August 22, 2019
On August 22, 2019, CIBC Innovation Banking (CIBC IB) announced a $1 million debt financing for Sampler, a Toronto-based tech company and alumna of the DMZ at Ryerson University.
Sampler, a direct-to-consumer product sampling platform, carries out sampling programs for companies such as Kraft, L’Oréal, Nestlé, and Unilever. Consumers who have signed up for Sampler receive samples of products that the consumer has expressed interest in or that Sampler believes they will enjoy.
Sampler’s financing from CIBC is yet another high point in an exciting year for the company. In February, Sampler closed its $3 million Series A financing round, with investors including BDC’s Women in Tech fund, Shipfusion, Factory LLC and Standup Ventures. In addition, Sampler was named one of Canada’s 50 most innovative workplaces at The Elevated Awards in May.
The announcement marks CIBC IB’s latest financing in the North American innovation sector. Canadian tech companies such as Hootsuite Inc., Jane Software Inc., and Lightspeed POS Inc. all recently received a total of $107 million of financing from CIBC IB, which not only provides capital, but also helps create connections and provide strategic advice for these companies.
Sampler’s CEO, Marie Chevrier, implied that the deal exemplifies a funding route that is not always considered by technology start-ups, but perhaps will be increasingly in the future. “I think it’s important for startups to realize that there are other financing options than equity financing” Chevalier stated. “With CIBC, Sampler has been able to leverage our revenue in a way that will allow us to accelerate our growth and expand into new markets. ”
Author: Jonathan Wall