Seven Canadian tech corporations, Ratesdotca, Damon Bikes, Forma.ai, Vegano Meals, Dispension, GenXys, and DeFi Ventures have not too long ago secured financing to gasoline their progress. Right here’s the most recent on who raised cash, how a lot, from whom, and what they plan to place the brand new funds towards.
Ratesdotca secures $51 million in financing
Toronto-based fintech firm Ratesdotca, which presents an internet platform for insurance coverage and different monetary merchandise, has raised $51 million CAD in fairness and debt financing. The spherical contains a further fairness funding from majority shareholder Ontario Academics’ Pension Plan Board (OTPP), which acquired Ratesdotca in 2018. It additionally contains debt financing led by BMO Monetary Group, by way of a syndicated facility with TD Financial institution Group.
The corporate goals to change into the premier client model for insurance coverage and different monetary product comparability buying. Ratesdotca plans to make use of the contemporary funding to put money into the tech mandatory to construct a digital insurance coverage buying expertise for customers “who’re more and more turning to on-line merchandise for the reason that onset of the COVID-19 pandemic.”
Based in 1999, Ratesdotca claims to serve over 8 million Canadians. The corporate’s web site permits customers to match insurance coverage charges and suppliers.
Damon Bikes raises bridge spherical
Vancouver-based electrical bike producer Damon Motorcycles has raised a bridge spherical of an undisclosed dimension.
The corporate disclosed that it has raised a complete of $30 million so far. This contains the $2.5 million seed spherical it raised in 2019 and the extra $3 million it secured final 12 months. Whereas a spokesperson for the corporate declined to reveal the scale of the bridge spherical, Damon Motors seems to have raised roughly $24.5 million in its newest spherical. The financing was led by Benevolent Capital, SOL World Investments, Zirmania, and different undisclosed traders.
Based in 2017, Damon Motors is a developer of security improvements for bikes utilizing sensor fusion, robotics, and synthetic intelligence and claims pre-order gross sales for its new HyperSport bikes have been “skyrocketing,” reaching $20 million. The startup plans to make use of the brand new funding to speed up manufacturing, allow demo excursions, assist pre-production growth and testing, and broaden its group. In mild of demand, the corporate additionally plans to supply a complete line of medium and high-performance electrical bikes over the subsequent few years.
As a part of the spherical, Damon Motors added two new members to its board of administrators: Jaques Clariond, managing accomplice and member of Baudpont’s funding committee and senior advisor at Blue Ivy Ventures and Benevolent Capital, and Howard Wu, world head of telecom and common supervisor for Quanta Cloud Know-how USA.
Forma.ai closes $12.5 million Collection A
Toronto-based startup Forma.ai, which offers synthetic intelligence (AI)-powered software program that goals to spice up gross sales and automate incentive compensation, has closed a $12.5 million CAD ($10 million USD) Collection A spherical. The financing was led by Crosslink Capital and supported by Golden Ventures, Panache Ventures, Uncork Capital, and Xfund.
The startup stated its platform allows organizational leaders to finances for gross sales compensation precisely and “make crucial monetary selections in minutes as a substitute of months.” Forma.ai claims it has skilled 300 p.c year-over-year firm progress, and stated it at the moment handles greater than $1 billion in annual managed commissions.
Forma.ai plans to make use of contemporary funding to scale its engineering groups and sustain with mid-market and enterprise demand. The corporate’s present purchasers embody OpenTable, Stryker, and IntelePeer.
Forma.ai describes itself as in “fast progress mode,” with a group of 60 that it plans to broaden to over 100 by the top of 2021. The startup is headquartered in Toronto, with distributed groups throughout the US.
Vegano Meals secures $4.2 million Collection A
Vancouver-based retail startup Vegano Foods has closed a $4.2 million Collection A spherical, claiming a post-money valuation of $14 million. The corporate didn’t disclose the spherical’s traders. Vegano referred to the spherical as oversubscribed, stating that it initially sought to boost solely $2 million.
Based in March 2020, Vegano launched its one hundred pc plant-based meal equipment supply service earlier this 12 months. The corporate stated it has delivered over 2,000 vegan meals throughout Metro Vancouver, Squamish, and Whistler, British Columbia.
The brand new financing brings Vegano’s whole funding so far to $6 million. The startup plans to broaden its companies to Toronto, Montreal, and Los Angeles later this 12 months, and listing on the TSX Enterprise Change or Canadian Inventory Change through non-offering prospectus.
Dispension-led challenge nets $3.5 million from Well being Canada
MySafe Society, a hurt discount challenge enabled by Nova Scotia-based retail software program startup Dispension, has obtained $3.49 million CAD in funding from Well being Canada by way of the Substance Use and Addictions Program.
The initiative, which launched in 2019 in Downtown Vancouver, goals to stop drug overdoses by offering managed, protected portions of pharmaceutical-grade opioids to eligible contributors by way of Dispension’s kiosks, which permit customers to securely entry individually prescribed medicines.
Dispension’s kiosks additionally present different alternatives to watch, educate, and help drug customers. The challenge’s early outcomes point out contributors had been in a position to lower their use of road opioids and scale back engagement with the road drug economic system.
Dispension’s Verified Identification Dispenser healthtech system includes biometric palm vein expertise that allows it to confirm the identification of registered customers earlier than permitting them to entry the merchandise saved inside its kiosks. The corporate is one among eight startups currently participating in Telus L-Spark’s first medtech accelerator cohort.
GenXys closes $3 million seed spherical
Vancouver-based healthtech GenXys has raised $3 million CAD in seed financing led by Inexperienced Protect Canada, one among Canada’s largest well being and dental advantages suppliers. The spherical, which the startup known as oversubscribed, additionally included Esplanade Ventures, Nimbus Synergies, BDC Capital, and return investor TELUS Ventures.
GenXys claims to allow extra exact prescriptions by way of its pharmacogenetic prescription automation software program. Pharmacogenetics refers back to the research of the position of genes in drug response. By its evidence-based remedy determination assist instruments, the startup goals to incorporate pharmacogenetics within the scientific decision-making course of to extend prescription accuracy and scale back antagonistic drug occasions.
The corporate plans to make use of the contemporary funding to speed up its growth within the North American market, to satisfy the wants of genetic lab corporations, well being programs and payers. The brand new financing represents GenXys’ second seed spherical within the final two years. In 2019, it raised a $1.77 million seed spherical, which it additionally known as oversubscribed. GenXys investor Inexperienced Protect Canada recently acquired Inkblot, a Toronto healthtech startup that delivers digital psychological well being companies by way of its platform.
DeFi Ventures secures $2 million in seed financing
Vancouver fintech startup DeFi Ventures has raised $2 million CAD in seed financing. The spherical contains funding from “a number of outstanding Canadian angels and enterprise capitalists,” as effectively strategic investments from a United States-based tech hedge fund, BIGG Digital, and First Block Capital.
DeFi Ventures goals to streamline entry to belongings and tech that powers decentralized finance (DeFi). DeFi refers back to the notion that crypto entrepreneurs can recreate conventional monetary devices, like bonds, inside a decentralized construction, past the management of corporations and governments. The startup additionally holds and stakes digital belongings.
In reference to the financing, BIGG Digital’s CEO Mark Binns will be part of DeFi Ventures’ board of administrators. DeFi Ventures plans to launch its proprietary dashboard DFX, which integrates with the DeFi ecosystem, within the coming months. The corporate at the moment has six staff and is actively hiring.
Photograph courtesy of Damon Bikes