Two 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.
Trait Biosciences secures $31 million Series A to fuel R&D
Vancouver-based cannabinoid tech startup Trait Biosciences has raised $31 million CAD in Series A financing to fuel research and development (R&D). The funding consists of a combination of new cash and a conversion of existing debt.
The round was led by Btomorrow Ventures, the corporate venture arm of British American Tobacco, and supported by Gotham Green Partners and additional undisclosed investors from Trait’s previous funding rounds. According to Crunchbase, Trait has raised a total of $43 million CAD to date.
Founded in 2017, Trait develops tech that enables the production of safe, quality cannabidiol (CBD) products. CBD is a chemical component of marijuana. Trait plans to use its new capital to accelerate its R&D efforts as it looks to commercialize its cannabinoid production technology. The startup plans to launch its first product in 2022.
“Trait is honored to work with BTV as a strategic investor to advance the commercialization of our unique IP portfolio, beginning with Trait’s proprietary water-soluble CBD extract that is superior to nano-emulsion,” said Peter McDonough, Trait Biosciences’ CEO. “Trait’s groundbreaking innovation will be a catalyst for developing safer and higher quality CBD infused beverages and other consumer products.”
Trait claims it has over 90 active patent applications focused on cannabinoid technology. The company said it is currently developing its intellectual property portfolio in tech designed to improve minor cannabinoid productivity in plants and strengthen crop yield for hemp cultivators.
ClearEstate raises $2.5 million to expand across Canada, US
Montréal-based FinTech startup ClearEstate has secured a $2.5 million CAD seed extension to support the rollout of its software solution across Canada and the United States (US).
The funding was led by undisclosed strategic investors, including funeral home operators across North America that are also launch partners for ClearEstate. It was supported by Torstar, Triangle Capital, NAventures, and Diagram Ventures.
Founded in 2020, Diagram Ventures-backed ClearEstate offers a digital-first estate settlement platform for North American executors. ClearEstate told BetaKit it raised a previously unannounced $1.7 million seed round in fall 2020. The startup has also officially launched its platform in the US in partnership with California-based funeral home operator Anthem Partners.
The startup said the estate settlement process is typically time-consuming and difficult to navigate. ClearEstate claims most executors are not equipped or prepared for this process.
“ClearEstate’s streamlined, all-in-one, tech-enabled solution was built with estate executors’ needs at the forefront during what is often a difficult personal period in their lives,” said Davide Pisanu, co-founder and CEO of ClearEstate. “Our platform offers systematic, tailored guidance to help individuals navigate the legal and procedural complexities of the estate settlement process with ease.”
Feature image from ClearEstate