Today in funding: Altus Assessments, Cuboh

Two Canadian startups have announced fresh funding rounds to fuel their growth. Here’s the latest on who raised how much, from whom, and what they’ll be putting the new funds toward.

Altus Assessments closes $3 million in debt from BMO’s innovation banking arm

Toronto-based EdTech startup Altus Assessments has secured $3 million in debt financing from BMO Technology and Innovation Banking Group. Rich Enrich, CEO of Altus Assessments, said the funding will be used to expand the company into new markets and verticals.

Altus Assessments helps higher education institutions holistically assess applicants.

Launched in 2014, Altus Assessments helps higher education institutions holistically assess applicants. CASPer, the company’s product, is an online situational judgement test that evaluates university applicants for traits like communication, ethics, professionalism, and judgment.

“Altus Assessments has been successful in filling a need in academic admissions assessments and only has room to grow,” said Devon Dayton, managing director of BMO Technology and Innovation Banking Group.

RELATED: Vancouver EdTech startup Riipen raises $5 million pre-Series A

“The momentum of the organization is driven, largely, by the strength of both the leadership and entire team, and we are excited to be working alongside Altus Assessments and are eager to support them as they accelerate their growth,” Dayton added.

Altus Assessments will be delivering a summit in Toronto on June 1 and 2. The summit allows participants to network with industry peers, pick up insights from experts, and hear about the latest data on admissions.

Cuboh raises $1.6 million seed round

Victoria-based Cuboh, a startup that helps businesses integrate delivery services onto a singular platform, has raised a $1.6 million seed round.

The round was raised from Altair Capital, Good News Ventures, and Dash40 Ventures. The new funds will help Cuboh expand its sales and marketing operations as well as accelerate product development and push new features to market faster.

“As a seed round, this investment proves that we found product-fit rather early and we will continue creating great technology,” said Juan Orrego, Cuboh’s co-founder and CEO. “As a matter of fact, investors oversubscribed to this round, as late investment by Dash40 Partners was accepted. [Dash40] had an expertise and network we just couldn’t pass on.”

Cuboh allows businesses to manage all of their online orders instead of referring to an individual tablet. The software punches all orders straight in a point-of-sale (POS) and all menu updates, hour changes, closures, adding more platforms, and commission negotiations are done by the startup.

The round follows Cuboh winning third place in the 2019 New Ventures BC Competition. Last year, Cuboh also received an investment from Y Combinator after the accelerator’s Summer 2019 Demo Day.

Image source Unsplash. Photo by Vasily Koloda.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast