the fund included BDC Capital. Gibraltar has also made its first investment, leading the $5.2 million Series A financing of online tickets marketplace FanXchange.
Fluidware Corp, an Ottawa-based provider of online survey and application review tools, has been bought for an undisclosed sum by SurveyMonkey. Fluidware's headquarters and infrastructure will be maintained to help accelerate and scale the development of SurveyMonkey's online survey platform, the company said. Based in Palo Alto, California, SurveyMonkey has been backed by a mix of private equity and venture capital firms. In 2013, the company raised US$800 million in debt and equity. The deal's investors included Tiger Global Management, Google Inc, ICONIQ Capital, Social+Capital Partnership and Laurel Crown Partners.
Serial entrepreneurs have been growing their presence in Canadian innovation hubs since the tech boom of the 1990s. And several have been responsible for some of the hottest venture-backed startups to emerge of late, such as Waterloo's Auvik Networks. Repeat founders might also be having an important impact on the bottom lines of VCs. The portfolio evolution of Canadian venture capital firm Celtic House Venture Partners, a 20-year-old media communications technology investor, is illustrative of the trend.
Inventys Thermal Technologies Inc, a developer of energy- and cost-efficient technology for capturing carbon dioxide from industrial flue gas streams, has secured additional funding. The round, for an undisclosed amount of capital, was backed by Canadian venture capital firm Chrysalix Energy Venture Capital, Chevron Technology Ventures, the venture capital arm of Chevron Corp, Mitsui Global Investment and The Roda Group. Based in Burnaby, British Columbia, Inventys said the deal would help expand its manufacturing and enable the deployment of full-scale systems in late 2016. Founded in 2007, the company has been venture-backed since 2012.
FreshBooks Inc, a cloud accounting service designed exclusively for small businesses, has secured US$30 million in first-time institutional funding. The round was led by U.S. venture capital firm Oak Investment Partners and was joined by Atlas Venture and Georgian Partners. Funds will be used to position the company for growth as it helps freelancers and service-based businesses develop without having to learn accounting. Co-founded by Mike McDerment, Joe Sawada and Levi Cooperman in 2003, the Toronto-based FreshBooks has more than doubled its user base to more than 10 million during the last two years. The company is currently hiring developers, product managers and marketing experts.
FreshBooks Inc, a cloud accounting service designed exclusively for small businesses, has secured US$30 million in first-time institutional funding. The round was led by U.S. venture capital firm Oak Investment Partners and was joined by Atlas Venture and Georgian Partners. Funds will be used to position the company for growth as it helps freelancers and service-based businesses develop without having to learn accounting. Co-founded by Mike McDerment, Joe Sawada and Levi Cooperman in 2003, the Toronto-based FreshBooks has more than doubled its user base to more than 10 million during the last two years. The company is currently hiring developers, product managers and marketing experts.
Privacy Analytics Inc has received US$3.5 million in additional funding. The round was led by Canadian venture capital firm Vanedge Capital, and joined by BDC Capital IT Venture Fund, which helped seed the company in 2012, and the Ontario Institute for Cancer Research. V. Paul Lee, managing partner at Vanedge, has joined Privacy Analytics' board of directors. Proceeds will be used to increase sales and marketing, as well as develop the product line. Founded in 2007, Privacy Analytics was formed at the University of Ottawa, where its software, PARAT, was incubated and patented. The company said its customers include Fortune 50 healthcare companies, as well as academic and research organizations.
Privacy Analytics Inc has received US$3.5 million in additional funding. The round was led by Canadian venture capital firm Vanedge Capital, and joined by BDC Capital IT Venture Fund, which helped seed the company in 2012, and the Ontario Institute for Cancer Research. V. Paul Lee, managing partner at Vanedge, has joined Privacy Analytics' board of directors. Proceeds will be used to increase sales and marketing, as well as develop the product line. Founded in 2007, Privacy Analytics was formed at the University of Ottawa, where its software, PARAT, was incubated and patented. The company said its customers include Fortune 50 healthcare companies, as well as academic and research organizations.
Vision Critical Communications Inc has secured $16 million in follow-on financing. The round was led by Canadian venture capital firm Georgian Partners, which earlier this year wrapped up the first close of its second fund, Georgian Partners Growth Fund II. Also participating in the deal were Northleaf Venture Catalyst Fund and Kensington Global Private Equity Fund. Founded in 2000, Vision Critical is a customer intelligence platform that has provided support to more than 650 enterprises around the world. Based in Vancouver, it is also backed by Difference Capital Financial, OMERS Ventures, TELUS Ventures and Wellington Financial. Vision Critical co-founder Angus Reid last month stepped down as the company's executive chair.
D-Wave Systems Inc has raised an additional $28.4 million in venture capital financing according to a new filing with the U.S. Securities and Exchange Commission, sister website peHUB Canada reports.