Avatar Innovations/Avatar Ventures held $2.5M initial close of inaugural fund, Avatar Leadership Fund 1, anchored by a $750K lead investment from Cenovus Energy Inc. Bryan Trudel will lead as Partner with support David Pratt as Principal of the fund.
Yannai Segal and Grant Sanden led GeologicAI secured additional US $10M Series A funding from Export Development Canada, bringing total Series A funding led by Breakthrough Energy Ventures to US $30M.
ATB Private Equity, private equity investment arm of ATB Financial, launched 2nd $50M PE fund. The fund will continue to be led by Terry Freeman, Head of Investments, and Jan Cerny, Managing Director, with support of Nataliya Kovalenko and Steve Dobbin.
Emmaline Atherton, David Risk, Liz O'Connell founded Arolytics secured additional seed funding led by BDC Capital with participation of Metiquity Ventures, Accelerate Fund III, StartupTNT. BDC's Anamika Mukherjee joined Arolytics board.
ZayZoon raised US $20M in debt funding and US $14.5M in Series B preferred share funding led by Framework Venture Partners and Export Development Canada with participation from ATB Financial and existing shareholders from Canada, US and Switzerland.
Clayton Feick and Derrick Koenig founded Ontopical secured $3.3M in seed extension funding from Rhino Ventures, Graphite Ventures, Accelerate Fund III including a grant from Alberta Innovates.
The Alberta Investment Management Corporation (AIMCo) opened Singapore office led by Kevin Bong, AIMCo's Senior Managing Director, Chief Investment Strategist and Head of Singapore.
Apoorv Sinha founded Carbon Upcycling secured US $26.1M Series A led by BDC Capital and OGCI Climate Investment with participation of Clean Energy Ventures, Amplify Capital, Oxy Low Carbon Ventures, CRH Ventures, Cemex Ventures, Local Investing YYC Cooperative, and private investors.
Graphite IAF IV held $11.3M additional close with investment from Alberta Enterprise Corporation/Government of Alberta ($10M) which joins MaRS Investment Accelerator Fund (AIF)/Government of Ontario, OMERS, IAF backed entrepreneurs.
Brook Papau, Tanya Baeza founded Orennia secured US $25M Series B funding led by Wellington Management with participation of Quantum Energy Partners, NGP, Veriten, and Tupper Lake Partners. Michael DeLucia from Wellington and Jeffrey Harris from Quantum joined Orennia board of directors.
TransAlta Corporation to re-acquire TransAlta Renewables Inc. for $3.47B or $1.38B to minority shareholders.
Cenovus Energy (TSX/NYSE: CVE) repurchased for cancellation all of the warrants (45,484,672 warrants) held by Li Ka Shing related entities for $711M.
Eavor Technologies closed 1st tranche of Series B led by OMV AG (€34M) with participation of bp Ventures, Eversource Energy, Vickers Venture Partners, with valuation of CDN $769M. Chubu Electric Power converted debentures into Series B shares.
Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca founded OneVest secured $17M Series A led by OMERS Ventures with participation from Luge Capital, Panache Ventures, AAF Management, FJ Labs, Fin Capital, Pivot Investment Partners and Deloitte Ventures.