About Cindicates
Cindicates is a venture capital firm founded in 2020. It is primarily based out of Victoria, Canada. As of Jun 2022, Cindicates has invested in 16 companies. It primarily invests in Seed round in Canada based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Environment Tech. Most recently it participated in the $***** Seed round of Care2Talk Overall, Cindicates portfolio has seen 5 acquisitions including key companies like Wave, Cuboh and Battlesnake. A lot of funds co-invest with Cindicates, with names like Rhiza Capital sharing a substantial percentage of its portfolio. Cindicates has team of 5 people including 5 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed
Portfolio Soonicorns
Cindicates' List of Top Investments
Cindicates has a portfolio of 16 companies. Their most notable investmentis in Open Ocean RoboticsTheir portfolio spans across Canada and United States. They have invested in Enterprise Applications, High Tech, Environment Tech and 15 other sectors, across stages such as Seed stage. Here is the list of top investments by Cindicates:
1. Wave
Wave provides web-based accounting software for businesses. It features solutions for accounting to track income and expenses, invoicing to create and send invoices to customers with multiple templates, receipt scanning, mobile invoicing, recurring billing, and more. The mobile application is available on both IOS platform and the APK version.
Key facts about Wave
- Founded Year: 2010
- Location: Toronto (Canada)
- Stage: Acquired
- Total Funding till date: $82.4M
- Employee Count: 273 as on Sep 30, 2026
- Investors: HarbourVest Partners, Founders Growth Equity Fund and 20 Others
- Latest Funding Round: Series D, May 02, 2019, $*****
- Highlight: Acquired
2. Certn
Provider of background screening and identity verification solutions for businesses. The company delivers criminal record checks, international background checks, and social media background checks. It offers employment verification, education verification, and credential verification. The business provides solutions for property management, healthcare, hospitality, transportation, staffing, and technology industries.
Key facts about Certn
- Founded Year: 2016
- Location: Victoria (Canada)
- Stage: Series B
- Total Funding till date: $125M
- Employee Count: 268 as on Aug 31, 2026
- Investors: Inovia Capital, BMO and 25 Others
- Latest Funding Round: Conventional Debt, Feb 18, 2025, $*****
- Highlight: Editors' Pick
3. Cuboh
Streamlining restaurant online orders with POS integration and management. The company offers a comprehensive solution for restaurants to manage third-party delivery apps and integrate online orders directly with their Point of Sale (POS) systems. This helps eliminate order errors and improve efficiency. Key features include tablet consolidation, centralized reporting, menu management across multiple platforms, and direct online ordering capabilities. The platform provides tools to manage order adjustments, track driver information, and update menus in one place. It also offers direct online ordering system, empowering restaurants to build customer loyalty and reduce reliance on third-party commissions. Customer support is a priority, with a dedicated team committed to providing timely and effective assistance. This is a SaaS platform that integrates with major apps and POS systems, offering a centralized hub for managing online orders and improving restaurant operations.
Key facts about Cuboh
- Founded Year: 2017
- Location: Victoria (Canada)
- Stage: Acquired
- Total Funding till date: $1.35M
- Employee Count: 2 as on Sep 30, 2026
- Investors: Altair Capital, Haro Ventures and 9 Others
- Latest Funding Round: Seed, Feb 27, 2020, $*****
- Highlight: Acquired
Developer of autonomous uncrewed surface vehicles for maritime security and data. These solar-powered vehicles are designed for persistent operation in challenging waters. They provide real-time awareness and data collection for environmental monitoring and maritime security applications. The vehicles use edge artificial intelligence for vision and acoustic intelligence. They offer solutions for defense, research, offshore industries, and port monitoring.
Key facts about Open Ocean Robotics
- Founded Year: 2018
- Location: Victoria (Canada)
- Stage: Seed
- Total Funding till date: $6M
- Employee Count: 30 as on Aug 31, 2026
- Investors: MaRS Discovery District, Canopus Advisors and 14 Others
- Latest Funding Round: Seed, Oct 24, 2024, $*****
- Highlight: Editors' Pick
5. Truss
Payment platform for contractors. Provides construction businesses to pay vendors, collect payments from customers, and manage corporate cards. Issue digital or physical cards to staff with individual spending limits and authorized vendor lists with automated text reminders for reconciliation.
Key facts about Truss
- Founded Year: 2021
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $4.77M
- Employee Count: 14 as on Aug 31, 2026
- Investors: Queen City FinTech, Bonfire Ventures and 13 Others
- Latest Funding Round: Series A, 2024, $*****
Cindicates' Year-on-Year Investment Trends
Its most recent first time investment was in Care2Talk.Cindicates' Investments by Stage
Cindicates has made 2 investments in Seed stage with an average round size of $1.1M.Cindicates' Investments by Sector
Cindicates has a diverse portfolio, with companies operating in the Aerospace, Maritime and Defense Tech, Artificial Intelligence - Industry Applications, Auto Tech, Energy Tech and Environment Tech. Notably, it has invested in 14 Tech companies, 11 Enterprise (B2B) companies, 7 Software companies and at least 5 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Aerospace, Maritime and Defense Tech | 1 |
Artificial Intelligence - Industry Applications | 1 |
Auto Tech | 1 |
Energy Tech | 1 |
Environment Tech | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Cindicates' Investments by Geography
Cindicates has made most investments in Canada (2).Cindicates' recent investments
Cindicates has not made any investment in 2026 so far.Here are the most recent investments by Cindicates:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 12, 2022 | Canada | Seed | 6303 | ||
Jan 31, 2022 | Canada | Seed | 7655 |
Acquired companies in Cindicates' Portfolio
5 companies from Cindicates' portfolio have been acquired. The most recent acquisition was Cuboh in Mar 2024 by Chownow for $*****.Here are Cindicates' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 28, 2024 | - | - | 8562 | |
Jun 27, 2023 | - | - | 7542 | |
Mar 06, 2023 | - | - | 4183 | |
Jul 05, 2022 | - | - | 3126 | |
Jun 11, 2019 | - | - | 6914 |
Team profile of Cindicates
Cindicates has a team of 5 members including 5 Partners located in Canada. Cindicates' team does not sit on the board of any company as of now.Here is a list of all team members in Cindicates:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Victoria | - | ||
Partner | - | - | ||
Partner | Victoria | - | ||
Partner | - | - | ||
Partner | Victoria | - |
Co-investors of Cindicates
Over the past 4 years, 12 investors have co-invested in Cindicates's portfolio companies. This includes funds and angels.
- Invested before Cindicates: Spring and Sustainable Development Technology Canada have invested in rounds before Cindicates. There is 1 company where Spring has invested before Cindicates and 1 company where Sustainable Development Technology Canada has invested before Cindicates.
- Top Co-investors of Cindicates: 5 investors entered a company along with Cindicates. These include investors like Rhiza Capital (1 company).
- Invested after Cindicates: A total of 5 investors have invested in Cindicates's portfolio after their investments. Top Investors include Antares Ventures (1 company), Spring Impact Capital (1 company) and Katapult (1 company).
