PE Hub: Mobile Klinik lands $27.5 Series C round, CBGF acquires stake
Mobile Klinik, a Toronto-based professional smartphone and tablet repair chain, has raised $27.5 million in a Series C financing.
The round, which brings total funding to $44 million, was led by unidentified investment funds and included a minority investment from Canadian Business Growth Fund (CBGF).
Kensington Capital Partners led Mobile Klinik’s $6.85 million Series B round in 2017.
Launched in 2015 by Canadian wireless and retail executives Rob Bruce, Ken Campbell, Alain Adam and Naaman Zorub, Mobile Klinik operates from locations in shopping malls and other high-traffic retail locations.
It will use the deal’s proceeds to complete a planned roll-out of 200 Canadian stores by 2022.
Mobile Klinik is the third deal of CBGF, which launched in 2018 with a $545 million evergreen fund.
Mobile Klinik Completes CAD $27.5 Million Series C Financing
Made-in-Canada retail chain secures significant investment
TORONTO, May 15, 2019 /CNW/ – Mobile Klinik Professional Smartphone Repair, Canada’s largest and fastest-growing professional smartphone and tablet repair business, has successfully closed an equity capital funding raise of CAD $27.5 million. The financing was led by a number of investment funds and includes a minority investment by the Canadian Business Growth Fund (CBGF), as well as private individuals, including several of the company’s founders and early-stage investors. The investment brings total funding for Mobile Klinik to date to CAD $44 million.
Mobile Klinik will use the $27.5M funding to complete its planned rollout of 200 Canadian stores by 2022. “We’re committed to meeting Canadians’ needs for professional, warrantied, while-you-wait smartphone and tablet repair, care, sales and service from coast-to-coast-to-coast,” said Tim McGuire, CEO, Mobile Klinik. “This investment is a significant recognition of Mobile Klinik’s leadership in the Canadian smartphone repair market and the growth we will achieve as we extend our network across the country.”
The CBGF provides patient minority capital to ambitious Canadian entrepreneurs with talented management teams and solid expansion plans. The CBGF launched its CAD $545 million fund in 2018, with the backing of 13 of Canada’s largest financial institutions, focused on investments in established and high-growth Canadian businesses. “Mobile Klinik represents the kind of Canadian business growth story that the CBGF was designed to support – a market-leading company with a significant potential for growth across the country,” said George Rossolatos, CEO, CBGF. “We’re proud to partner with the Mobile Klinik team in helping them execute their business plan which has the potential to create hundreds of new jobs in the Canadian retail technology sector.”
Origin Merchant Securities Inc. acted as exclusive financial advisor and Cassels Brock & Blackwell LLP acted as legal counsel to Mobile Klinik on the financing.
Mobile Klinik Professional Smartphone Repair is a Canadian startup, launched in September 2015 by four Canadian wireless and retail industry leaders: Rob Bruce, former President of the Rogers wireless and cable businesses; Ken Campbell, former CEO, WIND Mobile; and Alain Adam and Naaman Zorub, entrepreneurs who operate a number of wireless retail stores and other businesses in Ottawa and Gatineau.
Mobile Klinik operates locations in major shopping malls and other high-traffic retail locations. Tomorrow, on May 16, Mobile Klinik will open its 50th location overall and its first store located inside a Walmart Supercentre. The Mobile Klinik store inside the Scarborough West Walmart in Toronto, Ontario, is part of a multi-store roll out for Mobile Klinik locations inside select Walmart stores in Canada. More stores will open soon.
About Mobile Klinik
Mobile Klinik is Canada’s largest and fastest-growing professional while-you-wait smartphone and tablet repair, care, sales and services retail chain with 50 stores, as of May 16, 2019, in British Columbia, Alberta, Manitoba, Saskatchewan, Ontario, Québec, New Brunswick, Newfoundland and Labrador. Visit us on Facebook or Twitter @MobileKlinik, or go to www.mobileklinik.ca.
For further information: Liz Hamilton at firstname.lastname@example.org / 1.647.282.2802
Read more: https://www.pehub.com/canada/2019/05/mobile-klinik-lands-27-5-series-c-round-cbgf-acquires-stake/