Difference Capital Financial

Difference Capital Inc. is a Canadian venture capital firm that operates as a subsidiary of Difference Capital Financial Inc. The company specializes in making strategic investments in growth-oriented firms, particularly within the technology and media sectors. In addition to investment activities, Difference Capital also provides advisory services aimed at enhancing shareholder value. The firm is committed to identifying and capitalizing on opportunities in both the growth company landscape and undervalued financial assets, including real property.

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

Private Equity Round in 2015
QuickPlay Media Inc. is a prominent provider of cloud-based managed service solutions for the distribution of media to IP-connected devices. Founded in 2004 and headquartered in Toronto, Canada, the company specializes in delivering over-the-top (OTT) video services, enabling clients to deploy content across both managed IPTV set-top boxes and unmanaged devices. QuickPlay's OpenVideo platform offers robust capabilities for live streaming, video on demand, and monetization strategies such as dynamic advertisement insertion and personalized content. Additionally, the company supports pay TV services, allowing traditional cable operators to transition to multiscreen solutions across various networks. With facilities in major cities including San Diego, Singapore, Chennai, and Frankfurt, QuickPlay serves a global clientele, including some of the largest communications and media companies.

Cardiac Dimensions

Series A in 2015
Cardiac Dimensions, Inc. is a medical device company focused on developing minimally invasive treatments for heart failure and associated cardiovascular conditions. The company is known for its Carillon Mitral Contour System, a permanent implant designed to treat functional mitral regurgitation through a non-surgical, catheter-based approach that reshapes the mitral valve and reduces regurgitation. Established in 2000, Cardiac Dimensions is headquartered in Kirkland, Washington, with additional operations in Sydney, Australia, and Offenbach, Germany.

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 Inc. is a Canadian financial technology company that provides consumers with a comprehensive finance application designed to enhance their financial wellness. Founded in 2003 and headquartered in Vancouver, Mogo offers users a free account that grants access to a variety of products, including credit score monitoring, identity fraud protection, and a digital spending account linked to a Platinum Prepaid Visa Card. The company also features services such as a digital mortgage experience and a MogoCrypto account for buying and selling bitcoin. Additionally, Mogo provides smart consumer credit products and digital loans, along with a payments platform that supports next-generation card programs for established corporations and innovative fintech firms in Canada and Europe. Through its integrated platform, Mogo aims to empower users to take control of their financial health.

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 Inc. is a multi-platform media production and distribution company based in Vancouver, Canada, with additional offices in Los Angeles, Toronto, and London. It specializes in creating and managing a diverse range of programming, focusing on children's entertainment, scripted comedy and drama, as well as non-scripted content such as documentaries and reality television. The company develops, produces, co-produces, and finances a variety of projects for both domestic and international audiences. Thunderbird is known for its award-winning productions, including animated series and feature films, as well as for acquiring, licensing, and merchandising distribution rights. Its notable works include the animated Netflix original series Beat Bugs and the Canadian comedy Kim's Convenience. Thunderbird continues to expand its portfolio with upcoming theatrical releases and innovative programming across multiple genres.

SHOP.CA

Series B in 2014
SHOP.CA is the first multi-merchant marketplace built for Canadians, and managed by Canadians. In June of 2012 the site launched and now has millions of products, across 28 categories, and includes over 5000 brands. SHOP.CA provides Canadians with the brands, products and services they need and want from trusted retailers, manufacturers and service providers, all through one universal shopping cart and one account. Through a cloud based Marketplace-as-a-Service (MaaS) platform, SHOP.CA makes it easy for approved partners to list, price and sell their products and services they have online and/or offline to Canadians, through a single destination. By integrating social elements into the eCommerce platform and user experience, SHOP.CA engages and rewards Canadians for every purchase and for social activities that lead to purchases.

Aurinia Pharmaceuticals

Post in 2014
Aurinia Pharmaceuticals Inc. is a clinical stage biopharmaceutical company headquartered in Victoria, Canada, focused on developing and commercializing therapies for serious diseases with significant unmet medical needs. The company is primarily engaged in the development of voclosporin, an investigational drug aimed at treating lupus nephritis, dry eye syndrome, and focal segmental glomerulosclerosis. Aurinia's efforts are concentrated on targeted patient populations in the United States and China, where it seeks to provide innovative solutions for conditions that currently lack effective treatments.

