Funding Roundup: Effenco, Cybeats, ThreeKit

As the weather turned colder in Canada and the holidays came and went, funding for tech companies slowed down a bit remained steady. Below are some of the funding rounds you might have missed since the middle of December 2018—and don’t forget about a couple big ones: Vena Solutions’ $115 million raise, and TrackTik’s $45 million round.


Effenco secured a $12 million CAD Series A in December. The Montreal-based company saw $6 million for the raise come from BDC’s cleantech fund. Effenco connects shipping trucks to reduce overall transportation costs and emissions through specialized fleet software.

“We are extremely pleased to be working with BDC to sustain the continued growth of our Active Stop-StartTM System and commercialize a new connected and intelligent platform,” says David Arsenault, CEO of Effenco Development Inc. “We are confident that the credibility that comes with BDC’s endorsement will contribute to showcase Effenco as a world leader along with its exceptional year.”


Towards the end of December, Toronto’s Cybeats raised $3 million CAD from Ripple Ventures, with investment from real estate technology venture capital fund GreenSoil Building Innovation Fund as well as participation from MaRS IAF, MLA48, ScaleX and iNovia capital. Cybeats is a cybersecurity company rooted in providing protection for the expanding IoT device ecosystem.

“With the proliferation of IoT devices where we work, live, travel and shop, and increase in the number of access points prone to malware attacks, it is critical that we adopt a new approach to cybersecurity for all network-connected devices,” said Dmitry Raidman, co-founder and CEO of Cybeats. “The security certification of IoT devices is imperative in order to detect and neutralize these growing threats. Cybeats provides an efficient, simple solution to monitor and overcome security threats.”


The Ottawa-born ThreeKit has raised $13.3 million CAD ($10 million USD) from serial entrepreneur Godard Abel. ThreeKit is a  3D product configuration and visualization platform that can be used to create interactive product offerings for various clients such as Crate & Barrel and CÎROC. The new money will go toward creating a more interactive and personalized e-commerce experience.

“Traditionally visualization technologies have been clunky and difficult to use, but ThreeKit is a holistic platform that allows sellers to create their own interactive product experiences for their web stores,” said Ben Houston, ThreeKit’s founder and CTO. “Originally built for Hollywood, we saw a major opportunity to bring this technology to e-commerce, and are leading a new standard of product experience in the industry.”