Kirk Falconer
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.
If history repeats, a combination of disclosed and non-disclosed VC financings should put Canadian market activity in Q2 within reach of the $454 million invested in Q2 2013.
OMsignal Inc has secured $10 million in a Series A financing round led by U.S. venture capital firm Bessemer Venture Partners. Bessemer was joined in the deal by existing investors, including Real Ventures, Mistral Venture Partners, Golden Venture Partners, Techstars' managing partner David Cohen, Flextronics and Primera Capital. Founded in 2011, the Montréal-based OMsignal is a provider of smart clothing technology and the maker of Biometric Smartwear, clothing that includes sensors to track fitness, health and performance. The company will use the new funds to achieve greater scale and take wearable technology to a wider consumer base.
Tasktop Technologies, developer of an integration technology designed to improve software productivity, has raised $11 million in a Series A financing round. The deal was led by U.S. venture capital firm Austin Ventures and joined by Canadian firm Yaletown Venture Partners, which helped seed the company in 2013. Tasktop has found a warm reception in the market because the making and management of software is these days “core to modern innovation,” said Mike Satterfield, partner at Yaletown.
Visier Inc, a specialist in workforce analytics and planning, has obtained $25.5 million in a Series C financing round. The round was led by U.S. venture capital firm Adams Street Partners, with the participation of Foundation Capital and Summit Partners, which accounted for Visier's Series A and B rounds. To date, the Vancouver-based company has raised $49.5 million. Visier said the new funds will be used to broaden adoption of its applied big data technologies within the human resources market, and penetrate new growth areas. Founded in 2010, the company has over the past year released new product offerings, doubled its customer count, and opened a new office in San Jose, California.