Canada

Trulioo nabs $70 mln in VC, including Goldman Sachs-led Series C

Trulioo, a Vancouver-based identity verification platform, has secured $70 million in new funding, including $60 million in Series C financing. Goldman Sachs Growth Equity led the Series C, with participation from American Express Ventures, Citi Ventures and Santander InnoVentures. The other $10 million came from early investors Blumberg Capital and BDC Capital. Trulioo provides an application programming interface that gives electronic identity and verification coverage for five billion consumers and more than 250 million businesses in a range of global industries. Led by Founder and CEO Stephen Ufford, the company will use the funds raised for scaling up operations in new markets, new hires and other growth initiatives.

Edtech platform Classcraft secures $10 mln in Series A financing

Sherbrooke, Québec-based education technology provider Classcraft has raised $10 million in a Series A financing. The round was led by Investissement Québec, an investment arm of the Québec government. It was joined by Whitecap Venture Partners, Brightspark Ventures and MaRS Catalyst Fund, all of which backed Classcraft's $2.8 million financing in 2017. Launched in 2013 by CEO Shawn Young, President Devin Young and CFO Lauren Young, Classcraft uses technology, games and storytelling to enhance student motivation in the K-12 education sector. It serves more than 6 million students and teachers worldwide. The company will use the funds raised to further scale its platform.

CPPIB recruits Facebook’s Monica Adractas to lead VC funds strategy

She helped launch Facebook's Workplace in 2016 and for nearly three years served as a global director.

Gotham Green Partners joins Lift's $3.5 mln private offering

Lift & Co Corp (TSX-V: LIFT), a Toronto-based cannabis media and technology platform, has closed a $3.5 million private placement offering. The financing, consisting of senior secured convertible debentures and common share purchase warrants, was backed by U.S. cannabis private equity firm Gotham Green Partners and others. Founded in 2014 by Chairman Tyler Sookochoff, Lift provides cannabis-related trade shows, online data and product reviews, and educational resources. It will use the deal's proceeds for working capital, repaying debt and other priorities. Lift, which went public last year, secured $3 million in a Series A financing in 2017.

Element AI scores Series B

Element AI, a developer of artificial intelligence-powered software solutions, has raised C$200 million (US$151.4 million) in Series B financing. The investors included Caisse de dépôt et placement du Québec, McKinsey & Company, QuantumBlack, Gouvernement du Québec, DCVC, Hanwha Asset Management, BDC Capital and Real Ventures. With this funding, Element AI has raised a total of C$340 million (US$257 million). Allen & Company LLC was financial adviser for the financing. Element AI has offices in Montreal, Toronto, London, Seoul and Singapore.

CEMEX Ventures backs GoFor Industries

GoFor Industries, a last-mile logistics marketplace with operations in Canada and the U.S., has raised an undisclosed amount of funding. The investor was CEMEX Ventures. Founded in 2016, GoFor is focused on the supplier and retailer supply chain.

SVB provides venture debt to Parity

Parity Inc has secured C$1.25 million in venture debt from Silicon Valley Bank. Parity is a Canadian protech company using artificial intelligence to eliminate energy waste in multi-residential buildings. Recently, Parity closed a Series A investment with ArcTern Ventures, a North American cleantech venture fund.

Relentless Venture Fund invests in Snapclarity

The Relentless Venture Fund has made an investment in Ottawa-based Snapclarity Inc, a mental well-being and healthcare platform. No financial terms were disclosed. In addition to the funding, Brenda Irwin will be joining Snapclarity's board of directors.

Canndescent fetches Series C

California-based Canndescent, a cultivator of cannabis, has raised $27.5 million in Series C funding. Green Acre Capital, a cannabis-specific venture fund from Canada, led the round. Other investors that participated in the round were Carnegie Arch Capital, Senterra, LLC., Altitude Investment Management, JW Asset Management and an unnamed beer company from Asia. DelMorgan & Company and Benchmark provided financial advice on the transaction.

Round 13 Capital leads funding round for Sourced Group

Sourced Group, a global IT consultancy specializing in large-scale cloud transformations for regulated industries, has secured C$20 million in financing. Toronto-based Round 13 Capital led the round with participation from Comerica Bank and HSBC. In addition to the investment, Round 13 Capital co-founder John Eckert will join Sourced's board of directors. Sourced has offices in Toronto, Australia and Singapore.