Canadian mental health start-up MindBeacon is going public. On December 7th, 2020, MindBeacon filed a preliminary prospectus for a proposed initial public offering (IPO) . MindBeacon has applied to be listed on the Toronto Stock Exchange and is looking to raise gross proceeds of $50 million by issuing shares for between $7 and $8 each. The preliminary prospectus indicates that the offering will consist of an initial offering of shares and also a secondary offering of shares held by existing shareholders, including Telus Corporation.
MindBeacon was established in 2015 and has since focused on creating a comprehensive online platform for mental healthcare called BEACON. BEACON launched in 2017 as one of the first commercially available, online platforms for therapist-assisted Cognitive Behaviour Therapy in Canada. MindBeacon aims to use data to further develop platforms to address mental healthcare needs with effective, affordable and accessible therapy.
MindBeacon was originally set to raise $30 million from private investors but changed course due to the success of other public offerings in Canada this year. MindBeacon intends to capitalize on the hot market for Canadian technology IPOs which has seen successful offerings from companies like Dye & Durham Limited, Pivotree Inc. and Nuvei Corp. over the past year. The company proposes to use the proceeds from the IPO to expand its care offerings, hire more staff, expand to the United States, invest in artificial intelligence and fund working capital.
Author: Jay Piett
Authors
Expertise
Insights
-
Technology
CanCode, Digital Literacy Program, Receives $39.2 Million in Federal Funding
From establishing the Digital Charter to earmarking $2.4 billion for the artificial intelligence (“AI”) industry in the 2024 federal budget, the Canadian government has consistently demonstrated its… -
Technology
Virtuix Announces Launch of their Omni One VR Treadmill
Virtuix recently revealed it will be launching a virtual reality treadmill—called Omni One—on September 10, 2024. The first of its kind, Omni One allows users to experience the locomotive elements of… -
Technology
WELL Health Plans to Spin Out and Publicly List WELL Provider Solutions
WELL Health (WELL) has announced its plans to spin out and publicly list WELL Provider Solutions (WPS), the company’s Software-as-a-Service (SaaS) business unit.WELL, founded in 2012 and listed on the… -
Technology
Perceptive Space Raises $3.9 Million to Predict Space Weather Using AI
Perceptive Space, a Canadian aerospace startup, closed a CAD $3.9 million (USD $2.8 million) pre-seed funding round. This marks the company’s first external funding to date. The round was led by… -
Technology
Advancing Femtech: Flo Health Secures $200 Million in Series C Funding
Flo Health is a London-based startup that designed a health app for fertility and period-tracking. On July 30, 2024, it raised $200 million in Series C funding from General Atlantic. Flo Health is now… -
Technology
The Microsoft and NVIDIA Collaboration
As modern medicine develops, it increasingly relies on technological advancements. One of the more recent and major examples of this is Microsoft’s collaboration with NVIDIA to bring the power of…