Hello and welcome to The BC Startup Show’s recap for this week.
Some startup news from around the province this week:
💰 Advanced Intelligent Systems receives $400k from Sustainable Development Technology Canada
Congratulations to the team at Burnaby's Advanced Intelligent Systems, who was the only BC-based company to receive funding from the latest round of cleantech support from Sustainable Development Technology Canada. AIS is a leader in creating practical robots to automate tasks that are labour intensive or dangerous for humans to perform. They received the funds to support the development of their Outdoor Cart Puller and Post Harvesting Robots. Learn more at https://www.ai-systems.ca/
✅ ALAViDA expands substance use support to healthcare workers in the Fraser Health region
The folks at ALAViDA announced the expansion of their initiative to support healthcare workers in the Fraser Health region. ALAViDA makes a mobile app which offers on-demand substance use support, right from your smartphone. This initiative expands their offering of confidential resources directly to health care workers struggling with substance use. Learn more at https://alavida.co
in exits and acquisitions...
💰 Loop Energy files for an initial public offering on the Toronto Stock Exchange
Burnaby's Loop Energy, which makes market-leading hydrogen fuel cell solutions for next-generation zero-emission vehicles and power generators, has announced their intention for a public offering on the Toronto Stock Exchange, which is expected to raise about $100 million. No date was given for the IPO, but it's likely imminent now that the filing is complete. Check them out at https://loopenergy.com/.
and, in fundraising news...
📈 Fintech startup Fraction Technologies closes $289 million in equity and debt financing
A hearty congratulations is in order for the team at Vancouver's Fraction Technologies, which closed $289 million in equity and debt financing this week. The round was led by Impression Ventures, Primetime Partners, Global Founders Capital, and Panache Ventures. Fraction offers a digital platform that provides socially conscious financial solutions. Its flagship product, the Fraction Appreciation Mortgage is the first of its kind in North America. The team plans on using these funds to continue their launch in Canada, expand the team and technology platform, and prepare for launch in the U.S. Check them out at https://www.fraction.is/
📈 Notch Therapeutics closes series A round at $85 million to continue to expand their team and platforms
Vancouver biotech startup Notch Therapeutics announced the successful closure of their Series A round at $85 million US. The company intends the funds to support the continuing development of Notch's portfolio of iPSC-derived T cell therapeutic product candidates and clinical readiness of the company's proprietary Engineered Thymic Niche (ETN) platform, as well as expanding its team to support the company's future growth. Congrats to the team at Notch, you can learn more at https://notchtx.com/
📈 Mangrove Lithium closes $3 million in financing to expand battery-grade lithium hydroxide production
Vancouver's Mangrove Lithium announced announced the successful closing of a $3M financing round from BDC Capital’s Cleantech Practice. Mangrove is a developer of a breakthrough modular platform for the most cost-effective production of battery-grade lithium hydroxide. Its electrochemical innovation simplifies existing processes and can directly refine input streams from brine, hard-rock, clay and geothermal assets. Check them out at https://www.mangrovelithium.com/
📈 movr closes $850k seed round to further develop their smartphone-based health apps
And finally, the folks at movr announced that they closed an oversubscribed seed round of funding at about $1 million this week. movr is a health app for your smartphone that delivers personalized functional movement training for every user. It's their goal to help make physical health more accessible for everyone. You can learn more at https://movewithmovr.com
💰 Micro-loans for Kootenays-based startup founders announced
If you're based in the Kootenays and looking for seed funding to launch your startup venture, The West Kootenay Boundary Community Investment Cooperative (WKBCIC) recently announced a six-month pilot project of a micro-loan fund to assist small and medium sized enterprises. WKBCIC has earmarked $30,000 to be made available for individual micro-loans ranging from $1,000 to $3,500. Find out more at https://www.wkbinvestmentcoop.com/.
That's it for this week, a very busy one for startups around the province. If you liked this episode, be sure to follow us on your podcast platform of choice and please, help spread the word by sharing The BC Startup Show with your friends and colleagues. Until next time, thanks for listening to The BC Startup Show and stay safe.