Baanto International

Series C in 2014
Baanto International Ltd., based in Mississauga, Canada, specializes in the development and manufacturing of advanced touch sensing solutions for a global customer base across various industries, including education, hospitality, transportation, and retail. Founded in 2009, the company is known for its proprietary ShadowSense technology, which utilizes infra-red optical sensing to deliver high-performance multi-touch solutions. Baanto's product offerings include a range of touchscreen solutions from small to ultra-large formats, as well as interactive whiteboards and modular touch systems. The company has filed multiple patents related to the technology, which enables precise tracking of active and passive objects in both two-dimensional and three-dimensional environments. Baanto distributes its products through integrators, OEM partners, and value-added resellers, while also providing technical and sales support. The growing demand for interactive displays and the shift towards multi-touch interfaces across devices further bolsters Baanto's market presence.

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 company that specializes in developing and marketing cloud and metro networking software and systems for carriers, colocation, content, and service providers, as well as cloud infrastructure companies globally. Its product offerings include the BTI Intelligent Cloud Connect platforms for cloud service delivery, high-bandwidth Packet Optical Transport network infrastructure for various metro and regional services, and Access and Aggregation Platforms for carrier Ethernet business services and mobile backhaul applications. Additionally, BTI provides Ethernet Access Platforms to extend services to customer premises and control software for centralized network management. Founded in 2000 and based in Kanata, Canada, BTI also offers professional services such as network planning, systems engineering, and installation. The company serves over 380 customers worldwide and operates regional sales, marketing, and research and development centers internationally. BTI Systems is a subsidiary of Juniper Networks, as of January 2016.

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 operates as a Complete Planning platform that integrates seamlessly with Microsoft 365, primarily leveraging Excel to enhance financial and operational planning. The company provides a cloud-based solution that streamlines budgeting, reporting, and analytics processes, enabling organizations to make informed business decisions through advanced insights and AI capabilities. Vena transforms traditional spreadsheet use into an enterprise-grade solution, offering features such as centralized databases, workflow management, and detailed audit trails. This approach allows over 1,800 leading companies to utilize their existing spreadsheet skills while benefiting from real-time reporting and cross-functional collaboration. Vena's focus on corporate performance management applications positions it as a rapidly growing vendor in the cloud CPM sector, catering to the needs of finance and operational teams without sacrificing user familiarity with Excel.

Carta Worldwide

Venture Round in 2013
Carta Worldwide Inc. is a transaction processing platform based in Canada that specializes in payment technologies and services. Founded in 2008 and headquartered in Oakville, with additional offices in London, Charlottetown, and Racine, the company provides a cloud-based payment infrastructure that includes host card emulation, tokenization, and various consumer engagement solutions such as digital offers and loyalty programs. Carta's platform supports diverse applications including payroll, expense management, and mobile payment solutions, enabling financial institutions, merchants, and program managers to enhance user experiences and transaction security. As a certified Third Party Processor, Carta ensures compliance with industry standards, offering end-to-end transaction solutions that emphasize reliability and efficiency in the evolving fintech landscape.

Aurinia Pharmaceuticals

Post in 2013
Aurinia Pharmaceuticals Inc. is a clinical stage biopharmaceutical company headquartered in Victoria, Canada, focused on developing and commercializing therapies for serious diseases with significant unmet medical needs. The company is primarily engaged in the development of voclosporin, an investigational drug aimed at treating lupus nephritis, dry eye syndrome, and focal segmental glomerulosclerosis. Aurinia's efforts are concentrated on targeted patient populations in the United States and China, where it seeks to provide innovative solutions for conditions that currently lack effective treatments.

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 privately held integrated Canadian media company that specializes in creating and distributing diverse content across lifestyle, travel, documentary, music, and entertainment genres. The company operates several specialty channels, including Travel, Escape, Bite TV, and AUX TV, as well as four premium, commercial-free channels: Oasis HD, HIFI, eqHD, and radX. In addition to its television offerings, Blue Ant Media's digital publishing division generates daily content for web and mobile platforms, recently launching AUX Magazine, a monthly music tablet publication. With a focus on engaging storytelling and innovative content delivery, Blue Ant Media aims to connect audiences with captivating programming across multiple platforms.

