Two Canadian startups have announced funding and milestones to fuel their growth. Here’s the latest on who raised how much, and from whom.
Tonit announces $2.2 million in funding
Kelowna-based Tonit, a motorcycle app that is working to connect Canada’s motorcycle community, has raised $2.2 million in funding to date.
Tonit’s most recent round of funding was in February 2019 with angel investors, where $625,000 was raised, while the company plans to start raising $4 million in Silicon Valley in November.
Founded in 2016 by Jason Lotoski and officially launched in 2018, Tonit’s app acts as a social network for motorcycle riders, allowing them to share videos, tips and tricks, and map and share every ride from beginning to end. The company said riders can feel safer as other riders know they are on the road.
As of September 2019, the free app has over 215,000 downloads, 170,000 active users, and in April, Tonit was the number one trending lifestyle app in Google Play and ranked 37 in the App Store.
Eaigle receives $70,000 in non-dilutive IRAP funding
Toronto-based Eaigle, which is building software that helps customers manage swimming pools, has received $70,000 from the National Research Council of Canada’s IRAP program.
Eaigle allows swimming pool operators to monitor pools in real-time using video, and with software, receive analytics on the state of the pool, such as temperature. Operators can then control water input and output, allowing them to reduce energy costs and comply with health regulations.
IRAP funding supports research and development projects for startups. So far, the company’s customers and partners include Humber College, Soho Pools, and the City of Richmond Hill.
Founded in 2018, Eaigle is currently in the process of finalizing its patents, and promises that its solution can reduce energy costs by 45 percent. The company’s team includes founder and CEO Amir Hoss, who was awarded with the Young Energy Professional of the Year award by the International Association of Energy Engineers this year; and CTO Mahdi Marsousi, who has a PhD in electrical and computer engineering from the University of Toronto.
Photo via Unsplash.