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46 Canadian Tech Startups That Raised Money Last 3 Months (04-07 2018)

We have been taking some deserved time off and neglected to update some VCs’ moves and money raised in the last few months or so (April – July 2018). Here is recap of what happened in Canadian tech when it came to raising money. Once again, Toronto and Montreal companies dominated the tech scene. Congrats to all!

* Any money raised over $10M are in bold letters. 

  • #paid, Toronto startp and world’s leading influencer marketing platform for authentic brand collaborations, raised $9m
  • Agreement Express, a Vancouver onboarding automation software for the financial services industry, received an undisclosed investment
  • Airy3d, a Montreal startup that brings 3D machine vision to any camera, all without sacrificing battery life, footprint, or image quality, raised US$10M
  • Alavida Health, a Vancouver company, offering treatment of alcohol use disorder that combines drug therapy and counselling, raised $2M
  • Algolux , a Montreal startup, empowers cameras to see more clearly and perceive what cannot be sensed with today’s imaging and vision systems, raised $10M
  • ApplyBoard, a Waterloo startup for an AI-enabled marketplace uniquely designed for international students to apply to study at the best institutions , raised $13M
  • Atomic Reach, a Toronto startup that provides content intelligence platform built to help marketers and agencies create high quality, consistent and profitable content, raised $3.4M
  • Auvik Networks, a Waterloo startup, most efficient & profitable way for MSPs to manage network infrastructure, raised $20M
  • AvenueHQ, a Vancouver startup brings together designers, marketers, engineers, writers, and other creative minds, to help marketing for REALTORS®, closed a $4.5M
  • Avrij, a Fredericton, New Brunswick company that develops a tool that lets you determine what online information is important to you, when you want to know it, and how , raised $1.2M
  • BenchSci, a Toronto startup, a reagent intelligence platform that transforms published data into relevant insights for materials and methods, raised US$8m
  • Breather, a Montréal startup that creates modern workspaces you can keep for hours, days or months — all to yourself, raised $45M in additional funding
  • Canary Medical, a Vancouver medical data company, raised an undisclosed amount
  • Coveo, a Quebec City, provider of intelligent and predictive search technologies, raised $100m
  • Cozystay Holdings, a Vancouver vacation rental platform targeting Chinese vacationers, raised $4M
  • Dooly.ai, a Vancouver startup capturing, sharing, and finding the information needed to close business made as easy as taking a note, raised $2M 
  • ecobee, a Toronto home automation company that makes thermostats for residential and commercial use, raised an additional $47M
  • Eddyfi Technologies, a Quebec company that develops and markets advanced eddy current and electromagnetic solutions, purchased M2M, a Paris, France manufacturer of ultrasonic
  • Elastic Path, a Vancouver company, the leader in ecommerce software that empowers the world’s best brands, closed a $43M in additional funding
  • Eventbase Technology, a Vancouver leading mobile event platform trusted by some of the world’s most recognizable brands, raised $6.5M
  • Fiix (formerly known as Maintenance Assistant), a Toronto startup that provides cloud-based maintenance & asset management software, raised raised $12M
  • inkbox, a Toronto startup, providing tattoo that lasts only 4-6 days, raised $13M
  • Instant Financial, a Vancouver startup, provides workers with access to their pay after every shift, raised $11.4M
  • Inversago Pharma, a Montreal biotech startup, raised $7M
  • League, a Toronto company that’s re-imagining employee health benefits, and is on a mission to empower people to live healthier, happier lives —every day, raised C$62M
  • LoginRadius, a Vancouver startup, helps companies deliver a connected customer experience, build an integrated marketing ecosystem, and centralize customer data , raised $17M
  • MedAvail, a Toronto pharmarcy company allowing automated dispensing and medication management technologies, raised $16.6M
  • MindBridge Analytics, an Ottawa analytics company using artificial intelligence to uncover material irregularities in data, raised $8.4M
  • Miovision, a Kitchener startup thtat creates intelligent solutions for in-house and outsourced traffic data collection, raised $15M
  • Motorleaf, a Montreal startup , that uses artificial intelligence to allow crop to grow themselves, raised USD$2.85m
  • NorthOne, a Toronto startup building Canada’s first mobile-first API-based banking platform that helps startups and small businesses bank, manage their finances, raised $2M
  • Polystyvert, a Montréal startup on a mission to recycle polystyrene (PS), also known as Styrofoam, raised C$11M in funding
  • Primal, a Kitchener startup that allows companies to use artificial intelligence to read and interpret text in any form , received $2.3M loan
  • Raven Telemetry, an Ottawa company, that helps manufacturers leverage their data, raised $6.1m
  • Ritual, a Toronto startup that allows social ordering from your favourite local restaurants and coffee shops, closed a $70M
  • SensorUp, a Calgary startup that empowers developers to build applications that connect with everything in the world, raised $2M
  • Stay22, a Montreal startup, providing map-based accommodation tool , raised $750K 
  • Strainprint Technologies, a Toronto startup that provides mobile app for medical cannabis, raised $3.8M
  • Terminal, a Toronto startup that helps businesses build and manage world-class remote technical teams, raised $10M
  • The Stars Group , gaming and online gambling company traded on Nasdaq and the Toronto Stock Exchange, purchased Sky Betting & Gaming, a British-based gambling company
  • TouchBistro, a Toronto company, providing an easy and smart iPad-based POS system for restaurants, cafes, bars, & more, raised additional C$72M
  • TripStack, a Toronto startup, providing customers with all 100,000 direct flights and the billions of missing itineraries in one search , raised $6M
  • Uberflip, a Toronto staartup , content marketing platform, closed a $32m 
  • Veerum, a Calgary startup, tackling a global, epidemic problem that sees $1.6 trillion wasted every year through capital project cost and schedule overruns, raised $3.9M
  • Xanadu, a Toronto startup trying to create the world’s first practical quantum computer, raised $9M
  • Zucara Therapeutics, a Toronto developer of the first once-daily therapeutic to prevent hypoglycemia (low blood sugar) in patients with diabetes, raised US$3.9m

