Seven Canadian tech corporations, Ratesdotca, Damon Bikes, Forma.ai, Vegano Meals, Dispension, GenXys, and DeFi Ventures have not too long ago secured financing to gas their development. Right here’s the newest 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 gives a web-based platform for insurance coverage and different monetary merchandise, has raised $51 million CAD in fairness and debt financing. The spherical consists of an extra fairness funding from majority shareholder Ontario Lecturers’ Pension Plan Board (OTPP), which acquired Ratesdotca in 2018. It additionally consists of debt financing led by BMO Monetary Group, by means of a syndicated facility with TD Financial institution Group.
The corporate goals to turn out to be the premier shopper model for insurance coverage and different monetary product comparability purchasing. Ratesdotca plans to make use of the contemporary funding to put money into the tech needed to construct a digital insurance coverage purchasing 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 check insurance coverage charges and suppliers.
Damon Bikes raises bridge spherical
Vancouver-based electrical motorbike producer Damon Motorcycles has raised a bridge spherical of an undisclosed dimension.
The corporate disclosed that it has raised a complete of $30 million up to now. This consists of 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 International 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, help pre-production growth and testing, and broaden its crew. In gentle 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 associate and member of Baudpont’s funding committee and senior advisor at Blue Ivy Ventures and Benevolent Capital, and Howard Wu, international 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 gives 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 mentioned its platform permits organizational leaders to finances for gross sales compensation precisely and “make vital monetary choices in minutes as an alternative of months.” Forma.ai claims it has skilled 300 p.c year-over-year firm development, and mentioned it at present 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 shoppers embody OpenTable, Stryker, and IntelePeer.
Forma.ai describes itself as in “fast development mode,” with a crew 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 mentioned it has delivered over 2,000 vegan meals throughout Metro Vancouver, Squamish, and Whistler, British Columbia.
The brand new financing brings Vegano’s complete funding up to now to $6 million. The startup plans to broaden its companies to Toronto, Montreal, and Los Angeles later this 12 months, and record on the TSX Enterprise Trade or Canadian Inventory Trade through non-offering prospectus.
Dispension-led mission nets $3.5 million from Well being Canada
MySafe Society, a hurt discount mission enabled by Nova Scotia-based retail software program startup Dispension, has obtained $3.49 million CAD in funding from Well being Canada by means of the Substance Use and Addictions Program.
The initiative, which launched in 2019 in Downtown Vancouver, goals to stop drug overdoses by offering managed, secure portions of pharmaceutical-grade opioids to eligible members by means of Dispension’s kiosks, which permit customers to securely entry individually prescribed drugs.
Dispension’s kiosks additionally present different alternatives to watch, educate, and help drug customers. The mission’s early outcomes point out members have been in a position to lower their use of road opioids and cut back engagement with the road drug economic system.
Dispension’s Verified Identification Dispenser healthtech system includes biometric palm vein know-how that allows it to confirm the id of registered customers earlier than permitting them to entry the merchandise saved inside its kiosks. The corporate is one in all 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 in all 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 means of its pharmacogenetic prescription automation software program. Pharmacogenetics refers back to the examine of the position of genes in drug response. By means of its evidence-based treatment resolution help instruments, the startup goals to incorporate pharmacogenetics within the medical decision-making course of to extend prescription accuracy and cut back hostile drug occasions.
The corporate plans to make use of the contemporary funding to speed up its enlargement within the North American market, to satisfy the wants of genetic lab corporations, well being techniques 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 means 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 consists of funding from “a number of outstanding Canadian angels and enterprise capitalists,” as properly 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 a 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 present has six staff and is actively hiring.
Photograph courtesy of Damon Bikes