UgoWork raises $51M to further transform material handling with its advanced energy solutions
Summary
This investment round was led by Fonds de solidarit\xe9 FTQ, with significant participation from returning investors Investissement Qu\xe9bec (IQ), Export Development Canada (EDC), and includes a new credit facility from Desjardins Technology & Innovation Banking. With this new round of financing, the company has all the tools it needs to meet the demands of its many international customers and suppliers, thereby fueling its growth and ensuring it remains competitive both here in Qu\xe9bec and beyond our borders, declared Bicha Ngo, President and Chief Executive Officer, Investissement Qu\xe9bec.UgoWorks pioneering efforts in electrification and energy management greatly align with Desjardins mission to drive sustainable development, said Mehdi Bakhty, Managing Director at Desjardins Tech & Innovation Banking. By supporting UgoWork, Desjardins Tech & Innovation Banking team underscores our commitment to empowering companies with strong fundamentals and technology as well as forward-thinking and adaptable leadership. The companys rapid, while still sustainable growth, coupled with its great position in a market ripe for disruption further enables our willingness to tailor creative ways to support it. Moreover, its Energy as a Service (EaaS) model is tailored for the material handling industry.Headquartered in Quebec, Canada, UgoWork serves a diverse range of industries, including food and beverage, manufacturing, transportation, and distribution, across North America.