The Deal Digest (July-August 2024)

Welcome to the June edition of The Deal Digest, a monthly briefing powered by CVCA Intelligence!

Each month, we bring you details about the industry's latest transactions and provide a carefully crafted snapshot of the Canadian VC and PE landscape.

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CVCA’s public quarterly market overview reports provide a?deep analysis of the Canadian market, offering a?panoramic view of private capital trends and investments. These comprehensive reports utilize data from CVCA Intelligence, Canada’s foremost private capital database. They highlight performance indicators, emerging sectors, and strategic shifts, empowering stakeholders with crucial insights for informed decision-making.

Read the H1 2024 reports here.

?? New CVCA Members

Beedie Capital

B. Riley Farber

Bizmark Business Markets Inc.

Rouge Services Corporation

Venture Capital Deals

E-Zinc Powers Up with $42 Million CAD to Validate Energy Storage Solution in the Field

• CVCA Members: Export Development Canada | Exportation et développement Canada , BDC Capital (Canada) , Graphite Ventures , Evok Innovations

FirstVet, the Global Leader in Pet Telehealth, Raises €20m to Propel North America Expansion

• CVCA Members: OMERS Ventures , TELUS Global Ventures (TGV)

Gaiia Closes $18-Million CAD Series A as it Looks to Build the Shopify for ISPS

• CVCA Members: Inovia Capital

Raven Connected Closes $10 Million Funding Round, Fueling its Expansion in the Connected Vehicle Landscape

• CVCA Members: Export Development Canada | Exportation et développement Canada , Celtic House Venture Partners , Graphite Ventures , TELUS Global Ventures (TGV)

Nesto Acquires CMLS to Build Mortgage Ecosystem of the Future

• CVCA Members: Diagram Ventures , BMO Capital Partners , Fonds de solidarité FTQ , Fondaction , NAVentures ( Banque Nationale du Canada )

Following Pivot to Enterprise SaaS Model, Haloo Closes $4.7 Million CAD

• CVCA Members: BDC Capital (Canada)

Former Team Canada Support Staff Secure $1.3 Million to Deliver Olympic-Level Corporate Team Building

• CVCA Members: Techstars

CIBC Innovation Banking Provides Spare with $10 Million in Growth Capital to Accelerate Expansion of AI-Driven Mobility Solutions

• CVCA Members: CIBC Innovation

Roga Secures $1.7 Million CAD to Reduce Stress and Burnout with its Nerve-Stimulating Wearable

• CVCA Members: Centre for Aging + Brain Health Innovation

Point Laz Raises $1.2 Million to Bring Mine Shaft Scanning Device to Market

• CVCA Members: i4 Capital

Ex-Deepmind Researchers Nab $17m to Bring Generative AI to Video Games with Artificial Agency

• CVCA Members: BDC Capital (Canada) , Radical Ventures

Relion Secures $3 Million as the First Company Incubated Out of Diagram Ventures Climatetech Fund

• CVCA Members: MaRS Investment Accelerator Fund , AQC Capital , Diagram Ventures

Rainstick Shower Soaks up $2.6 Million CAD as it Eyes Expansion in Canada and the US

• CVCA Members: BDC Capital (Canada) , Raven Indigenous Capital Partners

Armed with $782,000 CAD in Pre-Seed Funding, Medreddie Eyes New Markets

• CVCA Members: BDC Capital (Canada) , New Brunswick Innovation Foundation

DataCore Secures US$60 Million in Funding to Accelerate Growth and Innovation

• CVCA Members: Vistara Growth

Lithium-Ion Battery Developer Ugowork Closes Series C Funding to Expand HQ, Production Facility

• CVCA Members: Investissement Québec , Export Development Canada | Exportation et développement Canada , Fonds de solidarité FTQ , Desjardins Capital

Cohere Topped Up and Officially Closes its Series D Round at $5.5-Billion Valuation

• CVCA Members: Export Development Canada | Exportation et développement Canada

Retispec Secures $13.8 Million to Detect Alzheimer's Early Through Retinal Imaging

• CVCA Members: Centre for Aging + Brain Health Innovation , iGan Partners

Claudette McGowan Closes $10-million Series A for Cybersecurity Startup Protexxa

• CVCA Members: Export Development Canada | Exportation et développement Canada , BKR Capital , Sandpiper Ventures , Bell Ventures , Graphite Ventures

Ethica Secures $2.3 Million to Deliver “Enterprise-Grade” Internet Access to Emerging Markets

• CVCA Members: GreenSky Ventures

Inscora Announces $2M in Funding to Help Brokers Supercharge their Cyber Insurance Practice

