Canadian venture fundraising reversed two years of decline with growth in the first half of 2015, owing in part to the increased influence of the Venture Capital Action Plan (VCAP). Jeff Pentland, managing director of Northleaf Capital Partners, whose Northleaf Venture Catalyst Fund recently closed at $300 million, said "we’re now beginning to see the impact of all of the VCAP funds coming on stream.”
Agtech venture firm Avrio Capital expects to see an outsized return on its investment in a Canadian natural foods producer following the company’s sale to a U.S. private equity firm this week. Manitoba Harvest Hemp Foods sold for $132.5 million, which will give Avrio a nine-fold return on its invested capital, the firm's Managing Director Aki Georgacacos told peHUB Canada.
McRock Capital, an investor in the industrial Internet, is preparing to wrap up its debut fund after securing a commitment from one of the world’s largest electric utilities. The Toronto-based firm announced today that McRock iNFund LP received an undisclosed investment from France’s EDF, its second strategic backer. As a result, Fund I moved closer to reaching its goal of $65 million of committed capital.
Whitecap Venture Partners has closed its third technology fund at the upper end of its fundraising target, paving the way for a new investment. The Toronto-based firm announced today that it has wrapped up Whitecap III LP at $100 million in committed capital. It also said Fund III led the financing of Qvella, a Canadian molecular diagnostics company.
Genesys Capital has launched its third life sciences venture fund on the strength of several recent portfolio wins, including the public debut of medical device provider Profound Medical. Genesys Ventures III LP hit the fundraising trail in April, targeting $150 million in committed capital. That’s more than twice the size of its predecessor, which closed in 2007.
Canadian e-commerce startup Shop.ca is looking at going public within the next year to take advantage of robust investor appetite for the country's technology sector, its top executive said in an interview with Reuters. The company raised $20 million from strategic and institutional investors in a recent financing round led by Scotiabank, bringing its total fundraising to date to $75 million.
Vistara Capital Partners, a newly formed growth investor in late-stage technology companies, has raised most of the capital targeted for its inaugural fund in an initial close. The Vancouver-based firm announced this week that Vistara Capital Partners Fund I LP has secured $80 million in committed capital, putting it within reach of an overall goal of $100 million.
The acquisition of a local technology startup by a foreign buyer often inspires feelings of regret in Canadian hearts. However, there are no mixed emotions about the imminent sale of Distech Controls, a Brossard, Québec-based energy management specialist, to Acuity Brands. On the contrary, the deal is viewed as an unqualified win for Distech, its employees, its investors, and Canada's cleantech industry.
Whitecap Venture Partners, one of Canada’s oldest family-owned venture firms, has exceeded the initial target set for its third technology fund after opening the door to third-party investors for the first time. Whitecap III LP secured $70 million in committed capital in its first close, putting the fund within reach of a final goal of between $80 million and $100 million.
HarbourVest Canada Growth Fund, a venture fund of funds managed by Boston-based asset manager HarbourVest Partners, has secured $197.2 million in an initial close. The fund, the fourth to be formed in partnership with Ottawa's Venture Capital Action Plan (VCAP), raised about two-thirds of its commitments from a mix of banks, corporations and institutional investors.