Three Canadian tech startups have recently secured fresh funding to fuel their growth. Here’s the latest on who raised money, how much, from whom, and what they plan to put the new capital toward.
Clir Renewables raises $27 million CAD Series B round
Vancouver-based cleantech startup Clir Renewables has raised $27 million CAD in a Series B round of funding.
The funding was co-led by Longbow Capital and ArcTern Ventures, with participation from Canada Pension Plan Investment Board, BDC Capital, Active Impact Investments, and Tokio Marine HCC.
Founded in 2017, Clir offers an artificial intelligence-driven monitoring and optimization platform that provides asset managers and owners with tools aimed to maximize annual energy production and provide clarity on renewable asset performance. The platform is currently used in 11 countries.
Clir plans to use the new funding to develop more products, and accelerate Clir’s growth within the European and North American markets, as well as grow its presence in Latin America, Africa, and Asia-Pacific.
Stoko raises $1.2 million from Genome BC
Vancouver-based sport-tech startup Stoko has raised $1.2 million from Genome BC, an organization that provides funding and support for genomics innovation.
This investment is intended to be used by Stoko for manufacturing and marketing efforts. Stoko’s first product to market, the K1, is a compression tight that has integrated join support aimed to mimic the body’s natural structure to give athletes the support of a knee brace.
Founded in 2017 by former Olympian Scott Morgan and engineer Zack Eberwein, Stoko has both a B2C and B2B business model. The K1 can be covered by some healthcare providers and is available through Stoko’s e-commerce platform, through various medical professionals, and in several specialty retail stores.
The latest funding comes less than one month after Stoko raised $6 million in seed funding from a group of investors that included the former CFO of Lululemon, John Currie. The seed funding is intended to go towards Stoko’s go-to-market strategy and geographic expansion.
Habit Forming Technologies raises $500,000
Halifax-based Habit Forming Technologies has reportedly raised approximately $500,000 in a friends and family investment.
According to a report from Entrevestor, one of the round’s investors includes Travis McDonough, who founded and led Kinduct, which was acquired by mCube in September. Habit Forming Technologies founder Darren Steeves told Entrevestor the startup did not initially intend to raise this capital.
Habit Forming Technologies was founded in February 2020 and offers an AI-based intuitive learning platform called JackHabbit, that is aimed to help users develop healthier habits. According to the startup’s website, JackHabbit was created when Steeves, who has a 25-year background in health performance and consulting, wanted to use his knowledge and experience to help more people build and stick to healthy habits.
According to Entrevestor, Habit Forming Technologies is planning to raise another round of funding later this year and is aiming to raise seven figures. Following the round, the startup plans to make four new hires in the next week. Its team currently sits at nine full-time employees.
Image source Unsplash. Photo by Nuno Marques.