LightSpeed, Frank & Oak deals put VC raised by C100 companies at $1.1 bln


Venture capital raised by C100 companies has passed the $1 billion dollar mark.

Since its founding in late 2009, the C100, a Silicon Valley-based nonprofit organization established to support Canadian entrepreneurship, has tracked funding of Canadian startups that have participated in its mentoring programs, as well as investments made directly by C100 charter members in Canadian startups.

In 2010—the organization’s first full year of operation—these so-called C100 companies raised around US$100 million.

Over the next two years, the growing participation of Canadian founders and CEOs in such flagship programs as 48 Hours in the Valley and CEO Summit helped to increase this number five-fold. When in early 2013 peHUB Canada interviewed Lars Leckie, managing director of Hummer Winblad Venture Partners, and then a C100 co-chair, C100 companies had officially raised more than US$560 million.

C100 3This month, the C100 reported that C100 companies have since 2010 seen cumulative VC investments totaling US$969 million—or nearly $1.1 billion.

In other words, money going into C100 companies has in less than four years multiplied ten-fold. This is singular milestone for the organization and its 100 expat founders, who over this time have worked tirelessly to give Canadian technology startups new opportunities for accessing risk capital.

The C100 confirmed with peHUB Canada that recent financings of a pair of Montréal IT companies were key to arriving at the new tally.

Frank & Oak, an online menswear retailer, in early September secured US$15 million in a Series B round led by Goodwater Capital and joined by Greenoaks Capital, Investissement Québec, Rho Canada Ventures, Real Ventures, Version One Ventures, Lightbank, Bertelsmann Digital Media Investments and angel investors. And this week, LightSpeed Retail, a retail commerce platform, secured $35 million in new funding from iNovia Capital and Accel Partners.

The C100’s current co-chairs are Katherine Barr, GP at Mohr Davidow Ventures, and Scott Bonham, a partner at GGV Capital. Barr was interviewed by peHUB Canada in April, while Bonham was interviewed by Alastair Goldfisher, editor of Venture Capital Journal, in February.

The C100’s executive director is Joanne Fedeyko, who joined the organization in May. She replaced Atlee Clark, who this summer took a position at Shopify.

Photo courtesy of Shutterstock

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