SRTX FINALIZES US$40M NEW EQUITY FUNDRAISING TRANSACTION LED BY BDC, EDC, H&M Group, IQ
MONTREAL, May 13, 2025 /CNW/ - SRTX has announced that it has reached the first close of a US$40 million fundraising round investment led by its largest shareholders: BDC Capital, Export Development Canada, H&M Group and Investissement Québec.
This funding will support SRTX' strategy to scale its Montreal-based manufacturing operation, doubling production capacity in 2025. In 2023, the company expanded its operations into a new 300,000-square-foot, state-of-the-art facility in Pointe Claire (Montreal) where it has established a highly automated, vertically integrated manufacturing plant with room to expand to meet its tremendous growth opportunities in North America and Europe. This facility is unique, where UHMWPE powder is converted into finished products under one roof, and enables SRTX to continuously drive its unit costs down as it scales the production of its market-leading tights product, Sheertex.
As part of this financing round, Katherine Homuth, founder of SRTX, has transitioned out of her day-to-day responsibilities as CEO. The Board has launched a recruiting process to identify a new CEO and Timothy Leyne, who has been CFO of SRTX for the last 3 years, has been named interim CEO.
"This new equity injection will reinforce SRTX' capital base as we pursue the plan to scale our production to capture a growing share of the tights market in the face of uncertain trading conditions," said Timothy Leyne, Interim CEO of SRTX. "The success of this financing round is a testament to the tremendous conviction of our shareholders to the pursuit of SRTX' strategy," he added. "Katherine's exceptional drive and vision built this innovation-based vertical manufacturing platform, and the Lead Investors, Board and management team are committed to realizing its full potential," concluded Timothy.
"We're excited to support SRTX's journey as they enter this next stage of growth. We see strong potential in their vision and product, and believe the company is well-positioned to develop in a meaningful way. We'd like to thank Katherine Homuth for her dedication and the foundation she helped build at SRTX, and we wish her the best of luck in her next chapter." says lead investors BDC Capital, Export Development Canada, H&M Group and Investissement Québec.
SRTX is the holding company of Sheertex Inc., the manufacturer and leading brand of rip-resist tights. Established in 2017, SRTX moved to its first facility in Montreal in 2019. SRTX has built an integrated technology platform that outcompetes traditional manufacturing by leveraging proprietary materials, intelligent automation, and a vertical manufacturing infrastructure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Style Blueprint
2 hours ago
- Style Blueprint
She Created SweetBio, a Memphis Biotech Company That's Changing the Game
Share with your friends! Pinterest LinkedIn Email Flipboard Reddit After a successful launch in 2024, Memphis-based biotech company SweetBio is reshaping the future of healing with a focus on ethics, accessibility, and inclusivity. We talked to the entrepreneur behind SweetBio about her journey, sources of inspiration, and what she loves most about the 901. Get to know this dynamic FACE of Memphis! Pin Tell us about the path that led to creating SweetBio. It's a fascinating one! I was inspired by my grandmother, a bridal business entrepreneur who brought joy to many. From a young age, I knew I wanted to bring care and joy to others, too. During college, I interned at Target … When I was offered a full-time role on the merchandising team, I realized I was really studying what it takes to achieve both high performance and a healthy culture at scale. I started in big data and intentionally built the tools I knew I'd need as an entrepreneur: analytics, strategy, and systems. I left to pursue my MBA full-time, then joined Target's Innovation Office in San Francisco. I moved there with the vision of starting a company, initially thinking it would be in the digital space. At the same time, I was talking with my brother Isaac, who had been developing a unique biomedical technology for years. When he showed me what he had built — a collagen and Manuka honey solution to wound care — we realized it had the potential to truly help people. We had a choice between joining an accelerator in San Francisco or moving to Memphis, one of the top cities for medical device innovation. Since neither of us came from a medical background, we knew we needed to learn as fast as possible and surround ourselves with the right experts. Memphis offered that, along with the space to build both a company and a life. Pin What's the SweetBio elevator pitch? SweetBio is a biotech company revolutionizing wound care with innovative, affordable products powered by certified Mānuka honey and collagen. With FDA clearance, Medicare and commercial insurance coverage, and $10M in funding, SweetBio recently launched VERIS™, an advanced wound-care solution for patients recovering from Mohs surgery, biopsies, and chronic ulcers. SweetBio also offers APIS®, which is a prescription product proven to support healing in chronic and acute wounds, including diabetic ulcers. Pin What inspired you to launch a biotech company with ethics at its core? Our great-grandfather in Puerto Rico had to undergo an amputation simply because he couldn't afford the wound care he needed, and he passed away from the diabetic wound. Sadly, that kind of inequity is still far too common. We launched SweetBio to change that. To make advanced healing accessible, affordable, and centered on human dignity. Ethics aren't an add-on for us; they're the foundation. Biotech has long been a male-dominated field. What has been your experience navigating leadership in this industry? Ten years ago, biotech and entrepreneurship were even more male-dominated than they