Seven Canadian startups have recently 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.
Audioptics Medical raises $1.9 million seed round
Halifax-based healthtech startup Audioptics Medical has raised a $1.9 million seed round. The investment was led by Innovacorp and Carl Zeiss Meditec AG. A number of unnamed angel investors also participated.
The proceeds of the round will be used to commercially develop the Audioptic’s medical device, which can visualize the structures of the middle ear and eardrum. The aim of the product is to provide ear specialists with accurate diagnostic information without the use of exploratory surgery.
VidDay receives $272,000 from Manitoba government
Winnipeg-based VidDay, which has developed an app allowing users to give videos as gifts, has received $272,000 from the Manitoba provincial government.
The government invested in VidDay through its Innovation Growth Program (IGP), which supports the development and commercialization of innovative products and services. VidDay was one of four businesses that received funding. The others included DBI Technologies, Power HV, and Vexxit.
VidDay’s platform allows users to collect video messages and photos from friends and family to compile into a video that can be sent on special occasions such as birthdays. The startup claims the app is used by one million people in more than 150 countries.
Paidiem raises $3.75 million
Toronto-based SaaS startup Paidiem has raised $3.75 million in financing. The Business Development Bank of Canada provided debt financing as part of the deal. The investors that provided equity were not disclosed, but Paidiem described the investors as a group of Canadian institutional and accredited investors.
Founded in 2019, Paidiem provides enterprise SaaS and financial solutions for the “contingent workforce ecosystem,” meaning those who work on a contract or casual basis. The proceeds from this financing will go towards Paidiem’s working capital. It will also help the company further support its North American customer base and scale its operations.
Edtech startup Classcraft raises $4.5 million CAD
Sherbrooke, Québec-based edtech startup Classcraft has raised $4.5 million CAD in funding. The investment was led by Brightspark Ventures, with participation from Whitecap Venture Partners, Amplify Capital, and new investors Theodorus Investment Funds and Unreasonable Collective.
Founded in 2013, Classcraft aims to help educate and motivate learners through sustainable and fun learning experiences. The startup claims its platform is used by more than 8 million people worldwide.
With the new funding, Classcraft will accelerate its product development as well as sales and marketing efforts. The startup is also looking to build more partnerships with the edtech community.
Delta CleanTech raises $7.5 million in private placement
Delta CleanTech, a startup founded in Regina, Saskatchewan, has raised $7.5 million in a non-brokered private placement.
The startup works in the environmental social governance (ESG) sector, which includes CO2 capture solutions. Delta recently acquired the CO2 capture and solvent reclaiming division and operating assets of HTC Extraction Systems for $4 million.
Delta offers engineering and process design services for CO2 capture plants and works with local original equipment manufacturer (OEM) fabricators and contractors to have these manufactured, installed, and commissioned. Proceeds from the private placement will be used to increase its commercial capacity to offer its clean technology product offering from its new Calgary headquarters.
MedMe Health closes $750,000 pre-seed round
Toronto-based virtual care and clinical services tech platform MedMe Health has raised $750,000 CAD in pre-seed funding. The round was led by MaRS Investment Accelerator, with participation from Velocity Fund, the XX fund, Young Founders Fund, and strategic angel investors.
MedMe Health is a web-based platform supporting pharmacy scheduling, documentation and clinical services at scale. The new funding will support MedMe Health’s platform development and market expansion to facilitate nationwide COVID-19 immunization campaigns at Canadian pharmacies.
MedMe Health’s platform is currently used at more than 1,200 Canadian pharmacies as part of COVID-19 immunization campaigns.
Hyperion raises $2 million seed round
Ottawa-based cleantech startup Hyperion Global Energy has reportedly raised $2 million in seed funding. According to a report from the Ottawa Business Journal (OBJ), investors included the Capital Angel Network, the Natural Gas Innovation Fund, and the Norway-based Equinor & Techstars Energy Accelerator.
Hyperion has developed a patented carbon recycling system, designed to capture stack emissions directly at the source and convert them into minerals that can be reused or sold. According to OBJ, the startup is based out of Invest Ottawa’s accelerator at Bayview Yards and will participate in the 2021 cohort of the Techstars Energy Accelerator.
