Float raises C$85M Series C led by Inovia Capital
What's the deal? Float, the Toronto-based business finance platform for Canadian companies, has raised a C$85 million all-equity round led by Inovia Capital. The round lifts Float's valuation by 70% and brings its total raised to C$300 million in debt and equity since launch.
Goldman Sachs AlternativesDealroom has a profile for this one. Try Dealroom →, which led Float's December 2024 Series B, returned alongside Garage CapitalDealroom has a profile for this one. Try Dealroom →. BDC Capital and NorthleafDealroom has a profile for this one. Try Dealroom → joined as new investors, and every existing backer kept its full stake.
Why now? Float has doubled its active customer base to more than 7,500 Canadian businesses since the Series B and grown revenue over 120%. Client account balances rose more than 4.5 times, and volumes across five products climbed more than 100%. Customers include Cohere, Knix, Neo, Jane and Rebel.
The new capital funds three priorities: advancing Float Intelligence, its AI layer that automates daily finance workflows; expanding into Western Canada and Quebec; and hiring across product, R&D, sales and marketing.
The signal: "We're not waiting for our financial system to catch up to the needs of Canadian businesses. We're setting the pace," said Rob KhazzamDealroom has a profile for this one. Try Dealroom →, chief executive and co-founder. Led by Canadian investors and backed again by Goldman Sachs Alternatives, the round reflects growing conviction that the best financial tools for Canadian businesses can be built in Canada.
