Today in funding: Contxtful, Lexop

Two Canadian startups have recently raised 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.

Contxtful raises $2 million

Contxtful, a Montréal-based adtech startup developing products that offer insights on mobile users, has secured $2 million in seed financing.

“Our solution has the potential to redefine how companies interact with their online consumers.”

The seed round was led by Fonds Innovexport and received participation from Fonds Québecor Innovation, La Capitale Assureur de l’administration publique, Anges Québec, private angels, and founding partners. Contxtful will put the new financing toward commercializing its two products: Receptivity and Rituals.

“We believe that our solution has the potential to redefine how companies interact with their online consumers by adding the human context in the equation,” said Guillaume Bouchard, CEO of Contxtful. “Understanding real-time behaviours of users interacting with their mobile devices is paramount to better tailor ads, improve user experience, adapt any content, and encourage healthier habits.”

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Founded in 2017, Contxtful aims to advance mobile interactions by measuring human context, which consists of non-private, sensor-based data from mobile devices, to create insights for applications within the advertising and insurance space. The company is a graduate of TandemLaunch, a deep-tech incubator based in Montréal.

The company’s first product, Receptivity, is aimed to help advertisers and publishers increase ad campaign performance and ad inventory monetization. Rituals, the company’s second product, is intended to help insurers identify and promote better risk-reducing habits for their customers.

“We strongly believe Contxtful will change the adtech and [marketing tech] ecosystems,” said Richard Bordeleau, president of the Fonds Innovexport.

FinTech startup Lexop raises $1.8 million

Montréal-based Lexop, which has created a FinTech platform allowing enterprises to collect on past-due accounts, has closed a $1.8 million seed round.

The round was led by Anges Québec and included a strategic investment from an undisclosed Canadian financial institution. The new funds will be put toward Lexop’s sales and marketing efforts, as well as product development.

“Millions of people have past-due accounts, not necessarily because they are delinquent payers, but because companies aren’t using the best channels to reach and engage with them,” stated CEO and co-founder Amir Tajkarimi. “We believe that giving customers the autonomy to choose when and how to pay their outstanding balance is key.”

Lexop automates outreach to thousands of accounts, aiming to simplify the process of paying an outstanding balance. The startup said this translates into lower running costs for customer service and savings for companies’ provision for credit losses. The company plans to double in size over the next year and expand its software to telecommunication, financial, and utility companies in Canada and the United States.

Image courtesy Lexop

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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