UgoWork nabs C$22.8m Series B led by Fonds de solidarité FTQ

Quebec City-based UgoWork is a provider of flexible energy-as-a-service solutions for industrial vehicles.

  • Fonds de solidarité FTQ was joined by EDC and existing investors Desjardins Capital and Investissement Québec
  • Proceeds of the Series B will be used to accelerate the development efforts of UgoWork’s software and artificial intelligence platform
  • They will also be used to grow sales and expand the company’s distribution footprint

Quebec City-based UgoWork, a provider of flexible energy-as-a-service solutions for industrial vehicles, has secured C$22.8 million in Series B financing.

Fonds de solidarité FTQ led the round, with participation from Export Development Canada (EDC) and existing investors Desjardins Capital and Investissement Québec.

Proceeds of the Series B will be used to accelerate the development efforts of UgoWork’s software and artificial intelligence platform, enabling the energy-as-a-service program for their lithium-ion battery lineup. It will also be used to grow sales and expand the company’s distribution footprint to meet global demand.

”UgoWork stood out for us by its leadership, its desire to innovate and its international reputation. The development of their artificial intelligence and their latest technological advances impressed us. The Fonds believes in UgoWork and will always be there to support and advise the Quebec City based company in its next steps of growth, regarding both technology and exports”, said Philippe P. Huneault, vice-president, private equity and impact investing – technology and fund management, and chief international business development officer at the Fonds de solidarité FTQ, in a statement.

Based in Montreal, Fonds de solidarité FTQ is a labour-sponsored development and growth capital investor. With C$17.4 billion in net assets as at May 31, 2022, it has supported 3,620 partner companies and 296,927 jobs.