In the past few weeks, two Canadian startups got a boost with rounds of funding. Here’s the latest on who raised how much, and from whom.
Peloton Innovations raises $3 million from Elevate Toronto, Globalive Capital, and TD Ameritrade
Peloton Innovations, a startup studio building products for the security industry, has received $3 million in an initial round of funding from a group led by Elevate Toronto CEO Razor Suleman, Anthony Lacavera’s Globalive Capital, and TD Ameritrade CEO Tim Hockey.
Peloton was launched by serial entrepreneur Craig Campbell, who was Ernst & Young’s Entrepreneur of the Year in 2004. He also founded Total Security Management in 1999 and turned it into the largest privately-held security company in Canada.
“This is an important step in the development of our startup studio,” said Mark Wires, Peloton Innovations co-founder. “This initial investment along with the experience of our investors provides us a solid base as we prepare to spin out our first company in early 2018.”
Motive.io raises $482,000 from government of Canada
Burnaby-based Motive.io, which builds location-based AR games, has received $482,000 to design an augmented reality experience in collaboration with Canadian Heritage.
The startup will use its platform to bring location-based stories and cultural heritage in Canada to visitors. This contract is part of the Build in Canada Innovation Program, which helps Canadian innovators get funding and have their ideas tested by the Canadian government.
Through this program, the government hopes to continue supporting innovation, inclusive and sustainable economic growth, and small and medium-sized businesses across the country.
“These businesses are developing innovative, cutting-edge technologies, while strengthening our economy and creating good jobs for the middle class,” said Carla Qualtrough, Minister of Public Services and Procurement.
Canadian innovators can submit their proposals on the Build in Canada Innovation Program website.
Photo via Tourism Vancouver