Difference Capital Financial

Difference Capital Financial, established in 2012 and headquartered in Toronto, is a publicly-listed specialty finance company. It focuses on creating shareholder value through strategic investments and advisory services for growth-stage companies, with a particular emphasis on the technology and media sectors. Additionally, the company explores opportunistic investments in undervalued financial assets and real property.

Tom Astle

CIO

Tom Liston

Executive Vice President

Jordan Udaskin

Vice President

24 past transactions

TouchBistro

Series A in 2015
TouchBistro, Inc. is a company that specializes in developing iPad-based point-of-sale (POS) solutions tailored for the food and beverage industry, including restaurants, cafes, bars, and food trucks. Founded in 2010 and headquartered in New York, with an additional office in Toronto, TouchBistro provides various POS systems, such as Restaurant POS, Food Truck POS, and Bar POS, which streamline order management and payment processing. Its innovative system allows servers to take orders directly at the table, reducing the need for multiple trips to a terminal and minimizing errors. Additionally, TouchBistro offers features like TouchBistro Reservations for guest management, cloud-based reporting and analytics, and customer-facing displays, enhancing both operational efficiency and customer experience. The company's products are available through the Apple App Store in the United States and internationally.

QuickPlay Media

Private Equity Round in 2015
QuickPlay Media provides cloud-based managed service solutions for distributing premium video to IP-connected devices. It offers an over-the-top video platform and a path to deploy to managed IPTV set-top boxes and unmanaged OTT devices for live and on-demand content, with monetization features such as dynamic ad insertion, personalization, and subscription-based access. The company supports pay TV and cloud architectures that enable legacy Cable QAM and IPTV to multiscreen NGTV solutions on managed and unmanaged networks, as well as TV Everywhere, managed broadcast operations, and LTE broadcast support services. QuickPlay serves customers worldwide and operates a platform designed to deliver scalable, secure multiscreen entertainment experiences. It was founded in 2004 and is headquartered in Toronto.

Cardiac Dimensions

Series A in 2015
Cardiac Dimensions, Inc. is a medical device company focused on developing innovative minimally invasive treatments for heart failure and associated cardiovascular issues. Founded in 2000 and headquartered in Kirkland, Washington, with additional operations in Sydney, Australia, and Offenbach, Germany, the company is known for its Carillon Mitral Contour System. This permanent implant is designed specifically for the treatment of functional mitral regurgitation, utilizing a catheter-based approach to reshape the mitral valve and effectively reduce regurgitation. By providing a non-surgical option for patients, Cardiac Dimensions aims to improve outcomes for those suffering from heart-related conditions.

Bluedrop Performance Learning

Post in 2015
Bluedrop Performance Learning Inc. (BPL) is the publicly listed holding company for its two wholly owned operating divisions, Bluedrop Training and Simulation Inc. (BTS) and Bluedrop Learning Networks Inc. (BLN) to which it provides management oversight and shared corporate and financial services. Founded by majority shareholder and CEO Emad Rizkalla, BPL’s mandate is to lead and dominate niche markets where technology and learning can deliver new levels of operational success and improve and save lives. Bluedrop Training & Simulation Inc. (BTS) operates within the defense and aerospace industry where it designs and develops highly specialized, high performance, tactical training for front line operators of equipment working in complex environments and high-risk situations. This includes, training systems needs analysis, custom courseware development, virtual simulation training devices, and ongoing training support for in service support. Typical customers include Tier one OEMs such as Boeing, Lockheed Martin and Sikorsky. Bluedrop Learning Networks Inc. (BLN) provides unique SaaS-based workforce development solutions to help government and corporate customers improve employment outcomes and keep workers safe. By understanding the complex operating environments of its target markets, BLN’s solutions are able to address multiple stakeholders. These solutions help workers to manage mandatory certifications, apprentices to track new skills at work, the unemployed to get jobs, the underemployed to advance, dreamers to start businesses, and local businesses to grow. Typical customers include workforce investment boards, apprenticeship authorities, government agencies, NGOs and workers’ compensation boards.

Mogo

Series C in 2014
Mogo is a Canadian financial technology company empowering consumers with solutions to manage their financial wellness. It offers a free MogoAccount providing access to products such as credit score monitoring, identity fraud protection, digital spending account, mortgage services, crypto trading, and responsible consumer credit products – all accessible through one digital platform.