Infraredx

Venture Round in 2013
Infraredx, Inc. is a cardiovascular imaging medical device company focused on diagnosing and treating coronary artery diseases. Based in Burlington, Massachusetts, the company specializes in near-infrared spectroscopy (NIRS) technology, offering products such as the dual-modality NIRS-intravascular ultrasound (IVUS) True Vessel Characterization Imaging System, which identifies and characterizes lipid core coronary plaques. Other key products include the Makoto intravascular imaging system, the Dualpro catheter that combines IVUS and NIRS capabilities, and optical catheters that provide high-resolution images of plaque structures. Infraredx serves hospital sites primarily in the United States and Europe, and it operates as a subsidiary of Goodman USA, Inc. after being founded in 1998 and rebranding from InfraReDx, Inc. in 2012.

BrainScope

Series A in 2012
BrainScope is a medical neurotechnology company focused on enhancing brain health through innovative assessment tools. Established in 2010 and headquartered in Bethesda, Maryland, the company develops hand-held, non-invasive instruments designed for rapid, accurate evaluation of brain function at the point of care. Its flagship product, the BrainScope One system, is an FDA-cleared, portable device that utilizes EEG technology to assess head-injured patients. This system allows healthcare professionals to quickly triage patients for conditions such as brain bleeds and concussions, facilitating timely decisions regarding the need for further imaging, such as CT scans. By combining advanced digital signal processing and proprietary algorithms with a database of brainwave recordings, BrainScope provides objective diagnostic insights that enhance patient care.

Infraredx

Venture Round in 2012
Infraredx, Inc. is a cardiovascular imaging medical device company focused on diagnosing and treating coronary artery diseases. Based in Burlington, Massachusetts, the company specializes in near-infrared spectroscopy (NIRS) technology, offering products such as the dual-modality NIRS-intravascular ultrasound (IVUS) True Vessel Characterization Imaging System, which identifies and characterizes lipid core coronary plaques. Other key products include the Makoto intravascular imaging system, the Dualpro catheter that combines IVUS and NIRS capabilities, and optical catheters that provide high-resolution images of plaque structures. Infraredx serves hospital sites primarily in the United States and Europe, and it operates as a subsidiary of Goodman USA, Inc. after being founded in 1998 and rebranding from InfraReDx, Inc. in 2012.

Ethoca

Series A in 2012
Ethoca Limited is a technology company that provides solutions to help merchants and card issuers collaborate in real time to combat fraud in digital commerce. Founded in 2005 and headquartered in Toronto, Canada, Ethoca offers a suite of integrated solutions, including Eliminator, which mitigates fraud and chargebacks by giving issuers and customers immediate access to real-time merchant intelligence. Other key offerings include Ethoca Alerts, which facilitates post-sale chargeback and fraud prevention, and Enhanced Representments, aimed at recovering revenue lost due to chargebacks. By connecting card issuers and merchants, Ethoca enhances card acceptance, prevents fraud, and improves customer experiences while minimizing disputes. The company serves a global clientele of card issuers, e-commerce merchants, and online businesses and operates additional offices in various locations, including the United States, the United Kingdom, France, Ireland, and Australia. As of May 2019, Ethoca operates as a subsidiary of Mastercard Incorporated.

Appinions

Series A in 2012
Appinions Inc. offers a Software-as-a-Service influence marketing platform that assists B2B companies in managing and measuring their marketing initiatives. The platform leverages linguistic analysis and big-data analytics to process information from over six million sources, including news articles, blogs, and social media, allowing businesses to identify and engage with influential opinions. Appinions provides tools for planning, executing, and assessing content marketing strategies, including a Thought Leadership module that enhances brand recognition and an executive collateral system. Additionally, the Launch Marketing module facilitates influencer feedback during product development, helping to generate endorsements and amplify product announcements. The company serves clients across various sectors, including technology, finance, and media, as well as Fortune 1000 corporations and consulting agencies. Founded in 2007 and based in New York, Appinions was previously known as Jodange, Inc. and became a subsidiary of Scribble Technologies Inc. in 2015.
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