• CVCA Members: Luge Capital , Inovia Capital , Desjardins Capital, Accelia Capital

Workstaff Closes Seed Round with Ambitions to Expand Beyond Canada

• CVCA Members: Investissement Québec

Tracktile Raises $575k to Bring Operations Software to Manufacturing Industry Plagued with “Expensive and Legacy” Tech

• CVCA Members: BDC Capital (Canada) , New Brunswick Innovation Foundation , Island Capital Partners

Miru Closes $27.4-Million CAD Series A as Smart Windows Startup Prepares to Launch in 2025

• CVCA Members: Greensoil PropTech Ventures , BDC Capital (Canada)

National Bank Reinvests as Walnut Closes $4.6 Million to Expand Embedded Insurance Capabilities

• CVCA Members: Highline Beta , TELUS Global Ventures (TGV) , Diagram Ventures , NAventures ( Banque Nationale du Canada )

Perceptive Space Emerges from Stealth with $3.9 Million to Help Predict Solar Flares and Other ‘Space Weather’

• CVCA Members: Panache Ventures

CruxOCM Closes $23.3-Million CAD Series A Led by Microsoft’s Venture Fund

• CVCA Members: Raven Indigenous Capital Partners , Golden Ventures

Ex-Google DeepMind Leaders Bring Reliant AI out of Stealth with $15.4-Million CAD Seed Round

• CVCA Members: Inovia Capital

MolecuLight Closes $11.7 Million In Series C Financing for Market Expansion

• CVCA Members: Export Development Canada | Exportation et développement Canada

InsurTech Platform QuickFacts Secures $2 Million to Continue North American Expansion Efforts

• CVCA Members: Sandpiper Ventures

Private Equity Deals

Krystal Growth Partners Announces Investment in Enex Energy Corporation

• CVCA Members: Krystal Growth Partners

Manac Completes a $170 Million Financing

• CVCA Members: Invest Quebec | Investissement Québec International , BDC Capital (Canada) , Desjardins Capital

Clearspring partners with BDC, BMO in Innotex Investment

• CVCA Members: BDC Capital (Canada) , BMO Capital Partners , Investissement Québec

Timber-Tech Acquires Brydon Stairs

• CVCA Members: WestCap

Westland Insurance Acquires Excel Insurance Lloydminster and M. Butler Insurance

• CVCA Members: Ontario Teachers' Pension Plan

Triwest Capital Partners Announces Partnership with The Fastener Group

• CVCA Members: TriWest Capital Partners

TorQuest Partners Acquires Mevotech from Penfund

• CVCA Members: TorQuest Partners

Pathfactory Acquires Fellow B2B Marketing Platform Uberflip in Stock-for-Stock Deal

• CVCA Members: Vertu Capital , BDC Capital (Canada) , CIBC Innovation

Regal Acquires Mondoux Confectionery, Continuing Canadian Expansion

• CVCA Members: Clearspring Capital Partners

Westland Insurance Acquires Alberta Best Insurance Ltd.

• CVCA Members: Ontario Teachers' Pension Plan

CDPQ Finances C$103M in Second Investment in Quebec Data Center Provider Vantage

• CVCA Members: Caisse de dép?t et placement du Québec (CDPQ)

Averna Expands its Asian and North American Footprint with the Acquisition of Global Equipment Services, inc. from Kimball Electronics, Inc.

• CVCA Members: Investissement Québec

Novacap Announces Partnership with CTG

• CVCA Members: Novacap

CPP Investments Acquires Stake in U.S. Energy Infrastructure Company Tallgrass Energy

• CVCA Members: CPP Investments | Investissements RPC

Westland Insurance Acquires Alberta-Based Smith Insurance Service Ltd.

• CVCA Members: Ontario Teachers' Pension Plan

Environmental 360 Solutions Acquires écomax

• CVCA Members: Canadian Business Growth Fund (CBGF)

Exits

Clairvest Exits Solid Waste Management Biz Winters Bros

• CVCA Members: Clairvest Group Inc.

PureFacts Announces Majority Investment from GrowthCurve Capital to Accelerate Growth

• CVCA Members: Canadian Business Growth Fund (CBGF) , Round13 Capital

US Hospitality Tech Firm Agilysys Acquires Book4Time for $204M CAD

• CVCA Members: BDC Capital (Canada)

Fundraising

Tall Grass Ventures Closes $32-million VC Fund for Early-Stage Canadian AgTech Startups

TandemLaunch Secures $27-Million First Close of Fund IV to Build More Deep-Tech Startups

Radical Ventures Launches $800-Million USD AI Growth Fund

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