Hootsuite

Series C in 2014
Hootsuite is a social media management platform that assists businesses in engaging with their customers across various social media channels. The platform provides a comprehensive suite of tools designed to simplify marketing efforts, enhance sales, and improve customer service. Users can create, schedule, publish, and manage content and advertising campaigns from a single, secure web-based dashboard. Hootsuite's features enable organizations to manage all their social media profiles efficiently, discover effective content, and analyze trends through relevant data insights. This functionality helps businesses optimize their social media strategies and connect more effectively with their audiences.

Thunderbird Entertainment Group

Series C in 2014
Thunderbird Entertainment Group is a Vancouver-based media company with global reach, specializing in multi-platform entertainment. It creates, produces, finances, acquires, and merchandises distribution rights for animation, factual programming, scripted content, and film across various genres, with a focus on children's productions.

SHOP.CA

Series B in 2014
SHOP.CA Network Inc. operates a multi-merchant platform designed for Canadian consumers, providing access to deals, discounts, and coupons from a wide variety of brands and retailers. Launched in 2012 and based in Toronto, the platform features millions of products across 28 categories, including beauty, clothing, food, technology, and more, representing over 5,000 brands. Users can browse through promotional offers, trending coupons, and various product categories, all while utilizing a single account and universal shopping cart. SHOP.CA also employs a cloud-based Marketplace-as-a-Service platform that allows approved partners to seamlessly list and sell their products and services to Canadian customers. By integrating social elements into the shopping experience, the platform enhances user engagement and rewards customers for their purchases and social interactions.

Aurinia Pharmaceuticals

Post in 2014
Aurinia Pharmaceuticals is a biopharmaceutical company dedicated to developing and delivering therapies for patients with serious autoimmune diseases, particularly those with high unmet medical needs. Its lead product, LUPKYNIS (voclosporin), is the first FDA-approved oral therapy for treating active lupus nephritis.

Baanto International

Series C in 2014
Baanto International Ltd. is a Mississauga, Ontario-based company that specializes in the design and manufacture of advanced touch sensing solutions. Established in 2009, Baanto focuses on developing multi-touch technology through its proprietary ShadowSense technology, which is based on infra-red optical sensing. The company produces a range of products, including large area touchscreens for digital signage, interactive whiteboards, and various touch frames tailored for different applications. Its offerings are utilized across diverse sectors such as education, hospitality, industrial, gaming, and retail. Baanto's technology is notable for its high performance and cost-effective architecture, making it competitive in various market segments. The company holds multiple patents related to the topology and implementation of its touch sensing technology, and it distributes its products through integrators, original equipment manufacturers, and value-added resellers. Baanto also provides technical and sales support to enhance customer experience and satisfaction.

Alida

Venture Round in 2014
Alida is a provider of customer intelligence solutions that helps organizations enhance their customer experiences and drive business success. The company has developed a cloud-based platform that replaces traditional static data and reports with real-time, actionable insights into customer preferences and behaviors. This enables enterprises to build engaged communities of customers for continuous feedback and improvement. Alida supports various sectors, including security and digital services, by promoting technological innovation and assisting partners in their growth. Its commitment to understanding customer needs has attracted prominent brands, empowering them to make informed decisions and foster customer loyalty.

Bluedrop Performance Learning

Post in 2014
Bluedrop Performance Learning Inc. (BPL) is the publicly listed holding company for its two wholly owned operating divisions, Bluedrop Training and Simulation Inc. (BTS) and Bluedrop Learning Networks Inc. (BLN) to which it provides management oversight and shared corporate and financial services. Founded by majority shareholder and CEO Emad Rizkalla, BPL’s mandate is to lead and dominate niche markets where technology and learning can deliver new levels of operational success and improve and save lives. Bluedrop Training & Simulation Inc. (BTS) operates within the defense and aerospace industry where it designs and develops highly specialized, high performance, tactical training for front line operators of equipment working in complex environments and high-risk situations. This includes, training systems needs analysis, custom courseware development, virtual simulation training devices, and ongoing training support for in service support. Typical customers include Tier one OEMs such as Boeing, Lockheed Martin and Sikorsky. Bluedrop Learning Networks Inc. (BLN) provides unique SaaS-based workforce development solutions to help government and corporate customers improve employment outcomes and keep workers safe. By understanding the complex operating environments of its target markets, BLN’s solutions are able to address multiple stakeholders. These solutions help workers to manage mandatory certifications, apprentices to track new skills at work, the unemployed to get jobs, the underemployed to advance, dreamers to start businesses, and local businesses to grow. Typical customers include workforce investment boards, apprenticeship authorities, government agencies, NGOs and workers’ compensation boards.