Breather, Montreal Startup similar to WeWork, raises $60m

Quebec based startup Breather, a network of beautifully designed workspaces offering individuals and businesses practical, distraction-free spaces, with more than 500 Locations worldwide and growing, raised $60m Canadian.

We have profiled Breather before and you can access the article here.

This $60m will bring the total money raised to $120m. Most of the financing was done by the Caisse de dépôt et placement du Québec as well as Singapore wealth fund Temasek and several U.S. venture capital firms.

“Our customers include businesses of every size, from growing startups to leading enterprise organizations, to provide space solutions that scale to their needs,” said Julien Smith, founder and CEO of Breather. “Breather enables businesses to access the space they need when they need it, with the freedom to scale usage up or down when they want to. Working with our new equity partners increases our capacity to bring that freedom to even more businesses worldwide.”

The company is notably present in New York City, San Francisco, Toronto, and London, and revolutionizing the way in which companies utilize space. About 40% of its spaces are concentrated in NYC.

Now would be a good time to apply for jobs with Breather, as their current company’s size is about 250, and their team keeps on doubling every year.

Canadian New VC Fund Launched

Caisse de dépôt et placement du Québec and Sun Life Financial among others have backed a new fund, Luge Capital, with $75 million dollars (with the possibility of topping it to $100m in the coming months) that aims to provide funding to fintech as well as artificial intelligence.

The main goal of the fund would be to finance seed and Series A funding between $250k and $1m.

David Nault, who has more than 20 years of entrepreneurial and investing experience, will lead the Montreal office and Karim Gillani, who has extensive experience in FinTech, will run the Toronto office.

Montreal Office’s David Nault , Co-Founder and General Partner said

“We have partnered with world-renowned institutions that bring considerable industry knowledge and resources to enable us to help entrepreneurs build their businesses. In addition, our AI and data-driven companies will have the opportunity to partner with our investors to access key insights in order to build best-of-breed solutions.”

Toronto Office’s Karim Gillani, Co-Founder and General Partner said

“We are looking for young mission-driven companies that challenge how the world interacts with financial services. We invest in bold teams that demonstrate passion, manage risk and optimize for performance.”

Luge Capital, interesting named for truly Canadian extreme sport, involving competitors lying on their backs on a tiny sled with their feet stretched out in front of them, and racing down an icy track at speeds in the range of 140 km/h, without brakes, joins 20 or so other VC firms funded by the Caisse, backing companies like Lightspeed  and Hopper.

The good thing about Luge Capital it is not limited by geographic limits and can back companies across Canada as well as the US. When asked why local Quebec VC would go chasing companies outside of the province, Caisse executive VP and chief operations and IT officer Pierre Miron said:

“Some of the financial institutions would love [Luge] to do 100 per cent of investments in Quebec, but the market is not that big.”

So if you have an idea and are in fintech or AI you might want to reach out to them to raise some money. Good luck.

Money Raised & Companies Acquired – Canadian 2018 March Edition

March was a quieter month with fewer deals going on but there were still quite a few deals taking place. The notable deals came from Toronto ecobee raising $80m and Vancouver hootsuite raising $65m. Even an interesting concept Cryptokitties game developed in Vancouver, where you breed, raise and sell cats, got $12m in funding. Most money discussed below are in Canadian dollars.

