To wrap up the first month of 2019, we’re sharing some exciting investments from this week. With new funding in everything from maintenance management software to advertising technology, here’s what happened this week in Canadian tech investing:
Montreal Ad Tech company, district m, announced a $12 million investment from two financial partners. Investissement Québec (IQ) made an initial $9 million investment in the company and existing partner Fonds de solidarité FTQ invested another $3 million.
The funding will be used to expand the team at district m and to accelerate the organization’s growth.
“We are thrilled to welcome IQ, which is a highly reputable institutional fund in Québec with a phenomenal investment portfolio and numerous valuable partnership opportunities,” said JF Côté, co-founder and CEO of district m. “The Fonds de solidarité FTQ has been an excellent partner for district m since first investing two and a half years ago, a period during which we have delivered exceptional growth. We are thrilled to be partnering with these two great firms as we move into a new chapter.”
Thoughtexchange, a provider of two-way experience software, has closed a $4 million investment from Yaletown Partners and other existing angel investors. The platform enables organizations to have open conversations with groups, using AI to gather insights and to analyze responses that will then influence organizational action.
“We are growing by more than 100 percent YoY and didn’t want to narrowly define our valuation until we exceeded double-digit ARR,” explains Dave MacLeod, CEO of Thoughtexchange. “The two-way experience market is heating up and with our current funding, momentum and growing list of passionate advocates we are now excited to raise a significant Series B to fuel our expansion.”
Toronto-based Fiix has closed a $40 million USD Series C funding round led by Georgian Partners, with participation from BuildGroup. Fiix provides cloud-based asset management software to help businesses plan and schedule maintenance activities.
“We have seen unprecedented changes in technology and massive global competition force operations to change, which has put pressure on maintenance teams to evolve. At Fiix, our primary goal is to partner with our customers to help them navigate this evolution through digital transformation,” says James Novak, CEO of Fiix. “This also includes developing the technology to help them meet new challenges head-on as the market continues to grow and evolve.”
Fiix will use this investment to fund the organization’s scaling activities and platform advancements. The funding will assist with research and development into incorporating AI and IoT into the platform.
Advance Property eXposure Canada Inc.
Ottawa-based Advance Property eXposure Canada Inc. (APX) has received a $615,000 investment from FedDev Ontario. APX is a provider of mobile technology solutions for city infrastructure, enabling first-responders to act safely and efficiently in emergency situations.
“APX is excited to receive this financial support from FedDev Ontario and the Government of Canada,” says Paul Martin, CEO of APX. “The endorsement of our vision allows APX to accelerate growth in North America, which will help create meaningful jobs for Canada while improving public safety through our innovative, advanced mobile technology solutions.”
APX will be using the funding to introduce up to 15 new jobs in addition to expanding its software, which shows first-responders floor plans and layouts of buildings in the event of an emergency.