BTI Systems

Series D in 2014
BTI Systems Inc. is a provider of cloud and metro networking software and systems, catering to carriers, colocation, content, service providers, and cloud infrastructure companies globally. Founded in 2000 and based in Kanata, Canada, BTI specializes in high-bandwidth network infrastructure solutions, offering products such as the BTI Intelligent Cloud Connect platforms for cloud service delivery and data center interconnect, Packet Optical Transport platforms for various metro and regional services, and Access and Aggregation Platforms for carrier Ethernet and mobile backhaul applications. The company also provides Ethernet Access Platforms that enable service providers to extend services to customer premises and cell towers. Additionally, BTI offers BTI proNX software for centralized network visibility and control, along with solutions for software-defined networking and network functions virtualization. With over 380 customers, BTI Systems is recognized for its ability to enhance operational efficiencies and deliver high-value services to both businesses and consumers worldwide.

BuildDirect

Venture Round in 2013
BuildDirect Technologies Inc. operates an online marketplace that connects homeowners and home improvement professionals in North America with global suppliers of building materials. Founded in 1999 and based in Vancouver, Canada, the company offers a wide range of products, including flooring, decking, tiles, and other building materials. Its platform facilitates the buying and selling of these materials, enhancing accessibility for consumers and professionals alike. BuildDirect's services also include BuildDirect Gateway, a global supply chain platform that provides third parties with access to advanced warehousing and logistics solutions, streamlining the shipping process from manufacturing to last-mile delivery. The company generates the majority of its revenue from its primary platform in the United States.

Vena Solutions

Convertible Note in 2013
Vena Solutions, established in 2011, specializes in financial planning and analysis software. It seamlessly integrates with Microsoft Excel and offers a cloud-based platform that automates and streamlines financial, accounting, and business processes. Vena's solution connects spreadsheets, templates, and models to a central database, governed by a workflow engine and business rules. It supports mobile access for task assignment, workflow review, alerts, and status updates. Vena caters to a wide range of business solutions, including budgeting, financial close management, reporting, and automating other spreadsheet-driven processes across various departments. With over 1,800 global clients, Vena is renowned for its agile planning capabilities, advanced analytics, and AI-powered insights, enhancing productivity, collaboration, and data-driven decision-making.

Carta Worldwide

Venture Round in 2013
Carta Worldwide Inc., founded in 2008 and headquartered in Oakville, Canada, specializes in transaction processing and payments technologies. The company offers a range of cloud-based payment solutions, including host card emulation, tokenization, digital offers, loyalty programs, and stored value services. Carta's platform supports various financial activities such as payroll, expenses, incentives, benefits, insurance, and gift cards, catering to banks, mobile network operators, merchants, and program managers. With offices in London, Charlottetown, Canada, and Racine, Morocco, Carta Worldwide is a subsidiary of Carta Solutions SA and is recognized for its secure and reliable transaction solutions.

Aurinia Pharmaceuticals

Post in 2013
Aurinia Pharmaceuticals is a biopharmaceutical company dedicated to developing and delivering therapies for patients with serious autoimmune diseases, particularly those with high unmet medical needs. Its lead product, LUPKYNIS (voclosporin), is the first FDA-approved oral therapy for treating active lupus nephritis.

Lignol

Debt Financing in 2013
Lignol Energy Corporation, based in Vancouver, Canada, specializes in producing biofuels, biochemicals, and renewable materials derived from waste biomass. The company focuses on developing biorefining technologies for advanced biofuels, including fuel-grade ethanol, utilizing non-food cellulosic biomass feedstocks. The unique delignification process that Lignol employs was originally developed by General Electric in the 1970s and has since been adapted for various applications, including the pulp and paper industry. Lignol's innovative methods highlight its commitment to sustainability and green development in the biofuel sector. In 2015, Lignol Energy Corporation became a subsidiary of Fibria Celulose SA, further enhancing its capabilities in the renewable materials market.