are now. As a Latina woman without a healthcare background, I wasn't exactly the typical founder profile. I faced skepticism early on, so I made it my mission to get as smart as I could, as fast as I could. I asked questions, read constantly, and surrounded myself with trusted advisors across science, regulation, and reimbursement. Now, we're respected for our track record and results, but that came from relentless preparation and resilience. Pin Are there any values or perspectives from your upbringing that have influenced how you lead your business? Absolutely. One of our core values is positive intent, which comes directly from family. You can disagree, but if you're aligned on a shared vision, you can move forward together. We also embrace our humanity, where making mistakes is fully and 100% accepted. We prioritize mental health. We put family first. We operate from our values, which are the strength behind how we build. Switching gears a little, what do you love most about Memphis? I love that Memphis offers the best of both worlds. You can be in the city or outdoors in places like Shelby Farms, where I serve on the board. It's a space where people from every walk of life come together, and that sense of inclusion and community is something I value deeply. For my family, it's the diversity in Memphis. Our kids grow up dancing, playing sports, and connecting with all kinds of people. And professionally, Memphis gave us the space to build the type of company we believe in. Grit and grind run deep here, and it's a place that rewards that entrepreneurial spirit. Pin What's something that people are often surprised to learn about you? I thrive in chaos … and I have a black belt in taekwondo! What is your best piece of advice? One of the biggest lessons I've learned building this company is the power of decision-making. The best decision is the right one, the next best is the wrong one, but the worst thing is indecision. When you're stuck between two paths, just pick one and move forward. Practicing decision-making builds confidence, clarity, and momentum. Whereas indecision stalls life, movement creates growth! Aside from faith, family, and friends, name three things you can't live without. Saturday Night Live, macaroons, and walks outside. ********** For more inspiring FACES of Memphis, click HERE! About the Author Gaye Swan A freelance writer, mom of twins, avid traveler, and local foodie, Gaye loves meeting new people and bringing their stories to life.
CTV News
3 hours ago
- CTV News
DHL Express locks out workers across Canada, adding to parcel sector turmoil
MONTREAL — Unifor says DHL Express Canada locked out workers just after midnight today as the two sides failed to reach a contract deal, injecting more labour turmoil into the country's parcel delivery market. The union, which represents 2,100 truck drivers, couriers and warehouse workers across seven provinces, says they went on strike in response at 11 a.m. ET. Unifor says the German-owned carrier is proposing to change the driver pay system and planning to use replacement workers before legislation banning them comes into effect on June 20. The work stoppage, which affects package delivery across the country, comes as Canada Post remains at loggerheads with 55,000 workers, whose union last month imposed an overtime ban that scales back parcel services. Unifor says a work stoppage could disrupt next weekend's Formula One Canadian Grand Prix in Montreal, where DHL is responsible for transporting the turbocharged race cars. Unifor says its bargaining priorities remain wages, working conditions and surveillance and automation in the workplace. This report by The Canadian Press was first published June 8, 2025. Christopher Reynolds, The Canadian Press
CTV News
4 hours ago
- CTV News
Lufa Farms partners with Walmart to grow and sell greenhouse produce
With Walmart Canada, Montreal's Lufa Farms will grow produce under a 127,000 square foot greenhouse roof. Lufa Farms partners with Walmart to grow and sell greenhouse produce A partnership involving Lufa Farms is giving buying local a whole new meaning. 'We want to use free space in the cities where the people are and live,' says Lionel Trombert, Lufa Farms vice-president of finance. With Walmart Canada, the food company is taking produce from local to hyperlocal under one 127,000 square foot greenhouse roof. 'Whatever is being grown here is being picked and harvested at night and given to our customers either through the Lufa websites and, in this case, through the Walmart kiosk downstairs on a fresh basis every morning,' Trombert says. From cucumbers to peppers, it's the first time Lufa Farms produce is being sold through a retailer. This is also the first time that Walmart Canada is selling produce from its own roof. On top of filling a demand to buy locally, the partnership is a solution that offers sustainability. Lufa Farms greenhouse Lufa Farms is teaming up with Walmart to grow produce under a 127,000 square foot greenhouse roof. (Anastasia Dextrene/CTV) 'Land and water have become scarce resources and hydroponic systems usually typically consumes only about 5 to 10 per cent of the water of a land farm,' says Trombert. Their site at Marché Central is pesticide-free and you won't find soil or dirt. Instead, you'll find a hydraulic system that's responsible for producing four tonnes of crops each day. The location was chosen as the perfect basis for the project's roots, due to its size and proximity to neighbourhoods. Walmart Canada market leader Jacinthe Langevin says the company purchased more than $3.8 billion worth of products from 460 Quebec retailers last year. 'We are so proud to add Lufa Farms officially to that list,' she said. The hope is that the project will keep growing. 'There's an ask from customers and we've experienced that when we first sold those products ... we sold out almost every day,' Langevin told CTV.
