Today in funding: Goodfood, TRADE X, Peak Power, Novarc Technologies, Innovate BC


Four Canadian tech companies and three tech-focused research projects have recently secured funding, including Goodfood, TRADE X, Peak Power, and Novarc Technologies. Here’s the latest on who raised money, how much, from whom, and what they plan to put the new funds toward.

Goodfood closes $60 million bought offering

Montreal-based online grocery company Goodfood has closed a previously announced bought deal offering of common shares for $60 million. The startup plans to use the proceeds to launch same-day delivery in additional cities and expand its tech, automation, and robotics platform.

Goodfood WOW, Goodfood’s same-day grocery delivery service, is currently active in Montreal and the Greater Toronto Area (GTA). With the new funding, the company plans to expand its operations in Montreal and the GTA, as well as launch in Vancouver, Calgary, Ottawa, and Quebec City.

TRADE X secures $50 million line of credit

Toronto-based online vehicle trading marketplace TRADE X has secured a revolving line of credit valued at $50 million USD that also includes an accordion to expand it up to $100 million, through Finitive, an institutional private credit platform.

TRADE X’s platform aims to aggregate the supply and demand of pre-owned vehicles for automotive dealers. TRADE X allows dealers to buy and sell vehicles online in a transparent, compliant, and secure fashion. The company said the new credit facility will allow it to help dealerships accelerate inventory turnover, increase revenue, and boost profits.

Peak Power raises $12 million financing round

Toronto’s Peak Power, which aims to reduce carbon emissions and enable intelligent energy-use in smart cities, has raised a $12 million CAD ($9.5 million USD) financing round from The Atmospheric Fund, BDC Capital, EDC, Sensata Technologies, and Hatch.

According to the startup, its artificial intelligence-powered software-as-a-service platform, Synergy, “forecasts, optimizes, and automates distributed energy resources,” including large commercial and industrial buildings, batteries, and solar and electric vehicles. Peak Power plans to use the new funding to support the global expansion of its platform.

Novarc Technologies secures $2.6 million from BDC IP

Vancouver-based robotics startup Novarc Technologies has raised $2.6 million from BDC IP.

The non-dilutive funding marks the first transaction by BDC’s new intellectual property-backed financing fund. Launched in July 2020, the $160 million fund serves scaling Canadian companies in knowledge-based industries with rich IP portfolios and at least $1 million in annual revenue.

Novarc Technologies specializes in the design and commercialization of collaborative robots for industrial applications, and claims to have developed “the world’s first collaborative welding robot.” The startup said it recognized early on that “protecting IP was a priority.” It plans to use the funding to expand its team and support its global trajectory.

Innovate BC invests combined $900,000 in three research projects

Innovate BC has awarded $900,000 CAD ($300,000 apiece) to three research projects through its Ignite program.

The three cleantech, mining and biotech projects aim to develop compostable bioplastics for single-serve coffee pods, advanced tools for cave mining to improve safety and productivity, and radiopharmaceuticals for immune imaging to improve cancer treatments.

Each year, Innovate BC’s Ignite program selects research projects in cleantech and applied sciences. To date, it has funded 31 projects at a total value of $7.4 million.

Image courtesy of Goodfood

Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling in-depth Canadian tech stories and breaking news. His coverage is more complete than his moustache. He was also the winner of SABEW Canada’s 2023 Jeff Sanford Best Young Journalist award.

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