Axis

Trung Pham of Toronto, Ontario, founder of Axis, asked for $400,000 for 3.5% of his company. Axis makes the Gear, a smart home device that motorizes existing window shades by mounting on the window frame and controlling shade chains or cords, controllable via app, voice, or a physical touch, and integrates with platforms like Samsung SmartThings and Amazon Alexa. The device sells for $249 U.S., and the company has done $2 million in sales to date, growing about $100,000 a month, with a projected $5 million this year, though it is not yet profitable and burns about $150,000 Canadian a month while reinvesting in growth. The last angel round closed at an $11.5 million pre-money valuation, with Trung Pham owning over 60% of the company.

Manjit Minhas passed, feeling there were already too many investors involved. Vincenzo Guzzo and Jim Treliving both said the equity on offer was too small for their involvement. Arlene Dickinson offered $400,000 for 3% through her District Ventures Capital Fund, which Trung Pham declined. Michele Romanow offered the full ask of $400,000 for 3.5% and brought in Lane Merrifield to join the deal, and Trung Pham accepted their joint offer.

We haven’t confirmed whether Axis is still operating.