Blue Ant Media

Series B in 2013
Blue Ant Media is a Canadian integrated media company specializing in creating and distributing engaging content across lifestyle, travel, documentary, music, and entertainment categories. It owns specialty channels such as Travel, Escape, BITE TV, AUX TV, and premium channels like Oasis HD, HIFI, eqHD, radX, along with their companion websites. The company supports new talent, produces its own content, and leverages technology to engage audiences globally.

Infraredx

Venture Round in 2013
Infraredx, Inc. is a cardiovascular imaging medical device company focused on the diagnosis and treatment of coronary artery diseases. Founded in 1998 and headquartered in Burlington, Massachusetts, Infraredx specializes in near-infrared spectroscopy technology and its application in coronary imaging. The company develops and manufactures advanced imaging systems, including a dual-modality near-infrared spectroscopy intravascular ultrasound system, which allows for the identification of lipid core coronary plaques and provides structural information about plaque. Its product lineup also features the Makoto intravascular imaging system, the Dualpro catheter that combines intravascular ultrasound and near-infrared spectroscopy, and optical catheters for high-resolution imaging of plaque structures. Infraredx serves hospital sites across the United States and Europe and has been operating as a subsidiary of Goodman USA, Inc. since 2015.

BrainScope Company

Series A in 2012
BrainScope Company develops non-invasive medical devices to aid professionals in assessing traumatic brain injuries. Its flagship product, BrainScope One, uses electroencephalogram signals and advanced algorithms to objectively determine the likelihood of concussion presence and severity. Serving military markets, emergency departments, and sports sectors worldwide.

Infraredx

Venture Round in 2012
Infraredx, Inc. is a cardiovascular imaging medical device company focused on the diagnosis and treatment of coronary artery diseases. Founded in 1998 and headquartered in Burlington, Massachusetts, Infraredx specializes in near-infrared spectroscopy technology and its application in coronary imaging. The company develops and manufactures advanced imaging systems, including a dual-modality near-infrared spectroscopy intravascular ultrasound system, which allows for the identification of lipid core coronary plaques and provides structural information about plaque. Its product lineup also features the Makoto intravascular imaging system, the Dualpro catheter that combines intravascular ultrasound and near-infrared spectroscopy, and optical catheters for high-resolution imaging of plaque structures. Infraredx serves hospital sites across the United States and Europe and has been operating as a subsidiary of Goodman USA, Inc. since 2015.

Ethoca

Series A in 2012
Ethoca Limited is a technology solutions provider based in Toronto, Canada, that specializes in combating fraud in digital commerce by facilitating real-time collaboration between merchants and card issuers. Founded in 2005, the company offers a suite of integrated solutions including Eliminator, which mitigates fraud and chargebacks by providing instant access to vital merchant intelligence such as shopping cart content and purchase history; Ethoca Alerts, which streamlines post-sale fraud prevention; and Enhanced Representments, aimed at recovering revenue lost to chargebacks. Ethoca's platform enhances card acceptance and improves the customer experience while preventing disputes, serving a global network of card issuers, e-commerce merchants, and online businesses. With additional offices in locations such as Austin, London, and Dublin, Ethoca plays a crucial role in bridging communication gaps within the payments ecosystem. The company operates as a subsidiary of Mastercard Incorporated.

Appinions

Series A in 2012
Appinions Inc. is a New York-based company that offers a Software-as-a-Service influence marketing platform tailored for B2B businesses. Founded in 2007 and formerly known as Jodange, Inc., the company specializes in utilizing linguistic analysis and big-data analytics to process a vast array of information, including news articles, blogs, and social media updates. This approach allows Appinions to identify and evaluate influential opinions, providing clients with insights into the factors affecting their brands and products. The platform includes modules for content marketing planning and execution, thought leadership development, and launch marketing, enabling businesses to enhance brand awareness, generate leads, and receive influencer feedback during product cycles. Appinions serves a diverse clientele across sectors such as technology, finance, and media, catering to Fortune 1000 companies, agencies, and strategic consultants. The company operates as a subsidiary of Scribble Technologies Inc. as of 2015.
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