This week, startups all across Canada got a boost with rounds of funding. Here’s the latest on who raised how much, and from whom.
Agrisoma closes $15 million Series B round
Gatineau-based Agrisoma, which makes an agricultural product used for biofuels, has announced the close of a $15.4 million Series B round.
The round was co-led by new investor Groupe Lune Rouge and current investors Cycle Capital Management and BDC Venture Cap. The funds will go toward expanding the production of Agrisoma’s crop, Carinata, globally to provide nonfood oils that meet the demand for sustainable biofuels. Carinata also provides farmers with additional income opportunities.
CEO Steven Fabijanski said that the funding was used to develop and execute new commercial programs in South America, as well as to deliver commercial scale volumes of Carinata feedstock to customers around the world.
“The funding was also used to develop key markets for the non-GMO, sustainable animal feed co-product, positioning the Carinata business for rapid expansion and scaling of production servicing both the biofuels industry and the growing demand for sustainably produced protein in the animal feed industry,” said Fabijanski. “The addition of new shareholder expertise with a focus on sustainability, the environment and global business experience, along with additional support from current shareholders highlights our opportunity and progress with the commercialization of Carinata.”
Catherine Vu, CFO at Groupe Lune Rouge, has joined the board of directors at Agrisoma as part of the closing.
Novarc Technologies raises $1 million seed round
Vancouver-based Novarc Technologies, which builds custom robots for the shipbuilding industry, announced it has secured a $1 million investment.
The round was led by Canadian marine transportation business Seaspan ULC, with participation from BDC Capital. Novarc builds robots with advanced control techniques for pipe welding and materials handling. The company will use the funds to scale commercialization of its Spool Welding Robot technology, a welding robot designed for high-mix, low-volume production. The funds will also be used to expand sales and marketing in North America, and continue investing in research and development.
“This is a very exciting time for Novarc Technologies,” said Soroush Karimzadeh, CEO of Novarc. “Seaspan’s support of our pipe-welding technology, used as a key solution in the shipbuilding industry, reinforces their drive to innovate in shipbuilding services and their leadership in the marine transportation industry.”
This investment is a result of Seaspan’s obligations under the National Shipbuilding Strategy (NSS), established by the government in 2011. Navdeep Bains, minister of innovation, science and economic development, said that Canadian companies are at the forefront of developing new technologies for the marine sector in Canada.
“As they grow, so too will the middle class,” said Bains. “This investment demonstrates how the National Shipbuilding Strategy can drive innovation and help firms like Novarc commercialize and market their technologies so that they can continue to strengthen Canadian shipbuilding.”