Money is tight for young Québec sprouts

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Funds raised dropped by 83%

Quebec startups raised a paltry $249.1 million in the second quarter of 2022, data from Ontario firm shows. That’s 83% down from the $1.5 billion raised in the first quarter and 71% down from the same period in 2021. About 16 financings were closed, compared to 29 in the first quarter of 2022. The decline Investment in the technology sector has been widespread in recent months, but the trend appears to be more pronounced in Quebec than in the rest of Canada and the United States.

New shareholders at Gecko Alliance

Nexcap Partners, Desjardins Capital, Fonds de solidarité FTQ and Fondaction CSN took control of Gecko Alliance de Québec. Founded in 1989 by Michel Authier and Benoit Laflamme, the company describes itself as a world leader in the design and manufacture of controls, pumps and accessories for spas. It should be noted that Nexcap is the holding company of Pierre Marcouiller, former CEO of Camso, a Magog manufacturer acquired by Michelin in 2018.

Ubenwa raises $3.2 million

Montreal-based startup Ubenwa just closed a $2.5 million (C$3.2 million) financing led by Toronto-based Radical Ventures. The Quebec Institute of Artificial Intelligence (MILA) company says it has developed the first-ever technology to quickly detect neurological disorders in infants, using only the sounds of their crying. Ubenwa has collaborations with the Montreal Children’s Hospital and other pediatric facilities in Nigeria and Brazil.

Sale of Amrikart to a French group

France’s ADF announced this week the acquisition of Brossard-based SME Amrikart, owned by Nathalie Tremblay and Jean-François Delorme. Founded in 1988, Amrikart presents itself as a world leader in indoor positioning systems (iGPS) that make it possible to locate objects in a factory with high precision. The company’s customers include Bombardier, Airbus, Alstom, Hydro-Québec, Rio Tinto, ArcelorMittal, Canam, Marmen and General Electric. ADF has been based in Quebec since 2011 and employs 3,400 people worldwide.

He buys Gildan

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One of Gildan’s executives, American Robin Perkins, bought nearly $300,000 worth of stock in the Montreal clothing maker. The transaction took place in early May but was only publicly announced last week. Mr. Perkins is CEO of Frontier Yarns, a North Carolina yarn manufacturer that was acquired by Gildan last year. The latter’s stock is down more than 30% year-to-date.

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