Certn and Quadshift secure capital from BDC Capital’s topped-up funds
Summary
Victoria-based background-check technology startup Certn and Toronto-based software rollup company Quadshift are benefiting from the Business Development Bank of Canadas (BDC) bolstered venture capital arm this week, securing a combined $53 million in funding from the agencys recently topped-up investment vehicles.Certn raised $30 million from BDC Capitals Growth Venture Fund. According to BDC, Certn will use the capital to expand its artificial intelligence (AI)-powered background checks.Founded in 2016 by Andrew McLeod, Evan Dalton, and Owen Madrick, Certn provides a software platform to facilitate the pre-employment background screening process, meant to help businesses hire more quickly while also managing risk.In June 2024, the federal and British Columbia privacy commissioners launched a joint investigation into Certns use of personal data and compliance with Canadian and BC privacy legislation, particularly as it relates to its tenant-screening services, which the company said it was co-operating with.Certn also tapped seasoned leader Sarah Miller Wright to become its first president and oversee its global operations last year. Quadshift will use the funding to accelerate its acquisition pipeline, the company said in a statement.RELATED: BDC Capital targets late-stage tech companies with nearly $1 billion in new fund commitmentsFounded in 2017, Quadshift looks to build businesses through strategic acquisitions, then supporting their growth through strategic guidance, best practices, and resources in finance, marketing, sales, IT, and product development. The bank funneled $500 million into the Growth Venture Fund and expanded its mandate to include both direct investments and co-investments. Additionally, BDC committed $450 million to its Growth Equity Partners program.Backed by the Canadian government, BDC Capital is the countrys largest and most active venture capital investor, with more than $6 billion in assets under management.UPDATE (02/19/2025): This article has been updated with commentary from Quadshift CEO John Paterson and Certn CEO Andrew McLeod.