Digital therapeutics platform Lucid raises C$3.14m in seed financing

Amplify Capital, a Canadian impact fund, led the round.

  • Other investors included Relentless Venture Fund, the Pan-Canadian consortium MEDTEQ+, Ontario Centre of Innovation’s Market Readiness Fund, Reverb Ventures, Hunter Family Foundation and Leva Capital
  • The funding will be used to accelerate co-development with Lucid’s pharma partners as well as expand its clinical work
  • Amplify Capital invests in mission-driven startups across North America

Lucid, a Toronto-based creator of a digital therapeutics platform for people facing mental health challenges, has secured C$3.14 million in seed financing.

Amplify Capital led the round with participation from Relentless Venture Fund, the Pan-Canadian consortium MEDTEQ+, Ontario Centre of Innovation’s Market Readiness Fund, Reverb Ventures, Hunter Family Foundation, and Leva Capital.

“Lucid addresses the urgent need for mental healthcare and support that is felt around the world,” said Kathryn Wortsman, managing partner at Amplify, in a statement. “The solution they’ve created is highly scalable and cost-effective. Lucid has essentially democratized access to therapy.”

With this funding, Lucid will look to accelerate co-development with their pharma partners as well as expand their clinical work. Initially, they will be using their technology to alleviate burnout and address symptoms associated with Alzheimer’s.

Amplify Capital is a Canadian impact fund providing early-stage investment and long-term support to mission-driven startups across North America.