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Halifax's Coloursmith Labs Secures $2 Million Investment – Huddle – Huddle Today

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HALIFAX—Halifax startup Coloursmith Labs Inc. has secured $2 million in equity funding, lead by an investment from Atlantic Canadian investment fund Sandpiper Ventures.

Coloursmith, which was founded by Dalhousie University grad Gabrielle Masone, is developing “breakthrough” optical filtering technology that lets it create a wide variety of optical filters for eyeglass and contact lenses.

Specifically valuable are the firms’ products targeting colour enhancement and hazardous light protection.

“Optical filters are ingredients central to new product development in the vision care industry today,” says Morrgan Payne, CTO of Coloursmith. “These filters can be used to create innovative eyeglass and contact lens products that push the boundaries of human sight.”

The company has been generating buzz for a few years, sweeping through a slew of pitch competitions and startup programs throughout 2018.

In 2019, the company raised $600.000 in an oversubscribed, pre-seed round. Since then, it has been operating out of Innovacorp and, according to Sandpiper, has “doubled their intellectual assets, tripled their workforce, and demonstrated their technology on the commercial stage.”

In a news release announcing the latest, $2 million raise, Coloursmith says it will use the funds to “progress the firm’s current products of interest to the global marketplace and grow the Atlantic Canadian team.”

“Sandpiper’s investment is meaningful beyond its purpose to accelerate Coloursmith’s growth into the global market. It marks another of a series of investments in statistically high performing women-led teams,” Masone says.

RELATED: Podcast: Cathy Bennett And Rhiannon Davies Of Sandpiper Ventures

“Coloursmith is leading change in an industry by working with global partners and creating technology to meet industry needs and standards,” says Cathy Bennett, co-founder and managing partner of Sandpiper Ventures. “Gabrielle and her team have taken an idea from the lab, turned it into proprietary technology, and are growing a company the world needs for improved eyecare.”

Along with Sandpiper, Coloursmith’s $2 million investment came from support from Brigus Capital Inc., Island Capital Partners LP, and Killick Venture Fund LP.

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Canada Sets Plan to Merge Investment Regulators Into One Agency – Bloomberg

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Canada’s securities regulators plan to merge two industry groups that oversee financial advisers into a single organization, a move intended to address years of complaints about the overlapping roles and higher costs of the groups.

Provincial regulators published Tuesday a framework for how to combine the Investment Industry Regulatory Organization of Canada, which regulates investment advisory firms that sell a broad range of securities, with the Mutual Fund Dealers Association of Canada, which oversees firms that sell funds.

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Carlyle to Invest in Abrigo at $1 Billion-Plus Valuation – Bloomberg

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Abrigo, an Accel-KKR-backed software provider for financial institutions, has secured an investment from private equity firm Carlyle Group Inc.

The Austin, Texas-based company is valued at more than $1 billion after the investment, according to people with knowledge of the matter who asked not to be identified discussing private information.

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Canada plans to merge investment regulators into one agency – Financial Post

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Move aims to address years of complaints about the overlapping roles and high costs

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Canada’s securities regulators plan to merge two industry groups that oversee financial advisers into a single organization, a move intended to address years of complaints about the overlapping roles and higher costs of the groups.

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Provincial regulators published Tuesday a framework for how to combine the Investment Industry Regulatory Organization of Canada, which regulates investment advisory firms that sell a broad range of securities, with the Mutual Fund Dealers Association of Canada, which oversees firms that sell funds.

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They also plan to merge two existing investor protection funds into a new one that’s independent of the expanded regulatory body.

Among other things, IIROC and MFDA levy fines and other penalties on individual financial advisers who break the rules.

IIROC oversees about 175 firms, including full-service investment dealers such as BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc., while the MFDA supervises about 90 mutual fund dealers, such as CIBC Securities Inc. and National Bank Investments Inc. Some financial firms are forced to be members of both agencies because their employees hold different licences for selling investment products.

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Combining the staffs of the two bodies “will be critical during the creation of the new self-regulatory organization and investor protection fund, and will be crucial to their future success,” Louis Morisset, the chair and president of Canadian Securities Administrators, said in a statement. The CSA is an umbrella group of Canada’s provincial securities watchdogs.

In late 2019, the CSA began studying the existing framework. It created a working committee to determine the structure of the new organization and oversee the integration of the two groups. The review prompted both the MFDA and IIROC to publish their own proposals.

The combination is aimed at saving costs for investment dealers while aligning and streamlining their processes, the CSA said. A majority of the new organization’s board members and its chairperson will be independent, and the group will be required to solicit CSA comment on its priorities, business plan and budget, according to a statement.

The CSA will also consider the possibility of incorporating additional registration categories into the newly minted entity.

Bloomberg.com

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