Kirk Falconer
Tevosol, an Edmonton-based medical device maker, has closed a $2 million seed-stage financing, bringing total funding to $6.3 million. The round's investors were not identified. Spun out of the University of Alberta in 2015, Tevosol is the developer of the ex-vivo organ support system (EVOSS), which assists surgeons with organ transplantation. Led by CEO Ron Mills, Tevosol will use the funds raised to complete a proof-of-concept human trial, expand its team, and accelerate development of its portable perfusion device for lungs. The company said it will next seek financing to support manufacturing, clinical investigation and commercial launch.
Toronto-based medical imaging company MolecuLight has sold its clinical oncology business to Photonamic GmbH & Co KG for an undisclosed amount. Launched in 2013 by CSO Ralph DaCosta, MolecuLight develops fluorescent imaging technology for clinical and commercial applications. Its initial solution, MolecuLight i:X, is a handheld imaging device for assessing wounds. Photonamic, an affiliate of Japan's SBI Holdings Inc, previously partnered with MolecuLight in the oncology field. It said the deal will expand its research and development activities. Moleculight has been backed since its founding by Canadian healthcare technology venture capital firm iGan Partners and other investors.
Brookfield Asset Management has offered to acquire Aveo Group Ltd, a Sydney, Australia-based retirement-home operator, for $859.4 million in cash, according to a report by Reuters.
The Canadian Competition Bureau has approved the proposed acquisition of WestJet Airlines Ltd (TSX: WJA) by Onex Corp, the Calgary-based carrier said. The approval was confirmed by the agency's issue of a no-action letter. In May, Onex, a Canadian private equity firm, offered to buy WestJet, Canada’s second-largest carrier, for $3.5 billion or $5 billion including debt. The deal is expected to close in Q4 2019. Founded in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.
Nuvei, a Montréal-based payment technology company, has closed its acquisition of SafeCharge International Group Ltd, a Guernsey, U.K.-based provider of omni-channel payments services. The all-cash deal, announced in May, is valued at US$889 million ($1.18 billion). The combined business will have its headquarters in Montréal. Nuvei, formerly known as Pivotal Payments, secured an investment in 2017 from Canadian mid-market private equity firm Novacap and Caisse de dépôt et placement du Québec (CDPQ) that valued it at $525 million. Novacap and CDPQ also supported the SafeCharge transaction.
Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce platform, has filed a preliminary supplement to an August 6 prospectus for an offering of subordinate voting shares. A total of about 6.6 million shares will be offered for sale, about 5.4 million of which will be offered by selling shareholders, including Caisse de dépôt et placement du Québec (CDPQ) and Inovia Capital. The price of the shares to be sold was not released. The offering includes a greenshoe option. Lightspeed completed an initial public offering (IPO) in Canada earlier this year, raising $276 million. The IPO valued the company at $1.5 billion.
A venture capital fund affiliated with Japan's Recruit Co Ltd has made an undisclosed investment in Properly, a Toronto-based real estate technology provider. Properly earlier announced the close of its $22 million Series A financing, the equity portion of which was led by Prudence Holdings and FJ Labs. Recruit was not identified as an investor. Based in Tokyo, Recruit is a provider of recruitment advertising, sales promotion and staffing services. It said it aims to support the growth of Properly along with improvement of the company's services.
Toronto-based real estate technology provider Properly has raised C$22 million in Series A financing, consisting of C$12 million in equity and an initial C$10 million debt facility. The equity funding was led by U.S. venture capital firms Prudence Holdings and FJ Labs, with participation from Golden Ventures, AlleyCorp‘s Kevin Ryan and others. Properly is also backed by Inovia Capital, Loric Ventures and Max Ventures. Founded in 2018 by CEO Anshul Ruparell, COO Sheldon McCormick and CTO Craig Dunk, Properly uses machine learning to help homeowners discover what their home would sell for on the open market, with the option to sell directly to Properly.
Canadian family office Cunaxa Ventures has acquired NFE Manufacturing Inc, a Chemainus, British Columbia-based fabrication, engineering and field fabrication business. No financial terms were disclosed. Established in 1888, NFE provides custom fabrication, machining, engineering design, water jet, industrial coatings and installation services to a range of industries, including oil and gas, hydro electricity, mining, shipping and aerospace. It has been led since 2005 by President Marc Langevin. Based in Vancouver, Cunaxa invests in manufacturing and financial technology companies in North America and Europe.
Toronto-based real estate technology provider Properly has raised $22 million in Series A financing, consisting of $12 million in equity and an initial $10 million debt facility. The equity funding was led by U.S. venture capital firms Prudence Holdings and FJ Labs, with participation from Golden Ventures, AlleyCorp's Kevin Ryan and others. Founded in 2018 by CEO Anshul Ruparell, COO Sheldon McCormick and CTO Craig Dunk, Properly uses machine learning to help homeowners discover what their home would sell for on the open market, with the option to sell directly to Properly. The company will use the funds raised to accelerate expansion in Canada, enhance its technology, and add to its team.