Happy Capitalism Boys & Girls!

List of Notable of Canadian Companies That Raised Money in March 2018

Swift Medical, Toronto based, wound care management software, received $11.6m in funding

The world’s most advanced and comprehensive wound care management software Industry leaders like Healogics and PointClickCare count on Swift Medical to deliver better outcomes for all. Swift Medical delivers the most advanced wound care management software for the healthcare enterprise.

A post shared by Hootsuite (@hootsuite) on

Hootsuite, a Vancouver social media company, received financing approval for up to $65m for the growth expansion.

Manage all your social media in one place From finding prospects to serving customers, Hootsuite helps you do more with your social media.

CryptoKitties, Vancouver based, blockchain game, received $12m

CryptoKitties is one of the world’s first blockchain games. ‘Blockchain’ is the technology that makes things like Bitcoin possible. While CryptoKitties isn’t a digital currency, it does offer the same security: each CryptoKitty is one-of-a-kind and 100% owned by you. It cannot be replicated, taken away, or destroyed.

iS5 Communications, Toronto based company, developer of Ethernet cards, received investment from Phoenix Contact Innovation Ventures

iS5Com is an integrated service and solutions provider. Manufacturer of intelligent, Industrial Ethernet products designed to be used in the harsh environments.

Green Tank Technologies, Toronto based firm specializing in cannabis vaporization hardware, got $4.3m in financing from Snoop Dogg’s VCs

Vaporizing hardware that is manufactured by a team of professionals that understand your extracts. Premium quality vapes and accessories with built-in True-Taste Ceramic Core Technologies. Find your vaporizer solutions with Green Tank Technologies.

CareWorx, Ottawa based senior care technology provider, received a $17m in funding

CareWorx delivers the very best in Managed Services to our customers. CareWorx Senior Care Division is the industry’s largest provider of managed point-of-care, eMAR, mobile computing and wireless solutions.

Poka, Quebec City, training and knowledge platform for manufacturers, got $10 million in financing

Poka is a Web and mobile app that gives factory workers the power to capture, consume and share critical information in real-time on the plant floor, leading to improved productivity. By creating a standardized multimedia knowledge base of procedures, training content and solutions related to each workstation and machine, Poka helps reduce production downtime, improve quality and safety, and facilitate communication across factories, departments and shifts.

Mojio, Vancouver, connected car cloud company, got an additional funding from their investors

Open, scalable and hardware agnostic, Mojio is the cloud platform of choice for the deployment of secure connected car apps and services. Mojio’s platform delivers a smarter, safer and more convenient driving and vehicle ownership experience to subscribers of major network operators, including Bell Canada, Deutsche Telekom, Rogers Communications, T-Mobile and TELUS.

Purpose Financial, Toronto based investment firm, has acquired Thinking Capital Financial Corporation, a Montreal based Canadian fintech lender

Today we are proudly the Canadian leader in alternative financing for small businesses. It has been a long road, including technological breakthroughs, key talent joining the team and relationships with major partners have all been key to our growth and success. This timeline summarizes our journey over the last 10 years.

ecobee, Inc., Toronto based provider of a smart Wi-Fi thermostat, received $80m in funding

ecobee is a home automation company that makes thermostats for residential and commercial use. The thermostats are controlled by using the built-in touchscreen or using an app.

ThoughtWire, Toronto based developer of an Industrial Internet of Things, got $20m in debt and financing

ThoughtWire’s vision is to deliver immediate business value by rapidly interconnecting software, people and the information they need in a more adaptable, scalable and focused way.

February 2018 Edition: Canadian Tech Startups Money Raised

Another month passes, and another amazing round for Canadian startups raising tons of money. Congrats to Quebec and Ontario companies leading the way with most money raised this month. All money raised have been converted to Canadian dollars.

List of Canadian companies that raised money in February 2018. We missed any? Let us know in the comment below:

  • Angoss Software Corporation, a Toronto, Ontario data science platform provider, was acquired by Massachusets based Datawatch for around $30m Canadian.

Angoss’ predictive analytics and data mining software solutions help companies grow revenue, increase sales productivity, improve marketing effectiveness, deepen customer loyalty, and reduce risk, using data profiling and visualization, decision tree analysis, predictive modeling, scoring and strategy building.

  • Cognixion also known as Smartstones, a Toronto, Ontario with offices in Santa Barbara, CA neurotech A.I. company, raised $1M in funding.

