August 12, 2022

The Queens County Citizen

Complete Canadian News World

Money is scarce for young Quebec shoots

Money is scarce for young Quebec shoots

Each week, we provide an overview of insider trading, investing in local businesses and news from listed companies.

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Funds collected fell by 83%

Quebec start-ups raised just $249.1 million in the second quarter of 2022, data from Ontario firm Briefed.in shows. That’s 83% less than the $1.5 billion raised in the first quarter and 71% less than the same period in 2021. Some 16 financings closed compared to 29 in the first quarter of 2022. The decline in investment in the technology sector has been widespread for several months, but the trend has been more pronounced in Quebec than in the rest of Canada and the United States.

New shareholders in Gekko Alliance

Nexcap partners, Desjardins Capital, Fonds de Solidarité FTQ and Fondation CSN control Gecko Alliance de Québec. Founded in 1989 by Michel Authier and Benoit Laflamme, the company is described as a world leader in the design and manufacture of controls, pumps and accessories for spas. Nexcap is the manufacturer from Magog, which was acquired in 2018 by Michelin, the holding company of Pierre Marcouiller, Comso’s former CEO.

Ubenwa raised $3.2 million

Montreal-based startup Ubenva has closed US$2.5 million (CA$3.2 million) in financing led by Toronto-based firm Radical Ventures. From the Quebec Institute of Artificial Intelligence (MILA), the company says it has developed the first technology to rapidly detect neurological conditions in babies using only the sounds they cry. Collaboration with Ubenwa Montreal Children’s Hospital as well as other pediatric institutions in Nigeria and Brazil may be considered.

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Amricart was sold to a French group

French ADF announced this week that it has acquired Brossard’s SME Amricart, owned by Nathalie Tremblay and Jean-François Delorme. Established in 1988, Amricart presents itself as a world leader in the implementation of Indoor Positioning Systems (iGPS), which enables highly accurate location of objects in a factory. The company’s customers include Bombardier, Airbus, Alstom, Hydro-Québec, Rio Tinto, ArcelorMittal, Canam, Marmen and General Electric. Based in Quebec since 2011, ADF employs 3,400 people worldwide.

He buys Gildan

Screenshot gildancorp.com

American Robin Perkins, one of Gildan’s senior executives, bought nearly $300,000 worth of shares in the Montreal clothing manufacturer. The transaction took place in early May, but was only publicly disclosed last week. Mr. Perkins is CEO of Frontier Yarns, the North Carolina yarn producer that Gildan bought last year. The latter title has fallen more than 30% since the start of the year.

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