Two Toronto-based companies managed to secure fresh rounds of funding. Here’s the latest on who raised how much, and from whom.
Financeit raises $22 million in funding
Financeit, which recently announced that a former Capital One CFO would be joining the team, announced that it raised $22 million CAD ($17 million USD) in equity financing.
The funding was led by The Pritzker Organization, which provides merchant banking services to the business enterprise of businessman Tom Pritzker’s family, DNS Capital, and Financeit’s existing investors.
The company said that this round of funding allowed it to acquire TD Bank’s indirect home improvement financing assets. This included the purchase of more than 800 merchant dealer agreements and the transition of former TD relationship managers and operational staff.
“This new investment demonstrates the strong confidence of the investment community in our market plans and our unique solution for North America’s expansive point-of-sale financing industry,” said Michael Garrity, founder and CEO of Financeit. “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market. We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition.”
In October 2015, Financeit raised equity financing from Goldman Sachs.
Naborly raises $1.25 million seed round
Naborly, which is building an AI and machine learning platform specializing in residential tenant screening, announced $1.25 million in seed funding.
The round was led by ScaleUP Ventures, with participation from Berlin-based Picus Capital and SV based Harris Barton Investments. “Raising money is a very distracting process, I’m glad the round came together so quickly and that we can get back to work,” said CEO Dylan Lenz.
Naborly first launched their Tenant Screening AI System in January 2016, and the company says they have been growing 90 percent month over month.