March 10, 2022
In their most recent round of funding, iRestify, a Toronto startup with roots from the DMZ at Ryerson, secured $6 million CAD in funding to continue its expansion in both Canada and the United States. This is iRestify’s third seed financing in the past four years totalling $9.5 million CAD.
The leading investors were Gutbrain Ventures and PBJ Capital, who will now each have a member on iRestify’s board of directors; joining the board are Gutbrain’s Managing Director Bob Davoli and PBJ’s Managing Partner Bruce Clarke. Investors from previous rounds were also involved, including Export Development Canada (EDC), Birchmere Ventures, and Converge.
Erifili Morfidis and Charlotte Gummesson, co-CEOs, first launched iRestify in 2016. Around this time, they participated in Ryerson’s DMZ incubator program and became clients of Goodmans.
iRestify is an all-in-one solution that provides maintenance, cleaning and facility management in one technology-driven bundle. Meeting multiple needs through one simultaneous package is a key factor that sets them apart from their competition.
As a response to the changes in their business brought on by the pandemic, iRestify now focusses on servicing multi-residential property spaces. Morfidis and Gummesson realized at the beginning of COVID-19 that their prior model of serving residential and individual tenant spaces was at risk. Their ability to identify and quickly pivot their offering during the pandemic has been instrumental in allowing them to grow the business over the past two years.
Presently, iRestify operates in over 27 cities and maintains over 40 million square feet of property. A few of their clients include Canadian Urban, Tricon Residential and Minto. As a result of their latest financing, the company plans to expand their team by hiring in every department in order to continue their expansion into US markets including Boston, Chicago and Minnesota.
iRestify is one of the great success stories to come out of the DMZ at Ryerson that investors should continue to watch out for.
By: Em Windrim