Cognixion™ is building a revolutionary sensory communication platform with an audacious goal of being able to communicate with anyone around the world via a direct brain computer interface.

  • Appili Therapeutics Inc., a Halifax, Nova Scotia biopharmaceutical company developing and commercializing anti-infective drugs, raised around $5m in financing (read here)

Appili Therapeutics was founded to advance the global fight against infectious disease by matching clearly defined patient needs with drug development programs that provide solutions to existing challenges patients, doctors, and society face in this space.

© 2014 HA Photography.com
  • Tilray, a Toronto, Canada-based medical cannabis research, cultivation, processing and distribution company, raised C$60m in funding .

Tilray offers BC’s best marijuana delivered to your door, with a wide selection of medical cannabis products including oils. 

  • 7D Surgical, a Toronto, Ontario, advanced optical technologies and machine vision company , completed an undisclosed financing round .

7D Surgical is a privately-owned Toronto based company that develops advanced optical technologies and machine vision-based registration algorithms to improve surgical workflow and patient care.

  • Loopio, a Toronto, Ontario RFP software product provider, raised around $11m Canadian in funding.

Loopio is a proposal and knowledge management software service that simplifies the process of responding to Requests for Proposals (RFPs) and Request for Information (RFIs), as well as Due Diligence Questionnaires (DDQs) and Security Questionnaires.

  • Frank and Oak, a Montréal, Quebec, clothing and accessories retailer, raised $16m in funding .

Clothing company. Designed in Canada. Made for good living.

  • Hack Capital, a Vancouver, Canada-based provider of an ops platform built for startup founders, raised a $750k in seed funding.

At Hack Capital, we work with seed-stage, high growth companies that rely on their ability to scale their operations and make data driven decisions in real time to be successful.

  • GoFetch, a Vancouver, British Columbia, mobile app to find and book dog sitters and walkers, raised $3.4m in funding. This is on to of $1.4m GoFetch raised last year.

Find trusted dog boarders, sitters, walkers, and daycare providers near you in Vancouver, Toronto, Calgary, Montreal, and all across Canada.

  • Unsplash, a Montréal, Quebec, photo platform, raised C$7.25m in funding

Beautiful high quality free images and photos you can download and use for any project.

  • Dojo Technology Corp., a a Vancouver, BC, financial software company, secured an undisclosed amount of seed funding

How We’re Raising Money-Smart Kids. Dojo makes Financial institutions active partners in financial education.

  • Wealthsimple, a Toronto, Ontario, fintech, raised a $65m.

Wealthsimple is the smartest and easiest way for everyone to invest their savings.

  • LegUp Computing, Inc., a Toronto, Ontario, FPGA device software, closed a seed funding round of undisclosed amount.

Our long-term vision is to make FPGA programming easier for software developers.

  • Dialogue, a Montreal, Quebec, health service services, closed a $12m Series A.

Dialogue provides progressive, premium and affordable healthcare, accessible on mobile, for Canadian companies who care.

  • D-Wave Systems Inc., a Vancouver, BC, quantum computing company, raised $20m in funding

D-Wave Systems, Inc. is a quantum computing company, based in Burnaby, British Columbia, Canada. D-Wave is the world’s first company to sell quantum computers.

  • Greencopper, a Montreal, Quebec company, provider of mobile and web technologies for live events was acquired by New York based Patron Technology for undisclosed amount.

Greencopper, a global provider of mobile and web technologies for live events.

  • Jiffy on Demand, a Toronto, Ontaro, mobile platform that connects home maintenance and repair professionals to homeowners, raised $3m in funding

Jiffy is a web and mobile platform that connects homeowners with service providers in real time, based on proximity and availability.

22 Canadian Tech Startups That Raised Money in January 2018

January was another great month for Canadian tech startups.

Top stories came from Ontario and Quebec with Quebec Busbud raising $11m and Ontario Wattpad raising $51m among many others. Most investments were done in Ontario and Quebec. Time to wake up Alberta and British Columbia?

Either way, great seeing hundreds of millions dollars raised in January 2018. Good job guys!

List of all startups that raised money in January 2018 in Canada.

Are we missing any? Let us know.

CanvasPop, an Ottawa, Ontario / London England / Las Vegas startup, raised $3.3m. 

The best way to print your memories as wall art, pillows, and magnets. Gallery quality canvas and photo paper. Get featured with #canvaspop.

Platterz, a Toronto, Ontario, raised US$15m 

Platterz is an online platform for ordering catered food. We make it easy to order delicious food from Toronto’s best restaurants and caterers.

Bench, a Vancouver, British Columbia, raised $18m 

Bench pairs you with a team of professional bookkeepers to do your bookkeeping, leaving you to run your business.

