More big financing news in Canada, with a big dose of cash foreshadowing future healthcare investment. Here’s the latest on who raised how much, from whom.
Vancouver-based BuildDirect announced that it has raised $50 million in financing from Mohr Davidow Ventures, BDC Capital, Difference Capital Financial, OMERS Ventures, BMO Asset Management, and Scotia Institutional Asset Management, amongst others.
The company says it will use the money to rapidly expand and scale its Home Marketplace service, designed to connect home buyers and sellers.
“This financing underscores the speed at which old-world industries are breaking down and platform companies that leverage cutting-edge technology and data analytics, like BuildDirect, are putting the power in the hands of both the supply and demand side,” said Katherine Barr, General Partner, Mohr Davidow Ventures. “Home improvement is a half-trillion dollar industry and is severely fragmented and inefficient. BuildDirect is disrupting the existing supply chain in this industry and building a completely new, highly efficient and smart system that suppliers and consumers alike will benefit from tremendously in terms of manufacturing and distribution efficiencies for suppliers, and lower cost for high quality products and a much improved user experience for consumers.”
Versant Venture Captial closed its Versant Venture Capital V L.P. at $305 million USD, with significant support from Canadian investors such as the Business Development Bank of Canada, Fonds de solidarité FTQ, Northleaf Venture Catalyst Fund, and Teralys Capital. The Versant V L.P. exceeded the V.C.’s target size by over $50 million.
Versant has indicated that the V portfolio will feature investments across the healthcare sector, with a specific focus on Canadian opportunities.
“We are witnessing significant changes in the way innovative products are developed and financed,” said Brad Bolzon, Versant’s Managing Director. “Versant’s investment strategy in Canada will involve more collaborative models that unite entrepreneurs, investors and industry partners to advance important therapies. As one of our first investments from the new fund, Northern Biologics exemplifies this approach.”
Gallop Labs raises $2 million
Toronto-based Gallop Labs announced an impressive $2 million seed round, led by Golden Venture Partners and Mantella Venture Partners, with Allen Lau, CEO of Wattpad, Albert Lai, CEO of Big Viking Games, Jennifer Lum, Founder of Adelphic Mobile, and other angel investors participating. You can read the full story here on BetaKit.