Today in funding: Snug Vest, Milestone Pharmaceuticals, Lending Loop

A first-time entrepreneur and a new startup one year in the making are finally seeing their hard work pay off. Here’s the latest on who raised how much, from whom.


Snug Vest raises $500,000 in seed stage funding

Snug Vest, an affiliate of Vancouver-based Wearable Therapeutics, obtained $500,000 in seed-stage funding from U.S. venture capital firm Arc Capital Development. VANTEC Entrepreneurs Fund, Pique Venture Investments, and Sunshine Coast Venture Partners also contributed to the funding.

Snug Vest is an inflatable vest that provides anxiety relief for people with autism through a method called deep pressure therapy, with the design simulating a comforting hug. Snug Vest was founded by first-time entrepreneur Lisa Fraser, and the company recently had the chance to pitch on Dragon’s Den.

“It’s been very exciting to see Snug Vest grow from a concept developed in design school to a full-fledged product that is helping change the lives of people affected by anxiety, autism and sensory disorders,” said Fraser. “Receiving investment from investors who have great knowledge and expertise in the industry and marketplace is a great honour and will help us grow the brand and ultimately get Snug Vest in the hands of more families who can benefit from it.”

Milestone Pharmaceuticals raises $17 million in Series B funding

Quebec-based Milestone Pharmaceuticals, which focuses on cardiovascular diseases, has raised $17 million in Series B funding. The investors include Fonds de solidarité FTQ, Pappas Ventures,BDC Capital, GO Capital and iNovia Capital, with the round led by US-based venture capital firm Domain Associates. Domain’s Debra Liebert joined Milestone Pharmaceutical’s board of directors as part of the deal.

“We are excited to have a premier life sciences investor such as Domain join Milestone,” said Philippe Douville, CEO of Milestone Pharmaceuticals. “We’ve made great progress since our Series A financing with advances on nasal formulations resulting in novel IP, completion of preclinical work, positive Phase 1 results, and filing of an IND.”

Lending Loop launches as it raises first seed round

Toronto-based Lending Loop is aiming to be the first Canadian platform connecting businesses seeking capital to lenders. After receiving an undisclosed first round of financing from The Kirsh Group, the company will use the money kickstart the business.

“We are confident that our platform will prove to be a compelling alternative to high-cost private lenders and overly conservative Canadian banks for small businesses that are looking for flexible financing at fair rates,” said Cato Pastoll, CEO of Lending Loop. “We are starting to witness the displacement of the traditional high-cost and highly cumbersome lending model by a twenty-first century online structure that can both stimulate local economies and put money back into the pockets of all Canadians.”

Right now, Canadian businesses can complete a loan application on Lending Loop’s website, while the lending aspect of the company will be rolled out in the coming weeks.

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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