Nicoya Lifesciences, a Kitchener, Ontario, raised $2m 

Nicoya Lifesciences is a nanotechnology company developing sensor products that will change the world of biotechnology, lifesciences, and healthcare.

Busbud, Montreal, Quebec, raised US$11m 

Busbud is a worldwide bus and coach travel company that allows travellers to search, compare, and book intercity bus tickets.

Mnubo, a Montreal, Quebec, raised $16.5m 

Mnubo’s Internet of Things analytics solution enables manufacturers to analyze their data using out-of-the-box and artificial intelligence driven insights.

Drop, a Toronto, Ontario, raised $21m (USD) 

Get cash rewards. Redeem your Drop points for gift cards when and where you want!

Vention, a Montreal, Quebec, raised a $3.5m CAD 

Vention provides a fully-integrated 3D MachineBuilder™ and modular component library that let users design, order, and assemble custom industrial equipment machine directly from a web browser in just a few days.

Iris Automation, a Vancouver, British Columbia, and San Francisco, CA, raised $8m USD 

Iris Automation is building an AI-based collision avoidance system for industrial drones

eStruxture Data Centers, Montreal, Quebec, got $180m in funding 

eStruxture Data Centers Inc., a new network and cloud-neutral data center operator based in Montréal, announced the creation of its Canada-wide platform. It will serve the increasing demand for large, energy efficient data centers, driven by the adoption of cloud services and a move to store data within Canada.

Data Nerds, a Kelowna, British Columbia, raised $3m 

Data Nerds provides the most extensive and accurate property, neighbourhood and crime data solutions for your businesses or apps.

Clover, a Toronto, Ontario, secured $7m 

Clover is a dating app made by people who were generally tired of using dating apps. They saw them as little more than elaborate middle-men that often weren’t that effective.

Wattpad, a Toronto, Ontario, raised USD $51m 

Wattpad is a community for readers and writers where one can discover new user-generated stories, spanning across different genres including classics, general fiction, historical fiction, non-fiction, poetry, spiritual, teen fiction among others.

 

Anandia Laboratories Inc., a Vancouver, British Columbia startup, raised  C$13.4m 

Anandia is leading cannabis biotechnology and testing company.

Ratehub, a Toronto, Ontario, raised a $12m 

Ratehub.ca is Canada’s leading financial product comparison website. Our education centres, tools, and calculators were designed to empower users to make smart financial decisions.

Mylo Financial Technologies Inc., Montreal, Quebec startup, secured CAD$2.5M 

FinTech startup that offers a mobile personal finance platform to help Canadians achieve their financial goals.

Igloo Software, a Kitchener, Waterloo, Ontario, raised a CAD$60m growth equity investment 

IGLOO Software is a Canadian-based company that develops online communities and social software for business.

Ulula, Toronto, Ontario startup, raised $1m 

Ulula connects businesses, workers, communities and governments to de-risk operations and create value across global supply chains.

Inocucor, a Montreal, Quebec as well as Denver, Colorado startup, raised $9.5m 

Inocucor produces high-performance specialty biological products that naturally improve crop yields and replenish soils.

Rubikloud Technologies Inc., a Toronto, Ontario AI startup, raised $37m 

Rubikloud uses AI to help retailers transform their organization from the mass market into customer‑centric leaders.

Hive Blockchain Technologies, Vancouver, BC blockchain startup, secured C$65m 

Hive is building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd., the world’s leading cryptocurrency mining hashrate provider, to build the next generation of blockchain infrastructure.

Toronto Ada Support, chat automation software firm, raises $2.5m

Ada raised $2.5m from Bessemer Venture Partners with participation from Version One Ventures.

Ada Support is based in Toronto with about 10 employees. Ada is a customer support automation software that enables companies to easily leverage machine learning to provide instant answers to their questions in chat. They make automating and scaling customer support simple. With chatbots powered by AI, software provides instant support to customers.

Mike Murchison, CEO and co-founder at Ada Support, said:


“The customer support industry will be one of the first to adopt AI to improve productivity, responsiveness and customer satisfaction. Like previous technological breakthroughs before it, artificial intelligence will create new occupations that we didn’t foresee. It’s been exciting to see evidence that Ada Support is already beginning to facilitate this.”

 

Tucker Schreiber and his team at Shopify use Ada to provide fast, engaging bot-first support for their app Frenzy, a new kind of flash sale experience.

Tucker Schreiber of Shopify said:

“Ada is a tremendous tool for our team; it has saved us from hours of support tickets, informed product decisions, and is a delight to use.”

 

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