Author: BetaKit

Bridigit receives $750,000 investment from FedDev Ontario

Kitchener-based Bridgit, offering a project management platform for construction businesses, has received a $750,000 investment from the federal government through FedDev Ontario.

“This project will allow Bridgit to not only develop more products to increase our overall market opportunity, but to support the local community.”

Bridgit will use the new investment, along with the $6.2 million Series A it raised earlier this year, to scale its business operations and expand into new and existing markets, including key cities in the US. The investment will also allow the company to undergo late-stage testing and product refinement of its mobile software management tool, Closeout, as well as develop and launch an additional product, that may be added later this year.

“FedDev Ontario’s contribution demonstrates the Government of Canada’s commitment to scale local businesses,” said Mallorie Brodie, CEO and co-founder of Bridgit. “This project will allow Bridgit to not only develop more pr..

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Wealthsimple raises $100 million from Allianz X to build a full stack financial service

Toronto-based Wealthsimple has secured a new $100 million investment round, led by Allianz X, the digital investment unit of German asset manager Allianz Group. The announcement was made today during a press briefing at Collision.

Coming shortly after a fresh $30 million in Q1 2019 from Power Corp and its subsidiaries (Power also participated in the new round), the funding is the first time in four years Wealthsimple has brought in an independent investor. The FinTech confirmed the round was all primary capital.

“We’re acquiring this entire generation of clients that are proving they want more and more of a relationship with us as we launch new services.”
– Mike Katchen

Beyond the size of the round, which is significant by both Canadian and international FinTech standards, Wealthsimple CEO Michael Katchen was quick to note how the company’s new investor can unlock and accelerate international expansion. Allianz Group is one of the world’s leading insurers and asset managers, and cou..

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Senso.ai announces $1.5 million CAD raise at #CollisionConf

Toronto-based Senso.ai, a machine learning and predictive AI company, has announced the close of a $1.5 million Seed round led by BreakawayGrowth, a Silicon Valley venture capital fund, alongside NEXT Canada and Techstars.

Senso.ai has created vertical-specific data pipelines and AI products for the Canadian financial services industry. Since graduating from the inaugural cohort of NextAI in 2017, as well as Techstars in 2018, Senso.ai has grown its customer and partner base to include Royal Bank of Canada, among others. The company said with the new funding, which was announced during #CollisionConf in Toronto, it’s looking to expand into the U.S. market.

“We were inspired by the Senso.ai team’s ambition and the depth of their solution, and we knew we could help them grow even faster.”

“Large organizations around the world are attempting to collaborate with product-centric startups to embed innovation across their organizations,” said Saroop Bharwani, co-founder and CEO of Senso.a..

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Montreal-based Smooch acquired by Zendesk

Montreal-based Smooch, allowing companies to manage customer conversations across multiple social messaging and communication platforms, has been acquired by San Francisco customer service and engagement platform, Zendesk. The terms of the acquisition are not being disclosed.

“What defines Smooch is connecting all of the world’s messaging channels to the enterprise software that businesses use to connect with their customers.”

Smooch will continue to work out of its Montreal headquarters and has plans to grow the team. Smooch chairman Hamnett Hill said the company is excited to leverage Zendesk’s 145,000-strong customer base.

“Through this acquisition, we’re going to have not only more resources to accomplish the building of the core platform, but a lot of other really exciting components as part of the… broader ecosystem,” Hill told BetaKit.

Smooch was founded while chief technology officer Mike Gozzo was still at his previous company Radialpoint. Radialpoint was later acquired ..

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