As we approach the end of June and the first half of 2023, it's time for an update on the N49P community.
The technology ecosystem has experienced a resurgence during the first half of 2023, following the market trough of 2022. Mega-cap tech stocks have soared, generative AI has captured the attention of both the public and investors, and funding announcements are happening at a faster pace. However, challenges persist in the ecosystem. Fund raising and customer deals take longer than they did in 2021. Startups now carefully manage team size to balance growth and profitability. Fortunately, N49P's portfolios continue to demonstrate strong performance and we have a lot of news to share.
New Portfolio Companies
We are pleased to announce the addition of four companies to our portfolio, with investments spanning across Toronto, Winnipeg, Montreal, and Waterloo. At present, only one of these companies has disclosed their funding round.
- AssistIQ is a Montreal/Toronto-based healthtech company specializing in AI-driven solutions to minimize medical waste in hospitals. Our decision to invest was influenced by the founding team's successful track record, having previously built and sold Unmapped to Flight Centre. Additionally, the technology was developed in collaboration with a hospital partner, Centre Hospitalier de l’Université de Montréal (CHUM) Research Centre in Montréal, and the market opportunity is substantial (estimated at over $100 billion). You can read more here.
Follow on Rounds:
Over 10 portfolio companies have successfully raised follow-on funding. The following portfolio companies have announced funding rounds:
- Vivid Machines announced a $5.8M funding round led by BDC Capital's Thrive Ventures, with participation from StandUp Ventures, Algoma Orchards, and Tall Grass Ventures. They are currently hiring for two positions, which can be found here.
- ODAIA raised $25M USD in a Series B round led by Threshold Ventures and Monograph Capital. They currently have over 10 open positions.
- Spellbook, formerly known as Rally Legal, raised $10.9M from Moxxie Ventures, Inovia Capital, Thomson Reuters Ventures, and others. They are hiring across various roles, with 10 open positions available.
- EvenUp announced a $50.5M USD raise led by Bessemer with participation from Bain Capital Ventures, SignalFire, DCM and NFX. Their distributed team has many open positions, check them out here.
Other Portfolio Highlights
- Lynk launched the launch of a pay-by-bank feature, enabling customers to expedite payments and reduce processing fees.
- Disco has been recognized as the EdTech Startup of the Year at the EdTech Breakthrough Awards! This announcement comes on the heels of their recent inclusion in Fast Company's Most Innovative Companies in Education for 2023.
The N49P Team,
Alex, Doug & Omar
