Follow the money: Sagard SPAC begins trading, Properly's big raise and a US$18 billion crypto exchange empire – Financial Post

These are the deals, financings and IPOs that caught our eye this week

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After a quieter start to July, the global deal machine was back in full swing over the past seven days, and one of the more interesting IPOs came from a familiar source. Sagard Holdings-backed blank cheque company Portage Fintech Acquisition made its public market debut on Wednesday, raising US$240 million after increasing its target by US$40 million. In its first day of trading on the Nasdaq, its shares remained flat, closing at US$9.97. Sagard, Montreal-based Power Corp.’s alternative investment unit, has invested in fintech and healthtech companies, including Wealthsimple and Koho. Through its new special purpose acquisition company (SPAC), it aims to ramp up its investments in fintech startups. On the same day as its IPO, Winnipeg-based financial planning software company Conquest Planning Inc. raised $7.5 million in funding from investors Portage Ventures, Sagard’s fintech-focused venture capital arm. Here’s a look some more of the deals that caught our eye this week:


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Toronto-based Properly Inc. raised $44 million in a bid to disrupt an industry “largely focused on serving itself.” The real estate technology startup intends to use the funds to expand out of teh Greater Toronto Area into Vancouver and other cities in Ontario.

U.S.-based Great Hill Partners acquired a majority stake in Waterloo-based startup Auvik Networks. The company, which develops cloud-based network management software, raised  US$250 million from the private equity firm to expand internationally.

Swift Medical has raised US$35 million as it sets its sights on expanding across North America. The wound care management startup’s round was led by California-based Virgo Investment Group.

Untether AI Corp., which develops high-performance chips for artificial intelligence programs, raised US$125 million. Canada Pension Plan Investment Board and Intel Capital led the round for the Toronto-based startup.


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FTX Trading Ltd. raised US$900 million in a funding round that valued the owner of the FTX.COM cryptocurrency exchange at $18 billion. More than 60 investors participated, including SoftBank Group Corp. and Sequoia.

Great-West Lifeco Inc. bought Prudential Financial Inc.’s retirement business in a $4.45-billion deal. Prudential’s business covers 4 million participants, 4,300 workplace savings plans and has US$314 billion in assets under administration.

Duolingo Inc. is aiming for a US$3.41 billion in its initial public offering. The language instruction app maker is looking to cash in on surging demand for online education tools during the COVID-19 pandemic.

Indian food delivery startup Zomato Ltd could raise US$1.26 billion in its IPO, according to media reports. Launched in 2018, Zomato compiles restaurant reviews and offers food delivery.


In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.


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